<SEC-DOCUMENT>0001193125-17-167445.txt : 20170511
<SEC-HEADER>0001193125-17-167445.hdr.sgml : 20170511
<ACCEPTANCE-DATETIME>20170511171156
ACCESSION NUMBER:		0001193125-17-167445
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		60
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170511
DATE AS OF CHANGE:		20170511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trade Desk, Inc.
		CENTRAL INDEX KEY:			0001671933
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				271887399
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37879
		FILM NUMBER:		17835395

	BUSINESS ADDRESS:	
		STREET 1:		42 N. CHESTNUT STREET
		CITY:			VENTURA
		STATE:			CA
		ZIP:			93001
		BUSINESS PHONE:		(805) 585-3434

	MAIL ADDRESS:	
		STREET 1:		42 N. CHESTNUT STREET
		CITY:			VENTURA
		STATE:			CA
		ZIP:			93001
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d274174d10q.htm
<DESCRIPTION>10-Q
<TEXT>
<HTML><HEAD>
<TITLE>10-Q</TITLE>
</HEAD>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 10-Q
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(Mark One) </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9746;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the quarterly period ended March&nbsp;31, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the transition period from
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 001-37879 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE
DESK, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>27-1887399</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>42 N. Chestnut Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ventura, California 93001 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(805)585-3434 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2)&nbsp;has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.&nbsp;See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller
reporting company,&#148; and &#147;emerging growth company&#148; in Rule 12b-2 of the Exchange Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="24%"></TD>
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<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#9746; (Do not check if a smaller reporting company)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;No </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of April&nbsp;30, 2017, the registrant had 22,511,147
shares of Class&nbsp;A common stock and 17,444,038 shares of Class B common stock outstanding. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>QUARTERLY REPORT ON FORM 10-Q </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="7%"></TD>
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<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Part I.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FINANCIAL INFORMATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_1">Condensed Consolidated Financial Statements (Unaudited)</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">3</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_2">Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">3</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_3">Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2017 and 2016</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">4</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_4">Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_5">Notes to Condensed Consolidated Financial Statements</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_6">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">13</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_7">Quantative and Qualitative Disclosures About Market Risk</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">20</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_8">Controls and Procedures</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">21</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Part&nbsp;II.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">OTHER INFORMATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_9">Legal Proceedings</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">23</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item&nbsp;1A.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_10">Risk Factors</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">23</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_200">Other Information </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">43</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Item 6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx274174_15">Exhibits</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">44</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><A HREF="#tx274174_16">Signatures </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">45</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><A HREF="#tx274174_17">Exhibit&nbsp;Index </A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">46</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PART I. FINANCIAL INFORMATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx274174_1"></A>Item&nbsp;1. Condensed Consolidated Financial Statements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx274174_2">
</A>CONDENSED CONSOLIDATED BALANCE SHEETS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(In thousands, except par values) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Unaudited) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of<BR>March&nbsp;31,<BR>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of<BR>December&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">106,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">133,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">315,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">377,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL CURRENT ASSETS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">432,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,057</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred taxes, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets, non-current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,636</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL ASSETS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">455,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">537,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">231,524</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">321,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL CURRENT LIABILITIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">252,895</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">344,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Debt, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities, non-current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,233</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL LIABILITIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">283,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">373,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commitments and contingencies (Note&nbsp;10)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STOCKHOLDERS&#146; EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and
outstanding as of March&nbsp;31, 2017 and December&nbsp;31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock, par value $0.000001; 1,000,000 Class&nbsp;A shares authorized as of March&nbsp;31,
2017 and December 31, 2016; 21,399 and 10,071 shares issued and outstanding as of March&nbsp;31, 2017 and December&nbsp;31, 2016, respectively; 95,000 Class B shares authorized as of March&nbsp;31, 2017 and December&nbsp;31, 2016; 18,389 and 29,060
shares issued and outstanding as of March&nbsp;31, 2017 and December&nbsp;31, 2016, respectively</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional paid-in capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,909</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,818</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL STOCKHOLDERS&#146; EQUITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">171,931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">455,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">537,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx274174_3"></A>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(In thousands, except per share amounts) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Unaudited) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Platform operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Technology and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,930</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,982</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in fair value of preferred stock warrant liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign currency exchange loss, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total other expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,144</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,868</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefit from income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(828</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,040</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss) attributable to common stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,249</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings (loss) per share:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4.45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4.45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average shares outstanding:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,557</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx274174_4"></A>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(In thousands) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Unaudited) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ended March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OPERATING ACTIVITIES:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,040</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments to reconcile net income (loss) to net cash provided by (used in) operating</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">activities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stock-based compensation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in fair value of preferred stock warrant liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bad debt expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,347</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Changes in operating assets and liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,017</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,717</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(87,940</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,505</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued expenses and other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(770</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(432</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by (used in) operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">INVESTING ACTIVITIES:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchases of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,602</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(384</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalized software development costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(647</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(545</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,249</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(929</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FINANCING ACTIVITIES:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from line of credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,847</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repayment on line of credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repayment of term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of debt financing costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(775</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of financing obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(113</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from issuance of Series&nbsp;C convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repurchase of preferred stock and common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from exercise of stock options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of stock repurchase costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of Series&nbsp;C convertible preferred stock offering costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of offering costs&#151;initial public offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(105</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase (decrease) in cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,827</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,812</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash&#151;Beginning of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash&#151;End of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">106,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,859</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SUPPLEMENTAL CASH FLOW INFORMATION:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalized assets financed by accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tenant improvements paid by lessor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">640</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stock-based compensation included in capitalized development costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Debt financing costs included in accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">201</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stock repurchase costs and Series C convertible preferred stock offering costs included in
accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred initial public offering costs included in accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net exercise of warrants to purchase Series Seed convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,789</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx274174_5"></A>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Unaudited) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;1&#151;Nature of
Operations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trade Desk,&nbsp;Inc. (the &#147;Company&#148;) was formed in November 2009 as a Delaware corporation. The Company is
headquartered in Ventura, California and has offices in various cities in the United States, Europe, Asia and Australia. The Company is a technology company that empowers advertising agencies and other buyers by providing a self-service platform
that enables clients to purchase and manage data-driven digital advertising campaigns across various advertising formats. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Secondary
Offering </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2017, the Company completed a secondary offering in which a total of 7,281,789 shares of Class&nbsp;A common
stock were sold by certain selling stockholders. See Note 7&#151;Capitalization. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Risks </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is subject to certain business risks, including dependence on key employees, competition, market acceptance of the Company&#146;s
platform, ability to source demand from buyers of advertising inventory, availability of debt financing and dependence on growth to achieve its business plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;2&#151;Basis of Presentation and Summary of Significant Accounting Policies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the
United States of America (&#147;GAAP&#148;) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly,
these condensed consolidated financial statements should be read in conjunction with the Company&#146;s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2016.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial
statements have been prepared on a basis consistent with that used to prepare the Company&#146;s audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items,
necessary for the fair statement of the condensed consolidated financial statements. The operating results for the three months ended March&nbsp;31, 2017 are not necessarily indicative of the results expected for the full year ending
December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There have been no significant changes in the Company&#146;s accounting policies from those disclosed in its
Annual Report on Form 10-K for the year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Use of Estimates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ materially from these estimates under different assumptions or circumstances. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Allowance for
Doubtful Accounts </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the three months ended March&nbsp;31, 2017, the Company recorded $3.3 million in bad debt expense
primarily due to reserves for two clients. Allowance for doubtful accounts totaled $5.7 million and $2.6 million as of March&nbsp;31, 2017 and December&nbsp;31, 2016, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Recent Accounting Pronouncements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In May 2014, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Update, or ASU, No.&nbsp;2014-09,
<I>Revenue from Contracts with Customers (Topic 606)</I>, which amends the existing accounting standards for revenue recognition. Under ASU 2014-09, a company will recognize revenue when it transfers promised goods or services to customers in an
amount that reflects the consideration to which it expects to be entitled in exchange for those goods or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue and cash flows
arising from contracts with customers. In August 2015, the FASB issued ASU No.&nbsp;2015-14, which defers the effective date of ASU&nbsp;2014-09 by one year. In 2016, the FASB issued additional amendments to the new revenue guidance. The new
guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December&nbsp;15, 2017. Early adoption is permitted for annual reporting periods (including interim periods within those periods)
beginning after December&nbsp;15, 2016. The guidance permits the use of either the retrospective or cumulative effect transition method. The Company is in the process of selecting a transition method and determining the effect of this guidance on
its consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In February 2016, the FASB issued ASU No.&nbsp;2016-02, <I>Leases</I>, which requires an entity to
recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. The guidance offers specific accounting guidance for a lessee, lessor, and sale and leaseback transactions. Lessees and
lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Leases will be
classified as either finance or operating, with the classification affecting the pattern of expense recognition in the income statement. The guidance is effective for annual reporting periods beginning after December&nbsp;15, 2018, including interim
periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. Although the Company is currently evaluating the impact of this guidance on its consolidated financial statements, the Company
expects that most of its operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption of the new guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In June 2016, the FASB issued ASU No.&nbsp;2016-13, <I>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments</I>, which is intended to provide more decision-useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13
revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to, available
for sale debt securities and accounts receivable. The Company is required to adopt this standard starting in the first quarter of fiscal year 2021. Early adoption is permitted. The Company is currently in the process of evaluating the impact of
adoption on its consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2016, the FASB issued ASU No.&nbsp;2016-15, <I>Statement of Cash Flows
(Topic 230), Classification of Certain Cash Receipts and Cash Payments</I>, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after
December&nbsp;15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year
that includes such interim period. The adoption of ASU 2016-15 should be applied using a retrospective transition method to each period presented, unless impracticable to do so. The Company does not expect the adoption of ASU 2016-15 will have a
material impact on its consolidated statement of cash flows. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;3&#151;Earnings Per Share </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2017, the Company had two classes of common stock, Class&nbsp;A and Class B. Basic and diluted earnings (loss) per share
attributable to common stockholders for Class&nbsp;A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The reconciliations of the numerators and denominators of the basic and diluted earnings (loss)
per share computations are as follows (in thousands, except per share amounts): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three&nbsp;Months</B><br><B>Ended&nbsp;March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings (loss) per share&#151;basic:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Numerator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,040</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Premium on repurchase of convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(47,209</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss) attributable to common stockholders&#151;basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,249</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denominator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted-average shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings (loss) per share&#151;basic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4.45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings (loss) per share&#151;diluted:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Numerator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss) attributable to common stockholders&#151;diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(48,249</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denominator:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted-average shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Options to purchase common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee stock purchase plan shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted-average shares outstanding&#151;diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,557</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings (loss) per share&#151;diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4.45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents the anti-dilutive shares excluded from the calculation of diluted earnings (loss)
per share (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ended&nbsp;March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anti-dilutive equity awards under stock-based award plans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">395</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common shares issuable upon conversion of convertible preferred stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,079</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common shares issuable upon conversion of preferred stock warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total shares excluded from earnings (loss) per share&#151;diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">395</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;4&#151;Fair Value Measurements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company had no material financial instruments that were measured at fair value as of March&nbsp;31, 2017 and December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company had convertible preferred stock warrants prior to its initial public offering in September 2016. The Company&#146;s preferred
stock warrants were recorded at fair value, which increased during the three months ended March&nbsp;31, 2016 due to an increase in the valuation of the Company&#146;s preferred stock. The changes in the fair value of preferred stock warrants were
as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three&nbsp;Months<BR>Ended<BR>March&nbsp;31,&nbsp;2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beginning balance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,927</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in value of preferred stock warrants recorded in other expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassification to convertible preferred stock upon net exercise of Series Seed warrant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,789</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ending balance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,521</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company determined the fair value of the preferred stock warrants utilizing the Black-Scholes model with
the following assumptions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of&nbsp;March&nbsp;31,&nbsp;2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series&nbsp;Seed</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series&nbsp;A3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contractual term (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.30</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Estimated dividend yield</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;5&#151;Accounts Payable </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accounts payable included the following (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of<BR>March&nbsp;31,<BR>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of<BR>December&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable&#150;media and data</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">222,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">307,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable&#150;other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,557</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">231,524</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">321,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;6&#151;Debt </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revolving Credit Facility </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;30, 2016, the Company entered into a credit agreement (the &#147;Revolving Credit Agreement&#148;) with a syndicate of banks, led
by Citibank, N.A. The Revolving Credit Agreement provides for a senior secured asset-based revolving credit facility (the &#147;Credit Facility&#148;), which the Company may draw upon as needed. Under the Credit Facility, the Company had an
outstanding debt balance of $25.8 million that bore interest at a weighted average rate of 2.44% as of March&nbsp;31, 2017. The Company was in compliance with all covenants as of March&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;9, 2017, the Company entered into an amended and restated loan and security agreement (the &#147;Amended Revolving Credit
Agreement&#148;), with a syndicate of banks, led by Citibank, N.A., and Citibank, N.A., as agent. The Amended Revolving Credit Agreement, among other things, provides for an increase of $75.0 million in the aggregate principal amount of commitments
available under the Company&#146;s senior secured asset-based revolving credit facility and provides the Company with greater flexibility with respect to working capital, acquisitions and general corporate purposes under such credit facility. See
Note 11&#151;Subsequent Event. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;7&#151;Capitalization </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Secondary Offering </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2017, the Company completed a secondary offering in which 6,331,991 shares of Class&nbsp;A common stock were sold by certain selling
stockholders to the public at a price of $35.50 per share. The underwriters were also granted an option, which they exercised in full, to purchase up to an additional 949,798 shares of Class&nbsp;A common stock from the selling stockholders. The
Company did not receive any proceeds from this offering. The Company incurred approximately $0.9 million in offering costs during the three months ended March&nbsp;31, 2017, and these costs were included within general and administrative expenses in
the condensed consolidated statements of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Note&nbsp;8&#151;Stock-Based</FONT> Compensation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Stock-Based</FONT> Compensation Expense </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Total <FONT STYLE="white-space:nowrap">stock-based</FONT> compensation expense, by operating expense category, in the condensed consolidated
statements of operations was as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three&nbsp;Months<BR>Ended&nbsp;March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Platform operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Technology and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">889</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Stock Options </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Stock option activity for the three months ended March&nbsp;31, 2017 was as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares<BR>Under&nbsp;Option<BR>(in&nbsp;thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted-<BR>Average<BR>Exercise&nbsp;Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at December&nbsp;31,
2016<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercised</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancelled</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of March 31, 2017<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable as of March 31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,710</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:11%;border-bottom:1px solid #000000; width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Includes options to purchase 389 and 5,040 shares of Class&nbsp;A and Class B common stock, respectively. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Includes options to purchase 393 and 4,274 shares of Class&nbsp;A and Class B common stock, respectively. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;1, 2017, the number of shares authorized for grant under the Company&#146;s 2016 Incentive Award Plan was increased by
1.6&nbsp;million shares in accordance with plan provisions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Employee Stock Purchase Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;1, 2017, the number of shares available for issuance under the Company&#146;s Employee Stock Purchase Plan was increased by
0.4&nbsp;million shares in accordance with plan provisions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;9&#151;Income Taxes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In determining the interim provision for (benefit from) income taxes, the Company uses the annual estimated effective tax rate applied to the
actual <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> income (loss) and adds the tax effects of any discrete items in the reporting period in which they occur. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the three months ended March&nbsp;31, 2017, the Company&#146;s annual estimated effective tax
rate differed from the U.S. federal statutory income rate of 35% primarily due to state taxes, foreign taxes, nondeductible stock-based compensation and the discrete impact of tax benefits associated with stock-based awards. For the three months
ended March&nbsp;31, 2016, the Company&#146;s annual estimated effective tax rate differed from the U.S. federal statutory income rate of 35% primarily due to state taxes, foreign taxes and changes in the fair value of preferred stock warrant
liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the three months ended March&nbsp;31, 2017, the benefit from income taxes included approximately $5.3 million of
discrete benefits associated with disqualifying dispositions of incentive stock options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There were no material changes to the
Company&#146;s unrecognized tax benefits in the three months ended March&nbsp;31, 2017, and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;10&#151;Commitments and Contingencies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2017, the Company&#146;s purchase obligations, primarily with hosting services providers, were as follows (in thousands):
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017 (for remaining nine months)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">33,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Guarantees and Indemnification </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to clients, vendors, lessors, business
partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third
parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason
of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus there are no claims that the Company is aware of that could have a material effect
on the Company&#146;s balance sheet, statement of operations or statement of cash flows. Accordingly, no amounts for any obligation have been recorded at March&nbsp;31, 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Litigation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From
time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings and claims cannot be predicted with
certainty, management does not believe that any of these proceedings or other claims will have a material adverse effect on the Company&#146;s business, financial condition, results of operations or cash flows. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Employment Contracts </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has entered into agreements with severance terms with certain employees and officers, all of whom are employed <FONT
STYLE="white-space:nowrap">at-will.</FONT> The Company may be required to accelerate the vesting of certain stock options in the event of changes in control, as defined and involuntary terminations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note&nbsp;11&#151;Subsequent Event </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
May&nbsp;9, 2017, the Company, a syndicate of banks, led by Citibank, N.A., and Citibank, N.A., as agent, entered into an amended and restated loan and security agreement (the &#147;Amended Revolving Credit Agreement&#148;). Among other things, the
Amended Revolving Credit Agreement provides for an increase of $75.0 million in the aggregate principal amount of commitments available under the Company&#146;s senior secured asset-based revolving credit facility and provides the Company with
greater flexibility with respect to working capital, acquisitions and general corporate purposes (the &#147;Amended Credit </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Facility&#148;). Available funding commitments to the Company under the Amended Credit Facility, subject to certain conditions, total up to $200.0&nbsp;million, with a $20.0 million sublimit for
swingline borrowings and a $15.0 million sublimit for the issuance of letters of credit. Under certain circumstances and subject to certain conditions, the Company has the right to increase the Amended Credit Facility by an additional amount not to
exceed $100.0&nbsp;million. The Amended Revolving Credit Agreement is collateralized by substantially all of the Company&#146;s assets, including a pledge of certain of the Company&#146;s accounts receivable, deposit accounts, intellectual property,
investment property, and equipment. Availability under the Amended Revolving Credit Agreement is based on a percentage of the value of accounts receivable, as reduced by certain reserves. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Loans under the Amended Credit Facility bear interest through maturity at a variable rate based upon, at the Company&#146;s option, an annual
rate of either a Base Rate or a LIBOR rate, plus an applicable margin (&#147;Base Rate Borrowings&#148; and &#147;LIBOR Rate Borrowings&#148;). The Base Rate is defined as a fluctuating interest rate equal to the greatest of (1)&nbsp;the federal
funds rate plus 0.50%, (2)&nbsp;Citibank, N.A.&#146;s prime rate, and (3)&nbsp;one month LIBOR rate plus 2.00%. The applicable margin is defined as a rate between 1.00% to 1.50% for Base Rate Borrowings and between 2.00% and 2.50% for LIBOR
Borrowings, depending on the amount of average excess availability on the Amended Credit Facility. The fee for undrawn amounts ranges from 0.325% to 0.375%. Interest is payable either (a)&nbsp;monthly for Base Rate Borrowings or (b)&nbsp;for LIBOR
Rate Borrowings, on the earlier of (1)&nbsp;the last day of the interest period which can be one, two, three or six months as selected by the Company or (2)&nbsp;the last day of each three month interval. The Company will also be required to pay
customary letter of credit fees, as necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Amended Credit Facility matures and all outstanding amounts become due and payable on
May&nbsp;9, 2022. As a result of executing the Amended Revolving Credit Agreement, the outstanding debt balance as of March&nbsp;31, 2017 has been refinanced on a long-term basis and accordingly, is presented as a non-current liability in the
March&nbsp;31, 2017 condensed consolidated balance sheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Amended Revolving Credit Agreement contains customary conditions to
borrowings, events of default and covenants, including covenants that restrict our ability to sell assets, make changes to the nature of our business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and
guarantees, create or permit to exist liens, pay dividends, issue equity instruments, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of
subordinated debt. The Amended Revolving Credit Agreement also requires that if the Company&#146;s excess availability is less than the greater of (a)&nbsp;$15.0 million and (b)&nbsp;12.5% of the lesser of (1)&nbsp;the borrowing base then in effect
and (2)&nbsp;the commitments under the Amended Credit Facility then in effect, the Company will maintain a consolidated fixed charge coverage ratio of at least 1.15 to 1.00. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2. <A NAME="tx274174_6"></A>Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This Quarterly Report on Form 10-Q contains forward-looking statements, including statements based upon or
relating to our expectations, estimates, and projections. <FONT STYLE="white-space:nowrap">Forward-looking</FONT> statements generally relate to future events or our future financial or operating performance. In some cases, you can identify <FONT
STYLE="white-space:nowrap">forward-looking</FONT> statements because they contain words such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;could,&#148;
&#147;intends,&#148; &#147;target,&#148; &#147;projects,&#148; &#147;contemplates,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;predicts,&#148; &#147;potential&#148; or &#147;continue&#148; or the negative of these words or other similar
terms or expressions that concern our expectations, strategy, plans or intentions. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and are subject
to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>We discuss many of these risks in Part II of this Quarterly Report on Form 10-Q in greater detail under the heading &#147;Risk
Factors&#148; and in other filings we make from time to time with the Securities and Exchange Commission, or SEC. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this Quarterly Report on Form
10-Q. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events
that occur after the statements are made. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Investors should read this Quarterly Report on Form 10-Q and the documents we reference in this report and have filed with the SEC,
including our Annual Report on Form 10-K for the year ended December&nbsp;31, 2016, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking
statements by these cautionary statements. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>References to &#147;Notes&#148; are notes included in our unaudited condensed
consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a technology company that empowers ad buyers by providing a <FONT STYLE="white-space:nowrap">self-service</FONT> platform that enables
our clients to purchase and manage <FONT STYLE="white-space:nowrap">data-driven</FONT> digital advertising campaigns using their own teams. Our platform allows clients to manage integrated advertising campaigns across various advertising formats,
including display, video and social, and on a multitude of devices, including computers, mobile devices, connected TV and digital radio, an approach that we refer to as omnichannel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our company was founded in 2009 by two pioneers of programmatic advertising buying who were motivated to allow buyers of advertising to
precisely target audiences with the most relevant and highest performing ads. We commercially launched our platform in May 2011. Since launch, we have also extended our platform to address additional advertising formats. In 2011, approximately 100%
of gross spend on our platform was for display advertising compared to 48% in 2016, with the remainder derived from mobile, video, social, native and audio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our clients are the advertising agencies and other service providers for advertisers. By aligning our business with buyers, we avoid inherent
conflicts of interest that exist when serving both the buy- and <FONT STYLE="white-space:nowrap">sell-side,</FONT> which we believe helps us build trust with our clients. We provide our platform through a
<FONT STYLE="white-space:nowrap">self-service,</FONT> browser based user interface and also enable clients to customize and build their own features and reports on our platform through our application programming interfaces. After adding a client
through our sales team or an <FONT STYLE="white-space:nowrap">in-bound</FONT> request, we teach clients how to use our platform to design and execute advertising campaigns independently. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate revenue by charging our clients a platform fee based on a percentage of a client&#146;s total spend on advertising, data and other
features through our platform, the total of which we refer to as gross spend. We enter into ongoing master service agreements with our clients as opposed to episodic insertion orders. To further align our interests with those of our clients, we do
not buy advertising inventory in order to resell it to our clients for a profit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Executive Summary </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Highlights </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the
three months ended March&nbsp;31, 2017 and 2016: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our revenue was $53.4&nbsp;million and $30.4&nbsp;million, respectively, representing a period over period increase of 76%; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our net income (loss) was $4.9 million and $(1.0) million, respectively; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our Adjusted EBITDA was $6.3&nbsp;million and $4.3&nbsp;million, respectively. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adjusted
EBITDA is a financial measure that is not in accordance with generally accepted accounting principles (&#147;GAAP&#148;). For information on how we compute Adjusted EBITDA and a reconciliation of net income (loss) to Adjusted EBITDA, see the section
captioned &#147;Non-GAAP Financial Data&#148; below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Trends, Opportunities and Challenges </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The growing digitization of media and fragmentation of audiences has increased the complexity of advertising, and thereby increased the need
for automation in ad buying, which we provide on our platform. In order to grow, we will need to continue to develop our platform&#146;s programmatic capabilities and advertising inventory. We believe that key opportunities include our ongoing
expansion into video and television ad inventory and continuing development of our data usage and advertising targeting capabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
believe that our revenue as a percentage of gross spend, which is sometimes referred to as take rate, may fluctuate from period to period due to a number of factors, such as changes in the proportion of spend represented by our larger customers with
the lowest platform fees, our clients&#146; use of platform features and volume discounts. Revenue as a percentage of gross spend may also decrease in the future, especially as we introduce and as our clients select new platform features, expand our
omnichannel capabilities and add additional clients whose businesses may have different underlying business models. Further, we believe that our ability to integrate and offer television and digital radio advertising inventory for purchase through
our platform, and in particular our ability to manage the increased costs that will accompany these purchases, will impact the future growth of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that growth of the programmatic advertising market is important for our ability to grow our business. Adoption of programmatic
advertising by advertisers allows us to acquire new clients and grow revenue from existing clients. Although our clients include some of the largest advertising agencies in the world, we believe there is significant room for us to expand further
within these clients and gain a larger amount of their advertising spend through our platform. We also believe that industry trends will lead to advertisers adopting programmatic advertising through platforms such as ours. However, even if the
programmatic advertising market continues to grow at its current rate, our ability to position ourselves within the market and maintain or grow market share will impact the future growth of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, the adoption of programmatic advertising by inventory owners and content providers allows us to expand the volume and type of
advertising inventory that we present to our clients. For example, we have expanded our native and digital audio advertising offerings through our recent integrations with <FONT STYLE="white-space:nowrap">supply-side</FONT> partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We plan to invest for <FONT STYLE="white-space:nowrap">long-term</FONT> growth. We anticipate that our operating expenses will continue to
increase significantly in the foreseeable future as we invest in platform operations and technology and development to enhance our product features, including programmatic buying of television ad inventory, and in sales and marketing to acquire new
clients and reinforce our relationships with existing clients. In addition, we expect to continue making investments in our infrastructure, including our information technology, financial and administrative systems and controls, to support our
operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we believe the markets outside of the United States offer an opportunity for growth, and we intend to make
additional investments in sales and marketing and product development to expand in these markets, including China, where we are making significant investments in launching our platform and growing our team. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that these investments will contribute to our <FONT STYLE="white-space:nowrap">long-term</FONT> growth, although they may
negatively impact profitability in the near term. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables set forth our consolidated results of operations and our consolidated results of operations as a percentage of revenue for
the periods presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended<BR>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Platform operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Technology and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,930</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,982</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total other expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,144</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,868</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefit from income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(828</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,040</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three&nbsp;Months&nbsp;Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(as&nbsp;a&nbsp;percentage&nbsp;of&nbsp;revenue*)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Platform operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Technology and development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income from operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total other expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income (loss) before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefit from income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9 </TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:11%;border-bottom:1px solid #000000; width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Percentages may not sum due to rounding. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenue </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March&nbsp;31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in revenue for the three months ended March&nbsp;31, 2017, compared to the same prior year
period, was primarily due to an increase in gross spend on our platform by existing clients, which was driven by an increase in the number of advertising campaigns executed per client. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Platform Operations </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March 31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,036</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Percent of revenue</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>24</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>25</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in platform operations expense for the three months ended March&nbsp;31, 2017, compared to the
same prior year period, was primarily due to an increase of $3.6 million in hosting costs to support the increased use of our platform by our clients and an increase of $1.0 million in personnel costs driven by an increase in headcount for our
client support team. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect platform operations expenses to increase in absolute dollars in future periods as we continue to
experience increased volumes of transactions through our platform and hire additional personnel to support our clients. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Sales and Marketing </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March 31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Percent of revenue</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>23</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>28</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in sales and marketing expense for the three months ended March&nbsp;31, 2017, compared to the
same prior year period, was primarily due to increases of $3.4 million in personnel costs and $0.9 million in allocated facilities costs. The increase in personnel costs was primarily due to an increase in headcount to support our sales efforts and
continue to develop and maintain relationships with our clients. The increase in allocated facilities costs was primarily driven by an increase in rent expense associated with new operating leases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect sales and marketing expenses to increase in absolute dollars in future periods, as we focus on increasing the adoption of our
platform with existing and new clients and expanding our international business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Technology and Development </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March 31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Percent of revenue</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>20</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>15</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in technology and development expense for the three months ended March&nbsp;31, 2017, compared to
the same prior year period, was primarily due to increases of $4.3 million in personnel costs and $1.1 million in allocated facilities costs. The increase in personnel costs was primarily attributable to increased headcount to maintain and support
our technology and development efforts. The increase in allocated facilities costs was primarily driven by an increase in rent expense associated with new operating leases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect technology and development expense to increase as we continue to invest in the development of our platform to support additional
features and functions, increase the number of advertising and data inventory suppliers and ramp up the volume of advertising spending on our platform. We also intend to invest in technology to further automate our business processes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>General and Administrative </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March 31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,930</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Percent of revenue</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>30</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>21</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in general and administrative expense for the three months ended March&nbsp;31, 2017, compared to
the same prior year period, was primarily due to increases of $4.7 million in personnel costs and $3.3 million in bad debt expense. The increase in personnel costs was primarily related to increased finance and legal headcount to support our growth.
The increase in bad debt expense was primarily attributable to reserves for two clients. In addition, during the three months ended March&nbsp;31, 2017, we incurred $0.9 million in legal, accounting, printing and other costs related to our secondary
offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect to continue to invest in corporate infrastructure and incur additional expenses associated with our operations as a
public company, including increased legal and accounting costs, investor relations costs, higher insurance premiums and compliance costs associated with developing the requisite infrastructure required for internal controls. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Expense, Net </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>$&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March&nbsp;31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(4,472</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The decrease in other expense, net for the three months ended March&nbsp;31, 2017, compared to the same prior
year period, was primarily due to a $4.4 million decrease in the fair value of our convertible preferred stock warrant liabilities due to the conversion and exercise of such warrants as part of our initial public offering in September 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Benefit from Income Taxes </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>($ in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Three months ended March&nbsp;31,</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(3,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(828</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Effective tax rate</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>(329.1</I></TD>
<TD NOWRAP VALIGN="bottom"><I>)%&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>44.3</I></TD>
<TD NOWRAP VALIGN="bottom"><I>%&nbsp;</I></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in the benefit from income taxes for the three months ended March&nbsp;31, 2017, compared to the
same prior year period, was primarily due to discrete benefits of approximately $5.3 million associated with disqualifying dispositions of incentive stock options, partially offset by the impact of higher pre-tax income in U.S. jurisdictions.
Excluding the impact of discrete items, our effective tax rate for the three months ended March&nbsp;31, 2017 would have been 46.6%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liquidity and
Capital Resources </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2017, we had cash of $106.6&nbsp;million, including cash of $4.6&nbsp;million held by our
international subsidiaries, and net working capital, consisting of current assets less current liabilities, of $179.8&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
believe our existing cash, cash flow from operations, and our undrawn balance under our credit facility will be sufficient to meet our working capital requirements for at least the next 12&nbsp;months. Our current credit facility was amended and
restated on May 9, 2017, with a maturity date of May 9, 2022 &#151; see the section captioned &#147;Revolving Credit Facility&#148; below. Our future capital requirements and the adequacy of available funds will depend on many factors, including
those set forth under &#147;Risk Factors&#148; within this Quarterly Report on Form 10-Q. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the future, we may attempt to raise
additional capital through the sale of equity securities or through <FONT STYLE="white-space:nowrap">equity-linked</FONT> or debt financing arrangements. If we raise additional funds by issuing equity or
<FONT STYLE="white-space:nowrap">equity-linked</FONT> securities, the ownership of our existing stockholders will be diluted. If we raise additional financing by the incurrence of additional indebtedness, we may be subject to increased fixed payment
obligations and could also be subject to additional restrictive covenants, such as limitations on our ability to incur additional debt, and other operating restrictions that could adversely impact our ability to conduct our business. Any future
indebtedness we incur may result in terms that could be unfavorable to equity investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There can be no assurances that we will be able
to raise additional capital. The inability to raise capital would adversely affect our ability to achieve our business objectives. In addition, if our operating performance during the next 12 months is below our expectations, our liquidity and
ability to operate our business could be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revolving Credit Facility </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;30, 2016, we entered into a credit agreement (the &#147;Revolving Credit Agreement&#148;) with a syndicate of banks, led by
Citibank, N.A. The Revolving Credit Agreement provides for a senior secured asset-based revolving credit facility (the &#147;Credit Facility&#148;), which we may draw upon as needed. Under the Credit Facility, we had an outstanding debt balance of
$25.8 million that bore interest at a weighted average rate of 2.44% as of March&nbsp;31, 2017. We were in compliance with all covenants as of March&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;9, 2017, we, a syndicate of banks, led by Citibank, N.A., and Citibank, N.A., as agent, entered into an amended and restated loan
and security agreement (the &#147;Amended Revolving Credit Agreement&#148;). The Amended Revolving Credit Agreement, among other things, provides for an increase of $75.0 million in the aggregate principal amount of commitments available under the
Company&#146;s senior secured asset-based revolving credit facility and provides the Company greater flexibility with respect to working capital, acquisitions and general corporate purposes (the &#147;Amended Credit Facility&#148;). Available
funding commitments to the Company under the Amended Credit Facility, subject to certain conditions, total up to $200.0&nbsp;million, with a $20.0 million sublimit for swingline borrowings and a $15.0 million sublimit for the issuance of letters of
credit. Under certain circumstances, the Company has the right to increase the Amended Credit Facility by an amount not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to exceed $100.0&nbsp;million. The Amended Revolving Credit Agreement is collateralized by substantially all of the Company&#146;s assets, including a pledge of certain of our accounts
receivable, deposit accounts, intellectual property, investment property, and equipment, and availability under the Amended Revolving Credit Agreement is based on a percentage of the value of accounts receivable, as reduced by certain reserves. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For additional information regarding the Amended Revolving Credit Agreement, refer to Note 11&#151;Subsequent Event. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cash Flows </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following table summarizes our cash flows for the periods presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended<BR>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash flows provided by (used in) operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(22,740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash flows used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,249</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(929</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash flows provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase (decrease) in cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(26,827</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,812</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Operating Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cash flows from operating activities are primarily influenced by growth in our operations, increases or decreases in collections from our
clients and related payments to our suppliers of advertising inventory and data. The timing of cash receipts from clients and payments to suppliers can significantly impact our cash flows from operating activities. We typically pay suppliers in
advance of collections from our clients. Our collection and payment cycles can vary from period to period. In addition, we expect seasonality to impact cash flows from operating activities on a sequential quarterly basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We compute our average days sales outstanding, or DSO, and average days payable outstanding, or DPO, as of a given date based on our average
trade receivables or trade payables, respectively, for the trailing <FONT STYLE="white-space:nowrap">12-month</FONT> period divided by, for DSO, average daily gross billings for the period, and for DPO, by the average daily cost of media, data, and
operating expenses, in each case, over such period. The average trade receivables or trade payables are the average of the trade receivables or trade payables balances at the beginning and end of the <FONT STYLE="white-space:nowrap">12-month</FONT>
period. Historically, our DSOs have fluctuated over time. If our DSOs increase significantly, and we are unable to borrow against these receivables on commercially acceptable terms, our working capital availability could be reduced, and as a
consequence our results of operations and financial condition would be adversely impacted. The following table summarizes the DSO and DPO for the periods presented. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of&nbsp;March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(days)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DSO</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DPO</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the three months ended March&nbsp;31, 2017, cash used in operating activities of $22.7 million primarily
resulted from a decrease in accounts payable of $87.9 million, partially offset by a decrease in accounts receivable of $59.2 million. The decrease in accounts payable was primarily driven by seasonality, whereby the amounts due to our media and
data suppliers are lower due to decreased spend by our customers during the first quarter of the calendar year as compared to the fourth quarter of the preceding year. The decrease in accounts receivable was also driven by seasonality, whereby our
gross billings are lower during the first quarter of the calendar year as compared to the fourth quarter of the preceding year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the
three months ended March&nbsp;31, 2016, cash provided by operating activities of $16.9 million primarily resulted from a decrease in accounts receivable of $23.0 million, partially offset by a decrease in accounts payable of $6.5 million. The
decreases in accounts receivable and accounts payable were primarily due to the aforementioned seasonality factors described above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Investing Activities </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
primary investing activities have consisted of purchases of property and equipment in support of our expanding headcount as a result of our growth, and capital expenditures to develop our software in support of enhancing our technology platform.
Purchases of property and equipment may vary from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> due to the timing of the expansion of our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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operations, the addition of headcount and the development cycles of our software development. As our business grows, we expect our capital expenditures and our investment activity to continue to
increase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the three months ended March&nbsp;31, 2017, we used $4.2 million of cash in investing activities, consisting of $3.6
million to purchase property and equipment and $0.6 million of investments in capitalized software. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the three months ended
March&nbsp;31, 2016, we used $0.9 million of cash in investing activities, consisting of $0.4 million to purchase property and equipment and $0.5 million of investments in capitalized software. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Financing Activities </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
the three months ended March&nbsp;31, 2017, cash provided by financing activities of $0.2 million was primarily due to proceeds from stock option exercises of $0.3 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the three months ended March&nbsp;31, 2016, cash provided by financing activities of $10.9 million was primarily due to proceeds from the
issuance of Series C convertible preferred stock of $60.0 million and proceeds from our line of credit of $55.8 million, partially offset by the repurchase of preferred and common stock of $54.0 million and repayments of prior borrowings of $50.0
million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Off-Balance Sheet Arrangements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not have any relationships with other entities or financial partnerships, such as entities often referred to as structured finance or
special purpose entities that have been established for the purpose of facilitating <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements or other contractually narrow or limited purposes. We did not have any other <FONT
STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements at March&nbsp;31, 2017 other than operating leases and the indemnification agreements described below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contractual Obligations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
table summarizes our other contractual commitments, primarily with hosting services providers, as of March&nbsp;31, 2017: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payments Due by Period</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less than</B><br><B>1 Year<BR>(Remaining&nbsp;2017)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>1-3</B><br><B>Years<BR>(2018&nbsp;and&nbsp;2019)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>3-5</B><br><B>Years<BR>(2020&nbsp;and&nbsp;2021)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>More than<BR>5 Years<BR>(Thereafter)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other contractual commitments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">33,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the ordinary course of business, we enter into agreements in which we may agree to indemnify clients,
suppliers, vendors, lessors, business partners, lenders, stockholders and other parties with respect to certain matters, including losses resulting from claims of intellectual property infringement, damages to property or persons, business losses,
or other liabilities. Generally, these indemnity and defense obligations relate to our own business operations, obligations, and acts or omissions. However, under some circumstances, we agree to indemnify and defend contract counterparties against
losses resulting from their own business operations, obligations, and acts or omissions, or the business operations, obligations, and acts or omissions of third parties. These indemnity provisions generally survive termination or expiration of the
agreements in which they appear. In addition, we have entered into indemnification agreements with our directors, executive officers and other officers that will require us to indemnify them against liabilities that may arise by reason of their
status or service as directors, officers or employees. No demands have been made upon us to provide indemnification under such agreements and there are no claims that we are aware of that could have a material effect on our consolidated financial
statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Critical Accounting Policies and Estimates </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of these condensed consolidated financial
statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on
historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that the assumptions and estimates associated with the evaluation of revenue recognition criteria, including the determination of
revenue recognition as net versus gross in our revenue arrangements, the assumptions used in the valuation models to determine the fair value of equity awards and stock-based compensation expense, and income taxes have
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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the greatest potential impact on our consolidated financial statements. Therefore, we consider these to be our critical accounting policies and estimates. By their nature, estimates are subject
to an inherent degree of uncertainty. Actual results may differ materially from these estimates. There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the
year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recently Issued Accounting Pronouncements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information regarding recent accounting pronouncements, refer to Note 2 of our condensed consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Non-GAAP Financial Data </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to
our results determined in accordance with GAAP, we believe that Adjusted EBITDA, a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure, is useful in evaluating our business. The following table presents a reconciliation of net income (loss) to
Adjusted EBITDA for each of the periods indicated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended<BR>March&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(1,040</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add back (deduct):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stock-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Secondary offering costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in fair value of preferred stock warrant liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefit from income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(828</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We use Adjusted EBITDA as a measure of operational efficiency to understand and evaluate our core business
operations. We believe that Adjusted EBITDA is useful to investors for period to period comparisons of our core business. Accordingly, we believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our
operating results in the same manner as our management and board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our use of Adjusted EBITDA has limitations as an
analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">although depreciation and amortization expense are <FONT STYLE="white-space:nowrap">non-cash</FONT> charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not
reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted EBITDA does not reflect: (a)&nbsp;changes in, or cash requirements for, our working capital needs; (b)&nbsp;the potentially dilutive impact of <FONT STYLE="white-space:nowrap">stock-based</FONT> compensation;
(c)&nbsp;secondary offering costs not considered part of our core business; or (d)&nbsp;tax payments that may represent a reduction in cash available to us; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of these and other limitations, you should consider Adjusted EBITDA along with other
<FONT STYLE="white-space:nowrap">GAAP-based</FONT> financial performance measures, including various cash flow metrics, net income (loss) and our GAAP financial results. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx274174_7"></A>Item&nbsp;3. Quantitative and Qualitative Disclosure About Market Risk </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have operations both within the United States and internationally, and we are exposed to market risks in the ordinary course of our
business. These risks include primarily interest rate, foreign currency exchange and inflation risks.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interest Rate Risk </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are exposed to market risk from changes in interest rates on our credit facility, which accrues interest at a variable rate. We have not
used any derivative financial instruments to manage our interest rate risk exposure. Based upon the principal balance owed on our revolving credit facility as of March&nbsp;31, 2017, a hypothetical one percentage point increase or decrease in the
interest rate under our revolving credit facility would result in a corresponding increase or decrease in interest expense of approximately $0.3&nbsp;million annually. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Foreign Currency Exchange Risk </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have
foreign currency risks related to our revenue and expenses denominated in currencies other than the U.S.&nbsp;Dollar, principally the Canadian Dollar, British Pound, the Euro, Singapore Dollar, Indonesian Rupiah, Japanese Yen and Australian Dollar.
The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy. We have experienced and will continue to experience fluctuations in our net income as a result of transaction gains and losses related to
translating cash balances, trade accounts receivable and payable balances that are denominated in currencies other than the U.S. Dollar. The effect of an immediate 10% adverse change in foreign exchange rates on
<FONT STYLE="white-space:nowrap">foreign-denominated</FONT> accounts at March&nbsp;31, 2017, would result in a foreign currency loss of approximately $3.1&nbsp;million. In the event our <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Dollar
denominated sales and expenses increase, our operating results may be more greatly affected by fluctuations in the exchange rates of the currencies in which we do business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time we may enter into forward contracts or other derivative transactions in an attempt to hedge our foreign currency risk. There
can be no assurance that such transactions will be effective in hedging some or all of our foreign currency exposures and under some circumstances could generate losses for us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx274174_8"></A>Item&nbsp;4. Controls and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Evaluation of Disclosure Controls and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our
disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), as of March&nbsp;31, 2017. Our disclosure controls and procedures are designed to provide
reasonable assurance of achieving their objectives of ensuring that information we are required to disclose in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures, and is recorded, processed, summarized, and reported within the time periods specified in the SEC&#146;s rules and forms.&nbsp;There is no
assurance that our disclosure controls and procedures will operate effectively under all circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During 2015, we identified
certain material weaknesses in our internal control over financial reporting resulting from: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">our failure to maintain a sufficient complement of resources with an appropriate level of accounting knowledge, experience and training commensurate with our structure and financial reporting requirements;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the absence of formalized policies and controls designed to address accounting policies and procedures across multiple processes; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the absence of information technology general controls over certain financially significant applications and a lack of formal policies and procedures around segregation of duties. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed below, we are taking steps to remediate these material weaknesses in internal control over financial reporting; however, we are
not yet able to determine whether the steps we are taking will fully remediate these material weaknesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of material weaknesses
in our internal control over financial reporting as previously disclosed, our Chief Executive Officer and Chief Financial Officer concluded that, as of March&nbsp;31, 2017, our disclosure controls and procedures were not effective at the reasonable
assurance level. Our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that, notwithstanding the material weaknesses in our internal control over financial reporting, the condensed consolidated financial
statements in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management&#146;s Remediation Efforts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Starting in 2015, we commenced measures to remediate the identified material weaknesses. Those remediation measures are ongoing and include the
following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">hiring of additional finance and accounting personnel with prior experience working for finance departments of public companies and technical accounting experience, supplemented by
<FONT STYLE="white-space:nowrap">third-party</FONT> resources; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">commenced documenting and formally assessing our accounting and financial reporting policies and procedures and implementing segregation of duties; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">formally assessing significant accounting transactions and other technical accounting and financial reporting matters, preparing accounting memoranda addressing these matters and maintaining these memoranda in our
corporate records; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">improving the compilation processes, documenting and monitoring of our critical accounting estimates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">implementing processes for creating an effective and timely close process&#151;for example, creating a detailed financial close checklist for accountability, creating standard balance sheet reconciliation templates for
significant accounts and implementing standard compilation, documentation and review procedures for manual journal entries and balance sheet reconciliations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">documenting and improving IT governance processes, including automating components of our change management and logical access processes and drafting of IT policies and procedures; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">enhancing our system&#146;s role based access and logging capabilities and implementing automated controls to help improve the reliability of our processes and reporting. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While we believe that these efforts will improve our internal control over financial reporting, the implementation of these measures is
ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe we are making progress toward achieving the effectiveness of our internal controls and disclosure controls. The actions that we are
taking are subject to ongoing senior management review, as well as audit committee oversight. We will not be able to conclude whether the steps we are taking will fully remediate these material weaknesses in our internal control over financial
reporting until we have completed our remediation efforts and subsequent evaluation of their effectiveness. We may also conclude that additional measures may be required to remediate the material weaknesses in our internal control over financial
reporting, which may necessitate additional implementation and evaluation time. We will continue to assess the effectiveness of our internal control over financial reporting and take steps to remediate the known material weaknesses expeditiously.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Changes in Internal Control over Financial Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are taking actions to remediate the material weaknesses relating to our internal controls over financial reporting, as described above.
Except as otherwise described herein, there was no change in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inherent Limitations on Effectiveness of Controls </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Management recognizes that a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, have been detected. These inherent limitations include the realities that judgments in
decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of
the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential
future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system,
misstatements due to error or fraud may occur and not be detected. </P>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx274174_9"></A>Item&nbsp;1. Legal Proceedings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not currently a party to any legal proceedings, litigation or claims, which, if determined adversely to us, would have a material
adverse effect on our business, operating results, financial condition or cash flows. We may from time to time, be a party to litigation and subject to claims incident to the ordinary course of business. Regardless of the outcome, litigation can
have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx274174_10"></A>Item&nbsp;1A. Risk Factors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Investing in our Class&nbsp;A common stock involves a high degree of risk. You should consider carefully the risks and uncertainties
described below, together with all of the other information in this quarterly report, including the condensed consolidated financial statements and the related notes and Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations, before making investment decisions related to our Class&nbsp;A common stock. The risks and uncertainties described below include those that we consider material and that we are currently aware of, but are not the only ones we face. If
any of the following risks is realized, our business, financial condition, results of operations and prospects could be materially and adversely affected. In that event, the market price of our Class&nbsp;A common stock could decline and you could
lose part or all of your investment. We have organized the description of these risks into groupings in an effort to enhance readability but many of the risks interrelate and could be grouped or ordered in other ways. Therefore, no special
significance should be attributed to the groupings or order below. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Our Business and Industry </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We have a limited operating history, which makes it difficult to evaluate our business and prospects and may increase the risks associated with your
investment. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We were incorporated in 2009 and, as a result, have only a limited operating history upon which our business and
prospects may be evaluated. Although we have experienced substantial revenue growth in our limited operating history, we may not be able to sustain this rate of growth or maintain our current revenue levels. We have encountered and will continue to
encounter risks and challenges frequently experienced by growing companies in rapidly developing industries, including risks related to our ability to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">build a reputation for providing a superior platform and client service, and for creating trust and long-term relationships with clients; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">distinguish ourselves from competitors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">develop and offer a competitive platform that meets our clients&#146; needs as they change; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">scale our business efficiently to keep pace with demand for our platform; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">maintain and expand our relationships with suppliers of quality advertising inventory and data; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">respond to evolving industry standards and government regulation that impact our business, particularly in the areas of data collection and consumer privacy; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">prevent or mitigate failures or breaches of security; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">expand our business internationally; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">hire and retain qualified and motivated employees. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We cannot assure you that we will be
successful in addressing these and other challenges we may face in the future. If we are unable to do so, our business may suffer, our revenue and operating results may decline and we may not be able to achieve further growth or sustain
profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our failure to maintain and grow our client base and spend through our platform may negatively impact our revenue and business.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To sustain or increase our revenue, we must regularly add new clients and encourage existing clients to maintain or increase the
amount of advertising inventory purchased through our platform and adopt new features and functionalities that we add to our platform. If competitors introduce lower cost or differentiated offerings that compete with or are perceived to compete with
ours, our ability to sell access to our platform to new or existing clients could be impaired. We have spent significant effort in cultivating our relationships with advertising agencies, which has resulted in an increase in the budgets
</P>
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allocated to, and the amount of advertising purchased on, our platform. However, it is possible that we may reach a point of saturation at which we cannot continue to grow our revenue from such
agencies because of internal limits that advertisers may place on the allocation of their advertising budgets to digital media to a particular provider or otherwise. While we generally have master services agreements in place for our clients, such
agreements allow our clients to change the amount of spend through our platform or terminate our services with limited notice. Our clients typically have relationships with different providers and there is limited cost to moving budgets to our
competitors. As a result, we may have limited visibility as to our future advertising revenue streams. We cannot assure you that our clients will continue to use our platform or that we will be able to replace, in a timely or effective manner,
departing clients with new clients that generate comparable revenue. If a major client representing a significant portion of our business decides to materially reduce its use of our platform or to cease using our platform altogether, it is possible
that our revenue could be significantly reduced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The loss of advertising agencies as clients could significantly harm our business, operating
results and financial condition. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our client base consists primarily of advertising agencies. We do not have exclusive
relationships with advertising agencies and we depend on agencies to work with us as they embark on advertising campaigns for advertisers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The loss of agencies as clients could significantly harm our business, operating results and financial condition. If we fail to maintain
satisfactory relationships with an advertising agency, we risk losing business from the advertisers represented by that agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Advertisers may change advertising agencies. If an advertiser switches from an agency that utilizes our platform to one that does not, we will
lose revenue from that advertiser. In addition, some advertising agencies have their own relationships with suppliers of advertising inventory and can directly connect advertisers with such suppliers. Our business may suffer to the extent that
advertising agencies and inventory suppliers purchase and sell advertising inventory directly from one another or through intermediaries other than us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We had approximately 566 clients, consisting primarily of advertising agencies, as of December&nbsp;31, 2016. Many of these agencies are owned
by holding companies, where decision making is decentralized such that purchasing decisions are made, and relationships with advertisers, are located, at the agency, local branch or division level. If all of our individual client contractual
relationships were aggregated at the holding company level, Omnicom Group&nbsp;Inc., WPP&nbsp;plc and Publicis Groupe would each represent more than 10% of our gross billings for 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In most cases, we enter into separate contracts and billing relationships with the individual agencies and account for them as separate
clients. However, some holding companies for these agencies may choose to exert control over the individual agencies in the future. If so, any loss of relationships with such holding companies and, consequently, of their agencies, local branches or
divisions, as clients could significantly harm our business, operating results and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to innovate and make the right
investment decisions in our offerings and platform, we may not attract and retain advertisers and advertising agencies and our revenue and results of operations may decline. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our industry is subject to rapid and frequent changes in technology, evolving client needs and the frequent introduction by our competitors of
new and enhanced offerings. We must constantly make investment decisions regarding offerings and technology to meet client demand and evolving industry standards. We may make wrong decisions regarding these investments. If new or existing
competitors have more attractive offerings, we may lose clients or clients may decrease their use of our platform. New client demands, superior competitive offerings or new industry standards could require us to make unanticipated and costly changes
to our platform or business model. If we fail to adapt to our rapidly changing industry or to evolving client needs, demand for our platform could decrease and our business, financial condition and operating results may be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Failure to manage our growth effectively could cause our business to suffer and have an adverse effect on our financial condition and operating results.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have experienced significant growth in a short period of time. To manage our growth effectively, we must continually evaluate
and evolve our organization. We must also manage our employees, operations, finances, technology and development and capital investments efficiently. Our efficiency, productivity and the quality of our platform and client service may be adversely
impacted if we do not train our new personnel, particularly our sales and support personnel, quickly and effectively, or if we fail to appropriately coordinate across our organization. Additionally, our rapid growth may place a strain on our
resources, infrastructure and ability to maintain the quality of our platform. You should not consider our revenue growth and levels of profitability in recent periods as indicative of future performance. In future periods, our revenue or
profitability could decline or grow more slowly than we expect. Failure to manage our growth effectively could cause our business to suffer and have an adverse effect on our financial condition and operating results. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The market for programmatic buying for advertising campaigns is relatively new and evolving. If this market
develops slower or differently than we expect, our business, growth prospects and financial condition would be adversely affected. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The substantial majority of our revenue has been derived from clients that programmatically purchase advertising inventory through our
platform. We expect that spending on programmatic ad buying will continue to be our primary source of revenue for the foreseeable future, and that our revenue growth will largely depend on increasing spend through our platform. The market for
programmatic ad buying is an emerging market, and our current and potential clients may not shift quickly enough to programmatic ad buying from other buying methods, reducing our growth potential. If the market for programmatic ad buying
deteriorates or develops more slowly than we expect, it could reduce demand for our platform, and our business, growth prospects and financial condition would be adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, revenue may not necessary grow at the same rate as spend on our platform. Growth in spend may outpace growth in our revenue as
the market for programmatic buying for advertising matures due to a number of factors including quantity discounts and product, media, client and channel mix&nbsp;shifts. For example, TV advertising typically entails relatively large advertising
budgets that carry a smaller fee as a percentage of spend. Growth in the use of our platform for TV advertising could impact the rate of our revenue growth relative to the rate of growth in spend on our platform. A significant change in revenue as a
percentage of spend could reflect an adverse change in our business and growth prospects. In addition, any such fluctuations, even if they reflect our strategic decisions, could cause our performance to fall below the expectations of securities
analysts and investors, and adversely affect the price of our common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The market in which we participate is intensely competitive, and we may
not be able to compete successfully with our current or future competitors. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We operate in a highly competitive and rapidly
changing industry. With the introduction of new technologies and the influx of new entrants to the market, we expect competition to persist and intensify in the future, which could harm our ability to increase revenue and maintain profitability. New
technologies and methods of buying advertising present a dynamic competitive challenge, as market participants offer multiple new products and services, such as analytics, automated media buying and exchanges, aimed at capturing advertising spend.
In addition to existing competitors and intermediaries, we may also face competition from new companies entering the market, which may include large established companies, all of which currently offer, or may in the future offer, products and
services that result in additional competition for advertising spend or advertising inventory. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, we derive a significant portion
of our revenue from the display advertising market, which is rapidly evolving, highly competitive, complex and fragmented. We face significant competition in this market which we expect will intensify in the future. We currently compete for
advertising spend with large, well-established companies as well as smaller, privately-held companies. Some of our larger competitors with more resources may be better positioned to execute on advertising campaigns conducted over multiple channels
such as social media, mobile and video. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may also face competition from companies that we do not yet know about or do not yet exist. If
existing or new companies develop, market or resell competitive high-value marketing products or services, acquire one of our existing competitors or form&nbsp;a strategic alliance with one of our competitors, our ability to compete effectively
could be significantly compromised and our results of operations could be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our current and potential competitors may have
significantly more financial, technical, marketing and other resources than we have, allowing them to devote greater resources to the development, promotion, sale and support of their products and services. They may also have more extensive
advertiser bases and broader publisher relationships than we have, and may have longer operating histories and greater name recognition. As a result, these competitors may be better able to respond quickly to new technologies, develop deeper
advertiser relationships or offer services at lower prices. Any of these developments would make it more difficult for us to sell our platform and could result in increased pricing pressure, increased sales and marketing expense or the loss of
market share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Economic downturns and market conditions beyond our control could adversely affect our business, financial condition and operating
results. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business depends on the overall demand for advertising and on the economic health of advertisers that benefit from
our platform. Economic downturns or unstable market conditions may cause advertisers to decrease their advertising budgets, which could reduce spend though our platform and adversely affect our business, financial condition and operating results. As
we explore new countries to expand our business, economic downturns or unstable market conditions in any of those countries could result in our investments not yielding the returns we anticipate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may experience fluctuations in our operating results, which could make our future operating results
difficult to predict or cause our operating results to fall below analysts&#146; and investors&#146; expectations. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our quarterly
and annual operating results have fluctuated in the past and we expect our future operating results to fluctuate due to a variety of factors, many of which are beyond our control. Fluctuations in our operating results could cause our performance to
fall below the expectations of analysts and investors, and adversely affect the price of our common stock. Because our business is changing and evolving rapidly, our historical operating results may not be necessarily indicative of our future
operating results. Factors that may cause our operating results to fluctuate include the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">changes in demand for our platform, including related to the seasonal nature of our clients&#146; spending on digital advertising campaigns; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in our pricing policies, the pricing policies of our competitors and the pricing or availability of inventory, data or of other third-party services; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">changes in our client base and platform offerings; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">the addition or loss of advertising agencies and advertisers as clients; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in advertising budget allocations, agency affiliations or marketing strategies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes to our product, media, client or channel mix; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">changes and uncertainty in the regulatory environment for us or advertisers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in the economic prospects of advertisers or the economy generally, which could alter advertisers&#146; spending priorities, or could increase the time or costs required to complete advertising inventory sales;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in the availability of advertising inventory through real-time advertising exchanges or in the cost of reaching end consumers through digital advertising; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">disruptions or outages on our platform; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">the introduction of new technologies or offerings by our competitors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">changes in our capital expenditures as we acquire the hardware, equipment and other assets required to support our business; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">timing differences between our payments for advertising inventory and our collection of related advertising revenue; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">the length and unpredictability of our sales cycle; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">costs related to acquisitions of businesses or technologies, or employee recruiting. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based
upon the factors above and others beyond our control, we have a limited ability to forecast our future revenue, costs and expenses, and as a result, our operating results may, from time to time, fall below our estimates or the expectations of
analysts and investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We often have long sales cycles, which can result in significant time between initial contact with a prospect and execution
of a client agreement, making it difficult to project when, if at all, we will obtain new clients and when we will generate revenue from those clients. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our sales cycle, from initial contact to contract execution and implementation can take significant time. Our sales efforts involve educating
our clients about the use, technical capabilities and benefits of our platform. Some of our clients undertake an evaluation process that frequently involves not only our platform but also the offerings of our competitors. As a result, it is
difficult to predict when we will obtain new clients and begin generating revenue from these new clients. Even if our sales efforts result in obtaining a new client, under our usage-based pricing model, the client controls when and to what extent it
uses our platform. As a result, we may not be able to add clients, or generate revenue, as quickly as we may expect, which could harm our growth prospects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to payment-related risks and, if our clients do not pay or dispute their invoices, our
business, financial condition and operating results may be adversely affected. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Many of our contracts with advertising agencies
provide that if the advertiser does not pay the agency, the agency is not liable to us, and we must seek payment solely from the advertiser, a type of arrangement called sequential liability. Contracting with these agencies, which in some cases have
or may develop higher-risk credit profiles, may subject us to greater credit risk than if we were to contract directly with advertisers. This credit risk may vary depending on the nature of an advertising agency&#146;s aggregated advertiser base. We
may also be involved in disputes with agencies and their advertisers over the operation of our platform, the terms of our agreements or our billings for purchases made by them through our platform. If we are unable to collect or make adjustments to
bills to clients, we could incur write-offs for bad debt, which could have a material adverse effect on our results of operations for the periods in which the write-offs occur. In the future, bad debt may exceed reserves for such contingencies and
our bad debt exposure may increase over time. Any increase in write-offs for bad debt could have a materially negative effect on our business, financial condition and operating results. Even if we are not paid by our clients on time or at all, we
are still obligated to pay for the advertising we have purchased for the advertising campaign, and as a consequence, our results of operations and financial condition would be adversely impacted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>A substantial portion of our business is from advertising agencies that do not pay us until they receive payment from the advertiser, resulting in an
increased length of time between our payment for media inventory and our receipt of payment for use of our platform, and our ability to collect for non-payment may be limited to the advertiser, thereby increasing our risk of non-payment.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Substantially all of our platform spend is from advertising agencies. We are generally contractually required to pay advertising
inventory and data suppliers within a negotiated period of time, regardless of whether our clients pay us on time, or at all. Additionally, while we attempt to negotiate long payment periods with our suppliers and shorter periods from our clients,
we are not always successful. As a result, we often face a timing issue with our accounts payable on shorter cycles than our accounts receivables, requiring us to remit payments from our own funds, and accept the risk of bad debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This payment process will increasingly consume working capital if we continue to be successful in growing our business. In addition, we
typically experience slow payment by advertising agencies as is common in our industry. In this regard, we had average days sales outstanding, or DSO, of 82 days, and average days payable outstanding, or DPO, of 60 days at March&nbsp;31, 2017. We
compute our DSO and DPO as of a given date based on our average trade receivables or trade payables, respectively, for the trailing 12-month period divided by, for DSO, average daily gross billings for the period, and for DPO, by the average daily
cost of media, data and operating expenses over such period. The average trade receivables or trade payables are the average of the trade receivables or trade payables balances at the beginning and end of the 12-month period. Historically, our DSOs
have fluctuated over time. If our DSOs increase significantly, and we are unable to borrow against these receivables on commercially acceptable terms, our working capital availability could be reduced, and as a consequence our results of operations
and financial condition would be adversely impacted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Due to this imbalance in our DSOs and DPOs, we rely on our credit facility to
partially or completely fund our working capital requirements. We cannot assure you that as we continue to grow, our business will generate sufficient cash flow from operations or that future borrowings will be available to us under the credit
facility in an amount sufficient to fund our working capital needs. If our cash flows and credit facility borrowings are insufficient to fund our working capital requirements, we may not be able to grow at the rate we currently expect or at all. In
addition, in the absence of sufficient cash flows from operations, we might be unable to meet our obligations under our credit facility and we may therefore be at risk of default thereunder. We cannot assure you that we would be able to locate
additional financing or increase amounts borrowed under our existing credit facility to on commercially reasonable terms or at all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our business is
primarily dependent on advertisers buying display advertising. A decrease in the use of display advertising would harm our business, growth prospects, financial condition and results of operations. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Historically, our clients have predominantly used our platform to purchase display advertising inventory. We expect that display advertising
will continue to be a significant channel used by our clients. Should our clients lose confidence in the value or effectiveness of display advertising, the demand for our platform could decline. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are working to enhance our social, native, digital radio and television offerings, including the capability to buy ads on digital
television using our platform. We refer to the ability to provide offerings across these channels as omnichannel. These markets may not reach the scale of display advertising, and our omnichannel offerings may not gain market acceptance. A decrease
in the use of display advertising, or our inability to further penetrate display and other advertising channels, would harm our growth prospects, financial condition and results of operations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If our access to quality advertising inventory is diminished, our revenue could decline and our growth
could be impeded. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We must maintain a consistent supply of attractive ad inventory. Our success depends on our ability to secure
quality inventory on reasonable terms across a broad range of advertising networks and exchanges, video, audio and mobile inventory, and social media platforms. The amount, quality and cost of inventory available to us can change at any time. A few
inventory suppliers hold a significant portion of the programmatic inventory either generally or concentrated in a particular channel. In addition, we compete with companies with which we have business relationships. For example, Google is one of
our largest advertising inventory suppliers in addition to being one of our competitors. If Google or a similarly situated company limits our access to advertising inventory, our business could be adversely affected. If our relationships with any of
our suppliers were to cease, or if the material terms of these relationships were to change unfavorably, our business would be negatively impacted. Our suppliers are generally not bound by long-term contracts. As a result, there is no guarantee that
we will have access to a consistent supply of quality inventory on favorable terms. If we are unable to compete favorably for advertising inventory available on real-time advertising exchanges, or if real-time advertising exchanges decide not to
make their advertising inventory available to us, we may not be able to place advertisements or find alternative sources of inventory with comparable traffic patterns and consumer demographics in a timely manner. Furthermore, the inventory that we
access through real-time advertising exchanges may be of low quality or misrepresented to us, despite attempts by us and our suppliers to prevent fraud and conduct quality assurance checks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inventory suppliers control the bidding process for the inventory they supply, and their processes may not always work in our favor. For
example, suppliers may place restrictions on the use of their inventory, including prohibiting the placement of advertisements on behalf of specific advertisers. Through the bidding process, we may not win the right to deliver advertising to the
inventory that is selected through our platform and may not be able to replace inventory that is no longer made available to us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As new
types of inventory, such as digital advertising for television, become available, we will need to expend significant resources to ensure we have access to such new inventory. Although television advertising is a large market, only a very small
percentage of it is currently purchased through digital advertising exchanges. We are investing heavily in our programmatic television offering, including by increasing our workforce and by adding new features, functions and integrations to our
platform. If the digital television advertising market does not grow as we anticipate or we fail to successfully serve such market, our growth prospects could be harmed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our success depends on consistently adding valued inventory in a cost-effective manner. If we are unable to maintain a consistent supply of
quality inventory for any reason, client retention and loyalty, and our financial condition and operating results could be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Seasonal
fluctuations in advertising activity could have a material impact on our revenue, cash flow and operating results. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our revenue,
cash flow, operating results and other key operating and performance metrics may vary from quarter to quarter due to the seasonal nature of our clients&#146; spending on advertising campaigns. For example, clients tend to devote more of their
advertising budgets to the fourth calendar quarter to coincide with consumer holiday spending. Moreover, advertising inventory in the fourth quarter may be more expensive due to increased demand for advertising inventory. Political advertising could
also cause our revenue to increase during election cycles and decrease during other periods. Our historical revenue growth has masked the impact of seasonality, but if our growth rate declines or seasonal spending becomes more pronounced,
seasonality could have a material impact on our revenue, cash flow and operating results from period to period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>As our costs increase, we may not
be able to generate sufficient revenue to sustain profitability. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have expended significant resources to grow our business in
recent years by increasing the offerings of our platform, growing our number of employees and expanding internationally into several countries. We anticipate continued growth that could require substantial financial and other resources to, among
other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">develop our platform, including by investing in our engineering team, creating, acquiring or licensing new products or features, and improving the availability and security of our platform; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">expand internationally by growing our sales force and client services team in an effort to increase our client base and spend through our platform, and by adding inventory and data from countries our clients are
seeking; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">improve our technology infrastructure, including investing in internal technology development and acquiring outside technologies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">expand our platform&#146;s reach in more expensive advertising inventory such as television; </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">cover general and administrative expenses, including legal, accounting and other expenses necessary to support a larger organization; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">cover sales and marketing expenses, including a significant expansion of our direct sales organization; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">cover expenses relating to data collection and consumer privacy compliance, including additional infrastructure, automation and personnel; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">explore strategic acquisitions. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investing in the foregoing, however, may not yield
anticipated returns. Consequently, as our costs increase, we may not be able to generate sufficient revenue to sustain profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We have
identified material weaknesses in our internal control over financial reporting and, if our remediation of these material weaknesses is not effective, or if we fail to maintain an effective system of internal control over financial reporting in the
future, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and the price of our common stock. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a public company, we are required to maintain internal control over financial reporting and to report any material weaknesses in such
internal control. Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, requires that we evaluate and determine the effectiveness of our internal control over financial reporting and, beginning with our annual report for our
year ending December&nbsp;31, 2017, provide a management report on internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See
&#147;Item 4. Controls and Procedures&#148; in this Quarterly Report on Form 10-Q for a list of the material weaknesses identified during 2015 in our internal control over financial reporting and a list of the steps taken in 2015, 2016 and 2017 to
address the internal control deficiencies that contributed to these material weaknesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While we believe that these efforts will improve
our internal control over financial reporting, the implementation of these measures is ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting
cycles. We cannot assure you that the measures we have taken to date, and are continuing to implement, will be sufficient to remediate the material weaknesses we have identified or avoid potential future material weaknesses. If the steps we take do
not correct the material weaknesses in a timely manner, we will be unable to conclude that we maintain effective internal control over financial reporting. Accordingly, there could continue to be a reasonable possibility that these deficiencies or
others could result in a misstatement of our accounts or disclosures that would result in a material misstatement of our financial statements that would not be prevented or detected on a timely basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The process of designing and implementing internal control over financial reporting required to comply with Section&nbsp;404 of the
Sarbanes-Oxley Act will be time consuming, costly and complicated. If during the evaluation and testing process, we identify one or more other material weaknesses in our internal control over financial reporting or determine that existing material
weaknesses have not been remediated, our management will be unable to assert that our internal control over financial reporting is effective. Even if our management concludes that our internal control over financial reporting is effective, our
independent registered public accounting firm may conclude that there are material weaknesses with respect to our internal controls or the level at which our internal controls are documented, designed, implemented or reviewed. If we are unable to
assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting when we cease
being an emerging growth company, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our common stock could be adversely affected and we could become subject to litigation or investigations
by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We allow our clients to utilize application programming interfaces, or APIs, with our platform, which could result in outages or security breaches and
negatively impact our business, financial condition and operating results. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The use of application programming interfaces, or
APIs, by our clients has significantly increased in recent years. Our APIs allow clients to build their own media buying and data management interface by using our APIs to develop custom integration of their business with our platform. The increased
use of APIs increases security and operational risks to our systems, including the risk for intrusion attacks, data theft, or denial of service attacks. Furthermore, while APIs allow clients greater ease and power in accessing our platform, they
also increase the risk of overusing our systems, potentially causing outages. We have experienced system slowdowns due to client overuse of our systems through our APIs. While we have taken measures intended to decrease security and outage risks
associated with the use of APIs, we cannot guarantee that such </P>
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measures will be successful. Our failure to prevent outages or security breaches resulting from API use could result in government enforcement actions against us, claims for damages by consumers
and other affected individuals, costs associated with investigation and remediation damage to our reputation and loss of goodwill, any of which could have a material adverse impact on our business, financial condition and operating results. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may experience outages and disruptions of our platform if we fail to maintain adequate security and supporting infrastructure as we scale our
platform, which may harm our reputation and negatively impact our business, financial condition and operating results. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As we grow
our business, we expect to continue to invest in technology services and equipment, including data centers, network services and database technologies, as well as potentially increase our reliance on open source software. Without these improvements,
our operations might suffer from unanticipated system disruptions, slow transaction processing, unreliable service levels, impaired quality or delays in reporting accurate information regarding transactions in our platform, any of which could
negatively affect our reputation and ability to attract and retain clients. In addition, the expansion and improvement of our systems and infrastructure may require us to commit substantial financial, operational and technical resources, with no
assurance our business will increase. If we fail to respond to technological change or to adequately maintain, expand, upgrade and develop our systems and infrastructure in a timely fashion, our growth prospects and results of operations could be
adversely affected. The steps we take to increase the reliability, integrity and security of our platform as it scales are expensive and complex, and our execution could result in operational failures and increased vulnerability to cyber-attacks.
Such cyber-attacks could include denial-of-service attacks impacting service availability (including the ability to deliver ads) and reliability, tricking company employees into releasing control of their systems to a hacker, or the introduction of
computer viruses or malware into our systems with a view to steal confidential or proprietary data. Cyber-attacks of increasing sophistication may be difficult to detect and could result in the theft of our intellectual property and data from our
platform. We are also vulnerable to unintentional errors or malicious actions by persons with authorized access to our systems that exceed the scope of their access rights, distribute data erroneously, or, unintentionally or intentionally, interfere
with the intended operations of our platform. Moreover, we could be adversely impacted by outages and disruptions in the online platforms of our inventory and data suppliers, such as the real-time advertising exchanges. Outages and disruptions of
our platform, including due to cyber-attacks, may harm our reputation and negatively impact our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade
our technology systems, may adversely affect our business, financial condition and operating results. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We depend upon the
sustained and uninterrupted performance of our platform to manage our inventory supply; bid on inventory for each campaign; collect, process and interpret data; and optimize campaign performance in real time and provide billing information to our
financial systems. If our platform cannot scale to meet demand, if there are errors in our execution of any of these functions on our platform, or if we experience outages, then our business may be harmed. We may also face material delays in
introducing new services, products and enhancements. If competitors introduce new products and services using new technologies or if new industry standards and practices emerge, our existing proprietary technology and systems may become obsolete.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our platform is complex and multifaceted, and operational and performance issues could arise both from the platform itself and from
outside factors. Errors, failures, vulnerabilities or bugs have been found in the past, and may in the future, be found. Our platform also relies on third-party technology and systems to perform properly, and our platform is often used in connection
with computing environments utilizing different operating systems, system management software, equipment and networking configurations, which may cause errors in, or failures of, our platform or such other computing environments. Operational and
performance issues with our platform could include the failure of our user interface, outages, errors during upgrades or patches, discrepancies in costs billed versus costs paid, unanticipated volume overwhelming our databases, server failure, or
catastrophic events affecting one or more server farms. While we have built redundancies in our systems, full redundancies do not exist. Some failures will shut our platform down completely, others only partially. Partial failures, which we have
experienced in the past, could result in unauthorized bidding, cessation of our ability to bid or deliver impressions or deletion of our reporting, in each case resulting in unanticipated financial obligations or impact. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Operational and performance issues with our platform could also result in negative publicity, damage to our brand and reputation, loss of or
delay in market acceptance of our platform, increased costs or loss of revenue, loss of the ability to access our platform, loss of competitive position or claims by clients for losses sustained by them. Alleviating problems resulting from such
issues could require significant expenditures of capital and other resources and could cause interruptions, delays or the cessation of our business, any of which may adversely affect our financial condition and operating results. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Legislation and regulation of online businesses, including privacy and data protection regimes, could
create unexpected costs, subject us to enforcement actions for compliance failures, or cause us to change our platform or business model, which may have a material adverse effect on our business. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. and foreign governments have enacted or are considering enacting legislation related to digital advertising and we expect to see an
increase in, or changes to, legislation and regulation related to our industry, including the use of geo-location data to inform advertising, the collection and use of non-identifiable or identifiable Internet user data and unique device
identifiers, such as IP address or mobile unique device identifiers, and other data protection and privacy-related regulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, industry groups in the United States, such as the Digital Advertising Alliance, or DAA, and the Network Advertising Initiative,
or NAI, and their international counterparts have self-regulatory guidelines to which we have agreed to adhere. Such legislation and regulation could cause us to incur unexpected compliance costs and adversely affect demand for our platform, or
otherwise harm our business, results of operation and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For instance, a wide variety of local, state, national and
international laws and regulations apply to the collection, use, retention, protection, disclosure, transfer (including transfer across national boundaries) and other processing of data collected from or about consumers and devices. While we have
not collected data that is traditionally considered personal data, such as an individual&#146;s name, email address, address, phone numbers, social security numbers, or credit card numbers, we typically do collect and store IP addresses and other
device identifiers (such as unique cookie identifiers and mobile app identifiers), which are or may be considered personal data in some jurisdictions or otherwise may be the subject of legislation or regulation. On October&nbsp;27, 2016, the Federal
Communications Commission adopted new privacy rules for broadband providers, which significantly broadened the definition of &#147;sensitive information&#148; to include geo-location information, web browsing history and app usage history. Use of
such &#147;sensitive information&#148; by broadband providers or sharing of such data with third parties requires opt-in consent under the new rules. While these rules do not directly govern us, they are expected to impact how broadband providers
collect and use customer data for advertising purposes. This may, in turn, limit our access to certain types of data and our ability to allow our clients to use that data. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, evolving definitions of what is considered personal data within the European Union and elsewhere may also impact us. On
October&nbsp;19, 2016, the Court of Justice of the European Union ruled that IP addresses in certain circumstances are &#147;personal data&#148; under current EU law, at least when such IP addresses are held by ISPs and other companies that have the
ability to identify a user&#146;s real-life identity. In addition, significant changes to the privacy regime in the European Union, such as the General Data Protection Regulation, anticipated to come into effect in May 2018, may cause us to change
our business practices, require significant changes to our backend configuration, increase operating costs, or limit our ability to operate or expand our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We take commercially reasonable measures to protect the security of information that we collect, use and disclose in the operation of our
business, and to offer privacy protections with respect to such information, including conducting third-party audits of our privacy practices and review our privacy policy. Such measures, however, may not always be effective and may not identify
data security or privacy related risks or inadequate or inappropriate practices we have used or adopted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, as the advertising
industry evolves, and new ways of collecting, combining and using data are created, governments may enact legislation that could result in our having to re-design features or functions of our platform, therefore incurring unexpected compliance
costs. For example, the Federal Trade Commission, or the FTC, has examined, and likely will continue to examine, the privacy issues that arise as marketers track consumers across several devices, otherwise known as cross-device tracking. The FTC may
promulgate guidance regarding cross-device tracking, may encourage legislation governing these practices, and may use its enforcement powers under Section&nbsp;5 of the Federal Trade Commission Act (which prohibits &#147;unfair&#148; and
&#147;deceptive&#148; trade practices) to investigate companies engaging in cross-device tracking. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While we contractually prohibit our
clients and inventory and data suppliers from supplying personally identifiable information or other sensitive information to our system, we may inadvertently receive such information, which may result in us breaching privacy-related legislation or
regulations. Additionally, we have contractual obligations to indemnify and hold harmless some of our clients and suppliers for the costs or consequences of our failure to comply with privacy-related legislation and regulations, which may be
triggered by such inadvertent ingestion of personally identifiable information in our platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to government regulation, the
DAA and NAI, and other privacy advocates and industry groups, may propose new and different self-regulatory standards that either legally or contractually apply to us. We also expect that there will continue to be new proposed laws and regulations
concerning privacy, data protection and information security, and we cannot yet determine the impact such future laws, regulations and standards may have on our business. Future laws, regulations, standards and other obligations, and changes in the
interpretation and enforcement of existing laws, regulations, </P>
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standards and other obligations, as well as increased enforcement by industry groups or data protection authorities, could require changes to our practices or impair our or our clients&#146;
ability to collect, use or disclose information relating to consumers, which could decrease demand for our platform, increase our costs and impair our ability to maintain and grow our client base and increase our revenue. New laws, amendments to or
re-interpretations of existing laws and regulations, industry standards, contractual obligations and other obligations may require us to incur additional costs and restrict our business operations. Because the interpretation and application of laws,
contractual obligations and other obligations relating to privacy and data protection are still uncertain, it is possible that these laws and other obligations may be interpreted and applied in a manner that is inconsistent with our existing data
management practices or the features of our platform. If so, in addition to the possibility of fines, lawsuits and other claims, we could be required to fundamentally change our business activities and practices or modify our products, which could
have an adverse effect on our business. We may be unable to make such changes and modifications in a commercially reasonable manner or at all, and our ability to develop new products and features could be limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Data protection and privacy concerns are an important part of the programmatic advertising buying industry. Even the perception of privacy
concerns, whether or not valid, may harm our reputation and inhibit use of our platform by current and future clients. For example, claims or adverse publicity could result from the perception of pharmaceuticals or medical advertisements targeting
conditions. Our failure or perceived failure to comply with applicable laws and regulations could result in enforcement actions against us, including fines, imprisonment of our officers and public censure, claims for damages by consumers and other
affected individuals, damage to our reputation and loss of goodwill, any of which could have a material adverse impact on our business, financial condition and operating results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If the use of &#147;third-party cookies&#148; is rejected by Internet users, restricted or otherwise subject to unfavorable regulation, our performance
may decline and we may lose advertisers and revenue. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Internet advertising relies on the use of &#147;cookies,&#148; pixels and
other similar technology, which are small text files placed on an Internet user&#146;s computer. To provide our platform, we utilize &#147;third-party cookies,&#148; which are cookies owned and used by parties other than the owners of the website
visited by the Internet user. Our cookies record non-personal information, such as when an Internet user views an ad, clicks on an ad or visits one of our advertiser&#146;s websites through a browser while the cookie is active. We use cookies to
help us achieve our advertisers&#146; campaign goals, to help us ensure that the same Internet user does not unintentionally see the same advertisement, to report aggregate information to our advertisers regarding the performance of their
advertising campaigns and to detect and prevent fraudulent activity throughout our network of inventory. We also use data from cookies, which enable websites to collect information from users, to help our clients decide whether to bid on, and how to
price, an opportunity to place an advertisement in a specific location, at a given time, in front of a particular Internet user. Without cookie data, our clients would bid on advertising without sufficient insight into activity that has taken place
through an Internet user&#146;s browser. Consequently, lack of cookie data may compromise the ability to determine which inventory to purchase for a specific campaign, and undermine the effectiveness of our platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cookies may be deleted or blocked by Internet users who do not want information to be collected about them. The most commonly used Internet
browsers&#151;Chrome, Firefox, Internet Explorer and Safari&#151;allow Internet users to modify their browser settings to prevent cookies from being accepted by their browsers. Additionally, the Safari browser currently blocks third-party cookies by
default and the browser provider Mozilla, which publishes the Firefox browser, has announced its intent to block third-party cookies by default in future versions of its browser. In addition, Internet users can also delete cookies from their
computers at any time. Some Internet users also download free or paid ad blocking software that prevents third-party cookies from being stored on a user&#146;s computer. Additionally, the DAA, NAI and our company have certain opt-out mechanisms for
users to opt out of the collection of their information via cookies. If more Internet users adopt these settings or delete their cookies more frequently than they currently do, or restrictions are imposed by advertisers and publishers, there are
changes in technology or new developments in laws, regulations or industry standards around cookies, our business could be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, in the EU, Directive 2009/136/EC, commonly referred to as the &#147;Cookie Directive,&#148; directs EU member states to ensure that accessing information on an Internet user&#146;s computer, such as through a cookie, is allowed only if the
Internet user has given his or her consent. In response, some member states have adopted and implemented, and may continue to adopt and implement, legislation that negatively impacts the use of cookies for online advertising. Limitations on the use
or effectiveness of cookies, whether imposed by EU member state implementations of the Cookie Directive or otherwise, may impact the performance of our platform. We may be required to, or otherwise may determine that it is advisable to, develop or
obtain additional tools and technologies to compensate for the lack of cookie data. We may not be able to develop, implement or acquire additional tools that compensate for the lack of cookie data. Moreover, even if we are able to do so, such
additional tools may be subject to further regulation, time consuming to develop or costly to obtain, and less effective than our current use of cookies. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Potential &#147;Do Not Track&#148; standards or government regulation could limit our access to the user
data that informs the advertising campaigns we run and, as a result, undermine the effectiveness of our platform. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As the use of
cookies has received ongoing media attention over the past several years, some government regulators and privacy advocates have suggested creating a &#147;Do Not Track&#148; standard that would allow Internet users to express a preference,
independent of cookie settings in their browser, not to have their online browsing activities tracked. Similar standards are being set at device-level so that activities on mobile devices, including browsing and app uses, are not tracked. The FTC
has issued a staff report criticizing the advertising industry&#146;s self-regulatory efforts as too slow and lacking adequate consumer protections, emphasizing a need for simplified notice, choice and transparency to the consumer regarding the
collection, use and sharing of data, and suggested implementing a &#147;Do Not Track&#148; browser setting that allows consumers to choose whether or not to allow tracking of their online browsing activities. The major Internet browsers have
implemented some version of a &#147;Do Not Track&#148; setting. Internet Explorer 10, for instance, includes a &#147;Do Not Track&#148; setting that is selected by default. The potential regulatory and self-regulatory landscape is inherently
uncertain at this point in time, as there is no definition of tracking, no consensus regarding what message is conveyed by a &#147;Do Not Track&#148; setting and no industry standards regarding how to respond to a &#147;Do Not Track&#148;
preference. The World Wide Web Consortium, or W3C, chartered a &#147;Tracking Protection Working Group&#148; in 2011 to convene a multi-stakeholder group of academics, thought leaders, companies, industry groups and consumer advocacy organizations,
to create a voluntary &#147;Do Not Track&#148; standard for the World Wide Web. The group has yet to agree upon a standard and has considered disbanding due to uncertainty regarding the implementation of a &#147;Do Not Track&#148; standard. Despite
the lack of consensus in this arena, the FTC has suggested that it will pursue legislation if the industry cannot agree upon a standard. If a &#147;Do Not Track&#148; browser setting is adopted by many Internet users or if a &#147;Do Not Track&#148;
standard imposed by state or federal legislation, or agreed upon by standard setting groups, prohibits us from using non-personal data as we currently do, we may have to change our business practices, our clients may reduce their use of our
platform, and our business, financial condition and operating results could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Failure to comply with industry self-regulation
could harm our brand, reputation and business. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have committed to comply with the NAI&#146;s Code of Conduct and the DAA&#146;s
Self-Regulatory Principles for Online Behavioral Advertising in the United States, as well as similar self-regulatory principles in Europe and Canada adopted by the local Digital Advertising Alliance. Our efforts to comply with these self-regulatory
principles include offering Internet users notice and transparency when advertising is served to them based, in part, on browsing data recorded by cookies. We also offer Internet users the ability to opt out of receiving interest-based
advertisements. If we make mistakes in our implementation of these principles, or if self-regulatory bodies expand these guidelines or government authorities issue different guidelines regarding Internet-based advertising, or our opt out mechanisms
fail to work as designed, or if Internet users misunderstand our technology or our commitments with respect to these principles, we may, as a result, be subject to negative publicity, government investigation, government or private litigation, or
investigation by self-regulatory bodies or other accountability groups. Any such action against us, or investigations, even if meritless, could be costly and time consuming, require us to change our business practices, cause us to divert
management&#146;s attention and our resources and be damaging to our brand, reputation and business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our failure to meet content and inventory
standards and provide services that our advertisers and inventory suppliers trust, could harm our brand and reputation and negatively impact our business, financial condition and operating results. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not provide or control either the content of the advertisements we serve or that of the websites providing the inventory. Advertisers
provide the advertising content and inventory suppliers provide the inventory. Both advertisers and inventory suppliers are concerned about being associated with content they consider inappropriate, competitive or inconsistent with their brands, or
illegal and they are hesitant to spend money without guaranteed brand security. Additionally, advertisers may seek to display advertising campaigns in jurisdictions that do not permit such advertising (for example, pharmaceutical advertising is not
permitted in many countries). Consequently, our reputation depends in part on providing services that our advertisers and inventory suppliers trust, and we have contractual obligations to meet content and inventory standards. We contractually
prohibit the misuse of our platform by agencies (and their advertiser clients) and inventory suppliers. Additionally, we use our proprietary technology and third-party services to, and we participate in industry co-ops that work to, detect malware
and other content issues as well as click fraud (whether by humans or software known as &#147;bots&#148;) and to block fraudulent inventory, including &#147;tool bar&#148; inventory, which is inventory that appears within an application and
displaces any advertising that would otherwise be displayed on the website. Despite such efforts, our clients may inadvertently purchase inventory that proves to be unacceptable for their campaigns, in which case, we may not be able to recoup the
amounts paid to inventory suppliers. Preventing and combating fraud is an industry-wide issue that requires constant vigilance, and we cannot guarantee that we will be fully successful in doing so. There are other means we could use, such as human
review of content we serve, that some of our competitors undertake, but because our platform is self-service, and because such means are cost-intensive, we do not utilize all means available to decrease this risk. We may provide access to inventory
that is objectionable to our advertisers or we may serve advertising that contains malware or objectionable content to our inventory suppliers, which could harm our or our clients&#146; brand and reputation, and negatively impact our business,
financial condition and operating results. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to offer sufficient client training and support, our business and reputation would suffer.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because we offer a self-serve platform, client training and support is important for the successful marketing and continued use
of our platform and for maintaining and increasing spend through our platform from existing and new clients. Providing this training and support requires that our platform operations personnel have specific domain knowledge and expertise, making it
more difficult for us to hire qualified personnel and to scale up our support operations due to the extensive training required. The importance of high-quality client service will increase as we expand our business and pursue new clients. If we are
not responsive and proactive regarding our clients&#146; advertising needs, or do not provide effective support for our clients&#146; advertising campaigns, our ability to retain our existing clients would suffer and our reputation with existing or
potential clients would be harmed, which would negatively impact our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If the non-proprietary technology, software, products and services
that we use are unavailable, have future terms we cannot agree to, or do not perform as we expect, our business, financial condition and operating results could be harmed. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We depend on various technology, software, products and services from third parties or available as open source, including for critical
features and functionality of our platform, data centers and API technology, payment processing, payroll and other professional services. For example, in order for clients to target ads in ways they desire and otherwise optimize and verify
campaigns, our platform must have access to data regarding Internet user behavior and reports with demographic information regarding Internet users. Identifying, negotiating, complying with and integrating with third-party terms and technology are
complex, costly and time-consuming matters. Failure by third-party providers to maintain, support or secure their technology either generally or for our accounts specifically, or downtime, errors or defects in their products or services, could
materially and adversely impact our platform, our administrative obligations or other areas of our business. Having to replace any third-party providers or their technology, products or services could result in outages or difficulties in our ability
to provide our services. For example, we rely upon third-party co-location providers for our data centers, and we are dependent on these third parties to provide continuous power, cooling, Internet connectivity and physical and technological
security for our servers. In the event that these third-party providers experience any interruption in operations or cease business for any reason, or if we are unable to agree on satisfactory terms for continued hosting relationships, we would be
forced to enter into a relationship with other service providers or assume some hosting responsibilities ourselves. In addition, even a disruption as brief as a few minutes could have a negative impact on marketplace activities and could therefore
result in a loss of revenue. If we are unsuccessful in establishing or maintaining our relationships with our third-party providers or otherwise need to replace them, internal resources may need to be diverted and our business, financial condition
and operating results could be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We face potential liability and harm to our business based on the human factor of inputting information into
our platform. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Campaigns are set up using several variables available to our clients on our platform. While our platform includes
several checks and balances, it is possible for human error to result in significant over-spending. The system requires a daily cap at the ad group level. We also provide for the client to input daily and overall caps at the advertising inventory
campaign level at their discretion. Additionally, we set a credit limit for each user so that they cannot spend beyond the level of credit risk we are willing to accept. Despite these protections, the ability for overspend exists. For example,
campaigns which last for a period of time can be set to pace evenly or as quickly as possible. If a client with a high credit limit enters into the wrong daily cap with a campaign set to a rapid pace, it is possible for a campaign to accidently go
significantly over budget. While our client contracts state that clients are responsible for media purchased through our platform, we are ultimately responsible for paying the inventory providers and we may be unable to collect for such issues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>International expansion subjects us to additional costs and risks that can adversely affect our business, financial condition and operating results.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">International expansion subjects us to many challenges associated with supporting a rapidly growing business across a multitude
of cultures, customs, monetary, legal and regulatory systems and commercial infrastructures. We have a limited operating history outside of the United States, and our ability to manage our business and conduct our operations internationally requires
considerable attention and resources. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We currently have sales personnel in countries within Europe, Asia, and Australia, and we
anticipate expanding our international operations in the future, including in China and potentially other countries that score unfavorably on the Corruption Perceptions Index, or CPI, of the Transparency International. Our sales organization outside
the United States is substantially smaller than our sales organization in the United States. To the extent we are unable to effectively engage with non-U.S. advertising agencies or international divisions of U.S. agencies due to our limited sales
force capacity, we may be unable to effectively grow in international markets. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Approximately 9% of our gross spend in 2016 was derived from outside of the United States. Our
international operations subject us to a variety of additional risks, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">increased management, travel, infrastructure and legal compliance costs associated with having multiple international operations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">long payment cycles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">potential complications in enforcing contracts and collections; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">increased financial accounting and reporting burdens and complexities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">concerns regarding negative, unstable or changing economic conditions in the countries and regions where we operate; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">increased administrative costs and risks associated with compliance with local laws and regulations, including relating to privacy and data security; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">regulatory and legal compliance, including with anti-bribery laws, import and export control laws, economic sanctions and other regulatory limitations or obligations on our operations; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">heightened risks of unfair or corrupt business practices and of improper or fraudulent sales arrangements; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">difficulties in invoicing and collecting in foreign currencies and associated foreign currency exposure; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">difficulties in repatriating or transferring funds from or converting currencies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">administrative difficulties, costs and expenses related to various local languages, cultures and political nuances; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">varied labor and employment laws, including those relating to termination of employees; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">reduced protection for intellectual property rights in some countries and practical difficulties of enforcing rights abroad; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">compliance with the laws of numerous foreign taxing jurisdictions, including withholding obligations, and overlapping of different tax regimes. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may incur significant operating expenses as a result of our international expansion, and it may not be successful. Our international
business also subjects us to the impact of global and regional recessions and economic and political instability, differing regulatory requirements, costs and difficulties in managing a distributed workforce, potentially adverse tax consequences in
the United States and abroad and restrictions on the repatriation of funds to the United States. In addition, advertising markets outside of the United States are not as developed as those within the United States, and we may be unable to grow our
business sufficiently. Our failure to manage these risks and challenges successfully could materially and adversely affect our business, financial condition and operating results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exposure to foreign currency exchange rate fluctuations could negatively impact our operating results. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the majority of the transactions through our platform are denominated in U.S. dollars, we have transacted in foreign currencies for both
inventory and for payments by clients from use of our platform, including the Canadian dollar, British Pound, the Euro, Singapore Dollar, Indonesian Rupiah, Japanese Yen and Australian Dollar. Given our anticipated international growth, we expect
the number of transactions in foreign currencies to continue to grow in the future. While we do require a fee from our clients that pay in non-U.S. currency, this fee may not always cover foreign currency exchange rate fluctuations. We currently
have a program to hedge exposure to foreign currency fluctuations. However, the use of hedging instruments may not be available for all currencies, or may not always offset losses resulting from foreign currency exchange rate fluctuations. Moreover,
the use of hedging instruments can itself result in losses if we are unable to structure effective hedges with such instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Future
acquisitions, strategic investments or alliances could disrupt our business and harm our business, financial condition and operating results. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may in the future explore potential acquisitions of companies or technologies, strategic investments, or alliances to strengthen our
business. However, we have limited experience in acquiring and integrating businesses, products and technologies. Even if we identify an appropriate acquisition candidate, we may not be successful in negotiating the terms or financing of the
acquisition, and our due diligence may fail to identify all of the problems, liabilities or other shortcomings or challenges of an acquired business, product or technology, including issues related to intellectual property, product quality or
</P>
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architecture, regulatory compliance practices, revenue recognition or other accounting practices or employee or client issues. Acquisitions involve numerous risks, any of which could harm our
business, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">regulatory hurdles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">anticipated benefits may not materialize; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">diversion of management time and focus from operating our business to addressing acquisition integration challenges; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">retention of employees from the acquired company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">cultural challenges associated with integrating employees from the acquired company into our organization; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">integration of the acquired company&#146;s accounting, management information, human resources and other administrative systems; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the need to implement or improve controls, procedures and policies at a business that prior to the acquisition may have lacked effective controls, procedures and policies; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">coordination of product development and sales and marketing functions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">liability for activities of the acquired company before the acquisition, including patent and trademark infringement claims, violations of laws, commercial disputes, tax liabilities and other known and unknown
liabilities; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">litigation or other claims in connection with the acquired company, including claims from terminated employees, users, former stockholders or other third parties. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Failure to appropriately mitigate these risks or other issues related to such strategic investments and acquisitions could result in reducing
or completely eliminating any anticipated benefits of transactions, and harm our business generally. Future acquisitions could also result in dilutive issuances of our equity securities, the incurrence of debt, contingent liabilities, amortization
expenses or the impairment of goodwill, any of which could harm our business, financial condition and operating results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to
secure additional financing on favorable terms, or at all, to meet our future capital needs, which may in turn impair our growth. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to continue to grow our business, which will require additional capital to develop new features or enhance our platform, improve our
operating infrastructure, finance working capital requirements or acquire complementary businesses and technologies. Accordingly, we may need to engage in additional equity or debt financings to secure additional capital. If we raise additional
funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders
of our common stock. Any debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain
additional capital and to pursue business opportunities. If we are unable to secure additional funding on favorable terms, or at all, when we require it, our ability to continue to grow our business to react to market conditions could be impaired
and our business may be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our credit facility contains operating and financial covenants that restrict our business and financing activities.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our credit facility contains restrictions that limit our flexibility in operating our business. In March 2016, we entered into a
loan and security agreement with a syndicate led by Citibank, N.A., which we refer to as our credit facility. In May 2017, terms of our credit facility were amended and restated, and subject to certain customary conditions, we now have access to
borrow up to $200.0&nbsp;million aggregate principal amount of revolver borrowings. The amount of borrowing availability under our credit facility is based on our accounts receivable balance, reduced by certain reserves. As of March&nbsp;31, 2017,
the outstanding principal balance under our credit facility was $25.8&nbsp;million. Our credit facility also contains various covenants that limit our ability to engage in specified types of transactions. Subject to limited exceptions, these
covenants limit our ability to, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">restrict our ability to sell assets or make changes to the nature of our business; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">engage in mergers or acquisitions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">incur, assume or permit to exist additional indebtedness and guarantees; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">make restricted payments, including paying dividends on, repurchasing, redeeming or making distributions with respect to our capital stock; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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<TD ALIGN="left" VALIGN="top">make specified investments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">engage in transactions with our affiliates; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">make payments in respect of subordinated debt. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our credit facility contains a
fixed charge coverage ratio which, if our excess availability under the Amended Credit Agreement is less than the greater of (a) $15.0 million and (b) 12.5% of the lesser of (1) the borrowing base then in effect and (2) the commitments under the
Amended Credit Facility then in effect, requires us to maintain a certain ratio of our earnings to principal and interest payable under the credit facility in a given period. Our obligations under the credit facility are collateralized by a pledge
of substantially all of our assets, including accounts receivable, deposit accounts, intellectual property, investment property and equipment. The covenants in our credit facility may limit our ability to take actions and, in the event that we
breach one or more covenants, our lenders may choose to declare an event of default and require that we immediately repay all amounts outstanding, terminate the commitment to extend further credit and foreclose on the collateral granted to them to
collateralize such indebtedness, which includes our intellectual property. In addition, if we fail to meet the required covenants, we will not have access to further draw-downs under the credit facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our future success depends on the continuing efforts of our key employees, including Jeff&nbsp;T. Green and David&nbsp;R. Pickles, and our ability to
attract, hire, retain and motivate highly skilled employees in the future. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our future success depends on the continuing efforts
of our executive officers and other key employees, including our two founders, Jeff T. Green, our chief executive officer, and David R. Pickles, our chief technology officer. We rely on the leadership, knowledge and experience that our executive
officers provide. They foster our corporate culture, which has been instrumental to our ability to attract and retain new talent. We also rely on employees in our product development, support and sales teams to attract and keep key clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market for talent in our key areas of operations, including California, is intensely competitive, which could increase our costs to
attract and retain talented employees. As a result, we may incur significant costs to attract and retain employees, including significant expenditures related to salaries and benefits and compensation expenses related to equity awards, and we may
lose new employees to our competitors or other companies before we realize the benefit of our investment in recruiting and training them. New employees often require significant training and, in many cases, take significant time before they achieve
full productivity. Our account managers, for instance, need to be trained quickly on the features of our platform since failure to offer high-quality support may adversely affect our relationships with our clients. Technology companies like ours
compete to attract the best talent. Additionally, we have little experience with recruiting in geographies outside of the United States, and may face additional challenges in attracting and retaining international employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Employee turnover, including changes in our management team, could disrupt our business. None of our founders or other key employees has an
employment agreement for a specific term, and any of our employees may terminate his or her employment with us at any time. The loss of one or more of our executive officers, especially our two founders, or our inability to attract and retain highly
skilled employees could have an adverse effect on our business, financial condition and operating results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our management team has limited
experience managing a public company. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We became a public company in September 2016. Most members of our management team have
limited or no experience managing a publicly-traded company, interacting with public company investors, and complying with the increasingly complex laws, rules and regulations that govern public companies. As a public company, we are now subject to
significant obligations relating to reporting, procedures and internal controls, and our management team may not successfully or efficiently manage such obligations. These new obligations and scrutiny will require significant attention from our
management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and operating results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we do not effectively grow and train our sales and support teams, we may be unable to add new clients or increase sales to our existing clients and
our business will be adversely affected. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are substantially dependent on our sales and support teams to obtain new clients and
to increase spend by our existing clients. We believe that there is significant competition for sales personnel with the skills and technical knowledge that we require. Our ability to achieve revenue growth will depend, in large part, on our success
in recruiting, training, integrating and retaining sufficient numbers of sales personnel to support our growth. Due to the complexity of our platform, new hires require significant training and it may take significant time before they achieve full
productivity. Our recent and planned hires may not become productive as quickly as we expect, and we may be unable to hire or retain sufficient numbers of qualified individuals in the markets where we do business or plan to do business. If we are
unable to hire and train sufficient numbers of effective sales personnel, or the sales personnel are not successful in obtaining new clients or increasing our existing clients&#146; spend with us, our business will be adversely affected. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our corporate culture has contributed to our success and, if we are unable to maintain it as we grow, our
business, operating results and financial condition could be harmed. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have experienced and may continue to experience rapid
expansion of our employee ranks. We believe our corporate culture has been a key element of our success. However, as our organization grows, it may be difficult to maintain our culture, which could reduce our ability to innovate and operate
effectively. The failure to maintain the key aspects of our culture as our organization grows could result in decreased employee satisfaction, increased difficulty in attracting top talent, increased turnover and could compromise the quality of our
client service, all of which are important to our success and to the effective execution of our business strategy. In the event we are unable to maintain our corporate culture as we grow to scale, our business, operating results and financial
condition could be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our proprietary rights may be difficult to enforce, which could enable others to copy or use aspects of our technology
without compensating us, thereby eroding our competitive advantages and harming our business. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We rely upon a combination of trade
secrets, third-party confidentiality and non-disclosure agreements, additional contractual restrictions on disclosure and use, and trademark, copyright and other intellectual property laws to establish and protect our proprietary rights. These laws,
procedures and restrictions provide only limited protection. We currently have &#147;The Trade Desk,&nbsp;Inc.&#148; registered as a trademark or pending registration in the United States and certain foreign countries. We also rely on copyright laws
to protect computer programs related to our platform and our proprietary technologies, although to date we have not registered for statutory copyright protection. We have registered numerous Internet domain names in the United States related to our
business in order to protect our proprietary interests. We endeavor to enter into agreements with our employees and contractors in order to limit access to and disclosure of our proprietary information, as well as to clarify rights to intellectual
property associated with our business. Protecting our intellectual property is a challenge, especially after our employees or our contractors end their relationship with us, and, in some cases, decide to work for our competitors. Our contracts with
our employees and contractors that relate to intellectual property issues generally restrict the use of our confidential information solely in connection with our services, and strictly prohibit reverse-engineering. However, reverse engineering our
software or the theft or misuse of our proprietary information could occur by employees or contractors who have access to our technology. Enforceability of the non-compete agreements that we have in place is not guaranteed, and contractual
restrictions could be breached without discovery or adequate remedies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Policing unauthorized use of our technology is difficult. In
addition, the laws of some foreign countries may not be as protective of intellectual property rights as those of the United States, and mechanisms for enforcement of our proprietary rights in such countries may be inadequate. If we are unable to
protect our proprietary rights (including in particular, the proprietary aspects of our platform) we may find ourselves at a competitive disadvantage to others who have not incurred the same level of expense, time and effort to create and protect
their intellectual property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may be sued by third parties for alleged infringement of their proprietary rights, which would result in additional
expense and potential damages. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is significant patent and other intellectual property development activity in the digital
advertising industry. Third-party intellectual property rights may cover significant aspects of our technologies or business methods or block us from expanding our offerings. Our success depends on the continual development of our platform. From
time to time, we may receive claims from third parties that our platform and underlying technology infringe or violate such third parties&#146; intellectual property rights. To the extent we gain greater public recognition, we may face a higher risk
of being the subject of intellectual property claims. The cost of defending against such claims, whether or not the claims have merit, is significant, regardless of whether we are successful in our defense, and could divert the attention of
management, technical personnel and other employees from our business operations. Litigation regarding intellectual property rights is inherently uncertain due to the complex issues involved, and we may not be successful in defending ourselves in
such matters. Additionally, we may be obligated to indemnify our clients or inventory and data suppliers in connection with any such litigation. If we are found to infringe these rights, we could potentially be required to cease utilizing portions
of our platform. We may also be required to develop alternative non-infringing technology, which could require significant time and expense. Alternatively, we could be required to pay royalty payments, either as a one-time fee or ongoing, as well as
damages for past use that was deemed to be infringing. If we cannot license or develop technology for any allegedly infringing aspect of our business, we would be forced to limit our service and may be unable to compete effectively. Any of these
results could harm our business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We face potential liability and harm to our business based on the nature of our business and the content on
our platform. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Advertising often results in litigation relating to copyright or trademark infringement, public performance
royalties or other claims based on the nature and content of advertising that is distributed through our platform. Though we contractually require agencies to represent to us that they have the rights necessary to serve advertisements through our
platform, we do not independently verify whether we are permitted to deliver, or review the content of, such advertisements. If any of these representations are untrue, we may be exposed to potential liability and our reputation may be damaged.
While our clients are typically obligated to indemnify us, such indemnification may not fully cover us, or we may not be able to collect. In addition to settlement costs, we may be responsible for our own litigations costs, which can be extensive.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to anti-bribery, anti-corruption and similar laws and non-compliance with such laws can subject us to criminal penalties or
significant fines and harm our business and reputation. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to anti-bribery and similar laws, such as the U.S. Foreign
Corrupt Practices Act of 1977, as amended, or the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. &#167;&nbsp;201, the USA PATRIOT Act, U.S. Travel Act, the U.K. Bribery Act 2010 and Proceeds of Crime Act 2002, and possibly other
anti-corruption, anti-bribery and anti-money laundering laws in countries in which we conduct activities. Anti-corruption laws have been enforced with great rigor in recent years and are interpreted broadly and prohibit companies and their employees
and their agents from making or offering improper payments or other benefits to government officials and others in the private sector. As we increase our international sales and business, particularly in countries with a low score on the CPI by
Transparency International, and increase our use of third parties such as sales agents, distributors, resellers or consultants, our risks under these laws will increase. We adopt appropriate policies and procedures and conduct training, but cannot
guarantee that improprieties will not occur. Noncompliance with these laws could subject us to investigations, sanctions, settlements, prosecution, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and
criminal penalties or injunctions, suspension and/or debarment from contracting with specified persons, the loss of export privileges, reputational harm, adverse media coverage, and other collateral consequences. Any investigations, actions and/or
sanctions could have a material negative impact on our business, operating results and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to governmental economic
sanctions requirements and export and import controls that could impair our ability to compete in international markets or subject us to liability if we are not in compliance with applicable laws. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a U.S. company, we are subject to U.S. export control and economic sanctions laws and regulations, and we are required to export our
technology and services in compliance with those laws and regulations, including the U.S. Export Administration Regulations and economic embargo and trade sanction programs administered by the Treasury Department&#146;s Office of Foreign Assets
Control. U.S. economic sanctions and export control laws and regulations prohibit the shipment of specified products and services to countries, governments and persons targeted by U.S. sanctions. While we are currently taking precautions to prevent
doing any business, directly or indirectly, with countries, governments and persons targeted by U.S. sanctions and to ensure that our technology and services are not exported or used by countries, governments and persons targeted by U.S. sanctions,
such measures may be circumvented. There can be no assurance that we will be in compliance with U.S. export control or economic sanctions laws and regulations in the future. Any such violation could result in significant criminal or civil fines,
penalties or other sanctions and repercussions, including reputational harm that could materially adversely impact our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, if we export our technology, the exports may require authorizations, including a license, a license exception or other
appropriate government authorization. Complying with export control and sanctions regulations may be time-consuming and may result in the delay or loss of opportunities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, various countries regulate the import of encryption technology, including the imposition of import permitting and licensing
requirements, and have enacted laws that could limit our ability to offer our platform or could limit our clients&#146; ability to use our platform in those countries. Changes in our platform or future changes in export and import regulations may
create delays in the introduction of our platform in international markets or prevent our clients with international operations from deploying our platform globally. Any change in export or import regulations, economic sanctions or related
legislation, or change in the countries, governments, persons, or technologies targeted by such regulations, could result in decreased use of our platform by, or in our decreased ability to export our technology and services to, existing or
potential clients with international operations. Any decreased use of our platform or limitation on our ability to export our platform would likely adversely affect our business operations and financial results. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The market growth forecasts included in this quarterly report may prove to be inaccurate and, even if the
market in which we compete achieves forecasted growth, we cannot assure you our business will grow at similar rates, if at all. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Market growth forecasts are subject to significant uncertainty and are based on assumptions and estimates which may not prove to be accurate.
The forecasts in this quarterly report relating to expected growth in the digital advertising and real-time buying markets may prove to be inaccurate. Even if these markets experience the forecasted growth, we may not grow our business at similar
rates, or at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our tax liabilities may be greater than anticipated. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. and non-U.S. tax laws applicable to our business activities are subject to interpretation. We are subject to audit by the Internal
Revenue Service and by taxing authorities of the state, local and foreign jurisdictions in which we operate. Our tax obligations are based in part on our corporate operating structure, including the manner in which we develop, value, and use our
intellectual property, the jurisdictions in which we operate, how tax authorities assess revenue-based taxes such as sales and use taxes, the scope of our international operations and the value we ascribe to our intercompany transactions. Taxing
authorities may and have challenged our tax positions and methodologies for valuing developed technology or intercompany arrangements, as well as our positions regarding the collection of sales and use taxes and the jurisdictions in which we are
subject to taxes, which could expose us to additional taxes. Specifically, the New York Department of Taxation and Finance has asserted that the services we provide constitute sales of tangible personal property for which sales tax should be
imposed. We strongly disagree with this assertion. We will vigorously defend our position, however, any adverse outcomes of such challenges to our tax positions (or other challenges to our tax positions) could result in additional taxes for prior
periods, interest and penalties, as well as higher future taxes. In addition, our future tax expense could increase as a result of changes in tax laws, regulations or accounting principles, or as a result of earning income in jurisdictions that have
higher tax rates. An increase in our tax expense could have a negative effect on our financial position and results of operations. Moreover, the determination of our provision for income taxes and other tax liabilities requires significant estimates
and judgment by management, and the tax treatment of certain transactions is uncertain. Although we believe we will make reasonable estimates and judgments, the ultimate outcome of any particular issue may differ from the amounts previously recorded
in our financial statements and any such occurrence could materially affect our financial position and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to
Ownership of Our Class&nbsp;A Common Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The market price of our Class&nbsp;A common stock may be volatile or may decline regardless of our
operating performance, and you may not be able to resell your shares at or above your purchase price. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market price of our
stock and of equity securities of technology companies has historically experienced high levels of volatility. If you purchase shares of our Class&nbsp;A common stock, you may not be able to resell those shares at or above your purchase price. The
market price of our Class&nbsp;A common stock has fluctuated and may fluctuate significantly in response to numerous factors, some of which are beyond our control and may not be related to our operating performance, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">announcements of new offerings, products, services or technologies, commercial relationships, acquisitions or other events by us or our competitors; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">price and volume fluctuations in the overall stock market from time to time; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">significant volatility in the market price and trading volume of technology companies in general and of companies in the digital advertising industry in particular; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fluctuations in the trading volume of our shares or the size of our public float; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">actual or anticipated changes or fluctuations in our operating results; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">whether our operating results meet the expectations of securities analysts or investors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">actual or anticipated changes in the expectations of investors or securities analysts; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">litigation involving us, our industry, or both; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">regulatory developments in the United States, foreign countries, or both; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general economic conditions and trends; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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<TD ALIGN="left" VALIGN="top">major catastrophic events; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">lock-up releases or sales of large blocks of our common stock; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">departures of key employees; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">an adverse impact on the company from any of the other risks cited herein. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, if
the stock market for technology companies, or the stock market generally, experiences a loss of investor confidence, the trading price of our Class&nbsp;A common stock could decline for reasons unrelated to our business, operating results or
financial condition. Stock prices of many technology companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. The trading price of our Class&nbsp;A common stock might also decline in
reaction to events that affect other companies in our industry even if these events do not directly affect us. In the past, stockholders have filed securities class action litigation following periods of market volatility. If we were to become
involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and adversely affect our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Substantial future sales of shares of our common stock could cause the market price of our Class&nbsp;A common stock to decline. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market price of our Class&nbsp;A common stock could decline as a result of substantial sales of our common stock, particularly sales by
our directors, executive officers, and significant stockholders or the perception in the market that holders of a large number of shares intend to sell their shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the shares of common stock subject to outstanding options, restricted stock awards and restricted stock units under our equity
incentive plans and the shares reserved for future issuance under our equity incentive plans will become eligible for sale in the public market in the future, subject to certain legal and contractual limitations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain holders of our common stock have rights, subject to some conditions, to require us to file registration statements covering their
shares or to include their shares in registration statements that we may file for ourselves or our stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Insiders have substantial control
over our company, including as a result of the dual class structure of our common stock, which could limit your ability to influence the outcome of key decisions, including a change of control. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;B common stock has ten votes per share, and our Class&nbsp;A common stock, which is the stock we offered in our IPO, has one
vote per share. Stockholders who hold shares of Class&nbsp;B common stock, including our executive officers, employees, and directors and their affiliates, together hold approximately 90% of the voting power of our outstanding capital stock as of
March&nbsp;31, 2017. Because of the ten-to-one voting ratio between our Class&nbsp;B and Class&nbsp;A common stock, the holders of our Class&nbsp;B common stock collectively continue to control a majority of the combined voting power of our common
stock and therefore are able to control all matters submitted to our stockholders for approval so long as the shares of Class&nbsp;B common stock represent at least 9.1% of all outstanding shares of our Class&nbsp;A and Class&nbsp;B common stock.
This concentrated control limits or precludes your ability to influence corporate matters for the foreseeable future. These stockholders are able to influence or control matters requiring approval by our stockholders, including the election of
directors and the approval of mergers, acquisitions or other extraordinary transactions. Their interests may differ from yours and they may vote in a manner that is adverse to your interests. This ownership concentration may deter, delay or prevent
a change of control of our company, deprive our stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company and may ultimately affect the market price of our common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Future transfers by holders of Class&nbsp;B common stock will generally result in those shares converting to Class&nbsp;A common stock,
subject to limited exceptions, such as transfers effected for estate planning or charitable purposes. The conversion of Class&nbsp;B common stock to Class&nbsp;A common stock will have the effect, over time, of increasing the relative voting power
of those holders of Class&nbsp;B common stock who retain their shares in the long term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The requirements of being a public company may strain our
resources, divert our management&#146;s attention and affect our ability to attract and retain qualified board members. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a
public company, we are subject to the reporting requirements of the Exchange Act, and are required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Act, the listing requirements of NASDAQ, and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs,
make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. Among other things, the Exchange Act requires that we file annual, quarterly and current reports with respect to our business and
operating results and maintain effective disclosure controls and procedures and internal controls over financial reporting. Significant resources and management oversight are required to maintain and, if required, improve our disclosure controls and
procedures and internal controls over financial reporting to meet this standard. As a result, management&#146;s attention may be diverted from other business concerns, which could harm our business and operating results. Although we have already
hired additional employees to comply with these requirements, we may need to hire even more employees in the future, which will increase our costs and expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Being a public company may make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept
reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and
compensation committee, and qualified executive officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are an &#147;emerging growth company&#148; and we cannot be certain if the reduced
disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so
long as we remain an &#147;emerging growth company&#148; as defined in the JOBS Act, we may take advantage of exemptions from various requirements that are applicable to public companies that are not &#147;emerging growth companies,&#148; including
not being required to comply with the independent auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and
exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions for so long as we are an
&#147;emerging growth company,&#148; which could be as long as five full fiscal years following the completion of our IPO. Investors may find our common stock less attractive because we rely on these exemptions. If some investors find our common
stock less attractive as a result, there may be a less active trading market for our common stock, and our stock price may be more volatile and may decline. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Section&nbsp;107 of the JOBS Act also provides that an &#147;emerging growth company&#148; can take advantage of an extended
transition period for complying with new or revised accounting standards. However, we chose to &#147;opt out&#148; of such extended transition period, and as a result, we will comply with new or revised accounting standards on the relevant dates
adoption of such standards is required for non-emerging growth companies. Our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our charter documents and Delaware law could discourage takeover attempts and other corporate governance changes. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our certificate of incorporation and bylaws contain provisions that could delay or prevent a change in control of our company. These
provisions could also make it difficult for stockholders to elect directors that are not nominated by the current members of our board of directors or take other corporate actions, including effecting changes in our management. These provisions
include the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">permit the board of directors to establish the number of directors and fill any vacancies and newly created directorships; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide that our board of directors will be classified into three classes with staggered, three year terms and that directors may only be removed for cause; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">require super-majority voting to amend certain provisions in our certificate of incorporation and bylaws; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">authorize the issuance of &#147;blank check&#148; preferred stock that our board of directors could use to implement a stockholder rights plan; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">eliminate the ability of our stockholders to call special meetings of stockholders; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">specify that special meetings of our stockholders can be called only by our board of directors, the chairman of our board of directors, or our chief executive officer; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">prohibit stockholder action by written consent, which requires all stockholder actions to be taken at a meeting of our stockholders; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide that the board of directors is expressly authorized to make, alter or repeal our bylaws; </TD></TR></TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide that vacancies on our board of directors may be filled only by a majority of directors then in office, even though less than a quorum; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">prohibit cumulative voting in the election of directors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">restrict the forum for certain litigation against us to Delaware; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">permit our board of directors to alter our bylaws without obtaining stockholder approval; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reflect the dual class structure of our common stock, as discussed above; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">establish advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, as a Delaware corporation, we are subject to Section&nbsp;203 of the Delaware General Corporation Law. These provisions may
prohibit large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a period of time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes
between us and our stockholders, which limits our stockholders&#146; ability to choose other forums for disputes with us or our directors, officers or employees. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our certificate of incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for:
(1)&nbsp;any derivative action or proceeding brought on our behalf; (2)&nbsp;any action asserting a claim of breach of a fiduciary duty by any of our directors, officers, employees or our stockholders owed to us or our stockholders; (3)&nbsp;any
action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation or our bylaws, or as to which the Delaware General Corporation Law confers jurisdiction on the Court of Chancery of
the State of Delaware; or (4)&nbsp;any action asserting a claim governed by the internal affairs doctrine. This choice of forum provision may limit a stockholder&#146;s ability to bring a claim in other judicial forums for disputes with us or our
directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees in jurisdictions other than Delaware. Alternatively, if a court were to find the choice of forum provision contained in
our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could have a material adverse effect our business, financial
condition or results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><A NAME="tx274174_200"></A><B>Item 5. Other Information</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Employment Agreements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May 11,
2017, we entered into new executive employment agreements with each of our named executive officers, or NEOs, that provide for &#147;at will&#148; employment, meaning that either we or the NEO may terminate the employment relationship at any time
without cause. Our NEOs are: Jeff T. Green, Chief Executive Officer; Robert D. Perdue, Chief Operating Officer; Brian J. Stempeck, Chief Client Officer; and Paul E. Ross, Chief Financial Officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Employment Agreement with Jeff T. Green</I>. Mr. Green&#146;s initial base salary under the new employment agreement will be $625,000,
which is subject to annual review and adjustment, and he will be eligible to earn an annual cash incentive bonus with a target amount equal to 75% of his base salary, which will be payable in quarterly installments within 60 days after the end of
each calendar quarter. Mr. Green is also eligible to participate in the employee benefit plans available to our employees, subject to the terms of those plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr. Green&#146;s new employment agreement provides that, in the event that his employment is terminated by us without &#147;cause&#148; (as
defined in his new employment agreement) or Mr. Green resigns for &#147;good reason&#148; (as defined in his new employment agreement), subject to the execution and effectiveness of a separation agreement, including a general release of claims in
our favor, he will be entitled to receive (i) an amount equal to 1.5 times the sum of (x)&nbsp;his current base salary and (y) his target annual cash incentive bonus for the year of termination; (ii)&nbsp;a pro-rated annual cash incentive bonus
based on actual Company performance through the date of termination; (iii)&nbsp;acceleration of all time-based equity awards held by Mr. Green in which Mr. Green would have vested if he had remained employed for an additional 18 months; and (iv) if
Mr. Green is participating in our group health plan immediately prior to his termination, a monthly cash payment until the earlier of 18 months following termination or the end of Mr. Green&#146;s COBRA health continuation period in an amount equal
to the amount that we would have made to provide health insurance to Mr. Green had he remained employed with us. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In lieu of the payments and benefits described in the preceding paragraph, in the event that Mr.
Green&#146;s employment is terminated by us without cause or Mr. Green resigns for good reason, in either case within three months prior to or 24 months following a &#147;change in control&#148; (as defined in his employment agreement), subject to
the execution and effectiveness of a separation agreement, including a general release of claims in our favor, he will be entitled to receive (i) a lump sum cash payment equal to 3.0 times the sum of (x) Mr. Green&#146;s then-current base salary (or
his base salary in effect immediately prior to the change in control, if higher) and (y) his target annual incentive compensation; (ii) a pro-rated annual cash incentive bonus based on target Company performance through the date of termination;
(iii) full acceleration of all time-based equity awards held by Mr. Green; and (iv) if Mr. Green is participating in our group health plan immediately prior to his termination, a lump sum cash payment equal to an amount that we would have made to
provide health insurance to him had he remained employed with us for an additional 36 months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Mr. Green remains bound by
certain restrictive covenants, including non-competition and non-solicitation provisions, which have been incorporated by reference into the new employment agreement from his prior employment agreement. These restrictive covenants apply during the
term of Mr. Green&#146;s employment and forone year thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Employment Agreements with each of Robert B. Perdue, Brian J. Stempeck
and Paul E. Ross</I>. The initial base salary under each of the new employment agreements for Messrs. Perdue, Stempeck and Ross will be $410,000, which is subject to annual review and adjustment, and each NEO will be eligible to earn an annual cash
incentive bonus with a target amount equal to 110% of his base salary, which will be payable in quarterly installments within 60 days after the end of each calendar quarter. Each NEO is also eligible to participate in the employee benefit plans
available to our employees, subject to the terms of those plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The new employment agreements for each of Messrs. Perdue, Stempeck and
Ross provides that, in the event that his employment is terminated by us without &#147;cause&#148; (as defined in the respective employment agreement) or such NEO resigns for &#147;good reason&#148; (as defined the respective new employment
agreement), subject to the execution and effectiveness of a separation agreement, including a general release of claims in our favor, the NEO will be entitled to receive (i) an amount equal to the sum of (x) his current base salary and (y) his
target annual cash incentive bonus for the year of termination; (ii) a pro-rated annual cash incentive bonus based on actual Company performance through the date of termination; (iii) acceleration of all time-based equity awards held by the NEO in
which such NEO would have vested if he had remained employed for an additional 12 months; and (iv) if the NEO is participating in our group health plan immediately prior to his termination, a monthly cash payment until the earlier of 12 months
following termination or the end of the respective COBRA health continuation period in an amount equal to the amount that we would have made to provide health insurance to such NEO had he remained employed with us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In lieu of the payments and benefits described in the preceding paragraph, in the event that the employment of Messrs. Perdue, Stempeck and
Ross is terminated by us without cause or any such NEO resigns for good reason, in either case within three months prior to or 24 months following a &#147;change in control&#148; (as defined in the respective employment agreement), subject to the
execution and effectiveness of a separation agreement, including a general release of claims in our favor, each NEO will be entitled to receive (i) a lump sum cash payment equal to 2.0 times the sum of (x) his then-current base salary (or his base
salary in effect immediately prior to the change in control, if higher) and (y) his target annual incentive compensation; (ii) a pro-rated annual cash incentive bonus based on target Company performance through the date of termination; (iii) full
acceleration of all time-based equity awards held by the NEO; and (iv) if the NEO is participating in our group health plan immediately prior to his termination, a lump sum cash payment equal to an amount that we would have made to provide health
insurance to him had he remained employed with us for an additional 36 months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, each of Messrs. Perdue, Stempeck and Ross
remains bound by certain restrictive covenants, including non-competition and non-solicitation provisions, which have been incorporated by reference into the new employment agreement from each such NEO&#146;s prior employment agreement. These
restrictive covenants apply during the term of the NEO&#146;s employment and for one year thereafter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx274174_15"></A>Item&nbsp;6. Exhibits
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See Exhibit Index immediately following the signature page of this Quarterly Report on Form 10-Q. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx274174_16"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
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<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
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<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">THE TRADE DESK, INC.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Registrant)</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="47%"></TD>
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<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: May 11, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/&nbsp;Paul E. Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Paul E. Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(Principal Financial and Accounting Officer)</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx274174_17"></A>EXHIBIT INDEX </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman"><B>Number</B></P></TD>
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<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Description</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Incorporated by Reference</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Filed</B><br><B>Herewith</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Form</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Filing Date</B></TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">3.1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Certificate of Incorporation.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-1/A</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9/6/2016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Bylaws.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8/22/2016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.4</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">4.1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Reference is made to Exhibits 3.1 and 3.2.</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">4.2</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Class&nbsp;A Common Stock Certificate.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-1/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9/6/16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.2</TD>
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<TD NOWRAP VALIGN="top" ALIGN="right">4.3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Class&nbsp;B Common Stock Certificate.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9/22/16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.4</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">10.1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017, among The Trade Desk, Inc., the lenders party thereto, and Citibank, N.A., as administrative agent.</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">10.2+</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of May 11, 2017, between The Trade Desk, Inc. and Jeff T. Green.</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">10.3+</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of May 11, 2017, between The Trade Desk, Inc. and David R. Pickles.</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">10.4+</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of May 11, 2017, between The Trade Desk, Inc. and Paul E. Ross.</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">10.5+</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of May 11, 2017, between The Trade Desk, Inc. and Robert D. Perdue.</TD>
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<TD VALIGN="bottom"></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">10.6+</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of May 11, 2017, between The Trade Desk, Inc. and Brian J. Stempeck.</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">31.1</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certification of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">31.2</TD>
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<TD VALIGN="top">Certification of Principal Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">32.1<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
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<TD VALIGN="top">Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
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<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">101.ins</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Instance Document</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">101.sch</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Schema Linkbase Document</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">101.cal</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Calculation Linkbase Document</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
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<TD HEIGHT="8" COLSPAN="4"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">101.def</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Definition Linkbase Document</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">101.lab</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL&nbsp;Taxonomy Label Linkbase Document</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">101.pre</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Presentation Linkbase Document</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">X</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">+</TD>
<TD ALIGN="left" VALIGN="top">Indicates a management contract or compensatory plan or arrangement. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The information in this exhibit is furnished and deemed not filed with the SEC for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and is not to be incorporated by
reference into any filing of The Trade Desk, Inc. under the Securities Act of 1933, as amended, of the Securities Act, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such
filing. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d274174dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LOAN AND SECURITY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EACH PERSON
JOINED HERETO AS A BORROWER FROM TIME TO TIME, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the Borrowers, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">the Lenders from time to time party hereto, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CITIBANK, N.A., </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the
Agent, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CITY NATIONAL BANK, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Syndication Agent, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EAST WEST BANK, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as
Documentation Agent </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of May&nbsp;9, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I. <U>DEFINITIONS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>General Definitions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Accounting Terms and Determinations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>UCC Terms</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Other Terms; Headings</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II. <U>THE CREDIT FACILITIES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>The Revolving Credit Loans</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Procedure for Borrowing; Notices of Borrowing; Notices of Continuation; Notices of Conversion</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Application of Proceeds</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Revolving Credit Commitment; Mandatory Prepayments; Optional Prepayments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Maintenance of Loan Account; Statements of Account</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Collection of Receivables</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Term</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Payment Procedures</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Designation of a Different Lending Office</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Replacement of Lenders</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Defaulting Lenders</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Letters of Credit</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Sharing of Payments, Etc.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Protective Advances and Optional Overadvances</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Increase of Commitments; Additional Lenders</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III. <U>SECURITY</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>General</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Further Security; Benefit of Security Interest</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Recourse to Security</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Collateral Generally</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Pledged Interests</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Special Provisions Relating to Receivables</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Borrowers Remain Liable</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Continuation of Liens, Etc.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Power of Attorney</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV. <U>INTEREST, FEES AND EXPENSES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Interest</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Interest and Letter of Credit Fees After Event of Default</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Unused Line Fee</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Letter of Credit Fees</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Fee Letter</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Calculations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Increased Costs</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V. <U>CONDITIONS OF LENDING</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions to Effectiveness</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions Precedent to Each Revolving Credit Loan and Each Letter of Credit</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI. <U>REPRESENTATIONS AND WARRANTIES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Representations and Warranties</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII. <U>AFFIRMATIVE COVENANTS OF THE BORROWERS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Existence</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Maintenance of Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Requirements of Law</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Insurance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Books and Records; Inspections</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Notification Requirements</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Casualty Loss</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Qualify to Transact Business</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Reporting</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Payment of Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>ERISA</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Environmental Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Intellectual Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Solvency</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Money Laundering Laws</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Formation of Subsidiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII. <U>NEGATIVE COVENANTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indebtedness</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Contingent Obligations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Entity Changes, Etc.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Change in Nature of Business</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Sales, Etc. of Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Use of Proceeds</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Liens, Etc.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Dividends, Redemptions, Distributions, Etc.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Investments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Fiscal Year</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Accounting Changes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Prohibited Transactions Under ERISA</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Prepayments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Lease Obligations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Acquisition of Stock or Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Securities and Deposit Accounts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Negative Pledge</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.24</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Affiliate Transactions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.25</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Prepayments of Subordinated Debt</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.26</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Equity Interests</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IX. <U>FINANCIAL COVENANT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Consolidated Fixed Charge Coverage Ratio</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE X. <U>EVENTS OF DEFAULT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Events of Default</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Acceleration, Termination and Cash Collateralization</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Other Remedies</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>License for Use of Software and Other Intellectual Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Post-Default Allocation of Payments</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Marshalling; Deficiencies; Remedies Cumulative</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Waivers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Further Rights of the Agent and the Lenders</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Interest and Letter of Credit Fees After Event of Default</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Receiver</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Rights and Remedies not Exclusive</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE XI. <U>THE AGENT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Appointment of Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Nature of Duties of Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Lack of Reliance on Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Certain Rights of the Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Reliance by Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification of Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>The Agent in Its Individual Capacity</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Holders of Notes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Successor Agent</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Collateral Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Actions with Respect to Defaults</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Delivery of Information</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


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<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE XII. <U>GENERAL PROVISIONS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Notices</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Delays; Partial Exercise of Remedies</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Right of Setoff</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification; Reimbursement of Expenses of Collection</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Amendments, Waivers and Consents</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Nonliability of Agent and Lenders</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Assignments and Participations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Counterparts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Severability</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Maximum Rate</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Borrower Agent; Borrowers, Jointly and Severally</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Entire Agreement; Successors and Assigns; Interpretation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>LIMITATION OF LIABILITY</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>GOVERNING LAW</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>SUBMISSION TO JURISDICTION</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[RESERVED]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>JURY TRIAL</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Agent Titles</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Publicity</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Third Party Beneficiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Confidentiality</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Patriot Act Notice</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Advice of Counsel</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.24</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Captions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.25</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>[Reserved]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.26</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Right to Cure</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.27</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.28</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Time</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.29</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Keepwell</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.30</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Acknowledgment of Prior Obligations and Continuation Thereof</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;12.31</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Novation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedules </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Designated Closing Date MSAs</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;3.4(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commercial Tort Claims</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 3.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pledged Interests</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Locations of Collateral and Real Property</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(f)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consents and Authorizations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(g)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ownership</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(p)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Judgments; Litigation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(v)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ERISA Plans</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(w)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Intellectual Property</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(x)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Labor Contracts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;6.1(cc)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Material Contracts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 6.1(ff)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Master Services Agreements</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.1(ii)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Indebtedness</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Contingent Obligations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;8.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Liens</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule 8.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Investments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Schedule&nbsp;8.24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Affiliate Transactions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Exhibits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Exhibit&nbsp;A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Revolving Credit Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Exhibit&nbsp;A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Swingline Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notice of Borrowing</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notice of Continuation/Conversion</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Perfection Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Letter of Credit Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Financial Condition Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Closing Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit&nbsp;H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Compliance Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Borrowing Base Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit J</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Assignment and Acceptance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit <FONT STYLE="white-space:nowrap">K-1</FONT> to <FONT STYLE="white-space:nowrap">K-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">U.S. Tax Compliance Certificates</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDED AND RESTATED </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LOAN AND SECURITY AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This <B>AMENDED</B> <B>AND</B> <B>RESTATED</B> <B>LOAN</B> <B>AND</B> <B>SECURITY</B> <B>AGREEMENT</B>, dated as of May&nbsp;9, 2017, among
(i)<B>&nbsp;THE</B> <B>TRADE</B> <B>DESK,</B> <B>INC.</B>, a Delaware corporation (&#147;<U>TTD</U>&#148; and, together with each Domestic Subsidiary of TTD who hereafter becomes party hereto as a borrower, referred to hereinafter, individually and
collectively, jointly and severally, as the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), (ii)&nbsp;each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U><U></U><U>&nbsp;A</U>
attached hereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;) and (iii)<B>&nbsp;CITIBANK,</B> <B>N.A.</B>, a national
banking association (&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the
&#147;<U>Agent</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>W I T N E S S E T H : </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Borrowers, the lenders party thereto (the &#147;<U>Original Lenders</U>&#148;), and Agent are parties to that certain Loan and
Security Agreement, dated as of March&nbsp;30, 2016 (as amended, restated, supplemented, or otherwise modified from time to time prior to the date of this Agreement, the &#147;<U>Original Loan and Security Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Borrowers, the Original Lenders, and Agent desire to amend and restate the Original Loan and Security Agreement in its
entirety on the terms and conditions set forth herein, it being understood that no repayment of the Obligations (as defined in the Original Loan and Security Agreement) under the Original Loan and Security Agreement is being effected hereby, but
merely an amended and restatement in accordance with the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>NOW</B>, <B>THEREFORE</B>, in respect of the foregoing premises
and other valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the Borrowers, the Lenders, and the Agent, each intending to be legally bound, hereby agree to amend and restate the Original Loan and Security
Agreement in its entirety as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DEFINITIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 1.1 <U>General Definitions</U>. As used herein, the following terms shall have the meanings herein specified (to be equally applicable
to both the singular and plural forms of the terms defined): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acquired Indebtedness</U>&#148; means Indebtedness of a Person
whose assets or Equity Interests are acquired by a Loan Party in a Permitted Acquisition; <U>provided</U>, that such Indebtedness (i)&nbsp;is either purchase money Indebtedness or a capital lease with respect to equipment or mortgage financing with
respect to Real Property, (ii)&nbsp;was in existence prior to the date of such Permitted Acquisition, and (iii)&nbsp;was not incurred in connection with, or in contemplation of, such Permitted Acquisition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Lender</U>&#148; shall have the meaning set forth in Section&nbsp;2.16. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advance</U>&#148; means a Base Rate Advance or a LIBOR Rate Advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advertiser</U>&#148; means a Person that either directly or through an agent places one or more advertisements on a Media Outlet with
a Loan Party (including the purchase of any services provided by a Loan Party). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, as to any Person, any
other Person who directly or indirectly controls, is under common control with, is controlled by, or is a general partner of such Person. As used in this definition, &#147;<U>control</U>&#148; (including its correlative meanings, &#147;controlled
by&#148; and &#147;under common control with&#148;) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of Voting Interests, by contract or otherwise),
<U>provided</U> that, in any event, any Person who owns directly or indirectly twenty percent (20.0%)&nbsp;or more of the Voting Interests of an Entity, shall be deemed to control such Entity. Without limitation of the foregoing, the following
Persons shall at all times constitute Affiliates of each Borrower: (i)&nbsp;each other Borrower and any Guarantor, and (ii)&nbsp;all Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent</U>&#148; has the meaning specified in the opening paragraph. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent&#146;s Payment Account</U>&#148; means an account at the Bank designated on the Closing Date and from time to time thereafter
by the Agent to the Lenders and the Borrower Agent as the &#147;Agent&#146;s Payment Account&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Revolving Credit
Commitment</U>&#148; shall mean Two Hundred Million Dollars ($200,000,000), as such amount may be decreased by the amount of any permanent reductions in the Commitments made in accordance with Section&nbsp;2.5 and increased by the amount of any
Incremental Revolving Credit Commitments established in accordance with Section&nbsp;2.16, representing the aggregate amount of the Revolving Credit Commitments of the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; means this Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017, as amended,
supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">All-In</FONT> Yield</U>&#148; means, as
to any Indebtedness, the annual yield thereof, whether in the form of interest rate margins, original issue discount (&#147;<U>OID</U>&#148;)&nbsp;or upfront fees and any LIBOR Rate floors (with such increased amount being equated to interest
margins for purposes of determining any increase to the Applicable Margin); <U>provided</U> that, (i)&nbsp;OID and upfront fees shall be equated to interest rates assuming a four year life to maturity and (ii)
<FONT STYLE="white-space:nowrap">&#147;All-In</FONT> Yield&#148; shall not include arrangement fees, structuring fees, underwriting fees or similar fees that are not paid to all Lenders providing the relevant Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Amendment Fee Letter</U>&#148; means the fee letter dated April&nbsp;10, 2017, between TTD and the Agent concerning the undertakings
by the Agent set forth in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Margin</U>&#148; means the percentage set forth in the following table that
corresponds to Average Excess Availability determined for the most recently completed fiscal quarter: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:18.20pt; font-size:8pt; font-family:Times New Roman">Level</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Average Excess Availability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Base&nbsp;Rate<BR>Advances</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">LIBOR&nbsp;Rate<BR>Advances</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less than or equal to&nbsp;20% of the Aggregate Revolving Credit Commitment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Greater than&nbsp;20% of the Aggregate Revolving Credit Commitment and less than or equal
to&nbsp;40% of the Aggregate Revolving Credit Commitment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.25</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.25</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Greater than&nbsp;40% of the Aggregate Revolving Credit Commitment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Applicable Margin shall be <FONT STYLE="white-space:nowrap">re-determined</FONT> as of the first day of each fiscal
quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Acceptance</U>&#148; means an Assignment and Acceptance entered into by a Lender and its assignee, and
accepted by the Agent, to be substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;J</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Auditors</U>&#148; means a
nationally recognized firm of independent public accountants selected by the Borrower Agent and reasonably satisfactory to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Average Excess Availability</U>&#148; means, for any fiscal quarter, the sum of Excess Availability for each day of such fiscal
quarter, divided by the actual number of days in such fiscal quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT>
Action</U>&#148; means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation</U>&#148; means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Legislation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank</U>&#148; means Citibank, so long as Citibank is the Agent and, if Citibank ceases to be the Agent,
then, &#147;<U>Bank</U>&#148; shall mean a bank designated by the Required Lenders as the &#147;Bank&#148; for purposes hereof and which, so long as no Event of Default has occurred and is then continuing, shall be consented to by the Borrower Agent
(such consent not to be unreasonably withheld or delayed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product</U>&#148; means any of the following products, services
or facilities extended to any Loan Party or any of its Subsidiaries by a Bank Product Provider: (a)&nbsp;Cash </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Management Services; (b)&nbsp;products under Hedging Agreements; and (c)&nbsp;other banking products or services as may be requested by a Loan Party or any of its Subsidiaries, other than Letters
of Credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Agreements</U>&#148; means any agreements entered into from time to time by any Loan Party or any of its
Subsidiaries with the Bank Product Provider in connection with the obtaining of any of the Bank Products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product
Obligations</U>&#148; means Indebtedness and other obligations of any Loan Party or any of its Subsidiaries to any Bank Product Provider arising from Bank Products; <U>provided</U>, that, for the avoidance of doubt, in order for any Indebtedness or
other obligations to constitute &#147;Bank Product Obligations&#148;, the applicable Bank Product Provider and the Borrower Agent must have provided the notice required pursuant to the definition of Bank Product Provider, unless the applicable Bank
Product Provider is the Administrative Agent or one of its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Provider</U>&#148; means any Lender or any
of its Affiliates; <U>provided</U> that no such Person (other than the Administrative Agent or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until the applicable Lender (or Affiliate, as the case
may be) and the Borrower Agent shall have each provided written notice to the Agent of (i)&nbsp;the existence of such Bank Product; (ii)&nbsp;the maximum dollar amount of the obligations arising under such Bank Product (which amount may be changed
from time to time, except as provided below, by such Lender (or Affiliate, as the case may be) and the Borrower Agent by delivering written notice to the Agent); and (iii)&nbsp;the methodology to be used by such parties in determining the Bank
Product Obligations owing with respect thereto from time to time; <U>provided</U> <U>further</U>, that if, at any time, a Lender ceases to be a Lender under this Agreement, then, from and after the date on which it ceases to be a Lender thereunder,
neither it nor any of its Affiliates shall constitute Bank Product Providers and the obligations with respect to Bank Products provided by such former Lender or any of its Affiliates shall no longer constitute Bank Product Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bank Product Reserve</U>&#148; means the aggregate amount of reserves established by the Agent from time to time in its Permitted
Discretion (based upon the Bank Product Providers&#146; determination of the liabilities and obligations of each Loan Party and its Subsidiaries in respect of Bank Product Obligations) in respect of Bank Products then provided or outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; means Title&nbsp;11 of the United States Code entitled &#147;Bankruptcy,&#148; as that title may be amended
from time to time, or any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate</U>&#148; means, for any period, a fluctuating interest rate per annum at
all times equal to the <U>greatest</U> of: (i)&nbsp;the Federal Funds Rate <U>plus</U> <FONT STYLE="white-space:nowrap">one-half</FONT> of one percent (0.50%), (ii)&nbsp;the Prime Rate, and (iii)&nbsp;BBA LIBOR <U>plus</U> two percent
(2.00%)&nbsp;per annum. If, for any reason, the Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable, after due inquiry, to ascertain BBA LIBOR, for any reason, including the inability or
failure of the Agent to obtain sufficient quotations in accordance with the terms hereof, the Base Rate shall be determined without regard to clause&nbsp;(iii) of the first sentence of this definition until the circumstances giving rise to such
inability no longer exist. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Any change in the Base Rate due to a change in the Prime Rate or BBA LIBOR shall be effective on the effective date of such change in the Prime Rate or BBA LIBOR, respectively, automatically and
without notice to any Person. Notwithstanding anything in this Agreement to the contrary, if the Base Rate determined as provided above would be less than zero percent (0.0%), then the Base Rate shall be deemed to be zero percent (0.0%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate Advance</U>&#148; means each portion of the Loans that bears interest as provided in Section&nbsp;4.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BBA LIBOR</U>&#148; means the London Interbank Offered Rate for a term of one (1)&nbsp;month administered by ICE Benchmark
Administration Limited (or any other Person which takes over the administration of the rate), as reported on the Reuters Screen LIBOR&nbsp;1 page (or another commercially available source reporting such quotations as designated by the Agent from
time to time) at approximately&nbsp;11:00 a.m. (London time) on the date of determination, <U>provided</U> that if more than one rate is reported on such service, the applicable rate shall be the arithmetic mean of all such rates, as determined by
the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Blocked Account</U>&#148; and &#147;<U>Blocked Accounts</U>&#148; have the respective meanings specified in
Section&nbsp;2.7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Agent</U>&#148; means TTD. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; and &#147;<U>Borrowers</U>&#148; have the meanings specified in the introductory paragraph. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing</U>&#148; has the meaning specified in Section&nbsp;2.3(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base</U>&#148; means, as of any date of determination, the result of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the sum of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) up to ninety percent (90%) of the Value of Eligible Domestic Level I Receivables; <U>plus</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the sum of (A)&nbsp;up to ninety percent (90%) of the Value of Eligible Foreign Subsidiary Receivables, <U>plus</U>
(B)&nbsp;up to eighty-five percent (85%) of the Value of Eligible UK Receivables; <U>provided</U> that in no event shall the aggregate amount under this clause&nbsp;(ii) comprise more than fifteen percent (15%)&nbsp;of the Borrowing Base;
<U>plus</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) up to eighty-five percent (85%) of the Value of Eligible Domestic Level II Receivables; <U>minus</U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the aggregate amount of all Reserves. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Certificate</U>&#148; has the meaning specified in Section&nbsp;7.11(e). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Date</U>&#148; means the date on which a Borrowing is obtained. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, a Sunday or any other day on
which commercial banks in New York, New York or Los Angeles, California are required or permitted by law to close. When used in connection with any LIBOR Rate Advance, a Business Day shall also exclude any day on which commercial banks are not open
for dealings in Dollar deposits in the London interbank market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Plan</U>&#148; means a business plan of the Loan
Parties and their Subsidiaries, consisting of consolidated projected balance sheets, income statements, related cash flow statements and related profit and loss statements, and availability forecasts, together with appropriate supporting details and
a statement of the underlying assumptions and a projection of Excess Availability, which covers the period from the first day of the fiscal year in which such business plan is delivered pursuant to Section 7.11(b) through the Termination Date, and
which is prepared on a monthly basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Canadian Dollars</U>&#148; or &#147;<U>Cdn$</U>&#148; means the lawful currency of Canada.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Expenditures</U>&#148; means expenditures for any fixed or capital assets or additions to property, plant or equipment
(in each case, including improvements, replacements, substitutions or additions thereto or therefor which have a useful life of more than one year) and shall include all payments in respect of Capitalized Lease Obligations, in each case which should
be capitalized on the balance sheet of a Person in accordance with GAAP (excluding (i)&nbsp;normal replacements and maintenance which are properly charged to current operations, (ii)&nbsp;expenditures which are contractually required to be, and are,
reimbursed in cash by an unrelated third party to any Loan Party or any of their respective Subsidiaries during such period of calculation, (iii)&nbsp;expenditures made to consummate one or more Permitted Acquisitions to the extent such expenditures
would be required to be accounted for as capital expenditures in accordance with GAAP, and (iv)&nbsp;capitalized interest). For purposes of this definition, the purchase price of equipment that is purchased substantially simultaneously with the <FONT
STYLE="white-space:nowrap">trade-in</FONT> of existing equipment or with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller of
such equipment for the equipment being traded in at such time or the amount of such insurance proceeds, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capitalized Lease Obligations</U>&#148; means any lease which, under GAAP, is or will be required to be capitalized on the books of
the lessee, taken at the amount thereof accounted for as Indebtedness (net of Interest Expense) in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash
Dominion Period</U>&#148; means the period (i)&nbsp;commencing on the date that (x) an Event of Default occurs or (y)&nbsp;Excess Availability is less than the greater of (A)&nbsp;Fifteen Million Dollars ($15,000,000) and (B)&nbsp;twelve and <FONT
STYLE="white-space:nowrap">one-half</FONT> percent (12.5%)&nbsp;of the lesser of (1)&nbsp;the Borrowing Base then in effect and (2)&nbsp;the Aggregate Revolving Credit Commitment as of such date, and (ii)&nbsp;continuing until a period of sixty
(60)&nbsp;consecutive days has elapsed during which at all times (A)&nbsp;no Event of Default shall exist and (B)&nbsp;Excess Availability has equaled or exceeded the greater of (1)&nbsp;Fifteen Million Dollars ($15,000,000) and (2)&nbsp;twelve and <FONT
STYLE="white-space:nowrap">one-half</FONT> percent (12.5%)&nbsp;of the lesser of (A)&nbsp;the Borrowing Base then in effect and (B)&nbsp;the Aggregate Revolving Credit Commitment then in effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Equivalents</U>&#148; means (i)&nbsp;securities issued, guaranteed or insured by
the United States or any of its agencies with maturities of not more than one year from the date acquired; (ii)&nbsp;certificates of deposit with maturities of not more than one year from the date acquired, issued by (A)&nbsp;a Lender or its
Affiliates; (B)&nbsp;any U.S.&nbsp;federal or state chartered commercial bank of recognized standing which has capital and unimpaired surplus in excess of $250,000,000; or (C)&nbsp;any bank or its holding company that has a short-term commercial
paper rating of at least <FONT STYLE="white-space:nowrap">A-1</FONT> or the equivalent by Standard&nbsp;&amp; Poor&#146;s Ratings Services or at least <FONT STYLE="white-space:nowrap">P-1</FONT> or the equivalent by Moody&#146;s Investors Service,
Inc.; (iii)&nbsp;repurchase agreements and reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clauses&nbsp;(i) and (ii)&nbsp;above and entered into only with
commercial banks having the qualifications described in clause&nbsp;(ii) above or such other financial institutions with a short-term commercial paper rating of at least <FONT STYLE="white-space:nowrap">A-1</FONT> or the equivalent by
Standard&nbsp;&amp; Poor&#146;s Ratings Services or at least <FONT STYLE="white-space:nowrap">P-1</FONT> or the equivalent by Moody&#146;s Investors Service, Inc.; (iv)&nbsp;commercial paper, other than commercial paper issued by the Borrowers or
any of its Affiliates, issued by any Person incorporated under the laws of the United States or any state thereof and rated at least <FONT STYLE="white-space:nowrap">A-1</FONT> or the equivalent thereof by Standard&nbsp;&amp; Poor&#146;s Ratings
Services or at least <FONT STYLE="white-space:nowrap">P-1</FONT> or the equivalent thereof by Moody&#146;s Investors Service, Inc., in each case with maturities of not more than one year from the date acquired; and (v)&nbsp;investments in money
market funds registered under the Investment Company Act of&nbsp;1940, which have net assets of at least $250,000,000 and at least eighty-five percent (85%)&nbsp;of whose assets consist of securities and other obligations of the type described in
clauses&nbsp;(i) through (iv)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Management Services</U>&#148; means any one or more of the following types of
services or facilities (i)&nbsp;commercial credit cards, merchant card services, purchase or debit cards, including <FONT STYLE="white-space:nowrap">non-card</FONT> <FONT STYLE="white-space:nowrap">e-payables</FONT> services, or electronic funds
transfer services, (ii)&nbsp;treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services) and (iii)&nbsp;any other demand
deposit or operating account relationships or other cash management services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Law</U>&#148; means the occurrence,
after the date of this Agreement, of any of the following: (i)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty; (ii)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority; or (iii)&nbsp;the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <I>provided</I> that
notwithstanding anything herein to the contrary, (A)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (B)&nbsp;all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted or issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change
of Control</U>&#148; means that (i)&nbsp;any &#147;person&#148; or &#147;group&#148; (within the meaning of Sections&nbsp;13(d) and&nbsp;14(d) of the Exchange Act, but excluding any employee benefit plan of such &#147;person&#148; or
&#147;group&#148; or of any subsidiary of any such &#147;person&#148; or &#147;group&#148; and any &#147;person&#148; or &#147;group&#148; acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than
Permitted Holders, becomes the beneficial owner (as defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;13d-3</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
under the Exchange Act), directly or indirectly, of thirty-five percent (35%)&nbsp;or more, of the Voting Interests of TTD, (ii)&nbsp;during any period of twenty-four (24)&nbsp;consecutive
months, a majority of the members of the board of directors or other equivalent governing body of TTD shall cease to be composed of individuals (A)&nbsp;who were members of that board or equivalent governing body on the first day of such period,
(B)&nbsp;whose election or nomination to that board of equivalent governing body was approved by individuals referred to in clause (A)&nbsp;above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body, or (C)&nbsp;whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clauses (A)&nbsp;and (B) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body, (iii)&nbsp;TTD fails to own and control, directly or indirectly, one hundred percent (100%) of the Equity Interests of each other Loan Party, except where such failure is as a result of a transaction
permitted under the Loan Documents, or (iv)&nbsp;a change in control or similar event with respect to any Loan Party, as defined or described under any indenture or agreement in respect of Material Indebtedness to which any Loan Party is a party,
shall have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Citibank</U>&#148; has the meaning specified in the introductory paragraph. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; means the date of execution and delivery of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; means all accounts, Receivables, chattel paper, commercial tort claims (including those described on Schedule
3.4(a), as such Schedule may be amended by written notice from the Borrower Agent to the Agent pursuant to the terms of Section 3.4(a)), deposit accounts, equipment, farm products, fixtures, general intangibles, payment intangibles, inventory,
Intellectual Property, investment property, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">letter-of-credit</FONT></FONT> rights, instruments, documents, supporting obligations, Pledged Interests, securities accounts, books and
records, cash, Cash Equivalents, real estate, and all other personal property of each Loan Party, and in each case, products and proceeds (including insurance proceeds) of the foregoing. Notwithstanding the foregoing, &#147;<U>Collateral</U>&#148;
shall not include any Excluded Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Access Agreements</U>&#148; means a landlord waiver, mortgagee waiver,
bailee letter or similar acknowledgment of any lessor, warehouseman or processor in possession of any Collateral or on whose property any Collateral is located in form and substance reasonably satisfactory to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateralization</U>&#148; and &#147;<U>Collateralize</U>&#148; each means, (i)&nbsp;with respect to any Letter of Credit, the
deposit by the Borrowers in a cash collateral account established and controlled by or on behalf of the Agent of an amount equal to one hundred five percent (105%)&nbsp;of the undrawn amount of such Letter of Credit or, if the Agent and the Letter
of Credit Issuer shall agree in their reasonable discretion, the provision of other credit support, in each case, pursuant to documentation in form and satisfactory reasonably satisfactory to the Agent and the Letter of Credit Issuer, and
(ii)&nbsp;with respect to any Bank Product Obligation, the deposit by the Borrowers in a cash collateral account established and controlled by or on behalf of the Agent of an amount equal to one hundred five percent (105%) of the amount of such Bank
Product Obligation as reasonably determined by the Agent to be sufficient to satisfy the estimated credit exposure with respect to such Bank Product Obligation at such time, pursuant to documentation in form and satisfactory reasonably satisfactory
to the Agent and the applicable Bank Product Provider. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collections</U>&#148; means all cash, funds, checks, notes, instruments, any other form
of remittance tendered by account debtors in respect of payment of Receivables of the Loan Parties and any other payments received by the Loan Parties with respect to any Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitments</U>&#148; means, collectively, the Revolving Credit Commitments and any other commitments that the Lenders may from time
to time make to the Borrowers pursuant hereto for the extension of any credit or other financial accommodation (but excluding any Bank Products Obligations). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commodity Exchange Act</U>&#148; means the Commodity Exchange Act (7 U.S.C. Section&nbsp;1 <U>et</U> <U>seq</U>.), as amended from
time to time, and any successor statute, and all regulations and guidelines promulgated thereunder </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Compliance
Certificate</U>&#148; has the meaning specified in Section&nbsp;7.11(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Fixed Charge Coverage Ratio</U>&#148;
means, for any period, with respect to the Loan Parties and their Subsidiaries, on a consolidated basis, as of the date of determination thereof, the ratio of (i)&nbsp;EBITDA for such period, <U>minus</U> the sum for such period, without
duplication, of (A)&nbsp;without limitation of the restrictions specified in Section&nbsp;8.10, all dividends, redemptions, repurchases or other distributions paid or payable in cash on account of a Borrower&#146;s Equity Interests during such
period, <U>plus</U> (B)&nbsp;all Capital Expenditures paid or payable during such period other than Capital Expenditures financed with the proceeds of Indebtedness (other than proceeds of Loans), <U>plus</U> (C)&nbsp;all cash taxes paid during such
period, to (ii)&nbsp;the sum of (A)&nbsp;all principal amounts of Indebtedness (including Indebtedness to the Lenders to the extent such amounts may not be reborrowed) paid or payable during such period, <U>plus</U> (B)&nbsp;all Interest Expense and
all fees for the use of money or the availability of money, including commitment, facility and like fees and charges upon Indebtedness (including Indebtedness to the Lenders) paid or payable during such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contingent Obligation</U>&#148; means any direct, indirect, contingent or <FONT STYLE="white-space:nowrap">non-contingent</FONT>
guaranty or obligation for the Indebtedness of another Person, except endorsements in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Continuation</U>&#148; has the meaning specified in Section&nbsp;2.3(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control Agreement</U>&#148; means a control agreement, in form and substance reasonably satisfactory to the Agent, among one or more
of the Loan Parties, the Agent and the applicable securities intermediary or depository bank with respect to the applicable Securities Account and related investment property or deposit account, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Convert</U>,&#148; &#147;<U>Conversion</U>&#148; and &#147;<U>Converted</U>&#148; each refers to conversion of Advances of one Type
into Advances of another Type pursuant to Section&nbsp;2.3(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Copyrights</U>&#148; means (i)&nbsp;any and all copyright rights
in any works subject to the copyright laws of the United States or any other country or group of countries, whether as author, assignee, transferee or otherwise, (ii)&nbsp;all registrations and applications for registration of any such copyright in
the United States or any other country or group of countries, including registrations, supplemental registrations and pending applications for registration in the United </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule 6.1(w); (iii) all claims for, and rights to sue for, past or future infringements of any
of the foregoing; and (iv)&nbsp;all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for past or future infringement thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covenant Testing Period</U>&#148; means a period (i)&nbsp;commencing on the last day of the final month of the fiscal quarter most
recently ended prior to the occurrence of a Covenant Trigger Event for which the Borrowers were required to deliver to the Agent Financial Statements pursuant to the terms of this Agreement, and (ii)&nbsp;continuing until a period of sixty
(60)&nbsp;consecutive days has elapsed from the date of the occurrence of such Covenant Trigger Event during which period at all times Excess Availability has equaled or exceeded the greater of (A)&nbsp;Fifteen Million Dollars ($15,000,000) and
(B)&nbsp;twelve and <FONT STYLE="white-space:nowrap">one-half</FONT> percent (12.5%)&nbsp;of the lesser of (1)&nbsp;the Borrowing Base then in effect and (2)&nbsp;the Aggregate Revolving Credit Commitment then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covenant Trigger Event</U>&#148; means the occurrence at any time of the failure of the Borrowers to have Excess Availability in an
amount of at least the greater of (i)&nbsp;Fifteen Million Dollars ($15,000,000) and (ii)&nbsp;twelve and <FONT STYLE="white-space:nowrap">one-half</FONT> percent (12.5%)&nbsp;of the lesser of (A)&nbsp;the Borrowing Base then in effect and
(B)&nbsp;the Aggregate Revolving Credit Commitment as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means any of the events specified in
Section&nbsp;10.1, which, with the giving of notice of lapse of time, or both, or the satisfaction of any other condition, would constitute an Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender</U>&#148; any Lender that, as determined by the Agent, (i)&nbsp;has failed to perform any funding obligations
hereunder, including in respect of the making of Revolving Credit Loans, the settlement of any Swingline Loans, Protective Advances or Overadvances, or the funding of any risk participations in Letters of Credit and such failure is not cured within
three (3)&nbsp;Business Days; (ii)&nbsp;has notified the Agent, any other Lender or any Loan Party that such Lender does not intend to comply with its funding obligations hereunder or has made a public statement to the effect that it does not intend
to comply with its funding obligations hereunder or under any other credit facility; (iii)&nbsp;has failed, within three (3)&nbsp;Business Days following request by Agent or the Borrower Agent, to confirm in a manner satisfactory to the Agent or the
Borrower Agent that such Lender will comply with its funding obligations hereunder; (iv)&nbsp;has become the subject of a <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action; or (v)&nbsp;has, or has a direct or indirect parent company that has,
become the subject of an Insolvency Event or taken any action in furtherance thereof; <I>provided</I>, that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority&#146;s ownership of an equity interest in such Lender
or parent company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Closing Date MSA</U>&#148; means each MSA existing on the Original Closing Date and identified on
<U>Schedule 1.1</U> attached hereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dilution</U>&#148; means, as of any date of determination, an amount, expressed as a
percentage, equal to (i)&nbsp;the Dollar amount of <FONT STYLE="white-space:nowrap">non-cash</FONT> reductions to the Borrowers&#146; Receivables, including bad debt write-downs, discounts, volume rebates, credits, or other dilutive items during the
most recently ended period of twelve (12)&nbsp;fiscal months, divided by (ii)&nbsp;the Borrowers&#146; billings with respect to Receivables during such period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dilution Reserve</U>&#148; means an amount determined from time to time by the Agent in
its Permitted Discretion as a reserve for Dilution in excess of, (i)&nbsp;in the case of Dilution applicable to Eligible Domestic Level I Receivables or Eligible Foreign Subsidiary Receivables, two percent (2.0%), and (ii)&nbsp;in the case of
Dilution applicable to Eligible UK Receivables or Eligible Domestic Level II Receivables, five percent (5.0%). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified
Equity Interests</U>&#148; means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interests into which they are convertible or for which they are exchangeable), or upon the happening of any event or
condition (i)&nbsp;mature automatically or are mandatorily redeemable (other than solely for Equity Interests issued by TTD (and not by one or more of its Subsidiaries) that are not Disqualified Equity Interests), pursuant to a sinking fund
obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans
and all other Obligations that are accrued and payable and the termination of the Commitments), (ii) are redeemable at the option of the holder thereof (other than solely for Equity Interests issued by TTD (and not by one or more of its
Subsidiaries) that are not Disqualified Equity Interests), in whole or in part, (iii)&nbsp;provide for the scheduled payments of dividends in cash that are payable without further action or decision of TTD, or (iv)&nbsp;are or become convertible
into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Disqualified Institution</U>&#148; means, on any date, (i)&nbsp;any Person designated by the Borrower Agent as a &#147;Disqualified
Institution&#148; by written notice delivered to the Agent (A)&nbsp;on or prior to the Original Closing Date or (B)&nbsp;after the Original Closing Date, and such designation is consented to by the Agent (such consent not to be unreasonably withheld
or delayed) and (ii)&nbsp;in the case of each Persons identified pursuant to the foregoing clause (i), any of their Affiliates that are either (A)&nbsp;identified in writing to the Agent by the Borrower Agent from time to time or (B)&nbsp;clearly
identifiable as Affiliates on the basis of such Affiliate&#146;s name (other than, in the case of this clause (ii), Affiliates that are bona fide debt funds); <I>provided</I>, that no designation of any Person as a Disqualified Institution shall
retroactively disqualify any assignments or participations made to, or information provided to, such Person before it was designated as a Disqualified Institution, and such Person shall not be deemed to be a Disqualified Institution in respect of
any assignments or participations made to such Person prior to the date of such designation. Upon inquiry by any Lender to the Agent, the Agent shall be permitted to provide the list of Disqualified Lenders to such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Documentation Agent</U>&#148; means East West Bank, a California banking corporation, in its capacity as documentation agent
hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dollars</U>&#148; and the sign &#147;<U>$</U>&#148; means freely transferable lawful currency of the United States of
America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Investment Grade Entity</U>&#148; means an Entity that (a)&nbsp;is organized
under the laws of the United States, any state thereof or the District of Columbia, or under the laws of one of the provinces or territories of Canada (excluding Quebec) and (b)&nbsp;has a credit rating of
<FONT STYLE="white-space:nowrap">BBB-</FONT> or higher by Standard&nbsp;&amp; Poor&#146;s Ratings Services or Baa3 or higher by Moody&#146;s Investors Service, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Subsidiary</U>&#148; means any Subsidiary of any Loan Party that is not a Foreign Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>EBITDA</U>&#148; means, for any period, with respect to the Loan Parties and their Subsidiaries on a consolidated basis (i)&nbsp;net
income (as that term is determined in accordance with GAAP) for such period, <U>plus</U> (ii)&nbsp;the amount of depreciation and amortization of fixed and intangible assets deducted in determining such net income for such period, <U>plus</U>
(iii)&nbsp;all Interest Expense and all fees for the use of money or the availability of money, including commitment, facility and like fees and charges upon Indebtedness (including Indebtedness to the Lender) paid or payable during such period,
without duplication, <U>plus</U> (iv)&nbsp;all tax liabilities paid or accrued during such period, without duplication, <U>plus</U> <FONT STYLE="white-space:nowrap">(v)&nbsp;non-cash</FONT> compensation expenses arising from the sale or issuance of
Equity Interests, the granting of stock options, and the granting of stock appreciation rights and similar arrangements, <U>less</U> the amount of any such expense when paid in cash to the extent not deducted in the computation of net income,
<U>plus</U> <FONT STYLE="white-space:nowrap">(vi)&nbsp;non-cash</FONT> warrant expenses, <U>less</U> the amount of any such expense when paid in cash to the extent not deducted in the computation of net income, <U>plus</U> (vii)&nbsp;any fees,
expenses or charges (including expenses, charges and fees paid to Agent and Lenders) incurred in connection with the negotiation, execution, delivery, performance and administration of the Bank Product Agreements and Loan Documents (including in
connection with any waiver, amendment, supplementation or other modification thereto), <U>plus</U> (viii)&nbsp;any <FONT STYLE="white-space:nowrap">non-recurring</FONT> fees, expenses, or charges incurred in connection with the Qualified IPO in an
aggregate amount not to exceed $4,326,000 during the term of this Agreement, <U>plus</U> (ix)&nbsp;any fees, expenses or charges incurred in connection with mergers, acquisitions, restructurings or dispositions permitted by this Agreement in an
aggregate amount not to exceed $2,000,000 during any consecutive twelve (12)&nbsp;month period, <U>less</U> (x)&nbsp;the amount of all gains (or <U>plus</U> the amount of all losses) realized during such period upon the sale or other disposition of
property or assets that are sold or otherwise disposed of outside the ordinary course of business that is included in the calculation of net income for such period. Notwithstanding the foregoing, the EBITDA of the Loan Parties and their Subsidiaries
on a consolidated basis for the fiscal quarters ended December&nbsp;31, 2016, September&nbsp;30, 2016, June&nbsp;30, 2016, and March&nbsp;31, 2016 shall be $28,830,106, $16,937,497, $16,198,336 and $4,327,211, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Financial Institution</U>&#148; means (i)&nbsp;any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (ii)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (i)&nbsp;of this definition, or (iii)&nbsp;any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (i)&nbsp;or (ii) of this definition and is subject to consolidated supervision with its parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Member Country</U>&#148; means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Resolution Authority</U>&#148; means any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Assignee</U>&#148; means (i)&nbsp;a Lender or any Affiliate thereof; (ii)&nbsp;a commercial bank organized or licensed under
the laws of the United States or a state thereof having total assets in excess of $1,000,000,000; (iii)&nbsp;a finance company, insurance company or other financial institution or fund, which is regularly engaged in making, purchasing or investing
in loans and having total assets in excess of $1,000,000,000; or (iv)&nbsp;a savings and loan association or savings bank organized under the laws of the United States or a state thereof which has a net worth, determined in accordance with GAAP, in
excess of $500,000,000; <I>provided</I>, that (A)&nbsp;none of the Owners, any Loan Party or any of their respective Affiliates shall qualify as an Eligible Assignee, (B)&nbsp;neither a natural person or a Defaulting Lender shall qualify as an
Eligible Assignee, (C)&nbsp;each Eligible Assignee under clauses&nbsp;(ii) through (iv)&nbsp;hereof shall be reasonably acceptable to and subject to the consent of the Agent (not to be unreasonably withheld), (D) so long as no Event of Default has
occurred and is continuing, a Disqualified Institution shall not qualify as an Eligible Assignee, and (E)&nbsp;nothing herein shall restrict or require the consent of any Person to the pledge by any Lender of all or any portion of its rights and
interests under this Agreement, its Notes or any other Loan Document to any Federal Reserve Bank in accordance with Regulation&nbsp;A of the Board of Governors of the Federal Reserve System or U.S.&nbsp;Treasury Regulation&nbsp;31 CFR&nbsp;203.14,
and such Federal Reserve Bank may enforce such pledge in any manner permitted by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Domestic Level I
Receivables</U>&#148; means Eligible Receivables as to which at least one of the following shall apply: (i)&nbsp;the account debtor with respect to such Receivables is a Domestic Investment Grade Entity; (ii)&nbsp;payment thereof is secured under a
letter of credit from a bank and on terms, in each case, acceptable to the Agent, in its Permitted Discretion, which has been insured or assigned to the Agent and on which the Agent otherwise has a first priority perfected Lien; or <FONT
STYLE="white-space:nowrap">(iii)&nbsp;non-payment</FONT> thereof for credit reasons is insured by credit insurance from an insurer and having terms of coverage, in each case, acceptable to the Agent, in its Permitted Discretion, and on which the
Agent is named &#147;lenders loss payee&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Domestic Level II Receivables</U>&#148; means Eligible Receivables not
constituting Eligible Domestic Level I Receivables; <U>provided</U> that the sale or rendition of services is to an account debtor domiciled in the United States of America or Canada (excluding Quebec), and (if not a natural person) organized under
the laws of the United States or any political subdivision thereof or one of the provinces or territories of Canada (excluding Quebec). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Foreign Subsidiary Receivables</U>&#148; means Receivables that do not qualify as Eligible Receivables solely because the
sale or rendition of services is to an account debtor not domiciled in the United States of America or Canada (excluding Quebec) or (if not a natural person) not organized under the laws of the United States or Canada (excluding Quebec), but as to
which (a)&nbsp;the account debtor with respect to such Receivables is a foreign subsidiary of a Domestic Investment Grade Entity and (b)&nbsp;such Receivables are invoiced and collected in the United States of America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Receivables</U>&#148; means and includes all unpaid Receivables owned by a
Borrower which (x)&nbsp;arise out of a bona fide sale of goods or rendition of services of the kind ordinarily sold or rendered by such Borrower in the ordinary course of its business with respect to which an invoice reflecting a true and correct
statement of a bona fide Indebtedness in the amount of the Receivable has been issued and sent on a timely basis by such Borrower to the account debtor, (y)&nbsp;comply with each of the representations and warranties respecting Eligible Receivables
made in the Loan Documents, and (z)&nbsp;are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; <I>provided</I>, that such criteria may be revised from time to time by the Agent in its Permitted Discretion
to address the results of any information with respect to the Borrowers&#146; business or assets of which the Agent becomes aware after the Original Closing Date, including any field examination or appraisals performed by (or on behalf of) the Agent
from time to time after the Original Closing Date. Without limitation of the foregoing, no Receivable shall be an Eligible Receivable: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) unless such Receivable constitutes the legal, valid and binding obligation of the account debtor, enforceable in accordance with its
terms; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) if the account debtor is, or is controlled by, an Affiliate of any Loan Party, or an employee, officer or director of any
Loan Party or any Affiliate of any Loan Party; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) if the amount payable in respect of such Receivable is the subject of renegotiation
or redating; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) unless the Agent has a perfected first priority Lien thereon and such Receivable is otherwise free and clear of any
Lien in favor of any Person other than Permitted Liens; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) if (A)&nbsp;the goods giving rise to such Receivable have not been shipped
and billed to the account debtor or (B)&nbsp;the services giving rise to such Receivable have not been performed and billed to the account debtor; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) if such Receivable is more than one hundred twenty (120)&nbsp;days past the date of the original invoice therefor; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) if a Borrower&#146;s right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever,
including any &#147;sale on approval,&#148; &#147;sale or return,&#148; &#147;guaranteed sale&#148; or sale on consignment, or a Borrower&#146;s right to receive payment is subject to any right of rescission, repurchase or reclamation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) if the sale arises from any &#147;bill and hold&#148; or other sale of goods which remain in a Borrower&#146;s possession or under such
Borrower&#146;s control; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) if and to the extent the invoiced amount consists of or includes interest payments, late charges, finance
charges or service charges owing to a Borrower, but only to the extent of such payments or charges; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) if the terms of sale are
&#147;cash on delivery&#148; or &#147;cash before delivery&#148;; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) if the account debtor or any Affiliate of the account debtor has disputed liability or has
asserted a right of setoff, defense or counterclaim or has made any other claim with respect to any other Receivable due from such account debtor or Affiliate to a Borrower, solely to the extent of the amount of such dispute or claim, or the amount
of such actual or asserted right of setoff, defense, counterclaim or other claim, as the case may be; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) if the account debtor has
suspended business or is liquidating, dissolving or winding up its affairs, or the account debtor is insolvent, or a Borrower has received notice of an imminent Insolvency Event or a material impairment of the financial condition of the account
debtor, or the account debtor or a material portion of such account debtor&#146;s assets is the subject of an Insolvency Event, unless such account debtor has been provided with a debtor in possession credit facility pursuant to Section&nbsp;364 of
the Bankruptcy Code or a similar arrangement acceptable to the Agent, in its Permitted Discretion; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) to the knowledge of any
Borrower, if the account debtor or any Affiliate of the account debtor has called a meeting of its creditors to obtain any general financial accommodation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv) if the account debtor is also a supplier to, or creditor of, a Borrower, or is otherwise a &#147;contra&#148; account, whether in
respect of contractual allowances with respect thereto, audit adjustments, anticipated discounts or otherwise, but only to the extent of the aggregate amount owed (or anticipated to be owed) by the Borrowers to the account debtor in respect thereto;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv) if fifty percent (50%) or more of the aggregate balance of the Receivables of any account debtor and its Affiliates owing to the
Borrowers are deemed ineligible under clause&nbsp;(vi) above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi) if the account debtor is the United States of America or any
department, agency or instrumentality thereof, unless a Borrower assigns its right to payment under such Receivable to the Agent as collateral hereunder in full compliance with (including, without limitation, the filing of a written notice of the
assignment and a copy of the assignment with, and receipt of acknowledgment thereof by, the appropriate contracting and disbursing offices pursuant to) the Assignment of Claims Act of&nbsp;1940, as amended (U.S.C. &#167; 3727; 41 U.S.C. &#167; 15);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvii) if when aggregated with all other Eligible Receivables owing by the same account debtor (including, for this purpose, Receivables
owing by such account debtor&#146;s Affiliates), such Receivable exceeds (i)&nbsp;in the case of Eligible Domestic Level I Receivables owing by an account debtor that is a Domestic Investment Grade Entity, thirty percent (30%) of aggregate Eligible
Receivables, or (ii)&nbsp;in the case of all other Eligible Receivables, twenty-five percent (25%) of aggregate Eligible Receivables; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xviii) if such Receivable is evidenced by a judgment or by an instrument or chattel paper; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xix) if such Receivable represents a progress billing or retainage or if the obligation of the account debtor to pay is subject to a
Borrower&#146;s completion of further performance or is subject to the equitable lien of any surety bond insurer, but only to the extent or amount of such limitation; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xx) if such Receivable is payable in any currency other than Dollars or Canadian Dollars;
<U>provided</U> that Eligible UK Receivables may also be payable in GBP; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxi) if the account debtor is located in any State (or Province
or Territory of Canada) that requires a creditor to file a business activity report or similar document, or to qualify to do business in such jurisdiction in order to bring suit in such jurisdiction to recover on such Receivable unless the relevant
Borrower (A)&nbsp;had filed and has maintained effective a current notice of business activities or similar documents with the appropriate office or agency of the applicable jurisdictions or qualified to do business therein as applicable for the
then-current year or if such failure to file and inability to seek judicial enforcement is capable of being remedied without any material delay or cost, or (B)&nbsp;was and has continued to be exempt from such filing and has provided the Agent with
satisfactory evidence thereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxii) if such Receivable is owned by a target acquired in connection with a Permitted Acquisition or
Permitted Investment, or is owned by a Person that is joined to this Agreement as a Borrower pursuant to the provisions of this Agreement, and a field examination with respect to such Receivables, in each case, satisfactory to Agent in its Permitted
Discretion, has not been completed; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxiii) if the Agent believes, in its Permitted Discretion, the collection of such Receivable to
be insecure or to be doubtful by reason of the account debtor&#146;s inability or unwillingness to pay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In calculating delinquent
portions of Receivables under clause&nbsp;(vi) above, credit balances more than one hundred twenty (120)&nbsp;days old will be excluded. For avoidance of doubt, any Receivable that is not, or ceases to be, an Eligible Receivable, at any time,
nevertheless shall be at all times part of the Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible UK Receivables</U>&#148; means Receivables that do not
qualify as Eligible Receivables solely because the sale or rendition of services is to an account debtor not domiciled in the United States of America or Canada (excluding Quebec), (if not a natural person) not organized under the laws of the United
States or Canada (excluding Quebec), but as to which (i)&nbsp;the account debtor with respect to such Receivables is domiciled in, and organized under any of the laws of the United Kingdom of Great Britain and Northern Ireland, and (ii)&nbsp;such
Receivables are invoiced and collected in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Entity</U>&#148; for each Loan Party (other than an individual),
means its status, as applicable, as a corporation, limited liability company or limited partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental
Laws</U>&#148; means all applicable federal, state and local statutes, laws (including common or case law), rulings, regulations or governmental, administrative or judicial policies, directives, orders or interpretations applicable to the business
or property of a Person relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata) including, without limitation, laws and
regulations relating to emissions, discharges, releases or threatened releases of Hazardous Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of any Hazardous
Materials. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; means (i)&nbsp;in the case of a corporation, its capital
stock, (ii)&nbsp;in the case of a limited liability company, its membership interests or units, and (iii)&nbsp;in the case of a limited partnership, its general and limited partnership interests, including in each case, all of the following rights
relating to such Equity Interests, whether arising under the Governing Documents of the Entity issuing such Equity Interests or under any applicable law of such Entity&#146;s jurisdiction of organization or formation: (x)&nbsp;all economic rights
(including all rights to receive dividends and distributions) relating to such Equity Interests; (y)&nbsp;all voting rights and rights to consent to any particular actions by the applicable issuer; and (z)&nbsp;all management rights with respect to
such issuer, but, in each case, excluding any debt security convertible into, or exchangeable for, Equity Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of&nbsp;1974, 29 U.S.C. &#167;&#167; 1000 <U>et</U> <U>seq</U>.,
amendments thereto, successor statutes, and regulations or guidelines promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; means
any entity that, together with a Borrower, is required to be treated as a single employer under Section&nbsp;414(b) or (c)&nbsp;of the Internal Revenue Code or, for purposes of provisions relating to Section&nbsp;412 of the Code, Sections
414(m)&nbsp;or (o)&nbsp;of the Internal Revenue Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation
Schedule</U>&#148; means the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; means the occurrence of any of the events specified in Section&nbsp;10.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Availability</U>&#148; means, as of any date, the amount (if any) as of such date by which (i)&nbsp;the <U>lesser</U> of
(A)&nbsp;the Aggregate Revolving Credit Commitment or (B)&nbsp;the Borrowing Base then in effect, exceeds (ii)&nbsp;the sum on such date of (A)&nbsp;the aggregate principal amount of all Revolving Credit Loans (inclusive of Swing Loans) then
outstanding, <U>plus</U> (B)&nbsp;the aggregate undrawn amount of all unexpired Letters of Credit then outstanding, <U>plus</U> (iii)&nbsp;the aggregate amount of all accounts payable then owing by the Borrowers that are more than sixty
(60)&nbsp;days past the final due dates for their payment pursuant to the terms thereof, <U>plus</U> (iv)&nbsp;Lender Group Expenses for which the Borrowers are liable under the Loan Documents but which have not been paid or charged to the
Borrowers&#146; Loan Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Revolving Loans</U>&#148; has the meaning set forth in Section 2.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Property</U>&#148; means (i)&nbsp;Equity Interests of any Foreign Subsidiary held by any Loan Party, except to the extent
that such Equity Interests represent no more than 65% of a first-tier Foreign Subsidiary; (ii)&nbsp;any rights or interest in any contract, lease, permit, license, franchise, charter, authorization or license agreement covering real or personal
property of any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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Loan Party if under the terms of such contract, lease, permit, license, franchise, charter, authorization or license agreement, or applicable law with respect thereto, the grant of a security
interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license, franchise, charter, authorization or license agreement and such prohibition or restriction has not been waived or the consent of
the other party to such contract, lease, permit, license, franchise, charter, authorization or license agreement has not been obtained (provided, that (A)&nbsp;the foregoing exclusions of this clause (ii)&nbsp;shall in no way be construed
(1)&nbsp;to apply to the extent that any described prohibition or restriction is ineffective under <FONT STYLE="white-space:nowrap">Section&nbsp;9-406,</FONT> <FONT STYLE="white-space:nowrap">9-407,</FONT>
<FONT STYLE="white-space:nowrap">9-408,</FONT> or <FONT STYLE="white-space:nowrap">9-409</FONT> of the UCC or other applicable law, or (2)&nbsp;to apply to the extent that any consent or waiver has been obtained that would permit the Agent&#146;s
security interest or lien to attach notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit, license, franchise, charter, authorization or license agreement and (B)&nbsp;the foregoing exclusions of clauses
(i)&nbsp;and (ii) shall in no way be construed to limit, impair, or otherwise affect any of the Agent&#146;s or any Lender&#146;s continuing security interests in and liens upon any rights or interests of any Loan Party in or to (1)&nbsp;monies due
or to become due under or in connection with any described contract, lease, permit, license, franchise, charter, authorization, license agreement, or Equity Interests (including any Receivables or Equity Interests), or (2)&nbsp;any proceeds from the
sale, license, lease, or other dispositions of any such contract, lease, permit, license, franchise, charter, authorization, license agreement, or Equity Interests); (iii) any United States <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">intent-to-use</FONT></FONT> trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">intent-to-use</FONT></FONT> trademark applications under applicable federal law; provided, that upon submission and acceptance by the United States Patent and Trademark Office of an
amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">intent-to-use</FONT></FONT> trademark application shall be considered Collateral;
(iv)&nbsp;all leasehold Real Property interests; (v)&nbsp;all fee simple Real Property interests having a fair market value (as determined in good faith by the Borrower Agent) less than $2,000,000 on a per property basis, and any <FONT
STYLE="white-space:nowrap">fee-owned</FONT> Real Property that is subject to a Permitted Lien of the type described in clause (v)(B) of the definition thereof; (vi)&nbsp;motor vehicles and other assets subject to certificates of title;
(vii)&nbsp;any demand deposit account, securities account, commodity account or other deposit account of any Loan Party (and all cash, Cash Equivalents and other securities or instruments credited thereto or deposited therein) that is used solely
and exclusively for payroll, payroll taxes, and other employee wage and benefit payments to or for any Loan Party&#146;s employees; and (viii)&nbsp;to the extent applicable law requires that a Subsidiary of a Loan Party issue directors&#146;
qualifying shares, nominee shares or similar shares which are required by applicable law to be held by Persons other than the Loan Parties, such qualifying shares, nominee shares or similar shares held by Persons other than Loan Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Swap Obligations</U>&#148; means any obligation of any Guarantor to pay or perform under any Swap Obligation if, and to the
extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of the Guarantor&#146;s failure for any reason to constitute an &#147;eligible contract participant&#148; as
defined in the Commodity Exchange Act and the regulations thereunder at the time such Guaranty or the grant of such security interest becomes effective with respect to such Swap Obligation (after giving effect to Section&nbsp;12.29). If
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such
Guaranty or security interest is or becomes illegal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Taxes</U>&#148; means any of the following Taxes imposed on or
with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A)&nbsp;imposed as
a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(B)&nbsp;that are Other Connection Taxes, (ii)&nbsp;in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a
law in effect on the date on which (A)&nbsp;such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section&nbsp;2.11) or (B)&nbsp;such Lender changes its lending office,
except in each case to the extent that, pursuant to Section&nbsp;4.11, amounts with respect to such Taxes were payable either to such Lender&#146;s assignor immediately before such Lender became a party hereto or to such Lender immediately before it
changed its lending office, (iii)&nbsp;Taxes attributable to such Recipient&#146;s failure to comply with Section 4.11(g) and (iv)&nbsp;any withholding Taxes imposed under FATCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; mean Sections&nbsp;1471 and&nbsp;1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the
Internal Revenue Code, any intergovernmental agreement between a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction and the United States with respect to the foregoing and any law, regulation or practice adopted pursuant to any such
intergovernmental agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Lender</U>&#148; means (i)&nbsp;if the Borrower is a U.S. Person, a Lender that is not a
U.S. Person, and (ii)&nbsp;if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds Rate</U>&#148; means, for any day, the fluctuating interest rate <U>per annum</U> equal to the weighted average of the
rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three federal funds brokers of recognized standing selected by it,
as determined in good faith by the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Reserve Board</U>&#148; means the Board of Governors of the Federal Reserve
System or any Person succeeding to the functions thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fee Letter</U>&#148; means the fee letter dated December&nbsp;15,
2015, between TTD and the Agent concerning the undertakings by the Agent set forth in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial Covenant</U>&#148; means the covenant set forth in Article&nbsp;IX. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financial Statements</U>&#148; means, with respect to the Borrowers and their Subsidiaries, as applicable pursuant hereto, the
balance sheets, profit and loss statements and statements of cash flow, if any, of the Borrowers and their Subsidiaries for the period specified, prepared in accordance with GAAP and consistent with prior practices and, except in the case of annual
audited Financial Statements, a comparison in reasonable detail to (i)&nbsp;the projected balance sheets, profit and loss statements and statements of cash flow set forth in the Business Plan for the same <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">year-to-date</FONT></FONT> and month periods and (ii)&nbsp;the balance sheets, profit and loss statements and statements of cash flow, for the same
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> and month periods of the immediately preceding year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Subsidiary</U>&#148; means any direct or indirect subsidiary of any Loan Party that is organized under the laws of any
jurisdiction other than the United States, any state thereof or the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fronting Exposure</U>&#148; means a
Defaulting Lender&#146;s Pro Rata Share of reimbursement obligations under Letters of Credit, except to the extent allocated to other Lenders under Section&nbsp;2.12. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board that are applicable to the circumstances as of the date of determination. Notwithstanding
anything to the contrary in this definition or in this Agreement, in the event of a change under GAAP (or the application thereof) requiring any leases to be capitalized that are not required to be capitalized as of the Original Closing Date, only
those leases that would result or would have resulted in Capitalized Lease Obligations or Capital Expenditures on the Original Closing Date will be considered capital leases and all calculations under this Agreement will be made in accordance
therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>GBP</U>&#148; or &#147;<U>&pound;</U>&#148; means lawful money of the United Kingdom of Great Britain and Northern
Ireland. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governing Body</U>&#148; means (i)&nbsp;in the case of a corporation, its board of directors or shareholders,
(ii)&nbsp;in the case of a limited liability company, its managers or members, and (iii)&nbsp;in the case of a limited partnership, its general partner(s), or in each case, another comparable governing body of the applicable Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governing Documents</U>&#148; means (i)&nbsp;in the case of a corporation, its articles (or certificate) of incorporation and bylaws,
(ii)&nbsp;in the case of a limited liability company, its articles (or certificate) of organization (or formation) and its operating agreement, and (iii)&nbsp;in the case of a limited partnership, its articles (or certificate) of limited partnership
and its limited partnership agreement, or in each case, another comparable governing document of the applicable Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means any nation or government, any state or other political subdivision thereof or any entity
exercising executive, legislative, judicial, regulatory or administrative functions thereof or pertaining thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantor Security Agreement</U>&#148; means any security agreement executed by a
Guarantor in favor of the Agent, in form and substance reasonably satisfactory to the Agent, pursuant to which such Guarantor shall grant, or purport to grant, a first priority Lien in favor of the Agent in the Collateral owned by such Guarantor, as
security for the Obligations, as amended, restated, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantors</U>&#148;
means each Borrower, as to the other Borrowers, and each other Person that guarantees, in whole or in part, the Obligations at any time hereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guaranty</U>&#148; means any guaranty agreement executed by a Guarantor, in form and substance reasonably satisfactory to the Agent,
as the same may be amended, restated, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials</U>&#148; means
any and all pollutants, contaminants and toxic, caustic, radioactive and hazardous materials, substances and wastes including, without limitation, petroleum or petroleum distillates, asbestos or urea formaldehyde foam insulation or
asbestos-containing materials, whether or not friable, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature, that are regulated under any Environmental Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedging Agreement</U>&#148; means any interest rate protection agreement, foreign currency exchange agreement, commodity price
protection agreement or other interest or currency exchange rate or commodity price hedging agreement. The term &#147;<U>Hedging Agreement</U>,&#148; as used herein, shall extend to and include, without limitation, any Swap Obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Increasing Lenders</U>&#148; shall have the meaning set forth in Section&nbsp;2.16. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Incremental Revolving Commitments</U>&#148; shall have the meaning set forth in Section&nbsp;2.16. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, with respect to any Person, as of the date of determination thereof (without duplication of the same
obligation under any other clause hereof), (i)&nbsp;all obligations of such Person for borrowed money of any kind or nature, including funded and unfunded debt, (ii)&nbsp;all monetary obligations of such Person owing under Hedging Agreements (which
amount shall be calculated based on the amount that would be payable by such Person if the Hedging Agreement were terminated on the date of determination), (iii) all obligations of such Person to pay the deferred purchase price of assets (other than
trade payables incurred in the ordinary course of business and repayable in accordance with customary trade practices and, for the avoidance of doubt, other than royalty payments payable in the ordinary course of business in respect of <FONT
STYLE="white-space:nowrap">non-exclusive</FONT> licenses) and any <FONT STYLE="white-space:nowrap">earn-out</FONT> or similar obligations, in each case, to the extent the same would be required to be shown as a long-term liability on a balance sheet
prepared in accordance with GAAP, (iv)&nbsp;all Capitalized Lease Obligations, (v)&nbsp;all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right to be secured) a Lien on any asset of such Person
whether or not the Indebtedness is assumed by such Person, (vi)&nbsp;all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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rights and remedies of the seller or lender under such agreements in the event of default are limited to repossession or sale of such property), (vii) any Disqualified Equity Interests,
(viii)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, and
(ix)&nbsp;any obligation of such Person guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, <FONT STYLE="white-space:nowrap">co-made,</FONT> discounted, or sold with recourse) any obligation of any other
Person that constitutes Indebtedness under any of clauses (i)&nbsp;through (viii) above. For purposes of this definition, (A)&nbsp;the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the
principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (B)&nbsp;the amount of any
Indebtedness which is limited or is <FONT STYLE="white-space:nowrap">non-recourse</FONT> to a Person or for which recourse is limited to an identified asset shall be valued at the lesser of (1)&nbsp;if applicable, the limited amount of such
obligations, and (2)&nbsp;if applicable, the fair market value of such assets securing such obligation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified
Taxes</U>&#148; means (i)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (ii)&nbsp;to the extent not otherwise described in
clause (i), Other Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insolvency Event</U>&#148; means, with respect to any Person, the occurrence of any of the following:
(i)&nbsp;such Person shall be adjudicated insolvent or bankrupt or institutes proceedings under the Bankruptcy Code or otherwise to be adjudicated insolvent or bankrupt, or shall generally fail to pay or admit in writing its inability to pay its
debts as they become due, (ii)&nbsp;such Person shall seek dissolution (other than in a transaction permitted by Section&nbsp;8.3) or reorganization or the appointment of a receiver, trustee, custodian or liquidator for it or a substantial portion
of its property, assets or business or to effect a plan or other arrangement with its creditors, (iii)&nbsp;such Person shall make a general assignment for the benefit of its creditors, or consent to or acquiesce in the appointment of a receiver,
trustee, custodian or liquidator for a substantial portion of its property, assets or business, (iv)&nbsp;such Person shall file a voluntary petition under, or shall seek the entry of an order for relief under, any bankruptcy, insolvency or similar
law, including the Bankruptcy Code (v)&nbsp;such Person shall take any corporate, limited liability company, partnership or similar act, as applicable, in furtherance of any of the foregoing, or (vi)&nbsp;such Person, or a substantial portion of its
property, assets or business, shall become the subject of an involuntary proceeding or petition for (A)&nbsp;its dissolution or reorganization or (B)&nbsp;the appointment of a receiver, trustee, custodian or liquidator, and (1)&nbsp;such proceeding
shall not be dismissed or stayed within sixty (60)&nbsp;days or (2)&nbsp;such receiver, trustee, custodian or liquidator shall be appointed; <U>provided</U>, <U>however</U>, that the Lenders shall have no obligation to make any Loans or cause to be
issued any Letter of Credit during the pendency of any sixty-(60)&nbsp;day period described in <FONT STYLE="white-space:nowrap">sub-clause&nbsp;(1)</FONT> above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property</U>&#148; means any and all Patents, Copyrights, Trademarks, trade secrets,
<FONT STYLE="white-space:nowrap">know-how,</FONT> inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, URLs and
domain names, specifications, documentations, reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property Security Agreement</U>&#148; means an intellectual property
security agreement, in form and substance reasonably satisfactory to the Agent, pursuant to which each Loan Party that has rights in any Intellectual Property shall grant a specific security interest in its Intellectual Property as security for the
Obligations, as amended, restated, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Items of Payment</U>&#148; has the
meaning set forth in Section&nbsp;2.7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercompany License Agreement</U>&#148; means (i)&nbsp;that certain Intellectual
Property License Agreement effective as of June&nbsp;1, 2016, by and between the Borrower Agent and The Trade Desk Cayman and (ii)&nbsp;any other intercompany license agreement entered into by the Borrower Agent and a direct or indirect Foreign
Subsidiary of the Borrower Agent, in form and substance reasonably acceptable to the Agent, pursuant to which the Borrower Agent shall grant such Foreign Subsidiary an exclusive license to use TTD&#146;s Intellectual Property in jurisdictions
outside of the United States and its territories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercompany Subordination Agreement</U>&#148; means (i)&nbsp;that certain
Intercompany Subordination Agreement dated as of February&nbsp;8, 2017, by and among TTD, The UK Trade Desk Ltd., The Trade Desk Cayman and the Agent and (ii)&nbsp;any other agreement among the Agent, the applicable Borrower or Subsidiary of the
Borrower and the holder of any Indebtedness pursuant to which such Indebtedness is made subordinate in right of payment to Payment in Full of all Obligations on terms reasonably satisfactory to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercreditor Agreement</U>&#148; means a customary split collateral intercreditor agreement, in form and substance reasonably
satisfactory to the Agent, in respect of the Term Loan Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Expense</U>&#148; means, for any period, all
interest with respect to Indebtedness (including, without limitation, the interest component of Capitalized Lease Obligations) accrued or capitalized during such period (whether or not actually paid during such period) determined in accordance with
GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Payment Date</U>&#148; shall mean (a)&nbsp;with respect to any Base Rate Advance, the first day of each month
during any period in which such Advance is outstanding, (b)&nbsp;with respect to any LIBOR Rate Advance, the last day of the Interest Period applicable to the Borrowing of which such Advance is a part and, in the case of a LIBOR Rate Advance with an
Interest Period of more than three (3)&nbsp;months&#146; duration, each day prior to the last day of such Interest Period that occurs at intervals of three (3)&nbsp;months&#146; duration after the first day of such Interest Period, and (c)&nbsp;with
respect to any Loans, the Termination Date or such earlier date on which the Commitments are terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest
Period</U>&#148; means the period commencing on the date of a LIBOR Rate Advance and ending one (1), two (2), three (3)&nbsp;or six (6)&nbsp;months thereafter, as selected by the Borrower Agent; <U>provided</U>, <U>however</U>, that (i)&nbsp;the
Borrower Agent may not select any Interest Period that ends after the Termination Date; (ii)&nbsp;whenever the last day of an Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be
extended to occur on the next succeeding Business Day, except that, if such extension </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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would cause the last day of such Interest Period to occur in the next following calendar month, then the last day of such Interest Period shall occur on the next preceding Business Day; and
(iii)&nbsp;if there is no corresponding date of the month that is one (1), two (2), three (3)&nbsp;or six (6)&nbsp;months, as the case may be, after the first day of an Interest Period, such Interest Period shall end on the last Business Day of such
first, second, third or sixth month, as the case may be. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interests</U>&#148; has the meaning specified in Section&nbsp;8.10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Internal Revenue Code</U>&#148; means the Internal Revenue Code of&nbsp;1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Internal Revenue Service</U>&#148; or &#147;<U>IRS</U>&#148; means the United States Internal Revenue Service and any successor
agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment</U>&#148; in any Person means, as of the date of determination thereof, (i)&nbsp;any payment or contribution
in or to such Person including, without limitation, property contributed to such Person for or in connection with the acquisition of any Equity Interests, bonds, notes, debentures or any other security of such Person or (ii)&nbsp;any loan, advance
or other extension of credit or guaranty of or other surety obligation for any Indebtedness made to, or for the benefit of, such Person. In determining the aggregate amount of Investments outstanding at any particular time, (i)&nbsp;a guaranty (or
other surety obligation) shall be valued at not less than the principal outstanding amount of the primary obligation; (ii)&nbsp;returns of capital (but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating
distribution) shall be deducted; (iii)&nbsp;earnings, whether as dividends, interest or otherwise, shall not be deducted; and (iv)&nbsp;decreases in the market value shall not be deducted unless such decreases are computed in accordance with GAAP.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender</U>&#148; and &#147;<U>Lenders</U>&#148; have the meaning specified in the introductory paragraph. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group Expenses</U>&#148; means all (a)&nbsp;costs or expenses (including taxes and insurance premiums) required to be paid by
any Loan Party or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Agent, the Letter of Credit Issuer, and the Lenders, or any of them, (b)&nbsp;reasonable and documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees or charges paid or incurred by the Agent in connection with transactions under any of the Loan Documents, (c)&nbsp;the Agent&#146;s customary fees and charges imposed or incurred in
connection with any background checks or OFAC/PEP searches related to any Loan Party or its Subsidiaries performed in connection with the transactions contemplated under the Loan Documents, (d)&nbsp;the Agent&#146;s customary fees and charges (as
adjusted from time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of any Borrower (whether by wire transfer or otherwise), together with any reasonable and documented
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses incurred in connection therewith, (e)&nbsp;customary charges imposed or incurred by the Agent resulting from the dishonor of checks
payable by or to any Loan Party, (f)&nbsp;reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses paid or incurred by the Agent, the Letter of Credit Issuer and the
Lenders, or any of them, to correct any default or enforce any provision of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to
sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (g)&nbsp;fees and expenses of the Agent related to any field examinations, appraisals, or valuations to the extent of the fees and charges (and up to the
amount of any limitation) provided in Section 7.7(b), (h) the Agent&#146;s and the Lenders&#146; reasonable and documented costs and expenses (including reasonable attorneys&#146; fees and expenses) relative to third party claims or any other
lawsuit or adverse proceeding paid or incurred, whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated by the Loan Documents, the Agent&#146;s Liens in and to the Collateral, or the
relationship of the Agent, the Letter of Credit Issuer, and the Lenders, or any of them, with any Loan Party or any of its Subsidiaries, (i)&nbsp;the Agent&#146;s reasonable and documented costs and expenses (including reasonable attorneys&#146;
fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and lodging), syndicating, or amending, waiving, or modifying the Loan Documents, and (j)&nbsp;the Agent&#146;s and each
Lender&#146;s reasonable and documented costs and expenses (including attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors
fees and expenses incurred in connection with a &#147;workout,&#148; a &#147;restructuring,&#148; or an Insolvency Event concerning any Loan Party or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending
the Loan Documents, irrespective of whether a lawsuit or other adverse proceeding is brought, or in taking any enforcement action or any remedial action with respect to the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit</U>&#148; means each letter of credit issued for the account of the Borrowers by the Letter of Credit Issuer under
Section&nbsp;2.13, and all amendments, renewals, extensions or replacements thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Agreement</U>&#148; means
the collective reference to any and all applications, reimbursement agreements and other agreements from time to time entered into by the Letter of Credit Issuer and the Borrowers, to be in form and substance reasonably satisfactory to the Letter of
Credit Issuer, pursuant to which the Letter of Credit Issuer issues Letters of Credit for the account of the Borrowers in accordance with the terms of this Agreement, as amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Issuer</U>&#148; means the Bank and East West Bank, a California banking corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Letter of Credit Sublimit</U>&#148; means Fifteen Million Dollars ($15,000,000). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Rate</U>&#148; means, for the Interest Period for each LIBOR Rate Advance made as part of the same Borrowing, an interest rate
per annum determined by the Agent in accordance with its customary procedures and utilizing such electronic or other quotation sources as it considers appropriate to be the prevailing rate per annum at which deposits in United States Dollars are
offered to the Bank by first class banks in the London interbank market shortly after&nbsp;11:00 a.m. (London time) two (2)&nbsp;Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity
comparable to such Interest Period, or, if the LIBOR Rate becomes unavailable during any period in which credit is available to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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Borrowers, in the discretion of the Agent, the base, reference or other rate then designated by the Agent for general commercial loan reference purposes, it being understood that such rate is a
reference rate, which serves as the basis upon which effective interest rates are calculated for loans making reference thereto. If the Board of Governors of the Federal Reserve System (or any successor) imposes a LIBOR Reserve Percentage with
respect to LIBOR deposits, then, the LIBOR Rate described in clause&nbsp;(ii) shall be the foregoing rate divided by&nbsp;1 <U>minus</U> the LIBOR Reserve Percentage. Notwithstanding anything in this Agreement to the contrary, if the LIBOR Rate
determined as provided above would be less than zero percent (0.0%), then the LIBOR Rate shall be deemed to be zero percent (0.0%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Rate Advance</U>&#148; means each portion of the Loans that bears interest as provided in Section&nbsp;4.1(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Reserve Percentage</U>,&#148; for any LIBOR Rate Advance, means the reserve percentage applicable during such Interest Period
(or if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the
Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) with respect to liabilities or
assets consisting of or including Eurocurrency liabilities having a term equal to such Interest Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means any
lien, claim, charge, pledge, security interest, assignment, hypothecation, deed of trust, mortgage, lease, conditional sale, retention of title or other preferential arrangement having substantially the same economic effect as any of the foregoing,
whether voluntary or imposed by law. For the avoidance of doubt, &#147;Lien&#148; shall not include any <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license of Intellectual Property, operating lease, any capital lease in respect of Real
Property permitted hereunder or an agreement to sell. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Account</U>&#148; has the meaning specified in Section&nbsp;2.6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Documents</U>&#148; means this Agreement, the Notes, the Fee Letter, the Amendment Fee Letter, any Guaranty, the Security
Documents, any Intercompany Subordination Agreement, the Subordination Agreement, any Intercreditor Agreement, each Lockbox Agreement, each Letter of Credit Agreement, and any other documents and instruments entered into, now or in the future, by
any Loan Party or any of its Subsidiaries under or in connection with this Agreement (but specifically excluding Bank Product Agreements), as each of the same may be amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Party</U>&#148; means each Borrower and each Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loans</U>&#148; means the loans and financial accommodations made by the Lenders hereunder or under this Agreement including, without
limitation, the Revolving Credit Loans, the Swingline Loans, the Protective Advances and the Overadvances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox</U>&#148; and
&#147;<U>Lockboxes</U>&#148; have the respective meanings set forth in Section&nbsp;2.7. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Account</U>&#148; and &#147;<U>Lockbox Accounts</U>&#148; have the respective
meanings set forth in Section&nbsp;2.7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Agreement</U>&#148; and &#147;<U>Lockbox Agreements</U>&#148; have the
respective meanings set forth in Section&nbsp;2.7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Master Services Agreement</U>&#148; or &#147;<U>MSA</U>&#148; means an
agreement between a Loan Party and an Advertiser (or an agent on behalf of one or more Advertisers) pursuant to which such Advertiser (or an agent on its behalf) utilizes the services provided by such Loan Party to place one or more advertisements
on a Media Outlet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; means (i)&nbsp;a material adverse effect on the business, operations,
results of operations, assets, liabilities, or condition (financial or otherwise) of the Loan Parties, taken as a whole or (ii)&nbsp;the material impairment of (A)&nbsp;the Loan Parties&#146; ability to perform their payment obligations under the
Loan Documents to which they are a party or (B)&nbsp;the ability of the Agent or the Lenders to enforce the Obligations or realize upon the Collateral, or (iii)&nbsp;a material impairment of the enforceability or priority of the Agent&#146;s Liens
with respect to all or a material portion of the Collateral other than any material impairment caused by any action or inaction of the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Contract</U>&#148; means any agreement or arrangement to which a Loan Party is party (other than the Loan Documents)
(i)&nbsp;for which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect, (ii)&nbsp;that relates to Material Indebtedness, (iii)&nbsp;that constitutes a Material Vendor Contract or a
Material Customer Contract, or (iv)&nbsp;that is a Designated Closing Date MSA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Customer Contract</U>&#148; means any
Master Services Agreement or other agreement of any Loan Party with any customer that, together with all other such agreements with such customer and its Affiliates, involves aggregate consideration payable (or projected to be payable) to such Loan
Party during any fiscal year in excess of 7.5% of the Loan Parties&#146; aggregate gross revenue for such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material
Indebtedness</U>&#148; means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any Loan Party in an aggregate principal amount exceeding One Million Dollars ($1,000,000). For purposes of this
definition, the &#147;principal amount&#148; of the obligations of any Loan Party in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required
to pay if such Hedging Agreement were terminated at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Subsidiary</U>&#148; means, at any date of
determination, (i)&nbsp;each Borrower and (ii)&nbsp;each Subsidiary of a Borrower that, as of the end of the most recently ended fiscal quarter for which Financial Statements are required to be delivered pursuant to Section&nbsp;7.11, (A) owns at
least two and <FONT STYLE="white-space:nowrap">one-half</FONT> percent (2.5%) of the consolidated total assets of the Loan Parties and their Subsidiaries as of such date, (B)&nbsp;generated at least two and
<FONT STYLE="white-space:nowrap">one-half</FONT> percent (2.5%) of the consolidated revenues of the Loan Parties and their Subsidiaries during such fiscal quarter, (C)&nbsp;is the owner of Equity Interests of any Subsidiary of a Borrower that
otherwise constitutes a </P>
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Material Subsidiary as of such date, or (D)&nbsp;any group comprising Subsidiaries of a Borrower that each would not have been a Material Subsidiary under clauses (A), (B), or (C)&nbsp;but that,
taken together, had revenues or total assets in excess of five percent (5.0%) of the consolidated revenues or total assets, as applicable, of the Loan Parties and their Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Vendor Contract</U>&#148; means any agreement of any Loan Party with any vendor or supplier that, together with all other
such agreements with such vendor or supplier and its Affiliates, involves aggregate consideration payable (or projected to be payable) by such Loan Party during any fiscal year in excess of 7.5% of the Loan Parties&#146; aggregate gross purchases
for such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Media Funds Reserves</U>&#148; means those reserves that the Agent in its Permitted Discretion deems necessary
or appropriate to establish and maintain with respect to Eligible Receivables arising under any Master Services Agreement which provides that (i)&nbsp;any payments contemplated under such Master Services Agreement in respect of the purchase from any
Loan Party of the right to place advertisements on one or more Media Outlets are payable to any Person other than such Loan Party, or (ii)&nbsp;any portion of the amounts payable from the Advertiser or one or more of its agents to any Loan Party
under such Master Services Agreement is required to be held in escrow or in trust, or otherwise turned over to, or held for the benefit of, any Advertiser, any Publisher, any SSP or any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Media Outlet</U>&#148; means a website, mobile application, social media outlet, television station or network, radio station or
network, or other medium (whether electronic or otherwise) where advertisements may be placed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Media Outlet Agreement</U>&#148;
means an agreement between a Loan Party and a SSP, pursuant to which such SSP makes a Publisher&#146;s inventory available for sale to such Loan Party for Loan Party&#146;s goods and services, as amended, supplemented or otherwise modified from time
to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Money Laundering Laws</U>&#148; means all applicable statutes, laws, regulations and rules that may be enforced by any
Governmental Authority relating to anti-money laundering statutes, laws, regulations and rules, including, but not limited to, the Bank Secrecy Act (31 U.S.C. &#167;5311 <I>et</I> <I>seq</I>.). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgage</U>&#148; means each mortgage, deed of trust or security deed between the applicable Loan Party(ies) and the Agent,
delivered in accordance with Section 3.4(a) of this Agreement, in form and substance reasonably satisfactory to the Agent, relating to the Real Property covered thereby, as amended, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Multiemployer Plan</U>&#148; means a multiemployer plan, as defined in Section&nbsp;4001(a)(3) of ERISA, to which the Borrower or any
ERISA Affiliate has contributed within the past six years or with respect to which the Borrower or any ERISA Affiliate has any liability, whether fixed or contingent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender</U>&#148; means any Lender that does not approve any consent, waiver or
amendment that (i)&nbsp;requires the approval of all or all affected Lenders in accordance with the terms of Section&nbsp;12.7 and (ii)&nbsp;has been approved by the Required Lenders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notes</U>&#148; means the Revolving Credit Notes and the Swingline Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of Borrowing</U>&#148; has the meaning specified in Section&nbsp;2.3(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of Continuation/Conversion</U>&#148; has the meaning specified in Section&nbsp;2.3(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligations</U>&#148; means and includes (a)&nbsp;all loans (including the Loans), advances (including the Advances), debts,
liabilities, obligations, covenants and duties owing by the Loan Parties to (i)&nbsp;the Agent or the Lenders, or any of them, or any of their or its Affiliates, of any kind or nature, present or future, whether or not evidenced by any note,
guaranty or other instrument, which may arise under, out of, or in connection with, this Agreement, the Notes, the other Loan Documents or any other agreement executed in connection herewith or therewith, or (ii)&nbsp;the Agent or the Lenders, or
any of them, or any of their or its Affiliates, of any kind or nature, present or future, whether or not evidenced by any note, guaranty, lease agreement or other instrument or agreement, whether or not for the payment of money, whether arising by
reason of an extension of credit, opening, guaranteeing or confirming of a letter of credit (including, without limitation, the Letters of Credit) or payment of any draft drawn or other payment thereunder, loan, guaranty, indemnification, or in any
other manner, whether direct or indirect (including those acquired by assignment, purchase, discount or otherwise), whether absolute or contingent, due or to become due, now existing or hereafter arising, and however acquired, and (b)&nbsp;all Bank
Product Obligations. The term &#147;<U>Obligations</U>&#148; includes, without limitation, all interest (including interest accruing on or after an Insolvency Event, whether or not such interest constitutes an allowed claim), charges, Lender Group
Expenses, commitment, facility, closing and collateral management fees, letter of credit fees, cash management and other fees, interest, charges, expenses, fees, attorneys&#146; fees and disbursements, and any other sum chargeable to any of the Loan
Parties under this Agreement, the Notes, the other Loan Documents, any Hedging Agreement, any agreement for Cash Management Services, or any other agreement in respect of any Bank Products. Notwithstanding the foregoing, the term
&#147;Obligations&#148; (i) shall not include any Excluded Swap Obligations and (ii)&nbsp;shall be limited to those &#147;Obligations&#148; that arise out of or under the Loan Documents or the transactions contemplated thereby or that constitute
Bank Product Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Operating Account</U>&#148; means a deposit account of the Borrowers maintained at the Bank that the
Borrower Agent designates in writing to the Agent on the Closing Date as the Borrowers&#146; &#147;operating account&#148; for purposes hereof in regard to the receipt and distribution of the proceeds any Borrowings, or such other deposit account of
the Borrowers at the Bank as the Borrower Agent may from time to time subsequent to the Closing Date so designate in writing to the Agent as such account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Closing Date</U>&#148; means March&nbsp;30, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Loan and Security Agreement</U>&#148; has the meaning specified in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Loan Documents</U>&#148; has the meaning specified in Section&nbsp;12.30. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Connection Taxes</U>&#148; means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Taxes</U>&#148; means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section&nbsp;2.10 or Section&nbsp;2.11). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Overadvance</U>&#148; means, as of any date of determination, the amount by which the aggregate outstanding amount (without
duplication) of the Revolving Credit Loans and the undrawn amount of all unexpired Letters of Credit is greater than the lesser of (i)&nbsp;the Borrowing Base and (ii)&nbsp;the Revolving Credit Commitments, in any case, after giving effect to any
Reserves applicable thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Owners</U>&#148; means the owners of the Equity Interests of the Borrowers from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant</U>&#148; has the meaning specified in Section 12.7(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; has the meaning specified in Section 12.7(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Patents</U>&#148; means patents and patent applications, including (i)&nbsp;all continuations, divisionals, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">continuations-in-part,</FONT></FONT> <FONT STYLE="white-space:nowrap">re-examinations,</FONT> reissues, and renewals thereof and improvements thereon, (ii)&nbsp;all income, royalties,
damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof,
(iii)&nbsp;the right to sue for past, present, and future infringements thereof, and (iv)&nbsp;all rights corresponding thereto throughout the world. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment Conditions</U>&#148; means, at any time of determination with respect to a proposed payment to fund a Specified Transaction,
that (a)&nbsp;no Default or Event of Default shall have occurred and be continuing or would result from the consummation of such Specified Transaction, (b)&nbsp;Excess Availability (i)&nbsp;at all times during the thirty (30)&nbsp;consecutive days
immediately preceding the date of such proposed payment and the consummation of such Specified Transaction, calculated on a pro forma basis as if such proposed payment was made, and the Specified Transaction was consummated, on the first day of such
period, and (ii)&nbsp;after giving effect to such proposed payment and such Specified Transaction, in each case, is not less than 20% of the Aggregate Revolving Credit Commitment then in effect, and (c)&nbsp;the Borrowers shall have provided the
Agent with calculations demonstrating that the Consolidated Fixed Charge Ratio of the Loan Parties and their Subsidiaries is greater than 1.25 to 1.00 for the four fiscal quarter period most recently ended for which Financial Statements are required
to have been delivered to the Agent pursuant to Section&nbsp;7.11 of this Agreement (calculated on a pro forma basis as if such proposed payment had been made and such Specified Transaction had been consummated, in each case, on the first day of the
relevant period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment in Full</U>&#148; or &#147;<U>Paid in Full</U>&#148; (or words of similar
import) means with respect to any Obligations, (i)&nbsp;the payment or repayment in full in cash of all Obligations (other than (A)&nbsp;contingent indemnification obligations as to which no claim has been asserted and (B)&nbsp;any Bank Product
Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to repaid or cash collateralized in the manner set forth in clauses (iii)&nbsp;and (iv) below), (ii) in the case of
contingent reimbursement obligations with respect to Letters of Credit, providing Collateralization, (iii)&nbsp;in the case of Bank Product Obligations (other than Bank Product Obligations arising from Hedging Agreements), providing
Collateralization, (iv)&nbsp;in the case of Bank Product Obligations arising from Hedging Agreements, the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other
Obligations) under Hedging Agreements provided by the applicable Bank Product Provider), and (v)&nbsp;all Commitments related to such Obligations have expired or been terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation and any Person succeeding to the functions thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pension Plan</U>&#148; means a pension plan (as defined in Section&nbsp;3(2) of ERISA) subject to Title&nbsp;IV of ERISA (other than
a Multiemployer Plan) which a Borrower or any ERISA Affiliate sponsors or maintains, or to which it is making or is obligated to make contributions, or, solely in the case of a multiple employer plan (as described in Section&nbsp;4063
or&nbsp;4064(a) of ERISA), has made contributions at any time during the immediately preceding five (5)&nbsp;plan years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permits</U>&#148; means, in respect of any Person, all licenses, permits, franchises, consents, rights, privileges, certificates,
authorizations, approvals, registrations and similar consents granted or issued by any Governmental Authority to which or by which such Person is bound. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Acquisition</U>&#148; means (i)&nbsp;any purchase or other acquisition of all or substantially all of the assets of (or any
division or business line of) any other Person, or (ii)&nbsp;any purchase or other acquisition (whether by means of a merger, consolidation, or otherwise) of all or substantially all of the Equity Interests of any other Person, in each case, so long
as (A)&nbsp;the Payment Conditions are satisfied, (B)&nbsp;if the subject assets or Equity Interests, as applicable, are being acquired directly by a Loan Party, in connection therewith, the applicable Loan Party shall have complied with
Section&nbsp;7.20, and (C)&nbsp;the total consideration payable in respect of all Permitted Acquisitions (including the proposed acquisition and including, without limitation, all cash consideration, all Indebtedness for borrowed money payable to
the seller in connection with such acquisition, all Acquired Indebtedness, all earn-outs and all deferred payment obligations) shall not exceed Fifty Million Dollars ($50,000,000) in the aggregate during any fiscal year of the Borrower Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Discretion</U>&#148; means a determination made in good faith and in the exercise of reasonable (from the perspective of a
secured asset-based lender) business judgment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Hedging Agreement</U>&#148; means a Hedging Agreement made by a Borrower in
the ordinary course of its business in accordance with the reasonable requirements of its business, and not for speculative purposes, <U>provided</U> that total notional amount of all such Permitted Hedging Agreements at any time does not exceed One
Hundred Million Dollars ($100,000,000) in the case of all Hedging Agreements, and in any such case, and if the counterparty to such Permitted Hedging Agreement is not a Lender or an Affiliate of a Lender, such Permitted Hedging Agreement shall be
unsecured (except for Permitted Liens of the type described in clause (xx)&nbsp;of the definition thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted
Holders</U>&#148; means each of: (i)&nbsp;the directors, executive officers and other management personnel of the Borrowers and their Subsidiaries on the Closing Date, (ii)&nbsp;any other holder of a direct or indirect Equity Interest in TTD that
holds such interest as of the Original Closing Date and is disclosed to the Agent prior to the Original Closing Date, and (iii)&nbsp;any group (within the meaning of Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT
STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act) of which Persons described in the foregoing clauses (i)&nbsp;and (ii) are members; <U>provided</U> that, without giving effect to the existence of such group or any other group, the
Persons described in clauses (i)&nbsp;and (ii), collectively, beneficially own Voting Stock representing 50% or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of TTD (determined on a fully
diluted basis but without giving effect to contingent voting rights not yet vested) then held by such group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted
Investments</U>&#148; has the meaning specified in Section&nbsp;8.11. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Liens created hereunder and by the Security Documents; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Liens securing Indebtedness permitted by Section 8.1(iii), <U>provided</U> that (A)&nbsp;such Liens shall be created substantially
simultaneously with the acquisition of such assets or within 180 days after the acquisition or the completion of the construction or improvements thereof, (B)&nbsp;such Liens do not at any time encumber any assets other than the assets financed by
such Indebtedness, and (C)&nbsp;the principal amount of Indebtedness secured by any such Lien shall at no time exceed the cost of acquiring, constructing or improving such assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) Liens on any property or asset of the Borrowers or their Subsidiaries existing on the Original Closing Date and set forth on Schedule
8.9 and any Lien granted as a replacement or substitute therefor; <U>provided</U> that any such replacement or substitute Lien (A)&nbsp;does not secure an aggregate principal amount of Indebtedness, if any, greater than that secured on the Original
Closing Date and (B)&nbsp;does not encumber any property in any material manner other than the property that secured such original Indebtedness (or would have been required to secure such original Indebtedness pursuant to the terms thereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Liens assumed by any Loan Party or its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness
permitted under Section 8.1(xii); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;(A) Liens securing Term Loan Indebtedness subject, at all times, to an Intercreditor
Agreement, and (B)&nbsp;Liens on <FONT STYLE="white-space:nowrap">fee-owned</FONT> Real Property securing Real Property Indebtedness, <U>provided</U> that (x)&nbsp;such Liens shall be created substantially simultaneously with the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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acquisition of such Real Property, (y)&nbsp;such Liens do not at any time encumber any assets other than the Real Property financed by such Real Property Indebtedness, and (z)&nbsp;the principal
amount of Real Property Indebtedness secured by any such Lien shall at no time exceed the cost of acquiring, constructing or improving such assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) Liens securing judgments that do not constitute an Event of Default under Section&nbsp;10.1 and notices of <I>lis</I> <I>pendens</I> and
associated rights related to litigation being contested in good faith by appropriate proceedings and in respect of which the applicable Borrower or Subsidiary has set aside on its books reserves in accordance with GAAP with respect thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) Liens solely on any cash earnest money deposits made by the Borrowers or any Subsidiary in connection with any letter of intent or other
agreement in respect of any Permitted Investment; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) Liens for taxes, assessments and other governmental charges
or levies not yet delinquent or that are being contested by a Borrower or the applicable Subsidiary in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) Liens imposed by law, including landlord&#146;s, carriers&#146;, warehousemen&#146;s. mechanics&#146;, materialmen&#146;s,
repairmen&#146;s, construction or other like Liens arising in the ordinary course of business securing obligations that are not overdue by more than thirty (30)&nbsp;days or that are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves are being maintained in accordance with GAAP, but excluding any Liens arising under Section 303(k) or 4068 of ERISA or Section 430(k) of the Internal Revenue Code; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;(A) pledges and deposits and other Liens made in the ordinary course of business in compliance with the Federal Employers Liability
Act or any other workers&#146; compensation, unemployment insurance and other similar laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in respect of such obligations, other than
any Liens arising under 303(k) or 4068 of ERISA or Section 430(k) of the Internal Revenue Code, and (B)&nbsp;pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in
respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrowers or any of their Subsidiaries; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capitalized Lease
Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature (including letters of credit
in lieu of any such bonds or to support the issuance thereof) incurred by a Borrower or any of its Subsidiaries in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary
course of business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) zoning restrictions, easements, encroachments, licenses, restrictions or covenants on the
use of any Real Property which do not materially impair either the use of such Real Property in the operation of the business of the applicable Borrower or its Subsidiaries or the value of such Real Property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv) rights of general application reserved to or vested in any Governmental Authority to control or regulate any Real Property, or to use
any Real Property in a manner which does not materially impair the use of such Real Property for the purposes for which it is held by a Borrower or any of its Subsidiaries; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv) any interest or title of a lessor or sublessor under any leases or subleases entered into by a Borrower or any of its Subsidiaries in the
ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi) rights of <FONT STYLE="white-space:nowrap">set-off,</FONT> banker&#146;s lien, netting agreements and
other Liens arising by operation of law or by of the terms of documents of banks or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts, cash management arrangements or in connection
with the issuance of letters of credit, bank guarantees or other similar instruments; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvii) leases or subleases, any licenses granted
pursuant to an Intercompany License Agreement and <FONT STYLE="white-space:nowrap">non-exclusive</FONT> licenses or sublicenses (including with respect to intellectual property and software) granted to others in the ordinary course of business that
do not interfere in any material respect with the business of the Loan Parties, taken as a whole; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xviii) Liens solely on any cash
earnest money deposits made by a Borrower or any of its Subsidiaries in connection with any letter of intent or other agreement in respect of any Investment permitted by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xix) Liens arising from precautionary Uniform Commercial Code financing statements; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xx) Liens on cash collateral in an aggregate amount not to exceed $1,000,000 at any time and securing obligations arising under Permitted
Hedging Agreements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxi) Liens (A)&nbsp;of a collection bank arising under <FONT STYLE="white-space:nowrap">Section&nbsp;4-210</FONT> of
the Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection, (B)&nbsp;attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business; or
(C)&nbsp;in favor of banking or other financial institutions or entities, or electronic payment service providers, arising as a matter of law encumbering deposits (including the right of <FONT STYLE="white-space:nowrap">set-off)</FONT> and which are
within the general parameters customary in the banking or finance industry; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxii) Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxiii) Liens on insurance
policies and the proceeds thereof granted in the ordinary course of business to secure the financing of insurance premiums with respect thereto; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxiv) Liens on motor vehicles of the Loan Parties or any of their Subsidiaries granted in the
ordinary course of business; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xxv) other Liens which do not secure Indebtedness for borrowed money or letters of credit and as to
which the aggregate amount of the obligations secured thereby does not exceed $1,000,000; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>provided</U>, that except as provided in any
one or more of clauses (i)&nbsp;through (v) above, the term &#147;Permitted Liens&#148; shall not include any Lien securing Indebtedness for borrowed money. The designation of a Lien as a Permitted Lien shall not limit or restrict the ability of the
Agent to establish any Reserve relating thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual, sole proprietorship, partnership,
limited liability company, joint venture, trust, unincorporated organization, joint stock company, association, corporation, institution, entity, party or government (including any division, agency or department thereof) or any other legal entity,
whether acting in an individual, fiduciary or other capacity, and, as applicable, the successors, heirs and assigns of each. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; means any employee benefit plan, as defined in Section&nbsp;3(3) of ERISA (and including any plan that is not subject
to ERISA pursuant to Section 4(b)(4) thereof), which is maintained or contributed to by a Borrower or with respect to which a Borrower has any liability (whether actual or contingent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledged Companies</U>&#148; means each Person listed on Schedule 3.5 as a &#147;Pledged Company&#148;, together with each other
Person, all or a portion of whose Equity Interests are acquired or otherwise owned by any Loan Party after the Closing Date and is required to be pledged pursuant to Section&nbsp;7.20. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledged Interests</U>&#148; means all of each Loan Party&#146;s right, title and interest in and to all of the Equity Interests now
owned or hereafter acquired by such Loan Party, regardless of class or designation, including in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also
including any certificates representing the Equity Interests, the right to receive any certificates representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect
thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time
received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledged Interests Addendum</U>&#148; means a Pledged Interests Addendum to this Agreement or the Guarantor Security Agreement, in
form and substance reasonably satisfactory to the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prime Rate</U>&#148; means the rate of interest per annum publicly
announced from time to time by Citibank as its prime rate for loans denominated in Dollars at its office in New York, New York with each change in Prime Rate to be effective from and including the date on which such change is publicly announced as
being effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prohibited Transaction</U>&#148; has the meaning specified in Section&nbsp;6.1(x)(vi).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pro Rata Share</U>&#148; of any amount means, with respect to any Lender, a fraction (expressed as a percentage) (i)&nbsp;at any
time before the Termination Date, the numerator of which is the aggregate Commitments of such Lender and the denominator of which is the aggregate amount of the Commitments of all the Lenders, and (ii)&nbsp;at any time on and after the Termination
Date, the numerator of which is the aggregate unpaid principal amount of the Revolving Credit Loans made by such Lender and the denominator of which is the aggregate unpaid principal amount of all Revolving Credit Loans at such time. The initial Pro
Rata Share of such Lender in respect of the Aggregate Revolving Loan Commitment and the Revolving Credit Loans is shall be as set forth opposite such Lender&#146;s name on Annex&nbsp;A or in the Assignment and Acceptance pursuant to which such
Lender becomes a party hereto, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Protective Advance</U>&#148; has the meaning specified in Section&nbsp;2.15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Publisher</U>&#148; means a Person that offers advertising inventory on a Media Outlet where such inventory is owned (prior to
placement and sale of such inventory), controlled, maintained or managed by such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualification</U>&#148; or
&#147;<U>Qualified</U>&#148; means, with respect to any report of independent public accountants covering Financial Statements, a material qualification to such report (i)&nbsp;resulting from a limitation on the scope of examination of such
Financial Statements or the underlying data, (ii)&nbsp;as to the capability of a Borrower or any other Loan Party to continue operations as a going concern or (iii)&nbsp;which could be eliminated by changes in Financial Statements or notes thereto
covered by such report (such as by the creation of or increase in a reserve or a decrease in the carrying value of assets) and which if so eliminated by the making of any such change and after giving effect thereto would result in a Default or an
Event of Default. Notwithstanding the foregoing, any report that is subject to a &#147;going concern&#148; statement, explanatory note or like qualification or exception resulting solely from an upcoming maturity date occurring within one year from
the time such opinion is delivered or anticipated (but not actual) shall not be deemed &#147;Qualified&#148; or issued with a &#147;Qualification.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified ECP Guarantor</U>&#148; means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding Ten
Million Dollars ($10,000,000) (or whatever greater or lesser sum as is then prescribed for such purposes under the Commodity Exchange Act) at the time that the relevant Guaranty or grant of the relevant security interest becomes effective with
respect to such Swap Obligation or such other Person as constitutes an &#147;eligible contract participant&#148; under the Commodity Exchange Act and can cause another Person to qualify as an &#147;eligible contract participant&#148; at such time by
entering into a keepwell under Section&nbsp;1a(18)(A)(v)(II) of the Commodity Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified IPO</U>&#148; means the
equity issuance by TTD in connection with the underwritten primary public offering of its common stock pursuant to that certain registration statement filed with the Securities and Exchange Commission effective September&nbsp;20, 2016, in accordance
with the Securities Act of 1933, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property</U>&#148; means any real property owned or leased by a Borrower or any
Subsidiary of a Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Real Property Indebtedness</U>&#148; means Indebtedness of the Loan Parties consisting of <FONT
STYLE="white-space:nowrap">non-recourse</FONT> Indebtedness secured solely by the Real Property being financed by such Indebtedness, on terms and conditions reasonably satisfactory to the Agent; <U>provided</U> that (i)&nbsp;no Event of Default
shall have occurred and be continuing at the time of, or would be caused by the incurrence of, such Indebtedness, and (ii)&nbsp;the aggregate principal amount of such Indebtedness shall not exceed, at any one time, the result of (A)&nbsp;Thirty
Million Dollars ($30,000,000), <I>minus</I> (B)&nbsp;the aggregate principal amount of Term Loan Indebtedness then outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivables</U>&#148; means all present and future accounts (as defined in Article&nbsp;9 of the UCC), including, whether or not
constituting &#147;accounts&#148; (as defined in the UCC), any rights to payment for the sale or lease of goods or rendition of services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recipient</U>&#148; means (i)&nbsp;the Agent, or (ii)&nbsp;any Lender or (iii)&nbsp;any Letter of Credit Issuer, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Indebtedness</U>&#148; means refinancings, renewals, or extensions of Indebtedness so long as (i)&nbsp;such refinancings,
renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other than by the amount of premiums paid thereon, the fees and expenses incurred in connection therewith, any
accrued and unpaid interest and by the amount of unfunded commitments with respect thereto, (ii)&nbsp;such refinancings, renewals, or extensions do not result in a shortening of the final stated maturity or the average weighted maturity (measured as
of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are materially adverse to the interests of the Lenders, (iii)&nbsp;if the Indebtedness
that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are not less favorable to
the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness in any material respect, (iv)&nbsp;the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of
the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended, (v)&nbsp;if the Indebtedness that is refinanced, renewed or extended was unsecured, such refinancing, renewal
or extension shall be unsecured, and (vi)&nbsp;if the Indebtedness that is refinanced, renewed, or extended was secured (A)&nbsp;such refinancing, renewal, or extension shall be secured by substantially the same or less collateral as secured such
refinanced, renewed or extended Indebtedness on terms no less favorable to the Agent or the Lenders and (B)&nbsp;the Liens securing such refinancing, renewal or extension shall not have a priority more senior than the Liens securing such
Indebtedness that is refinanced, renewed or extended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reportable Event</U>&#148; means any of the events described in
Section&nbsp;4043(c) of ERISA, other than a reportable event for which the <FONT STYLE="white-space:nowrap">thirty-day</FONT> notice requirement to the PBGC has been waived. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Lenders</U>&#148; means (i)&nbsp;before the Termination Date, the Lenders
holding more than fifty percent (50%)&nbsp;of the aggregate Commitments at such time and (ii)&nbsp;on and after the Termination Date, the Lenders holding more than fifty percent (50%)&nbsp;of the sum of (A)&nbsp;the aggregate unpaid principal amount
of the Revolving Credit Loans at such time, <U>plus</U> (B)&nbsp;the aggregate undrawn amount of all unexpired Letters of Credit; <U>provided</U>, that (x)&nbsp;the Commitments and Revolving Credit Loans of any Defaulting Lender shall be disregarded
in the determination of the Required Lenders, and (y)&nbsp;at any time there are two or more Lenders (who are not Affiliates of one another), &#147;Required Lenders&#148; must include at least two (2)&nbsp;Lenders (who are not Affiliates of one
another). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Requirement of Law</U>&#148; means (i)&nbsp;the Governing Documents, (ii)&nbsp;any applicable law, treaty, rule,
regulation, order or determination of an arbitrator, court or other Governmental Authority or (iii)&nbsp;any franchise, license, lease, permit, certificate, authorization, qualification, easement, right of way, or other right or approval binding on
a Loan Party or any of its property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reserves</U>&#148; means the sum (without duplication) of (i)&nbsp;any Bank Product
Reserve; (ii)&nbsp;any Dilution Reserve; (iii)&nbsp;any Media Funds Reserves; and (iv)&nbsp;those other reserves that the Agent deems necessary or appropriate, in its Permitted Discretion and subject to Section 2.1(b), to establish and maintain
(including, without limitation, reserves with respect to sums that any Loan Party or its Subsidiaries are required to pay under this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in the case of leased
assets, rents or other amounts payable under such leases) and has failed to pay within thirty (30)&nbsp;days of the applicable due date thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Responsible Officer</U>&#148; means, with respect to any Loan Party, the chairman, president, chief executive officer, chief
financial officer, chief operating officer, vice president, secretary, treasurer, controller or any other individual designated in writing to the Agent by an existing Responsible Officer of such Loan Party as an authorized signatory of any
certificate or other document to be delivered hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Credit Commitment</U>&#148; means the commitment of each
Lender to make Revolving Credit Loans and to participate in the making of Swingline Loans, Protective Advances, Overadvances and the risks of Letters of Credit pursuant hereto, subject to the terms and conditions set forth herein, in up to the
maximum amount specified for such Lender on <U>Annex</U><U></U><U>&nbsp;A</U>, as it may change from time to time pursuant to Section&nbsp;2.16 and Section&nbsp;12.7, and in a maximum aggregate amount not to exceed, as to all such Lenders, the
Aggregate Revolving Credit Commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Credit Loans</U>&#148; has the meaning specified in Section&nbsp;2.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Credit Note</U>&#148; and &#147;<U>Revolving Credit Notes</U>&#148; have the respective meanings specified in
Section&nbsp;2.1(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Parties</U>&#148; mean the Agent, the Letter of Credit Issuer, the Lenders, and any Bank Product
Providers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Security Documents</U>&#148; means this Agreement, any Guarantor Security Agreement, the Intellectual Property
Security Agreement, each Mortgage (if any), any Control Agreement and any other agreement delivered in connection herewith which purports to grant a Lien in favor of the Agent or any other Secured Party to secure all or any of the Obligations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement</U>&#148; has the meaning specified in Section&nbsp;2.3(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Date</U>&#148; has the meaning specified in Section&nbsp;2.3(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Solvent</U>&#148; means, when used with respect to any Person, that as of the date as to which such Person&#146;s solvency is to be
measured: (i)&nbsp;the fair saleable value of its assets is in excess of (A)&nbsp;the total amount of its liabilities (including contingent, subordinated, absolute, fixed, matured, unmatured, liquidated and unliquidated liabilities) and (B)&nbsp;the
amount that will be required to pay the probable liability of such Person on its debts as such debts become absolute and matured; (ii)&nbsp;it has sufficient capital to conduct its business; and (iii)&nbsp;it is able to meet its debts as they
mature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Event of Default</U>&#148; means any Event of Default under Section 10.1(a), Section 10.1(b) (solely with
respect to Article 9), or Section 10.1(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Transaction</U>&#148; means any Permitted Acquisition, any Investment made
pursuant to Section 8.11(iv), or repurchase, retirement or acquisition of Equity Interests of the Borrower Agent pursuant to Section 8.10(iv)(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>SSP</U>&#148; means a Person representing or managing a Publisher&#146;s advertising inventory. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>State Licensing Laws</U>&#148; means all applicable statutes, laws, regulations and rules that may be enforced by any Governmental
Authority of any State of the United States, relating to licensing or registration in connection with the sale or issuance of checks, drafts, money orders, travelers checks or other payment instruments, whether or not negotiable, and/or the
transmission of funds by electronic or other means, and/or the sale or issuance of stored value cards or devices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subordinated
Debt</U>&#148; means unsecured Indebtedness of a Borrower or a Subsidiary of a Borrower incurred in connection with a bona fide equity financing that (i)&nbsp;is expressly subordinated and junior in right of payment to Payment in Full of all
Obligations pursuant to a Subordination Agreement, (ii)&nbsp;does not require or permit any cash payment of interest in respect thereof, (iii)&nbsp;does not require any cash payment or prepayment of principal in respect thereof, or any cash
redemption thereof, at any time prior the date that is 91 days after the Termination Date, and (iv)&nbsp;is otherwise reasonably satisfactory to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subordination Agreement</U>&#148; means an agreement among the Agent, the applicable Borrower or Subsidiary of the Borrower and the
holder of any Subordinated Debt, pursuant to which such Indebtedness is made subordinate in right of payment to Payment in Full of all Obligations on terms reasonably satisfactory to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, as to any Person, any Entity in which that Person directly or indirectly owns or controls more than fifty
percent (50%) of the outstanding Voting Interests. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Super Majority Lenders</U>&#148; means (i)&nbsp;before the Termination Date, the Lenders
holding more than 66 2/3% of the aggregate Commitments at such time and (ii)&nbsp;on and after the Termination Date, the Lenders holding more than 66 2/3% of the sum of (A)&nbsp;the aggregate unpaid principal amount of the Revolving Credit Loans at
such time, <U>plus</U> (B)&nbsp;the aggregate undrawn amount of all unexpired Letters of Credit; <U>provided</U>, that (x)&nbsp;the Commitments and Revolving Credit Loans of any Defaulting Lender shall be disregarded in the determination of the
Super Majority Lenders, and (y)&nbsp;at any time there are two or more Lenders (who are not Affiliates of one another), &#147;Super Majority Lenders&#148; must include at least two (2)&nbsp;Lenders (who are not Affiliates of one another). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swap Obligation</U>&#148; means with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a &#147;swap&#148; within the meaning of section&nbsp;1a(47) of the Commodity Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swingline Loan</U>&#148; means any borrowing of Revolving Credit Loans funded with Swingline Lender&#146;s funds pursuant to
Section&nbsp;2.3(h), until such Borrowing is settled among the Lenders pursuant to Section&nbsp;2.3(h). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swingline
Lender</U>&#148; means the Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Swingline Note</U>&#148; has the meaning given such term in Section&nbsp;2.3(h). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other similar charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term Loan Indebtedness</U>&#148; means Indebtedness of the Loan Parties consisting of a term loan facility, on terms and conditions
reasonably satisfactory to the Agent; <U>provided</U> that (i)&nbsp;no Event of Default shall have occurred and be continuing at the time of, or would be caused by the incurrence of, such Indebtedness, (ii)&nbsp;the terms of such Indebtedness are
not more restrictive than the terms and conditions of this Agreement and the other Loan Documents, unless the Borrowers enter into an amendment to this Agreement adding such additional restrictions, (iii)&nbsp;such Indebtedness shall mature after
the Termination Date and may have an <FONT STYLE="white-space:nowrap">All-In</FONT> Yield that is greater than the <FONT STYLE="white-space:nowrap">All-In</FONT> Yield applicable to the Revolving Credit Loans and Commitments hereunder,
(iv)&nbsp;such Indebtedness shall at all times be subject to an Intercreditor Agreement, and (v)&nbsp;the aggregate principal amount of such Indebtedness shall not exceed, at any one time, the result of (A)&nbsp;Thirty Million Dollars ($30,000,000),
<I>minus</I> (B)&nbsp;the aggregate principal amount of Real Property Indebtedness Debt then outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination
Date</U>&#148; means the earlier of (i)&nbsp;the fifth (5th) annual anniversary of the Closing Date or (ii)&nbsp;the date of termination of the Commitments as provided for herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Event</U>&#148; means (i)&nbsp;a Reportable Event with respect to any Pension Plan; (ii)&nbsp;the withdrawal of a
Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it was a &#147;substantial employer&#148; (as defined in Section&nbsp;4001(a)(2) of ERISA) or a cessation of operations that is treated as a withdrawal under
Section&nbsp;4062(e) of ERISA; (iii)&nbsp;a Borrower&#146;s receipt of notice of intent to terminate a Pension Plan in a distress termination </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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(as described in Section&nbsp;4041(c) of ERISA); (iv)&nbsp;the institution by the PBGC of proceedings to terminate a Pension Plan under Section&nbsp;4042 of ERISA; (v)&nbsp;the occurrence of any
event or condition that constitutes grounds under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi)&nbsp;the filing of notice by the plan administrator of intent to
terminate&nbsp;a Multiemployer Plan pursuant to Section&nbsp;4041A of ERISA or any termination of a Multiemployer Plan pursuant to such section; (vii)&nbsp;the partial or complete withdrawal, within the meaning of Sections&nbsp;4203 or&nbsp;4205 of
ERISA, of a Borrower or any ERISA Affiliate from a Multiemployer Plan; (viii)&nbsp;a Borrower&#146;s receipt of notice that a Multiemployer Plan is &#147;insolvent&#148; within the meaning of Section 4245(b) of ERISA; or (ix)&nbsp;the imposition of
any liability under Title&nbsp;IV of ERISA, other than for premiums due but not delinquent, upon a Borrower or any ERISA Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trademarks</U>&#148; means any and all trademarks, trade names, registered trademarks, trademark applications, service marks,
registered service marks and service mark applications, including (A)&nbsp;all renewals thereof, (B)&nbsp;all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all
licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (C)&nbsp;the right to sue for past, present and future infringements and dilutions thereof, (F)&nbsp;the goodwill
symbolized by the foregoing or connected therewith, and (E)&nbsp;all rights corresponding thereto throughout the world. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Type</U>&#148; means a Base Rate Advance or a LIBOR Rate Advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCC</U>&#148; shall mean the Uniform&nbsp;Commercial Code as from time to time in effect in the State of New York <U>provided</U>,
<U>however</U>, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or <FONT STYLE="white-space:nowrap">non-perfection</FONT> of the security interest in any Collateral or the availability of any remedy
hereunder is governed by the Uniform&nbsp;Commercial Code as in effect on or after the date hereof in any other jurisdiction, then the term &#147;<U>UCC</U>&#148; shall mean the Uniform&nbsp;Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or effect of perfection or <FONT STYLE="white-space:nowrap">non-perfection</FONT> or availability of such remedy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Borrower</U>&#148; means any Borrower that is a U.S. Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Person</U>&#148; means any Person that is a &#147;United States Person&#148; as defined in Section 7701(a)(30) of the Internal
Revenue Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Tax Compliance Certificate</U>&#148; has the meaning specified in Section 4.11(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Treasury Regulations</U>&#148; means the regulations, including temporary regulations, promulgated by the United States Treasury
Department under the Internal Revenue Code, as such regulations may be amended from time to time (including the corresponding provisions of any future regulations). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Value</U>&#148; means, in respect of Eligible Receivables, the gross face amount of such Receivables <U>less</U> without duplication
for any reduction or deduction already made, the sum of (i)&nbsp;sales, excise or similar taxes included in the amount thereof and (ii)&nbsp;returns and credit, trade or volume or other discounts, claims, credits, charges and allowances of any
nature at any time issued, owing, granted, outstanding, available or claimed with respect thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Interests</U>&#148; means Equity Interests having ordinary voting power for the
election of the Governing Body of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Withholding Agent</U>&#148; means any Loan Party and the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Write-Down and Conversion Powers</U>&#148; means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 1.2 <U>Accounting Terms and Determinations</U>. Unless otherwise
defined or specified herein, all accounting terms used in this Agreement shall be construed in accordance with GAAP, applied on a basis consistent in all material respects with the Financial Statements delivered to the Agent on or before the Closing
Date; <U>provided</U> that, notwithstanding anything to the contrary herein, all accounting or financial terms used herein will be construed, and all financial computations pursuant hereto will be made, without giving effect to any election under
Statement of Financial Accounting Standards Board Accounting Standards Codification <FONT STYLE="white-space:nowrap">825-10</FONT> (or any other Statement of Financial Accounting Standards Board Accounting Standards Codification having a similar
effect) to value any Indebtedness or other liabilities of the Borrowers or any Subsidiary at &#147;fair value,&#148; as defined therein. All accounting determinations for purposes of determining compliance with the covenants contained herein shall
be made in accordance with GAAP as in effect on the Closing Date and applied on a basis consistent in all material respects with the audited Financial Statements delivered to the Agent on or before the Closing Date. The Financial Statements required
to be delivered hereunder from and after the Closing Date, and all financial records, shall be maintained in accordance with GAAP. In the event that any Accounting Change (as defined below) occurs and such change results in a change in the method of
calculation of financial covenants, standards or terms in this Agreement, then upon the written request of the Borrower Agent (acting upon the request of the Borrowers) or the Agent (acting upon the request of the Required Lenders), the Borrowers,
the Agent and the Lenders will enter into good faith negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrowers&#146;
financial condition will be the same after such Accounting Change as if such Accounting Change had not occurred; <I>provided</I> that provisions of this Agreement in effect on the date of such Accounting Change will be calculated as if no such
Accounting Change had occurred until the effective date of such amendment. &#147;<U>Accounting Change</U>&#148; means (i)&nbsp;any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the
Financial Accounting Standards Board of the American Institute of Certified Public Accountants or (ii)&nbsp;any change in the application of GAAP by the Borrowers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 1.3 <U>UCC Terms</U>. All terms used herein and defined in the UCC shall have the meanings given them therein unless otherwise defined
herein. Without limitation of the foregoing, the terms &#147;accounts,&#148; &#147;chattel paper,&#148; &#147;instruments,&#148; &#147;general intangibles,&#148; &#147;payment intangibles,&#148; &#147;commercial tort claims,&#148;
&#147;securities,&#148; &#147;investment property,&#148; </P>
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&#147;documents,&#148; &#147;supporting obligations,&#148; &#147;deposit accounts,&#148; &#147;software,&#148; &#147;security entitlements,&#148; &#147;letter of credit rights,&#148;
&#147;inventory,&#148; &#147;equipment&#148;, &#147;fixtures&#148; and &#147;proceeds&#148; as and when used in the description of Collateral (and not otherwise capitalized and defined herein), shall have the meanings given to such terms in
Articles&nbsp;8 or&nbsp;9 (as applicable) of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 1.4 <U>Other Terms; Headings</U>. An Event of Default shall
&#147;continue&#148; or be &#147;continuing&#148; unless and until such Event of Default has been cured or waived in writing by the Agent and the Required Lenders (or all Lenders, as applicable). The headings and the Table of Contents are for
convenience only and shall not affect the meaning or construction of any provision of this Agreement. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;include&#148;,
&#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation&#148;. The word &#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall&#148;. Unless the
context requires otherwise (i)&nbsp;any definition of or reference to any agreement, instrument or other document herein or in any other Loan Document shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other Loan Document), (ii)&nbsp;any reference herein to any Person
shall be construed to include such Person&#146;s successors and assigns, (iii)&nbsp;the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148;, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (iv)&nbsp;all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (v)&nbsp;the
words &#147;asset&#148; and &#147;property&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights,
(vi)&nbsp;time of day means time of day New York, New York, except as otherwise expressly provided, and (vi)&nbsp;the &#147;discretion&#148; of the Agent, the Required Lenders or the Lenders means the sole and absolute discretion of such Person(s).
Any reference to any law will include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation means unless otherwise specified, such law or regulation as amended,
modified or supplemented from time to time. All calculations of Value, making of Revolving Credit Loans, issuances of Letters of Credit and payments of Obligations shall be in Dollars and, unless the context otherwise requires, all determinations
(including calculations of the Borrowing Base and the Financial Covenant) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with
historical methods of valuation and calculation and otherwise reasonably satisfactory to the Agent. No provision of any Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the
provision. Whenever the phrase &#147;to the knowledge of&#148; or words of similar import are used in any Loan Documents, it means actual knowledge of a Responsible Officer of the applicable Loan Party or knowledge that such Responsible Officer
would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter to which such phrase relates.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>THE CREDIT FACILITIES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.1 <U>The Revolving Credit Loans</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Revolving Credit Loans; Borrowing Base</U>. Each Lender agrees (severally, not jointly or jointly and severally), subject to
Section&nbsp;2.5(a) and the other terms and conditions of this Agreement, to make revolving credit loans (together with the Swingline Loans, Protective Advances and Overadvances, the &#147;<U>Revolving Credit Loans</U>&#148;) to the Borrowers, from
time to time from the Closing Date to but excluding the Termination Date, at the Borrower Agent&#146;s request to the Agent, in an amount at any one time outstanding not to exceed the <U>lesser</U> of (i)&nbsp;such Lender&#146;s Revolving Credit
Commitment, or (ii)&nbsp;such Lender&#146;s Pro Rata Share of an aggregate principal amount at any one time outstanding which, when combined with the aggregate undrawn amount of all unexpired Letters of Credit, does not exceed the <U>lesser</U> of
(x)&nbsp;the Aggregate Revolving Credit Commitment and (y)&nbsp;the Borrowing Base at such time. On the Closing Date, all &#147;Revolving Credit Loans&#148; (as defined in the Original Loan and Security Agreement) outstanding under the Original Loan
and Security Agreement (the &#147;<U>Existing Revolving Loans</U>&#148;) shall be converted into Revolving Credit Loans hereunder, it being understood that no repayment of the Existing Revolving Loans is being effected hereby, but merely an
amendment, restatement, and renewal in accordance with the terms hereof. On the Closing Date, the Lenders shall effect a settlement (pursuant to Section 2.3(i)&nbsp;or as may otherwise be agreed upon by the applicable Lenders) of the Existing
Revolving Loans so as to cause each Lender to hold its Pro Rata Share (calculated pursuant to clause (i)&nbsp;of such definition) thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Agent, at any time in the exercise of its Permitted Discretion, may (i)&nbsp;establish and increase or decrease Reserves against
Eligible Receivables, the Borrowing Base and the Aggregate Revolving Credit Commitment, (ii)&nbsp;reduce the advance rates against Eligible Receivables, or thereafter increase such advance rates to any level equal to or below the advance rates in
effect on the Closing Date and (iii)&nbsp;impose additional restrictions (or eliminate the same) to the standards of eligibility set forth in the definitions of &#147;Eligible Receivables.&#148; The amount of any Reserve established by the Agent,
and any changes to the eligibility criteria set forth in the definitions of Eligible Receivables, shall have a reasonable relationship to the event, condition, other circumstance, or fact that is the basis for such reserve and shall not be
duplicative of any other reserve established and currently maintained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Revolving Credit Loans made by each Lender may, at the
request of such Lender, be evidenced by a single promissory note payable to the order of such Lender, substantially in the form of <U>Exhibit</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;A-1</FONT></U> (as amended, restated, supplemented or
otherwise modified from time to time, a &#147;<U>Revolving Credit Note</U>&#148; and, collectively, the &#147;<U>Revolving Credit Notes</U>&#148;), executed by the Borrowers and delivered to such Lender, in a stated maximum principal amount equal to
such Lender&#146;s Revolving Credit Commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Payment</U>. The Borrowers hereby promise to pay all of the Revolving Credit Loans
and all other Obligations (including, without limitation, principal, interest, fees, costs, and expenses payable under this Agreement and the other Loan Documents) in full on the Termination Date or, if earlier, on the date on which the Revolving
Credit Loans and the Obligations (other than Bank Product Obligations) become due and payable pursuant to the terms of this Agreement. The Borrowers may borrow, repay and reborrow Revolving Credit Loans, in whole or in part, in accordance with the
terms hereof prior to the Termination Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.2 <U>[Reserved]</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.3 <U>Procedure for Borrowing; Notices of Borrowing; Notices of Continuation; Notices of Conversion</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Borrowing</U>. Each Borrowing of a Revolving Credit Loan (each, a &#147;<U>Borrowing</U>&#148;) shall be made on notice, given not
later than&nbsp;2:00 p.m. (New York time) on the third Business Day prior to the date of the proposed Borrowing in the case of a LIBOR Rate Advance, and not later than&nbsp;2:00 p.m. (New York time) on the date of the proposed Borrowing in the case
of a Base Rate Advance, by the Borrower Agent to the Agent; <U>provided</U> that any Borrowing made on the Closing Date must be made as a Base Rate Advance unless the Borrower Agent shall have given the notice required for a LIBOR Rate Advance under
Section 2.3(d) and provided an indemnity letter extending the benefits of Section&nbsp;4.10 to Lenders in respect of such Borrowing. Each such notice of a Borrowing shall be by telephone, confirmed immediately in writing (by electronic transmission
or otherwise as permitted hereunder), substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;B</U> (a &#147;<U>Notice of Borrowing</U>&#148;), specifying therein the requested (i)&nbsp;date of such Borrowing, (ii)&nbsp;the Type of Advance
comprising such Borrowing, (iii)&nbsp;the aggregate principal amount of such Borrowing and (iv)&nbsp;the Interest Period, in the case of a LIBOR Rate Advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>LIBOR Rate Advances</U>. With respect to any Borrowing consisting of a LIBOR Rate Advance, the Borrower Agent may, subject to the
provisions of Section&nbsp;2.3(d) and so long as all the conditions set forth in Article&nbsp;V have been fulfilled, elect to maintain such Borrowing or any portion thereof as a LIBOR Rate Advance by selecting a new Interest Period for such
Borrowing, which new Interest Period shall commence on the last day of the Interest Period then ending. Each selection of a new Interest Period (a &#147;<U>Continuation</U>&#148;) shall be made by notice given not later than 2:00 p.m. (New York
time) on the third Business Day prior to the date of any such Continuation by the Borrower Agent to the Agent. Such notice by the Borrower Agent of a Continuation shall be by telephone, confirmed immediately in writing (by electronic transmission or
otherwise as permitted hereunder), substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;C</U> (a &#147;<U>Notice of Continuation/Conversion</U>&#148;), specifying whether the Advance subject to the requested Continuation comprises part (or
all) of the Revolving Credit Loans and the requested (i) date of such Continuation, (ii) the new Interest Period and (iii) aggregate amount of the Advance subject to such Continuation, which shall comply with all limitations on Revolving Credit
Loans hereunder. Unless, on or before 2:00 p.m. (New York time) of the third Business Day prior to the expiration of an Interest Period, the Agent shall have received a Notice of Continuation/Conversion from the Borrower Agent for the entire
Borrowing consisting of the LIBOR Rate Advance outstanding during such Interest Period, any amount of such Advance comprising such Borrowing remaining outstanding at the end of such Interest Period (or any portion of such Advance not covered by a
timely Notice of Continuation/Conversion) shall, upon the expiration of such Interest Period, be Converted to a Base Rate Advance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Conversions</U>. The Borrower Agent may on any Business Day by giving a Notice of Continuation/Conversion to the Agent, and subject to the provisions of Section&nbsp;2.3(d), Convert the entire amount of or a portion of an Advance of one Type into
an Advance of another Type; <U>provided</U>, <U>however</U>, that any Conversion of a LIBOR Rate Advance into a Base Rate Advance shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Advance. Each such Notice of
Continuation/Conversion shall be given not later than&nbsp;2:00 p.m. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(New York time) on the Business Day prior to the date of any proposed Conversion into a Base Rate Advance and on the third Business Day prior to the date of any proposed Conversion into a LIBOR
Rate Advance. Subject to the restrictions specified above, each Notice of Continuation/Conversion shall be by telephone, confirmed immediately in writing (by electronic transmission or otherwise as permitted hereunder), specifying (i)&nbsp;the
requested date of such Conversion, (ii)&nbsp;the Type of Advance to be Converted, (iii)&nbsp;the requested Interest Period, in the case of a Conversion into a LIBOR Rate Advance, and (iv)&nbsp;the amount of such Advance to be Converted and whether
such amount comprises part (or all) of the Revolving Credit Loans. Each Conversion shall be in an aggregate amount not less than Two Million Dollars ($2,000,000) or an integral multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Limitations on Use of LIBOR Rate</U>. Anything in subsection&nbsp;(b) or (c)&nbsp;above to the contrary notwithstanding, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if, at least one (1)&nbsp;Business Day before the date of any requested LIBOR Rate Advance, the introduction of or any
change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for the Lenders or any of its Affiliates to perform its obligations hereunder to make a
LIBOR Rate Advance or to fund or maintain a LIBOR Rate Advance hereunder (including in the case of a Continuation or a Conversion), the Agent shall promptly give written notice of such circumstance to the Borrower Agent, and the right of the
Borrower Agent to select a LIBOR Rate Advance for such Borrowing or any subsequent Borrowing (including a Continuation or a Conversion) shall be suspended until the circumstances causing such suspension no longer exist, and any Advance comprising
such requested Borrowing (or Continuation or Conversion) shall be a Base Rate Advance; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if, at least one
(1)&nbsp;Business Day before the first day of any Interest Period, the Agent is unable to determine the LIBOR Rate for LIBOR Rate Advances comprising any requested Borrowing, Continuation or Conversion, the Agent shall promptly give written notice
of such circumstance to the Borrower Agent, and the right of the Borrower Agent to select or maintain LIBOR Rate Advances for such Borrowing (or Continuing or Conversion) or any subsequent Borrowing shall be suspended until the Agent shall notify
the Borrower Agent that the circumstances causing such suspension no longer exist, and any Advance comprising such Borrowing (or Continuation or Conversion) shall be a Base Rate Advance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) if any Lender shall, at least one (1)&nbsp;Business Day before the date of any requested Borrowing or Continuation of, or
Conversion into, a LIBOR Rate Advance, notify the Agent and the Borrower Agent that the LIBOR Rate for Advances comprising such Borrowing, Continuation or Conversion will not adequately reflect the cost to such Lender of making or funding Advances
for such Borrowing, the right of the Borrower Agent to select LIBOR Rate Advances shall be suspended until the Agent shall notify the Agent and the Borrower Agent that the circumstances causing such suspension no longer exist, and any Advance
comprising such Borrowing (or Continuation or Conversion) shall be a Base Rate Advance; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) there shall not be outstanding at any time more than five
(5)&nbsp;Borrowings which consist of LIBOR Rate Advances; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) each Borrowing which consists of LIBOR Rate Advances shall
be in an amount equal to Two Million Dollars ($2,000,000) or a whole multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) if a Default or Event of Default has occurred and is continuing, no LIBOR Rate Advances may be borrowed or continued as
such and no Base Rate Advance may be Converted into a LIBOR Rate Advance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Effect of Notice</U>. Each Notice of Borrowing and each
Notice of Continuation/Conversion shall be irrevocable and binding on the Borrowers. The Borrowers agree to indemnify the Agent and the Lenders against any loss, cost or expense incurred by the Agent or any Lender as a result of (i)&nbsp;default by
the Borrowers in making a Borrowing of, Conversion into or Continuation of a LIBOR Rate Advance after the Borrower Agent has given notice requesting the same, (ii)&nbsp;default by the Borrowers in payment when due of the principal amount of or
interest on any LIBOR Rate Advance or (iii)&nbsp;the making of a payment or prepayment of a LIBOR Rate Advance on a day which is not the last day of an Interest Period with respect thereto, including, without limitation, any loss (including loss of
anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the Agent or any Lender to fund such Advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Disbursements</U>. Promptly after its receipt of a Notice of Borrowing under Section&nbsp;2.3(a), the Agent shall elect, in its
discretion, (i)&nbsp;to have the terms of Section&nbsp;2.3(g) apply to the requested Borrowings or (ii)&nbsp;to make a Loan under Section&nbsp;2.3(h) to the Borrowers in the amount of the requested Borrowing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Lenders to Advance</U>. (i)&nbsp;If the Agent shall elect to have the terms of this Section&nbsp;2.3(g) apply to a requested Borrowing
as described in Section&nbsp;2.3(f)(i) then, promptly after its receipt of a Notice of Borrowing under Section&nbsp;2.3(a), the Agent shall notify the Lenders in writing (by electronic transmission or otherwise as permitted hereunder) of the
requested Borrowing. Each Lender shall make the amount of such Lender&#146;s Pro Rata Share of the requested Borrowing available to the Agent in same day funds, for the account of the Borrowers, at the Agent&#146;s Payment Account prior to&nbsp;4:00
p.m. (New York time), on the Borrowing Date requested by the Borrower Agent. The proceeds of such Borrowing will then be made available to the Borrowers by the Agent wire transferring to the Operating Account the aggregate of the amounts made
available to the Agent by the Lenders, and in like funds as received by the Agent by 4:00 p.m. (New York time), on the requested Borrowing Date or as otherwise requested by the Borrower Agent in its Notice of Borrowing, and approved by the Agent for
such purpose. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Unless the Agent receives contrary written notice prior to 3:00 p.m. (New York time) on the date of any
proposed Borrowing, the Agent shall be entitled to assume that each Lender will make available its Pro Rata Share of such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


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Borrowing and, in reliance upon that assumption, but without any obligation to do so, may advance such Pro Rata Share on behalf of such Lender. If and to the extent that such Lender shall not
have made such amount available to the Agent, but the Agent has made such amount available to the Borrowers, such Lender and the Borrowers jointly and severally agree to pay and repay the Agent forthwith on demand such corresponding amount and to
pay interest thereon, for each day from the date of such Borrowing until the date such amount is paid or repaid to the Agent, at (A)&nbsp;in the case of the Borrowers, the interest rate applicable at such time to such Loan and (B)&nbsp;in the case
of each Lender, for the period from the date such Borrowing to (and including) three days after demand therefor by the Agent to such Lender, at the Federal Funds Rate and, following such third day, at the interest rate applicable at such time to
such Loan, in each case, together with all costs and expenses incurred by the Agent in connection therewith. If a Lender shall pay to the Agent any or all of such amount, such amount so paid shall constitute a Revolving Credit Loan by such Lender to
the Borrowers for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Swingline Loan</U>. If the Agent shall elect, in its discretion, to have the terms
of this Section&nbsp;2.3(h) apply to a requested Borrowing of Revolving Credit Loans (as described in Section&nbsp;2.3(f)(ii)), the Swingline Lender shall make a Loan in the amount of such requested Borrowing (any such Loan made solely by the
Swingline Lender under this Section&nbsp;2.3(h) being referred to as an &#147;<U>Swingline Loan</U>&#148;) available to the Borrowers in same day funds by wire transferring such amount to the Operating Account by&nbsp;4:00 p.m. (New York time) on
the requested Borrowing Date. Each Swingline Loan shall be subject to all the terms and conditions applicable hereunder to the other Revolving Credit Loans except that all payments thereon shall be payable to the Swingline Lender solely for its own
account (and for the account of the holder of any participation interest with respect to such Loan). The Swingline Lender shall not make any Swingline Loan if (i)&nbsp;the requested Borrowing would cause the aggregate outstanding amount of Revolving
Credit Loans, Swingline Loans and undrawn amount of unexpired Letters of Credit to exceed the <U>lesser</U> of (x)&nbsp;the Borrowing Base and (y)&nbsp;the Aggregate Revolving Credit Commitment on such Borrowing Date or (ii)&nbsp;the requested
Borrowing would cause the aggregate outstanding amount of Swingline Loans to exceed Twenty Million Dollars ($20,000,000). The Swingline Loans shall be repayable on demand, shall be secured by the Collateral, shall constitute Revolving Credit Loans
and Obligations hereunder and shall bear interest at the rate in effect from time to time applicable to the Revolving Credit Loans comprised of Base Rate Advances, including any increase in such rate that is applicable under Section&nbsp;4.2. The
Swingline Loans made by the Swingline Lender may, at the request of such Lender, be evidenced by a single promissory note payable to the order of such Lender, in the form of
<U>Exhibit</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;A-2</FONT></U> (as amended, restated, supplemented or otherwise modified from time to time, a &#147;<U>Swingline Note</U>&#148;), as executed by the Borrowers and delivered to the
Swingline Lender, in a stated amount equal to the maximum amount of the Swingline Loans specified in this subsection. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)
<U>Settlements</U>. Each Lender&#146;s funded portion of any Loan is intended to be equal at all times to such Lender&#146;s Pro Rata Share of all outstanding Revolving Credit Loans. Notwithstanding such agreement, the Agent and the other Lenders
agree (which agreement shall not be for the benefit of or enforceable by the Borrowers) that, to facilitate the administration of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


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this Agreement and the other Loan Documents, settlement among them as to the Swingline Loans, any Protective Advances and any Overadvances shall take place on a periodic basis in accordance with
the following provisions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) The Agent shall request settlement (&#147;<U>Settlement</U>&#148;) with the Lenders on a
weekly basis, or on a more frequent basis if so determined by the Agent, with respect to (A)&nbsp;each outstanding Swingline Loan, Protective Advance and Overadvance and (B)&nbsp;all payments made by the Borrowers on account of the Revolving Credit
Loans, in each case by notifying the Lenders of such requested Settlement by telephone, confirmed immediately in writing (by electronic transmission or otherwise as permitted hereunder), prior to&nbsp;2:00 p.m. (New York time) on the date of such
requested Settlement (any such date being a &#147;<U>Settlement Date</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Each Lender shall make the amount of
such Lender&#146;s Pro Rata Share of the outstanding principal amount of the Swingline Loan, any Protective Advance and any Overadvance with respect to which Settlement is requested available to the Agent in same day funds, for itself or for the
account of the Agent, to the Agent&#146;s Payment Account prior to&nbsp;4:00 p.m. (New York time), on the Settlement Date applicable thereto, regardless of whether the conditions precedent specified in Section&nbsp;5.2 have then been satisfied. Such
amounts made available to the Agent shall be applied against the amounts of the applicable Swingline Loan, Protective Advance and Overadvance, and, together with the portion of such Swingline Loan, any Protective Advance and any Overadvance
representing Agent&#146;s Pro Rata Share thereof, shall constitute Revolving Credit Loans of such Lenders. If any such amount is not made available to the Agent by any Lender on the Settlement Date applicable thereto, the Agent shall be entitled to
recover such amount on demand from such Lender together with interest thereon at the Federal Funds Rate for the first three (3)&nbsp;Business Days from and after such Settlement Date and thereafter at the interest rate then applicable to Base Rate
Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) Notwithstanding the foregoing, not more than one (1)&nbsp;Business Day after demand is made by the Agent
(whether before or after the occurrence of a Default or an Event of Default), each Lender (other than the Bank) shall irrevocably and unconditionally purchase and receive from the Agent, without recourse or warranty, an undivided interest and
participation in such Swingline Loan, any Protective Advance and any Overadvance to the extent of such Lender&#146;s Pro Rata Share thereof, by paying to the Agent, in same day funds, an amount equal to such Lender&#146;s Pro Rata Share of such
Swingline Loan, regardless of whether the conditions precedent specified in Section&nbsp;5.2 have then been satisfied. If such amount is not made available to the Agent by any Lender, the Agent shall be entitled to recover such amount on demand from
such Lender together with interest thereon at the Federal Funds Rate for the first three days from and after such demand and thereafter at the interest rate then applicable to the Revolving Credit Loans that are Base Rate Advances, including any
increase in such rate that is applicable under Section&nbsp;4.2. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) From and after the date, if any, on which any Lender
purchases an undivided interest and participation in any Swingline Loan, Protective Advance or Overadvance under clause&nbsp;(C) above, the Agent shall promptly distribute to such Lender such Lender&#146;s Pro Rata Share of all payments of principal
and interest received by the Agent in respect of such Swingline Loan, Protective Advance and Overadvance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.4 <U>Application of Proceeds</U>. The proceeds of the Revolving Credit Loans shall be
used by the Borrowers to refinance existing Indebtedness, for their general working capital purposes, for expenses incurred by the Borrowers in connection herewith and for other, general purposes consistent with the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.5 <U>Revolving Credit Commitment; Mandatory Prepayments; Optional Prepayments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Maximum Amount</U>. In no event shall the sum of the aggregate outstanding principal balance of the Revolving Credit Loans and the
aggregate undrawn amount of all unexpired Letters of Credit exceed (other than solely as a result of Protective Advances and Overadvances permitted under Section&nbsp;2.15) the <U>lesser</U> of (i)&nbsp;the Borrowing Base and (ii)&nbsp;the Aggregate
Revolving Credit Commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Mandatory Prepayments</U>. In addition to any prepayment required in accordance with
Section&nbsp;10.2 as a result of an Event of Default hereunder, the Revolving Credit Loans shall be subject to mandatory prepayment as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) immediately upon discovery by or notice to the Borrower Agent that any of the lending limits set forth in
Section&nbsp;2.1(a) or Section&nbsp;2.5(a) have been exceeded (other than solely as a result of Protective Advances and Overadvances permitted under Section&nbsp;2.15), the Borrowers shall pay the Agent for the benefit of the Lenders an amount
sufficient to reduce the outstanding principal balance of the Revolving Credit Loans, Collateralize outstanding Letters of Credit, or any combination thereof, to the applicable maximum allowed amount, and such amount shall become due and payable by
the Borrowers without the necessity of a demand by the Agent or any Lender; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the entire outstanding principal
amount of the Revolving Credit Loans, together with all accrued and unpaid interest thereon and all fees and other Lender Group Expenses payable by the Borrowers hereunder, shall become due and payable on the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Voluntary Prepayments</U>. The Borrowers may, at any time and from time to time, prepay the Revolving Credit Loans, in whole or in
part, upon at least two (2)&nbsp;Business Days&#146; irrevocable notice by the Borrower Agent to the Agent in the case of Base Rate Advances, and three (3)&nbsp;Business Days&#146; irrevocable notice by the Borrower Agent to the Agent in the case of
LIBOR Rate Advances, specifying the date and amount of prepayment, <U>provided</U> that (i)&nbsp;LIBOR Rate Advances may not be optionally prepaid other than on the last day of any Interest Period with respect thereto unless the Borrowers pay any
breakage or other fees required </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


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hereunder and (ii)&nbsp;a notice of optional prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the
incurrence of other Indebtedness or any other event, in which case such notice of prepayment may be revoked by the Borrowers (by written notice to the Agent on or prior to the specified date) if such condition is not satisfied. If such notice is
given, the Borrowers shall make such prepayment, and the payment amount specified in such notice shall be due and payable, on the date specified therein accompanied by the amount of accrued and unpaid interest thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Swaps</U>. Notwithstanding the foregoing, the Borrowers acknowledge that, to the extent that any Borrower enters into a Swap Obligation
in connection with any Loan, any prepayment (in whole or in part) or termination of such Loan prior to the stated termination date of such Swap Obligation will trigger the early termination of such Swap Obligation documentation. Each Swap Obligation
is subject to separate documentation independent of such Loan and any termination of a Swap Obligation prior to its stated termination date will result in a payment being made, either by such Borrower to the Secured Party thereto by such Secured
Party to such Borrower, depending on the fair market value of such Swap Obligation on the early termination date. Such payment is independent of any amounts due in respect of such Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.6 <U>Maintenance of Loan Account; Statements of Account</U>. The Agent shall maintain an account on its books in the name of the
Borrowers (the &#147;<U>Loan Account</U>&#148;) in which the Borrowers will be charged with all Revolving Credit Loans and Advances made by the Lenders to the Borrowers or for the Borrowers&#146; account, including the Revolving Credit Loans,
interest, fees, Lender Group Expenses and any other Obligations. The Loan Account will be credited with all amounts received by the Lenders from the Borrowers or for the Borrowers&#146; account, including, as set forth in Section&nbsp;2.7 below, all
amounts received from any Lockbox Account or Blocked Account. The Lender shall send the Borrower Agent a monthly statement reflecting the activity in the Loan Account. Each such statement shall be an account stated and shall be final, conclusive and
binding on the Borrowers, absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.7 <U>Collection of Receivables</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Lockbox</U>. The Loan Parties shall at all times maintain one or more agreements with the Bank (or its agent or designee) (each, a
&#147;<U>Lockbox Agreement</U>&#148; or, collectively, the &#147;<U>Lockbox Agreements</U>&#148;), pursuant to which the Loan Parties shall maintain (or direct the Bank to maintain) one or more post office boxes (each, a &#147;<U>Lockbox</U>&#148;
or, collectively, the &#147;<U>Lockboxes</U>&#148;), to be used for the sole and exclusive purpose of concentrating the remittance of Collections, and in connection therewith, the Loan Parties shall maintain with the Bank one or more deposit
accounts (each, a &#147;<U>Lockbox Account</U>&#148; and, collectively, the &#147;<U>Lockbox Accounts</U>&#148;), for the sole purpose of receiving all checks, drafts, instruments and other items of payment (&#147;<U>Items of Payment</U>&#148;)
received in the Lockboxes or otherwise in respect of Collections as set forth in Section 2.7(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Collections</U>. The Loan Parties
have notified all account debtors existing as of the Closing Date, and at all times after the Closing Date, the Loan Parties shall notify all new account debtors, to remit all payments of Receivables directly to a designated Lockbox or, to the
extent any such remittances are made by wire transfer, automated clearing house (ACH) or other like form of electronic transmission, to make such transmissions directly to a Lockbox Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


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The Loan Parties shall cause any Items of Payment (or cash) that the Loan Parties directly receive from any of their respective account debtors to be deposited on a daily basis into a Lockbox
Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Blocked Accounts</U>. Without limitation of the foregoing, the Loan Parties will maintain their deposit accounts and
securities accounts with and through one or more of the Lenders during the term of this Agreement; <U>provided</U> that the Loan Parties will maintain their Lockbox Accounts, their other primary deposit accounts and their primary Cash Management
Services (to the extent offered by Citibank) with and through Citibank during the term of this Agreement. Except as otherwise permitted under Section&nbsp;8.22, the Loan Parties shall establish and maintain Control Agreements with the Agent and the
applicable bank or securities intermediary, on terms reasonably satisfactory to the Agent, with respect to all of their deposit accounts and securities accounts (each, a &#147;<U>Blocked Account</U>&#148; and collectively, the &#147;<U>Blocked
Accounts</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Cash Dominion Period</U>. If a Cash Dominion Period has occurred and is continuing, the Agent will cause all
funds deposited into any Blocked Account to be credited on a daily basis to the Loan Account, conditional upon final collection, unless the Agent otherwise at any time and from time to time, in its Permitted Discretion, deems itself insecure in
regard to one or more or all such payments, in which case, such funds shall be applied to the Obligations in such order as the Agent shall elect. Credit will be given only for funds received prior to&nbsp;4:00 p.m. (New York time) by the Agent in
any Blocked Account. In all cases, the Blocked Accounts will be credited only with the net amounts actually received in payment of their Receivables. So long as no Cash Dominion Period is in effect, the Loan Parties may direct the manner of
disposition of funds in their respective Blocked Accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>No Commingling</U>. The Loan Parties will not commingle any Items of
Payment with any of their other funds or property, but will segregate them from their other assets and will hold them in trust and for the account and as the property of the Agent until remitted as provided hereinabove, and the Loan Parties will not
establish any other deposit account, lockbox, lockbox account or blocked account for the purpose of collecting any such Items of Payment or divert or direct at any time any such Items of Payment to any other deposit account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.8 <U>Term</U>. The term of this Agreement shall be for a period from the Closing Date through the and including the Termination
Date. Notwithstanding the foregoing, the Borrowers shall have no right to terminate this Agreement at any time that any principal of or interest on any of the Revolving Credit Loans is outstanding, except upon Payment in Full of all Obligations.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.9 <U>Payment Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Loan Account</U>. The Borrowers hereby authorize the Agent to charge the Loan Account with the amount of all principal, interest, fees,
Lender Group Expenses and other payments to be made hereunder and under the other Loan Documents. The Agent may, but shall not be obligated to, discharge the Borrowers&#146; payment obligations hereunder by so charging the Loan Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Time of Payment</U>. Each payment by the Borrowers on account of principal, interest, fees
or Lender Group Expenses hereunder shall be made to the Agent. All payments to be made by the Borrowers hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff, deduction or
counterclaim and shall be made prior to&nbsp;4:00 p.m. (New York time) on the due date thereof to the Agent, for the account of the Lenders according to their Pro Rata Shares (except as expressly otherwise provided), at the Agent&#146;s Payment
Account in immediately available funds. Except for payments which are expressly provided to be made (i)&nbsp;for the account of the Agent or Swingline Lender only or (ii)&nbsp;under the settlement provisions of section&nbsp;2.3(i), the Agent shall
distribute all payments to the Lenders on the Business Day following receipt in like funds as received. Notwithstanding anything to the contrary contained in this Agreement, if a Lender or any of its Affiliates exercises its right of setoff under
Section&nbsp;12.3 or otherwise, any amounts so recovered shall promptly be shared by such Lender with the other Lenders according to their respective Pro Rata Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Next Business Day</U>. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the
payment may be made on the next succeeding Business Day (except as specified in clause&nbsp;(ii) of the definition of Interest Period) and such extension of time shall be included in the computation of the amount of interest due hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Application</U>. Subject to Section&nbsp;10.5, the Agent shall have the continuing and exclusive right, if an Event of Default exists,
to apply or reverse and <FONT STYLE="white-space:nowrap">re-apply</FONT> any payment and any and all proceeds of Collateral to any portion of the Obligations. To the extent that any Borrower makes a payment or the Agent receives any payment or
proceeds of the Collateral for any Borrower&#146;s benefit, which is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party
under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.10 <U>Designation of a Different Lending Office</U>. If any Lender requests compensation under Section&nbsp;4.10, or requires any
Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section&nbsp;4.11, then such Lender (at the request of the Borrower Agent) shall use reasonable efforts
to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i)&nbsp;would eliminate or reduce amounts payable pursuant to Section&nbsp;4.10 or Section&nbsp;4.11, as the case may be, in the future, and (ii)&nbsp;would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrowers hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.11 <U>Replacement of Lenders</U>. If any Lender requests compensation under Section&nbsp;4.10, or if any Borrower is required to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to </P>
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Section&nbsp;4.11 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section&nbsp;2.10, or if any Lender is a Defaulting Lender or
a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, then the Borrowers may, at their sole expense and effort, upon notice by the Borrower Agent to such Lender and the Agent, require such Lender to assign and delegate (and such Lender
agrees to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in, and the consents required by, Section&nbsp;12.7), all of its interests, rights (other than its existing rights to payments pursuant to
Section&nbsp;4.10 or Section&nbsp;4.11) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
<U>provided</U> that (i)&nbsp;the Borrowers shall have paid to the Agent the assignment fee (if any) specified in Section&nbsp;12.7; (ii) such Lender shall have received payment of an amount equal to the outstanding principal of all Revolving Credit
Loans owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section&nbsp;4.10) from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrowers (in the case of all other amounts); (iii) in the case of any such assignment resulting from a claim for compensation under Section&nbsp;4.10 or payments required to be made pursuant to
Section&nbsp;4.11, such assignment will result in a reduction in such compensation or payments thereafter; (iv)&nbsp;such assignment does not conflict with applicable law; and (v)&nbsp;in the case of any assignment resulting from a Lender becoming a
<FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, the applicable assignee shall consent, at the time of such assignment, to each applicable amendment, waiver or consent. A Lender (other than a Defaulting Lender) shall not be required to
make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Nothing in this Section&nbsp;2.11
shall be deemed to prejudice any rights that the Borrower or any Lender that is not a Defaulting Lender may have against any Defaulting Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.12 <U>Defaulting Lenders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Agent may recover all amounts owing by a Defaulting Lender on demand, and all such amounts owing shall bear interest at the Default
Rate applicable to Base Rate Loans until Paid in Full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The failure of any Defaulting Lender to fund its Pro Rata Share of any
Borrowing shall not relieve any other Lender of its obligation to fund its Pro Rata Share of such Borrowing. Conversely, no Lender shall be responsible for the failure of another Lender to fund such other Lender&#146;s Pro Rata Share of a Borrowing.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Agent shall not be obligated to transfer to a Defaulting Lender any payments made by the Borrowers to the Agent for the
Defaulting Lender&#146;s benefit; nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including, without limitation, any fees). Amounts payable to a Defaulting Lender shall instead be paid to or retained by the Agent.
The Agent may hold and, in its Permitted Discretion, apply any or all of such amounts to the Defaulting Lender&#146;s defaulted obligations, use the funds to Collateralize such Lender&#146;s Fronting Exposure, or
<FONT STYLE="white-space:nowrap">re-lend</FONT> to the Borrowers the amount of all such payments received or retained by it for the account of such Defaulting Lender. For purposes of voting or consenting to matters with respect to the Loan Documents
and determining Pro Rata Shares, </P>
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such Defaulting Lender shall be deemed not to be a Lender and such Lender&#146;s Commitment or Revolving Credit Loans made by it, as applicable, for such purposes shall be deemed to be zero (0).
This Section shall remain effective with respect to such Lender until the Defaulting Lender has ceased to be a Defaulting Lender. The operation of this Section shall not be construed to increase or otherwise affect the Commitment of any Lender or to
relieve or excuse the performance by any of the Borrowers of their duties and obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Agent, at its election, at
any time, may require that the reimbursement obligations of a Defaulting Lender in respect of Letters of Credit be reallocated to, and assumed by, the other Lenders based on their respective Pro Rata Shares through (calculated as if the Defaulting
Lender&#146;s Pro Rata Share was zero (0)), <I>provided</I> that no Lender shall be reallocated, or required to fund, any such amounts that could would cause the sum of such Lender&#146;s outstanding Revolving Credit Loans and outstanding
reimbursement obligations in respect of Letters of Credit to exceed its Commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If Agent determines, in its sole discretion, that
a Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any cash Collateralization), that Lender will, to the extent applicable, purchase that portion of outstanding Revolving Credit Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause
the Revolving Credit Loans and the funded and unfunded participations in Letters of Credit to be held by the Lenders in accordance with their Pro Rata Shares (without giving effect to subsection&nbsp;(c) above) whereupon that Lender will cease to be
a Defaulting Lender; <I>provided</I> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and <I>provided</I>, <I>further</I>, that
except to the extent otherwise expressly agreed by the affected parties and subject to Section&nbsp;2.11, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender&#146;s having been a Defaulting Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.13 <U>Letters of Credit</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Agent, upon the request of the Borrower Agent, shall cause the Letter of Credit Issuer to issue for the account of any of the
Borrowers Letters of Credit of a tenor and containing terms acceptable to the Borrower Agent, the Agent and the Letter of Credit Issuer, in a maximum aggregate face amount outstanding at any time not to exceed the Letter of Credit Sublimit;
<U>provided</U> that (i)&nbsp;the Agent shall have no obligation to cause to be issued any Letter of Credit with an expiration date after the Termination Date and (ii)&nbsp;if a Letter of Credit is issued with an expiration date after the
Termination Date, the Borrowers shall Collateralize such Letter of Credit in full immediately. The term of any Letter of Credit shall not exceed three hundred sixty (360)&nbsp;days from the date of issuance, subject to renewal in accordance with the
terms thereof, but in no event to a date beyond the Termination Date. All Letters of Credit shall be subject to the limitations set forth in Section&nbsp;2.5, and a sum equal to the aggregate amount of all outstanding Letters of Credit shall be
included in calculating outstanding amounts for purposes of determining compliance with Section&nbsp;2.5. Without limitation of the foregoing, but for the avoidance of any doubt, the maximum amount of all unexpired Letters of Credit outstanding at
any one time, when aggregated with (without duplication) all Revolving Credit Loans shall not exceed the <U>lesser</U> of (x)&nbsp;the Aggregate Revolving Credit Commitment and (y)&nbsp;the Borrowing Base. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Immediately upon issuance or amendment of any Letter of Credit in accordance with the
procedures set forth in this Section&nbsp;2.13, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Agent, without recourse or warranty, an undivided interest and participation, to the extent of such
Lender&#146;s Pro Rata Share, of the liability and obligations under and with respect to such Letter of Credit and the Letter of Credit Agreement (including, without limitation, all obligations of the Borrowers with respect thereto, other than
amounts owing to the Agent pursuant to the first sentence of Section&nbsp;4.4(b)) and any security therefor or guaranty pertaining thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Whenever the Borrower Agent desires the issuance of a Letter of Credit, the Borrower Agent shall deliver to the Agent a written notice, no
later than&nbsp;2:00 p.m. (New York time) at least five (5)&nbsp;Business Days (or such shorter period as may be agreed to by the Agent) in advance of the proposed date of issuance of a letter of credit, substantially in the form attached as
<U>Exhibit</U><U></U><U>&nbsp;E</U> (a &#147;<U>Letter of Credit Request</U>&#148;). The transmittal by the Borrower Agent of each Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower Agent that the Letter of
Credit may be issued in accordance with and will not violate any of the requirements of this Section&nbsp;2.13. Prior to the date of issuance of each Letter of Credit, the Borrower Agent shall provide to the Agent a precise description of the
documents and the text of any certificate to be presented by the beneficiary of such Letter of Credit which, if presented by such beneficiary on or prior to the expiration date of such Letter of Credit, would require the Letter of Credit Issuer to
make payment under such Letter of Credit. The Agent, in its Permitted Discretion, may require changes in any such documents and certificates. No Letter of Credit shall require payment against a conforming draft to be made thereunder prior to the
second Business Day after the date on which such draft is presented. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Upon any request for a drawing under any Letter of Credit by the
beneficiary thereof, (i)&nbsp;the Borrower Agent shall be deemed to have timely given a Notice of Borrowing to the Agent for a Revolving Credit Loan on the date on which such drawing is honored in an amount equal to the amount of such drawing and
(ii)&nbsp;without regard to satisfaction of the applicable conditions specified in Section&nbsp;5.2 and the other terms and conditions of borrowings contained herein, the Lenders shall, on the date of such drawing, make Revolving Credit Loans
comprised of Base Rate Advances in the amount of such drawing, the proceeds of which shall be applied directly by the Agent to reimburse the Letter of Credit Issuer for the amount of such drawing or payment. If for any reason, proceeds of Advances
are not received by the Agent on such date in an amount equal to the amount of such drawing, the Borrowers shall reimburse the Agent, on the Business Day immediately following the date of such drawing, in an amount in same day funds equal to the
excess of the amount of such drawing over the amount of such Revolving Credit Loans, if any, which are so received, <U>plus</U> accrued interest on such amount at the rate set forth in Section&nbsp;4.1(a) or&nbsp;4.2, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) As among the Borrowers, the Agent, the Letter of Credit Issuer and each Lender, the Borrowers assume all risks of the acts and omissions
of the Agent and the Letter of Credit Issuer (other than for the gross negligence or willful misconduct of the Agent or the Letter of Credit Issuer) or misuse of the Letters of Credit by the respective beneficiaries of such Letters
</P>
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of Credit. In furtherance and not in limitation of the foregoing, neither the Agent nor any of the Lenders nor the Letter of Credit Issuer shall be responsible (i)&nbsp;for the accuracy,
genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under such Letters of Credit even if it should in fact prove to be in any or all respects invalid,
inaccurate, fraudulent or forged, (ii)&nbsp;for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole
or in part, which may prove to be invalid or ineffective for any reason, (iii)&nbsp;for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex, telecopy or otherwise, whether or not
they be in cipher, (iv)&nbsp;for errors in interpretation of technical terms, (v)&nbsp;for any loss or delay in the transmission or otherwise of any document required to make a drawing under any such Letter of Credit, or of the proceeds thereof,
(vi)&nbsp;for the misapplication by the beneficiary of any such Letter of Credit, of the proceeds of any drawing honored under such Letter of Credit, and (vii)&nbsp;for any consequences arising from causes beyond the control of the Letter of Credit
Issuer, the Agent or the Lenders, <U>provided</U>, that the foregoing shall not release the Agent or the Letter of Credit Issuer for any liability for its gross negligence or willful misconduct. None of the above shall affect, impair, or prevent the
vesting of any of the Agent&#146;s rights or powers hereunder. Any action taken or omitted to be taken by the Agent or the Letter of Credit Issuer under or in connection with any Letter of Credit, if taken or omitted in the absence of gross
negligence or willful misconduct of the Agent or the Letter of Credit Issuer, as the case may be, shall not create any liability of the Agent or the Letter of Credit Issuer to any Borrower or any Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The obligations of the Borrowers to reimburse the Letter of Credit Issuer for drawings honored under the Letters of Credit and the
obligations of the Lenders under this Section&nbsp;2.13 shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances including, without limitation, the following
circumstances: (i)&nbsp;any lack of validity or enforceability of this Agreement, any Letter of Credit, or any Letter of Credit Agreement; (ii)&nbsp;the existence of any claim, setoff, defense or other right which any Borrower or any Affiliate of
any Borrower may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such beneficiary or transferee may be acting), the Agent, any Lender or any other Person, whether in
connection with this Agreement, the other Loan Documents, the transactions contemplated herein or therein or any unrelated transaction; (iii)&nbsp;any draft, demand, certificate or other documents presented under any Letter of Credit proving to be
forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect; (iv)&nbsp;the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan
Documents; (v)&nbsp;failure of any drawing under a Letter of Credit or any <FONT STYLE="white-space:nowrap">non-application</FONT> or misapplication by the beneficiary of the proceeds of any drawing; or (vi)&nbsp;that a Default or Event of Default
shall have occurred and be continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.14 <U>Sharing of Payments, Etc</U>. If any Lender shall obtain at any time any payment
(whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of Obligations payable to such Lender hereunder at such time in excess of its ratable share (according to the proportion of (i)&nbsp;the amount of
such Obligations to (ii)&nbsp;the aggregate amount of the Obligations payable to all Lenders hereunder at such time), such Lender shall forthwith purchase from the other Lenders (other than any Defaulting Lender) such </P>
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participations in the Obligations payable to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; <U>provided</U>, <U>however</U>,
that, if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each other Lender shall be rescinded and such other Lender shall repay to the purchasing Lender the purchase price to the
extent of such other Lender&#146;s ratable share (according to the proportion of (i)&nbsp;the purchase price paid to such Lender to (ii)&nbsp;the aggregate purchase price paid to all Lenders) of such recovery together with an amount equal to such
Lender&#146;s ratable share (according to the proportion of (i)&nbsp;the amount of such other Lender&#146;s required repayment to (ii)&nbsp;the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered. Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section&nbsp;2.14 may, to the fullest extent permitted by law, exercise all
its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.15 <U>Protective Advances and Optional Overadvances</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to the limitations set forth below and notwithstanding anything to the contrary in this Agreement, the Agent is authorized by the
Borrowers and the Lenders, from time to time in the Agent&#146;s sole discretion (but shall have absolutely no obligation to), to make Revolving Credit Loans to the Borrowers, on behalf of all Lenders, which Agent, in its Permitted Discretion deems
necessary or desirable (i)&nbsp;to preserve or protect the Collateral, or any portion thereof, (ii)&nbsp;to enhance the likelihood of, or maximize the amount of, repayment of the Revolving Credit Loans or other Obligations or (iii)&nbsp;to pay any
other amount chargeable to or required to be paid by the Loan Parties pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees and expenses described in Section&nbsp;12.4) and other sums payable
under the Loan Documents (any of such Revolving Credit Loans are herein referred to as &#147;<U>Protective Advances</U>&#148;); <U>provided</U> that (i)&nbsp;the aggregate amount of Protective Advances outstanding at any time shall not at any time
exceed ten percent (10%)&nbsp;of the Aggregate Revolving Credit Commitment, (ii)&nbsp;after giving effect to such Revolving Credit Loans, the aggregate outstanding amount (without duplication) of Revolving Credit Loans and the undrawn amount of all
unexpired Letters of Credit shall not exceed 110% of the Borrowing Base on such Borrowing Date, and (iii)&nbsp;to the extent the making of any Protective Advance causes the aggregate outstanding amount (without duplication) of Revolving Credit Loans
and the undrawn amount of all unexpired Letters of Credit to exceed the Aggregate Revolving Credit Commitment on such Borrowing Date, such portion of such Protective Advance shall be for the Agent&#146;s sole and separate account and not for the
account of any Lender and shall be entitled to priority in repayment in accordance with Section&nbsp;10.5. Protective Advances may be made even if the conditions precedent to Borrowing set forth in Section&nbsp;5.2 have not been satisfied.
Notwithstanding anything to the contrary set forth in Section&nbsp;2.2, at any time that there is sufficient Excess Availability and the conditions set forth in Section&nbsp;5.2 have been satisfied, the Agent may request the Lenders to make a
Revolving Credit Loan to repay a Protective Advance. At any other time the Agent may require the Lenders to fund their risk participations described in subsection&nbsp;(c) below. The Agent&#146;s authorization to make Protective Advances may be
revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Agent&#146;s receipt thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to the limitations set forth below and notwithstanding anything to the contrary in
this Agreement, the Agent is authorized by the Borrowers and the Lenders, from time to time in the Agent&#146;s sole discretion (but shall have absolutely no obligation to), to knowingly and intentionally, continue to make Revolving Credit Loans to
the Borrowers notwithstanding that an Overadvance exists or would be created thereby, so long as, after giving effect to such Revolving Credit Loans, the aggregate outstanding amount (without duplication) of Revolving Credit Loans and the undrawn
amount of all unexpired Letters of Credit shall not exceed the lesser of (i) 110% of the Borrowing Base as of such Borrowing Date, and (ii)&nbsp;the Aggregate Revolving Credit Commitment on such Borrowing Date. If any Overadvance remains outstanding
for more than thirty (30)&nbsp;days, unless otherwise agreed to by the Required Lenders, the Borrowers shall immediately repay the Revolving Credit Loans in an amount sufficient to eliminate all such Overadvances. The Agent&#146;s authorization to
make Overadvances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Agent&#146;s receipt thereof. The foregoing provisions are meant for the benefit of the
Lenders and the Agent and are not meant for the benefit of the Borrowers, which shall continue to be bound by the provisions of Section 2.5(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon the making of a Protective Advance or an Overadvance by the Agent (whether before or after the occurrence of a Default or Event of
Default), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Agent without recourse or warranty an undivided interest and participation in such Protective Advance or
such Overadvance, as the case may be, in proportion to its Pro Rata Share. On any Business Day, the Agent may, in its sole discretion, give notice to the Lenders that the Lenders are required to fund their risk participation in Protective Advances
and Overadvances, in which case each Lender shall fund its participation on the date specified in such notice. Notwithstanding the foregoing, the Agent may also request Settlement of all Protective Advances and all Overadvances in accordance with
Section&nbsp;2.3(i). From and after the date, if any, on which any Lender is required to fund its participation in any Protective Advance or Overadvance purchased hereunder, the Agent shall promptly distribute to such Lender, such Lender&#146;s Pro
Rata Share of all payments of principal and interest and all proceeds of Collateral received by the Agent in respect of such Protective Advance or Overadvance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Protective Advance and each Overadvance shall be deemed to be a Revolving Credit Loan hereunder, except that no Protective Advance
nor any Overadvance shall be eligible to be a LIBOR Rate Advance and, prior to Settlement therefor, all payments on the Protective Advances and Overadvances, including interest thereon, shall be payable to the Agent solely for its own account.
Protective Advances and Overadvances shall be repayable upon demand, shall be secured by the Collateral, shall constitute Loans and Obligations hereunder and shall bear interest at the rate in effect from time to time applicable to the Revolving
Credit Loans comprised of Base Rate Advances, including any increase in such rate that is applicable under Section&nbsp;4.2. The provisions of this Section&nbsp;2.15 are for the exclusive benefit of the Agent, Swingline Lender, and the Lenders and
are not intended to benefit the Borrowers (or any other Loan Party) in any way. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.16 <U>Increase of Commitments; Additional Lenders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Borrowers may increase, upon the request of the Borrower Agent, the then effective amount of the Aggregate Revolving Credit
Commitment; <U>provided</U> that: (i)&nbsp;the aggregate principal amount of the increases in the Aggregate Revolving Credit Commitment pursuant to this Section&nbsp;2.16, shall not exceed One Hundred Million Dollars ($100,000,000); (ii)&nbsp;the
Borrowers shall execute and deliver such documents and instruments and take such other actions as may be required by the Agent in connection with such increases and at the time of any such proposed increase; (iii)&nbsp;subject to customary
&#147;Sungard&#148; provisions, if and to the extent agreed to by the Increasing Lenders, (A)&nbsp;no Default or Event of Default shall have occurred and be continuing or would occur after giving effect to such increase, and (B)&nbsp;all
representations and warranties by or on behalf of each Loan Party and its Subsidiaries set forth in the Loan Documents shall be true and correct in all material respects (other than those representations and warranties that are expressly qualified
by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of the date of such increase or, to the extent such representations and warranties expressly
relate to an earlier date, true and correct in all material respects on and as of such earlier date; and (iv)&nbsp;the Incremental Revolving Credit Commitments provided under this Section&nbsp;2.16 (the &#147;<U>Incremental Revolving Credit
Commitments</U>&#148;) shall have an expiration date no earlier than the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Agent shall invite each Lender to
increase the principal amount of its Revolving Credit Commitment, on a pro rata basis, in connection with the proposed Incremental Revolving Credit Commitments at the interest margin proposed by the Borrowers, and if sufficient Lenders do not agree
to increase their Revolving Credit Commitments in connection with such proposed Incremental Revolving Credit Commitments, then the Agent or the Borrowers may invite any prospective lender who is reasonably satisfactory to the Agent to become a
Lender (each such new lender being an &#147;<U>Additional Lender</U>&#148;) in accordance with this Section&nbsp;2.16. No Lender shall have any obligation, express or implied, to offer to increase the aggregate principal amount of its Revolving
Credit Commitment. Only the consent of the Lender agreeing to increase their Revolving Credit Commitments (the &#147;<U>Increasing Lenders</U>&#148;) shall be required for an increase in the aggregate principal amount of the Revolving Credit
Commitments pursuant to this Section&nbsp;2.16. No Lender which declines to increase the principal amount of its Revolving Credit Commitments may be replaced in respect to its existing Revolving Credit Commitments, as applicable, as a result thereof
without such Lender&#146;s consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to subsections&nbsp;(a) and (b)&nbsp;of this Section&nbsp;2.16, any increase requested by
the Borrowers shall be effective upon delivery to the Agent of each of the following documents (the date of such effectiveness, the &#147;<U>Increase Date</U>&#148;): (i)&nbsp;an originally executed copy of any instrument of joinder signed by a duly
authorized officer of each Additional Lender, in form and substance reasonably acceptable to the Agent; (ii)&nbsp;a notice to the Increasing Lenders and Additional Lenders, in form and substance reasonably acceptable to the Agent, signed by a
Responsible Officer of the Borrower Agent; (iii)&nbsp;a certificate of the Borrower Agent signed by a Responsible Officer, in form and substance acceptable to the Agent, certifying that each of the conditions in subsection&nbsp;(a) of this
Section&nbsp;2.16 has been satisfied: and (iv)&nbsp;any other certificates or documents that the Agent shall request, each in form and substance satisfactory to the Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Anything to the contrary contained herein notwithstanding, if the <FONT
STYLE="white-space:nowrap">All-In</FONT> Yield that is to be applicable to the Revolving Credit Loans to be made pursuant to the Incremental Revolving Credit Commitments is higher than the <FONT STYLE="white-space:nowrap">All-In</FONT> Yield
applicable to the Revolving Credit Loans hereunder immediately prior to the Increase Date (the amount by which the <FONT STYLE="white-space:nowrap">All-In</FONT> Yield is higher, the &#147;<U>Excess</U>&#148;), then the interest margin applicable to
the Revolving Credit Loans immediately prior to the Increase Date shall be increased by the amount of the Excess minus 0.50 percentage points (to the extent that the result is positive), subject to the occurrence of and effective upon the Increase
Date, and without the necessity of any action by any party hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Each of the Lenders having a Revolving Credit Commitment prior to
the Increase Date (the &#147;<U><FONT STYLE="white-space:nowrap">Pre-Increase</FONT> Revolving Credit Lenders</U>&#148;) shall assign to any Lender which is acquiring a new or additional Revolving Credit Commitment on the Increase Date (the
&#147;<U>Post-Increase Revolving Credit Lenders</U>&#148;), and such Post-Increase Revolving Credit Lenders shall purchase from each <FONT STYLE="white-space:nowrap">Pre-Increase</FONT> Revolving Credit Lender, at the principal amount thereof, such
interests in the Revolving Credit Loans and participation interests in Swingline Loans and undrawn Letters of Credit on such Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving
Credit Loans and participation interests in Swingline Loans and Letters of Credit will be held by <FONT STYLE="white-space:nowrap">Pre-Increase</FONT> Revolving Credit Lenders and Post-Increase Revolving Credit Lenders ratably in accordance with
their Pro Rata Shares after giving effect to such increased Revolving Credit Commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Unless otherwise specifically provided
herein, all references in this Agreement and any other Loan Document to Revolving Credit Loans shall be deemed, unless the context otherwise requires, to include Revolving Credit Loans made pursuant to the Incremental Revolving Credit Commitments
pursuant to this Section&nbsp;2.16. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SECURITY </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION
3.1 <U>General</U>. To secure the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all of the Obligations (whether now existing or hereafter arising), each of the Borrowers hereby
grants (and ratifies and reaffirms its prior grant pursuant to the Original Loan and Security Agreement) to the Agent, for the ratable benefit of the Secured Parties, a continuing Lien on and security interest in all of its right, title and interest
in and to all of the Collateral, in each case wherever located, whether now owned or hereafter acquired, and all additions and accessions thereto and substitutions and replacements therefor and improvements thereon, and all proceeds (as such term is
defined in the UCC) (whether in the form of cash or other property and whether tangible or intangible) and products thereof (including, without limitation, all proceeds of insurance covering the same and all commercial tort claims in connection
therewith). As further security for the Obligations, and to provide other assurances to the Agent and the Secured Parties, the Agent shall receive, among other things: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the Lockbox Agreements and any other Control Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Guarantor Security Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the Intellectual Property Security Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement shall constitute a security agreement for purposes of the UCC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.2 <U>Further Security; Benefit of Security Interest</U>. Each of the Borrowers also grants to the Agent, for the ratable benefit of
the Secured Parties, as further security for all of the Obligations, a security interest in all of its right, title and interest in and to all property of such Borrower in the possession of or deposited with or in the custody of the Agent or any of
the Secured Parties (or their Affiliates) or any representative, agent or correspondent of any of such Persons and in all present and future deposit accounts or securities accounts maintained with any of such Persons. For purposes of this Agreement,
any property in which the Agent or any other such Person has any security or title retention interest shall be deemed to be in the custody of the Agent or such Person. The security interest granted in Section&nbsp;3.1 shall be deemed to be in favor
of the Agent for the benefit of each of the Secured Parties to which the Borrowers owe any Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.3 <U>Recourse to
Security</U>. Recourse to security shall not be required for any Obligation hereunder, and the Borrowers hereby waive any requirement that the Agent or any Secured Party exhaust any right or take any action against any of the Collateral before
proceeding to enforce the Obligations against the Borrowers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.4 <U>Collateral Generally</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Further Actions</U>. The Borrowers shall take all actions that the Agent, in its Permitted Discretion, may request from time to time so
as at all times to maintain the validity, perfection, enforceability and priority of the Agent&#146;s security interest in the Collateral and to enable the Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including,
but not limited to, (i)&nbsp;discharging all Liens other than Permitted Liens, (ii)&nbsp;using its commercially reasonable efforts to obtain Collateral Access Agreements to the extent required by the Agent, (iii)&nbsp;delivering to the Agent,
endorsed or accompanied by such instruments of assignment as the Agent may specify, and stamping or marking, in such manner as the Agent may specify, any and all chattel paper, instruments, letters of credit and advices thereof and documents
evidencing or forming a part of the Collateral, in each case in an amount greater than $500,000, (iv)&nbsp;executing (as appropriate) and delivering authorizations for the recording of financing statements, instruments of pledge, mortgages for fee
simple Real Property with a fair market value (as determined in good faith by the Borrower Agent) of more than $3,000,000 on a per property basis, notices and assignments, in each case in form and substance satisfactory to the Agent, in its
Permitted Discretion, relating to the creation, validity, perfection, maintenance or continuation of the Agent&#146;s security interest under the UCC or other applicable law; (v)&nbsp;obtaining &#147;control&#148; of any investment property, deposit
account, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">letter-of-credit</FONT></FONT> right or electronic chattel paper (the term &#147;control&#148; as used in respect of the foregoing types of Collateral having the meaning set
forth in Articles&nbsp;8 and&nbsp;9 of the UCC), with any agreements establishing such &#147;control&#148; to be in form and substance satisfactory to the Agent, in its Permitted Discretion and as required by the terms hereunder, and (vi)&nbsp;if a
Borrower has as of the Closing Date or thereafter acquires a commercial tort claim in an amount greater than $500,000 against a third party, such Borrower shall promptly notify the Agent thereof, in writing, and grant a specific collateral
assignment of such claim to the Agent, at the Agent&#146;s request as additional Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Filings</U>. The Agent is hereby authorized to file financing statements in accordance
with the applicable provisions of the UCC, including, without limitation financing statements that describe the Collateral covered thereby as &#147;all personal property&#148;, &#147;all assets&#148; or words of similar effect, at any time or from
time to time hereafter, in any jurisdiction; and Borrowers hereby ratify, approve and affirm the filing of any such financing statements heretofore filed by the Lender in respect of any Borrower (including any <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">predecessor-in-interest</FONT></FONT> thereof). All charges, expenses and fees that the Agent may incur in doing any of the foregoing, and Other Taxes relating thereto, shall be charged to Borrowers&#146; Loan Account and
added to the Obligations, or, at the Agent&#146;s option, shall be paid to the Agent promptly after written demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.5
<U>Pledged Interests</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;(i) Except for the security interest created hereby, each Loan Party is and will at all times be the
sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 3.5 as being owned by such Loan Party (as such Schedule may be amended by written notice
from the Borrower Agent to the Agent) and, when acquired by such Loan Party, any Pledged Interests acquired after the Closing Date, (ii)&nbsp;all of the Pledged Interests are duly authorized, validly issued, fully paid and <FONT
STYLE="white-space:nowrap">non-assessable</FONT> and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Loan Party identified on Schedule 3.5 (as such
Schedule may be amended by written notice from the Borrower Agent to the Agent), (iii) such Loan Party has the right and requisite authority to pledge, the investment property pledged by such Loan Party to the Agent as provided herein, (iv)&nbsp;all
actions necessary or desirable to perfect and establish the first priority of, or otherwise protect, the Agent&#146;s Liens in the investment property, and the proceeds thereof, have been duly taken, upon (A)&nbsp;the execution and delivery of this
Agreement, (B)&nbsp;the taking of possession by the Agent (or its agent or designee) of any certificates representing the Pledged Interests, to the extent such Pledged Interests are represented by certificates, together with undated powers (or other
documents of transfer acceptable to the Agent) endorsed in blank by the applicable Loan Party, and (C)&nbsp;the filing of financing statements in the jurisdiction of organization of such Loan Party set forth on Schedule 6.1(g) for such Loan Party
with respect to the Pledged Interests of such Loan Party that are not represented by certificates, and (v)&nbsp;subject to Section&nbsp;7.21, each Loan Party has delivered to and deposited with the Agent all certificates representing the Pledged
Interests owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable to the Agent) endorsed in blank with respect to such certificates. None of the
Pledged Interests owned or held by such Loan Party has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As to all limited liability company or partnership interests constituting Pledged Interests, each Loan Party hereby represents, warrants
and covenants that such Pledged Interests (i)&nbsp;are not, and shall not be, dealt in or traded on securities exchanges or in securities markets, (ii)&nbsp;do not, and shall not, constitute investment company securities, and (iii)&nbsp;are not, and
will not be, held by such Loan Party in a securities account. In addition, none of the limited liability company agreements, partnership agreements or other agreements governing any of the Pledged Interests provides that such Pledged Interests are
securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If any Loan Party shall acquire, obtain, receive or become entitled to receive any Pledged
Interests after the Closing Date (other than any Pledged Interests required to be delivered pursuant to Section&nbsp;7.20), it shall promptly (and in any event within fifteen (15)&nbsp;days of acquiring or obtaining such Collateral) deliver to the
Agent a duly executed Pledged Interests Addendum identifying such Pledged Interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Upon the occurrence and during the continuance
of an Event of Default, following the request of the Agent, all sums of money and property paid or distributed in respect of the Pledged Interests that are received by any Loan Party shall be held by the Loan Parties in trust for the benefit of the
Agent segregated from such Loan Party&#146;s other property, and such Loan Party shall deliver it forthwith to the Agent in the exact form received. No Loan Party shall make or consent to any amendment or other modification or waiver with respect to
any Pledged Interests (or any limited liability company agreement or partnership agreement with respect thereto), or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests if the same is prohibited pursuant
to the Loan Documents. Each Loan Party agrees that it will cooperate with the Agent&#146;s reasonable requests in obtaining all necessary approvals and making all necessary filings under federal, state, or local law to effect the perfection of the
Agent&#146;s Lien on the Pledged Interests or to effect any sale or transfer thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) None of the Pledged Interests existing as of
the Closing Date are registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default has occurred and is continuing may be restricted to one or more private (instead
of public) sales in view of the lack of such registration. Each Loan Party understands that in connection with such disposition, the Agent may approach only a restricted number of potential purchasers and further understands that a sale under such
circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market. Each Loan Party, therefore, agrees that:
(i)&nbsp;if the Agent shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, the Agent shall have the right to rely upon the advice and opinion of any nationally
recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged
Interest or any portion thereof for sale and as to the best price reasonably obtainable at the private sale thereof, and (ii)&nbsp;such reliance shall be conclusive evidence that the Agent has handled the disposition in a commercially reasonable
manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Upon the occurrence and during the continuation of an Event of Default, (i)&nbsp;the Agent may, at its option, and with two
(2)&nbsp;Business Days prior notice to the Borrower Agent (unless such Event of Default is an Event of Default specified in Section 10.1(c), in which case no such notice need be given), and in addition to all rights and remedies available to the
Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights (including any dividend or distribution rights) in respect of the Pledged Interests owned by such Loan Party,
but under no circumstances is the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Agent obligated by the terms of this Agreement to exercise such rights, and (ii)&nbsp;if the Agent duly exercises its right to vote any of such Pledged Interests during the existence of an Event
of Default, each Loan Party hereby appoints the Agent, subject to any applicable Requirements of Law such Loan Party&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and
IRREVOCABLE PROXY to vote such Pledged Interests in any manner the Agent deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be. The <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">power-of-attorney</FONT></FONT> and proxy granted hereby is coupled with an interest and shall be irrevocable. For so long as any Loan Party shall have the right to vote the Pledged
Interests owned by it, such Loan Party covenants and agrees that it will not, without the prior written consent of the Agent, vote or take any consensual action with respect to such Pledged Interests which would materially adversely affect the
rights of the Agent, the Lenders or the Letter of Credit Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.6 <U>Special Provisions Relating to Receivables</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Invoices, Etc</U>. On the Agent&#146;s reasonable request therefor, the Borrowers shall furnish to the Agent copies of invoices to
customers and shipping and delivery receipts or warehouse receipts thereof. The Borrowers shall deliver to the Agent (i)&nbsp;the originals of all letters of credit, notes, and instruments in an amount greater than $500,000 in its favor,
(ii)&nbsp;such endorsements or assignments related thereto as the Agent may reasonably request and (iii)&nbsp;the written consent of the issuer of any letter of credit to the assignment of the proceeds of such letter of credit by the Borrowers to
the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Records, Collections, Etc</U>. The Borrowers shall promptly report to the Agent all customer credits in an amount over
$1,000,000, providing the Agent with a description thereof. The Borrowers shall not, without the Agent&#146;s prior written consent, settle or adjust any dispute or claim, or grant any discount (except ordinary trade discounts), credit or allowance
or accept any return of merchandise, except in the ordinary course of its business. Upon the occurrence and during the continuance of an Event of Default, the Agent may (i)&nbsp;settle or adjust disputes or claims directly with account debtors for
amounts and upon terms which it considers reasonably advisable and (ii)&nbsp;notify account debtors on the Borrowers&#146; Receivables that such Receivables have been assigned to the Agent, and that payments in respect thereof shall be made directly
to the Agent. If an Event of Default exists and at the direction of the Agent, where a Borrower receives collateral of any kind or nature by reason of transactions between itself and its customers or account debtors, such Borrower will hold the same
on the Agent&#146;s behalf, subject to the Agent&#146;s instructions, and as property forming part of the Borrowers&#146; Receivables. The Borrowers hereby irrevocably authorizes and appoints the Agent as their <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> at the Borrowers&#146; sole cost and expense, to exercise, solely if an Event of Default has occurred and is continuing, all of the following powers, which being coupled with an interest,
shall be irrevocable until all of the Obligations have been Paid in Full: (A)&nbsp;to receive, take, endorse, sign, assign and deliver, all in the name of the Agent or the Borrowers, any and all checks, notes, drafts, and other documents or
instruments relating to the Collateral; (B)&nbsp;to receive, open and dispose of all mail addressed to the Borrowers and to notify postal authorities to change the address for delivery thereof to such address as the Agent may designate; and
(C)&nbsp;to take or bring, in the name of the Agent or the Borrowers, all steps, actions, suits or proceedings deemed by the Agent necessary or desirable to enforce or effect collection of the Borrowers&#146; Receivables or file and sign a
Borrower&#146;s name on a proof of claim in bankruptcy or similar document against any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
obligor of the Borrowers. The Borrowers shall maintain a record of its electronic chattel paper that identifies the Agent as the assignee thereof and otherwise in a manner such that the Agent has
control over such chattel paper in an amount greater than $1,000,000 for purposes of the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.7 <U>Borrowers Remain Liable</U>.
Anything herein to the contrary notwithstanding, (a)&nbsp;each of the Loan Parties shall remain liable under the contracts and agreements included in the Collateral to perform all of the duties and obligations thereunder to the same extent as if
this Agreement had not been executed, (b)&nbsp;the exercise by the Agent or the Lenders of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under such contracts and agreements included in the
Collateral, and (c)&nbsp;neither the Agent nor the Lenders shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Agent or any of the Lenders be obligated to
perform any of the obligations or duties of any Loan Parties thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur and be continuing, except as otherwise provided in
this Agreement or any other Loan Document, the Loan Parties shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and
of the other Loan Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting, consensual, dividend, and distribution
rights, shall remain in the applicable Loan Party until (i)&nbsp;the occurrence and continuance of an Event of Default, and (ii)&nbsp;the Agent has notified the applicable Loan Party of the Agent&#146;s election to exercise such rights with respect
to the Pledged Interests pursuant to Section&nbsp;3.5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.8 <U>Continuation of Liens, Etc</U>. The Borrowers shall defend the
Collateral against all claims and demands of all Persons at any time claiming any interest therein, other than claims relating to Liens permitted by the Loan Documents. The Borrowers agree to comply with the requirements of all state and federal
laws to grant to the Agent valid and perfected first priority security interests in the Collateral and, to the extent required under this Agreement, shall obtain a Control Agreement from any securities intermediary or depository bank in possession
of any of the Loan Parties&#146; investment property or deposit accounts constituting Collateral. The Agent is hereby authorized by the Borrowers to file any financing or continuation statements or similar documents or instruments covering the
Collateral whether or not any Borrower&#146;s signature appears thereon. The Borrowers agree, from time to time, at the Agent&#146;s reasonable request, to file notices of Liens, financing statements, similar documents or instruments, and
amendments, renewals and continuations thereof, and cooperate with the Agent&#146;s representatives, in connection with the continued perfection (and the priority status thereof) and protection of the Collateral and the Agent&#146;s Liens thereon.
The Borrowers agree that the Agent may file a carbon, photographic or other reproduction of this Agreement (or any financing statement related hereto) as a financing statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.9 <U>Power of Attorney</U>. In addition to all of the powers granted to the Agent in this Article&nbsp;III, the Borrowers hereby
appoint and constitute the Agent as the Borrowers&#146; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> to make any filings under the Uniform&nbsp;Commercial Code covering any of the Collateral, to
request at any time from customers indebted on its Receivables verification of information concerning such Receivables and the amount owing thereon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


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(provided that any verification prior to an Event of Default shall not contain the Agent&#146;s name and shall be in connection with the conducting of any field examination with respect to the
Collateral), and, upon the occurrence and during the continuance of an Event of Default, (i)&nbsp;to convey any item of Collateral to any purchaser thereof, (ii)&nbsp;to make any payment or take any act necessary or desirable to protect or preserve
any Collateral, and (iii)&nbsp;to take any action and to execute any instrument which the Agent may reasonably deem necessary or advisable to accomplish the purposes hereof. The Agent&#146;s authority hereunder shall include, without limitation, the
authority to execute and give receipt for any certificate of ownership or any document, to transfer title to any item of Collateral and to take any other actions arising from or incident to the powers granted to the Agent under this Agreement, in
each case if an Event of Default exists. This power of attorney is coupled with an interest and is irrevocable. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>INTEREST, FEES AND EXPENSES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.1 <U>Interest</U>. Subject to Section&nbsp;4.2, the Borrowers shall pay to the Agent for the ratable benefit of the Lenders interest
on the Advances, payable in arrears on each Interest Payment Date, at the following rates per annum: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Rate Advances</U>. If
such Advance is a Base Rate Advance, at a fluctuating rate which is equal to (i)&nbsp;the Base Rate then in effect <U>plus</U> (ii)&nbsp;the Applicable Margin. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>LIBOR Rate Advances</U>. If such Advance is a LIBOR Rate Advance, at a rate which is equal at all times during the Interest Period for
such LIBOR Rate Advance to (i)&nbsp;the LIBOR Rate for the Interest Period selected by the Borrower Agent corresponding to such LIBOR Rate Advance <U>plus</U> (ii)&nbsp;the Applicable Margin. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.2 <U>Interest and Letter of Credit Fees After Event of Default</U>. Following the occurrence and during the continuation of any
Specified Event of Default until the earlier of the date upon which (i)&nbsp;all Obligations shall have been Paid in Full or (ii)&nbsp;such Event of Default shall have been cured or waived, interest on the Loans shall be payable on demand at a rate
per annum equal to the rate that would be otherwise applicable thereto under Section&nbsp;4.1 <U>plus</U> up to an additional two percent (2%)&nbsp;and the letter of credit fee pursuant to Section&nbsp;4.5 shall be payable at the rate that would
otherwise apply under Section&nbsp;4.5 <U>plus</U> up to an additional two percent (2%). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.3 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.4 <U>Unused Line Fee</U>. The Borrowers shall pay to the Agent for the ratable benefit of the Lenders on the first day of each
month, commencing with the month immediately following the Closing Date, and on the Termination Date, in arrears, an unused line fee equal to the product of the Unused Line Fee Rate (as defined below) <U>multiplied</U> by the difference, if
positive, between (i)&nbsp;the Aggregate Revolving Credit Commitment as of such date and (ii)&nbsp;the average daily aggregate outstanding amount of the Revolving Credit Loans <U>plus</U> the average daily aggregate undrawn amount of all unexpired
Letters of Credit during the immediately preceding month or portion thereof. As used herein, &#147;<U>Unused Line Fee Rate</U>&#148; means a per annum rate equal to (a)&nbsp;0.375%, if the average daily balance of Revolving Credit </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


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Loans and average daily undrawn amount of Letters of Credit was equal to forty percent (40%)&nbsp;or less of the Aggregate Revolving Credit Commitment during the preceding calendar month, or
(b)&nbsp;0.325%, if the average daily balance of Revolving Credit Loans and average daily undrawn amount of Letters of Credit was more than forty percent (40%)&nbsp;of the Aggregate Revolving Credit Commitment during the preceding calendar month.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.5 <U>Letter of Credit Fees</U>. The Borrowers shall pay to the Letter of Credit Issuer for its own account (i)&nbsp;a fronting
fee in respect of each Letter of Credit issued by the Letter of Credit Issuer for the account of the Borrowers in an amount equal to&nbsp;0.25% of each such Letter of Credit, which fee shall be payable upon the issuance thereof and (ii)&nbsp;all
customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred. In addition, the Borrowers shall pay to the Agent for the
ratable benefit of the Lenders in respect of each Letter of Credit, on the first day of each month, commencing with the month immediately following the issuance of such Letter of Credit and on the expiry thereof, in arrears, a fee equal to
(a)&nbsp;the Applicable Margin then in effect with respect to LIBOR Rate Advances, multiplied by (b)&nbsp;the daily average of the amount of the Letters of Credit outstanding during the preceding month or during the interim period ending on the
expiry date, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.6 <U>[Reserved]</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.7 <U>[Reserved]</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.8 <U>Fee Letter</U>. The Borrowers shall pay to the Agent for its own account as and when due, without duplication and in accordance
with the terms thereof, all fees required to be paid to the Agent under the Fee Letter and the Amendment Fee Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.9
<U>Calculations</U>. All calculations of interest and fees hereunder shall be made by the Lender on the basis of a year of&nbsp;360&nbsp;days for the actual number of days elapsed in the period for which such interest or fees are payable. Each
determination by the Lender of an interest rate, fee or other payment hereunder shall be conclusive and binding for all purposes, absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.10 <U>Increased Costs</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such reserve requirement reflected in the LIBOR Rate) or Letter of Credit Issuer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) subject any Recipient to any Taxes (other than (A)&nbsp;Indemnified Taxes, (B)&nbsp;Excluded Taxes and (C)&nbsp;Other
Connection Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) impose on any Lender or Letter of Credit Issuer or the London interbank market any other condition (other than Taxes)
affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing shall be to increase the cost to such Lender or Letter of Credit Issuer of
making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or Letter of Credit Issuer of participating in, issuing or maintaining any Letter of Credit (or
of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or Letter of Credit Issuer hereunder (whether of principal, interest or any other amount),
then the Borrowers will pay to such Lender or Letter of Credit Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or Letter of Credit Issuer, as the case may be, for such additional costs incurred or
reduction suffered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If any Lender or Letter of Credit Issuer determines that any Change in Law affecting such Lender or Letter of
Credit Issuer or any lending office of such Lender or such Lender&#146;s or Letter of Credit Issuer&#146;s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender&#146;s or Letter of Credit Issuer&#146;s capital or on the capital of such Lender&#146;s or Letter of Credit Issuer&#146;s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or
participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Letter of Credit Issuer, to a level below that which such Lender or such Letter of Credit Issuer or such Lender&#146;s or such
Letter of Credit Issuer&#146;s holding company could have achieved but for such Change in Law (taking into consideration such Lender&#146;s or such Letter of Credit Issuer&#146;s policies and the policies of such Lender&#146;s or such Letter of
Credit Issuer&#146;s holding company with respect to capital adequacy or liquidity), then from time to time the Borrowers will pay to such Lender or such Letter of Credit Issuer, as applicable, such additional amount or amounts as will compensate
such Lender or such Letter of Credit Issuer or such Lender&#146;s or such Letter of Credit Issuer&#146;s holding company for any such reduction suffered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) A certificate of a Lender or Letter of Credit Issuer setting forth the amount or amounts necessary to compensate such Lender or Letter of
Credit Issuer or its holding company, as the case may be, as specified in paragraph (a)&nbsp;or (b) of this Section&nbsp;4.10 and delivered to the Borrowers will be conclusive absent manifest error. The Borrowers will pay such Lender or Issuing
Bank, as the case may be, the amount shown as due on any such certificate within ten (10)&nbsp;days after receipt thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Failure or
delay on the part of any Lender or Letter of Credit Issuer to demand compensation pursuant to this Section&nbsp;4.10 shall not constitute a waiver of such Lender&#146;s or Letter of Credit Issuer&#146;s right to demand such compensation; provided
that the Borrowers shall not be required to compensate a Lender or a Letter of Credit Issuer pursuant to this Section&nbsp;4.10 for any increased costs incurred or reductions suffered more than 270 days prior to the date that such Lender or Letter
of Credit Issuer, as the case may be, notifies the Borrower Agent of the Change in Law giving rise to such increased costs or reductions and of such Lender&#146;s or Letter of Credit Issuer&#146;s intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the <FONT STYLE="white-space:nowrap">270-day</FONT> period referred to above shall be extended to include the period of retroactive effect thereof).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 4.11 <U>Taxes</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Defined Terms</U>. For purposes of this Section&nbsp;4.11, the term &#147;Lender&#148; includes any Letter of Credit Issuer and the
term &#147;applicable law&#148; includes FATCA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Payments Free of Taxes</U>. Any and all payments by or on account of any
obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding
Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Payment of Other Taxes by the Borrower</U>. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Indemnification by the
Borrower</U>. The Loan Parties, jointly and severally, shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Indemnification by the Lenders</U>. Each Lender shall severally
indemnify the Agent, within 10 days after demand therefor, for (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Agent for such Indemnified Taxes and without
limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender&#146;s failure to comply with the provisions of Section&nbsp;12.7 relating to the maintenance of a Participant Register and (iii)&nbsp;any Excluded
Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


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set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the
Agent under this paragraph (e). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Evidence of Payments</U>. As soon as practicable after any payment of Taxes by any Loan Party to a
Governmental Authority pursuant to this Section&nbsp;4.11, such Loan Party shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Status of Lenders</U>. (i)&nbsp;Any Lender that is
entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower
or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 4.11(g)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender&#146;s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S.
Borrower, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> certifying that such Lender is exempt from
U.S. federal backup withholding tax; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower
and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
or the Agent), whichever of the following is applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in the case of a Foreign Lender claiming the benefits of an
income tax treaty to which the United States is a party (x)&nbsp;with respect to payments of interest under any Loan Document, executed copies of IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT>
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the &#147;interest&#148; article of such tax treaty and (y)&nbsp;with respect to any other applicable payments under any Loan Document, IRS Form <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the &#147;business profits&#148; or &#147;other income&#148; article of such
tax treaty; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) executed copies of IRS Form <FONT STYLE="white-space:nowrap">W-8ECI;</FONT>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Internal Revenue Code, (x)&nbsp;a certificate substantially in the form of Exhibit <FONT STYLE="white-space:nowrap">K-1</FONT> to the effect that such Foreign Lender is not a &#147;bank&#148; within the meaning of Section 881(c)(3)(A) of the
Internal Revenue Code, a &#147;10&nbsp;percent shareholder&#148; of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a &#147;controlled foreign corporation&#148; described in Section 881(c)(3)(C) of the
Internal Revenue Code (a &#147;<U>U.S. Tax Compliance Certificate</U>&#148;) and (y)&nbsp;executed copies of IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E;</FONT></FONT> or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
<FONT STYLE="white-space:nowrap">W-8IMY,</FONT> accompanied by IRS Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> a U.S. Tax Compliance Certificate substantially in the form of Exhibit <FONT STYLE="white-space:nowrap">K-2</FONT> or Exhibit
<FONT STYLE="white-space:nowrap">K-3,</FONT> IRS Form <FONT STYLE="white-space:nowrap">W-9,</FONT> and/or other certification documents from each beneficial owner, as applicable; <U>provided</U> that if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit <FONT STYLE="white-space:nowrap">K-4</FONT>
on behalf of each such direct and indirect partner; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver
to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of the Borrower or the Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Agent to determine the withholding or deduction required to be made; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(D)
if a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to
comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
&#147;FATCA&#148; shall include any amendments made to FATCA after the date of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Treatment of Certain Refunds</U>. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section&nbsp;4.11 (including by the payment of additional amounts pursuant to this Section&nbsp;4.11), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h)&nbsp;the payment of which would
place the indemnified party in a less favorable net <FONT STYLE="white-space:nowrap">after-Tax</FONT> position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Survival</U>. Each
party&#146;s obligations under this Section&nbsp;4.11 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CONDITIONS OF LENDING </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 5.1 <U>Conditions to Effectiveness</U>. The effectiveness of this Agreement is subject to the satisfaction of each of the following
conditions precedent: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Loan Documents</U>. The Agent shall have received the following, each dated as of the Closing Date or as of
an earlier date acceptable to the Agent, in form and substance satisfactory to the Agent and its counsel: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) counterparts
of this Agreement, duly executed by the parties hereto; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Notes, each duly executed by the Borrowers, to the extent
(x)&nbsp;such Notes were requested three (3)&nbsp;Business Days prior to the Closing Date and (y)&nbsp;any Notes that were previously delivered to such requesting Lender prior to the Old Loan and Security Agreement shall be returned to the Borrowers
on the Closing Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) a financial condition certificate of the chief financial officer of each of
the Loan Parties, in the form of <U>Exhibit</U><U></U><U>&nbsp;F</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) an opinion of Latham&nbsp;&amp; Watkins LLP
addressed to the Agent covering such matters incident to the transactions contemplated by this Agreement as the Agent may reasonably require, which such counsel is hereby requested by the Borrower Agent on behalf of all the Loan Parties to provide;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) copies of the Governing Documents of each Loan Party and a copy of the resolutions of the Governing Body (or similar
evidence of authorization) of each Loan Party authorizing the execution, delivery and performance of this Agreement, the other Loan Documents to which such Loan Party is or is to be a party, and the transactions contemplated hereby and thereby,
attached to a certificate of a Responsible Officer of such Loan Party certifying (A)&nbsp;that such copies of the Governing Documents and resolutions of the Governing Body (or similar evidence of authorization) relating to such Loan Party are true,
complete and accurate copies thereof, have not been amended or modified since the date of such certificate and are in full force and effect, (B)&nbsp;the incumbency, names and true signatures of the officers of such Loan Party authorized to sign the
Loan Documents to which it is a party and (C)&nbsp;that attached thereto is a list of all persons authorized to execute and deliver Notices of Borrowing and Notices of Continuation/Conversion on behalf of the Borrowers; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) a certified copy of a certificate of the Secretary of State of the state of incorporation, organization or formation of
each Loan Party, dated within thirty (30)&nbsp;days of the Closing Date, listing the certificate of incorporation, organization or formation of such Loan Party and each amendment thereto on file in such official&#146;s office and certifying that
(A)&nbsp;such amendments are the only amendments to such certificate of incorporation, organization or formation on file in that office, (B)&nbsp;such Loan Party has paid all franchise taxes to the date of such certificate and (C)&nbsp;such Loan
Party is in good standing in that jurisdiction, in each case, to the extent commercially available in such state; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) a
closing certificate from a Responsible Officer of the Borrower Agent, in the form of <U>Exhibit</U><U></U><U>&nbsp;G</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) such other agreements, instruments, documents and evidence as the Agent or its counsel deems necessary in its discretion
in connection with the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>No Litigation</U>. There shall be no pending or threatened litigation,
proceeding, inquiry or other action (i)&nbsp;seeking an injunction or other restraining order, damages or other relief with respect to the transactions contemplated by this Agreement or the other Loan Documents or (ii)&nbsp;which affects the
business, prospects, operations, assets, liabilities or condition </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(financial or otherwise) of any Loan Party, except, in the case of clause&nbsp;(ii), where such litigation, proceeding, inquiry or other action would not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Reimbursement</U>. The Borrowers shall have paid (i)&nbsp;all reasonable and
documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and Lender Group Expenses required to be paid pursuant to Section&nbsp;12.4 of this Agreement, to the extent invoiced at least two
(2)&nbsp;Business Days prior to the Closing Date (it being understood that all other such fees and Lender Group Expenses shall be paid after the Closing Date in accordance with the terms of this Agreement), (ii)&nbsp;the fees referred to in this
Agreement that are required to be paid on the Closing Date, and (iii)&nbsp;any fees due and payable to the Agent under the Amendment Fee Letter that are required to be paid on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>No Change</U>. No change, occurrence, event or development or event involving a prospective change that would reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect shall have occurred and be continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Material Contracts</U>.
The Agent and its counsel shall have performed (i)&nbsp;a review satisfactory to the Agent of all of the Material Contracts and other assets (including, without limitation, leases of operating facilities) of each Loan Party, the financial condition
of each Loan Party, including all of its tax, litigation, environmental and other potential contingent liabilities, the capitalization and capital structure of each Loan Party and the cash management and management information systems of the
Borrowers, (ii)&nbsp;a <FONT STYLE="white-space:nowrap">pre-closing</FONT> audit and collateral review and (iii)&nbsp;reviews and investigations of such other matters as the Agent and its counsel deem necessary, in each case with results
satisfactory to the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Law</U>. The Loan Parties shall be in compliance with all Requirements of Law and Material Contracts,
other than such noncompliance that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 5.2 <U>Conditions Precedent to Each Revolving Credit Loan and Each Letter of Credit</U>. The obligation of the Lenders to make any
Revolving Credit Loan or the Letter of Credit Issuer to cause to be issued any Letter of Credit is subject to the satisfaction of the following conditions precedent: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>. All representations and warranties contained in this Agreement and the other Loan Documents shall
be true, correct and complete in all respects in the case of any Borrowing or issuance of any Letter of Credit, on the Closing Date, and in the case of any Borrowing or issuance of any Letter of Credit after the Closing Date, shall be true, correct
and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such
extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>No Default</U>. No Default or Event of Default shall have occurred and be continuing or
would result from the making of the requested Revolving Credit Loan or the issuance of the requested Letter of Credit as of the date of such request; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>No Material Adverse Effect</U>. No Material Adverse Effect shall have occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each condition in Sections 5.1 and 5.2 that are subject to the satisfaction or discretion of the Agent, any Lender or the Letter of Credit
Issuer shall be deemed satisfied upon the Agent&#146;s, Lender&#146;s or Letter of Credit Issuer&#146;s, as applicable, making of any Revolving Credit Loan or the issuance of any Letter of Credit. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REPRESENTATIONS AND WARRANTIES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 6.1 <U>Representations and Warranties</U>. Each of the Borrowers makes the following representations and warranties to the Agent and
the Lenders, which shall be true, correct and complete in all respects as of the Closing Date, and after the Closing Date, shall be true, correct, and complete in all material respects (except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of any Borrowing or issuance of any Letter of Credit as though made on and as of such date (except to the extent that
such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date), and such representations and warranties shall survive the execution and delivery of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Organization, Good Standing and Qualification</U>. Each Loan Party (i)&nbsp;is an Entity duly organized, validly existing and in good
standing (to the extent such concept exists in the relevant jurisdictions) under the laws of the state of its incorporation, organization or formation, (ii)&nbsp;has the requisite power and authority to own its properties and assets and to transact
the businesses in which it presently is, or proposes to be, engaged and (iii)&nbsp;is duly qualified, authorized to do business and in good standing (to the extent such concept exists in the relevant jurisdictions) in each jurisdiction where it
presently is, or proposes to be, engaged in business, except to the extent that the failure so to qualify or be in good standing would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Locations of Offices, Records and Collateral</U>. The address of the principal place of business and chief executive office of each
Loan Party is, and the books and records of each Loan Party and all of its chattel paper and records of its Receivables are maintained in the possession of such Loan Party at the address of such Loan Party specified in
<U>Schedule</U><U></U><U>&nbsp;6.1(b)</U> (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement). There is no location at which any Loan Party maintains any Collateral in an
aggregate principal amount exceeding $500,000 other than the locations specified for it in <U>Schedule</U><U></U><U>&nbsp;6.1(b)</U> (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under
this Agreement). <U>Schedule</U><U></U><U>&nbsp;6.1(b)</U> (as such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement) specifies all Real Property of each Loan Party, and indicates whether each
location specified therein is leased or owned by such Loan Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Authority</U>. Each Loan Party has the requisite power and
authority to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party. All requisite corporate, limited liability company or partnership action necessary for the execution, delivery and performance by such
Loan Party of the Loan Documents to which it is a party (including the consent of its Owners, where required) has been taken. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Enforceability</U>. The Loan Documents delivered by the Loan Parties, when executed and delivered, will be, the legal, valid and binding obligation of such Loan Party enforceable in accordance with their terms, except as enforceability may be
limited by (i)&nbsp;bankruptcy, insolvency or similar laws affecting creditors&#146; rights generally and (ii)&nbsp;general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>No Conflict</U>. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party (i)&nbsp;do
not contravene any of the Governing Documents of such Loan Party, (ii)&nbsp;do not contravene&nbsp;any Requirement of Law, (iii)&nbsp;do not contravene any Material Contract, except as such contravention would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, and (iv)&nbsp;will not result in the imposition of any Liens upon any of its properties other than Permitted Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Consents and Filings</U>. No consent, authorization or approval of, or filing with or other act by, any Governmental Authority or any
other Person is required in connection with the execution, delivery or performance of this Agreement or any other Loan Document or the consummation of the transactions contemplated hereby or thereby, except (i)&nbsp;such consents, authorizations,
approvals, filings or other acts as have been made or obtained, as applicable, and are in full force and effect, (ii)&nbsp;the filing of UCC financing statements, (iii)&nbsp;filing of the Intellectual Property Security Agreement with the United
States Patent and Trademark Office and the United States Copyright Office, (iv)&nbsp;filings or other actions listed on <U>Schedule</U><U></U><U>&nbsp;6.1(f)</U>, and (v)&nbsp;such consents, authorizations, approvals, filings or other acts the
failure of which to be obtained or made would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Ownership</U>. <U>Schedule</U><U></U><U>&nbsp;6.1(g)</U> (as such Schedule may be updated from time to time to reflect changes
resulting from transactions permitted under this Agreement) sets forth the legal name (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-503</FONT> of the UCC), jurisdiction of incorporation, formation or organization of each
Loan Party, all jurisdictions in which each Loan Party is qualified to do business as a foreign Entity, the Persons that own the Equity Interests of each such Loan Party (other than TTD), and the number of Equity Interests owned by each such Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Solvency</U>. The Loan Parties, taken as a whole, are Solvent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Financial Data</U>. Since December&nbsp;31, 2016, there has been no change, occurrence,
development or event, which has had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Accuracy and Completeness of Information</U>. All written factual data, reports and written factual information (other than any
projections, estimates and information of a general economic or industry specific nature) concerning the Borrowers and their Subsidiaries that has been furnished by or on behalf of any Loan Party to the Agent or any Lender in connection with the
transactions contemplated hereby, when taken as a whole, are correct in all material respects as of the date of certification of such data, reports and information, and do not contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) <U>Legal and Trade Name</U>. As of the Closing Date, during the past year, none of the Loan Parties has been known by or used any legal
name or, except as such usage would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, any trade name or fictitious name, except for its name as set forth in the introductory paragraph and on the
signature page of this Agreement or the Guarantor Security Agreement, as applicable, which is the exact correct legal name of such Loan Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>No Broker&#146;s or Finder&#146;s Fees</U>. No broker or finder brought about the obtaining, making or closing of the Revolving Credit
Loans or financial accommodations afforded hereunder or in connection herewith by the Agent, any Lender or any of its Affiliates. No broker&#146;s or finder&#146;s fees or commissions will be payable by any Loan Party to any Person in connection
with the transactions contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) <U>Investment Company</U>. None of the Loan Parties is an &#147;investment
company,&#148; or an &#147;affiliated person&#148; of, or &#147;promoter&#148; or &#147;principal underwriter&#148; for, an &#147;investment company,&#148; as such terms are defined in the Investment Company Act of&nbsp;1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) <U>Margin Stock</U>. None of the Loan Parties is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying &#147;margin stock&#148; as that term is defined in Regulation&nbsp;U of the Federal Reserve Board. No part of the proceeds of any Revolving Credit Loan or Letter of Credit will be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, (i)&nbsp;to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund Indebtedness originally
incurred for such purpose or (ii)&nbsp;for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulations T, U or X. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) <U>Taxes and Tax Returns</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Each Loan Party and each of its Subsidiaries has properly completed and timely filed all material income tax returns it is
required to file and such returns were complete and accurate in all material respects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) All material taxes and similar governmental charges required to have been
paid by the Loan Parties have been timely paid. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) No material deficiencies for taxes have been claimed, proposed or
assessed by any taxing or other Governmental Authority against any Loan Party or any of its Subsidiaries which remain unpaid. There are no pending or, to the knowledge of the Borrowers, threatened audits, investigations or claims by a Governmental
Authority for or relating to any material liability of any Loan Party or any of its Subsidiaries for taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) <U>No Judgments or
Litigation</U>. Except as specified in <U>Schedule</U><U></U><U>&nbsp;6.1(p</U>), no judgments, orders, writs or decrees are outstanding against any Loan Party or any of its Subsidiaries, nor is there now pending or, to the knowledge of any Loan
Party, any threatened litigation, contested claim, investigation, arbitration, or governmental proceeding by or against any Loan Party or any of its Subsidiaries that (i)&nbsp;individually or in the aggregate would reasonably be expected to have a
Material Adverse Effect or (ii)&nbsp;purports to affect the legality, validity or enforceability of this Agreement, the Notes, any other Loan Document or the consummation of the transactions contemplated hereby or thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) <U>Title to Property</U>. Each Loan Party and each of its Subsidiaries has (i)&nbsp;valid fee simple title to or valid leasehold interests
in all of its Real Property and (ii)&nbsp;good and marketable title to all of its other assets, in each case, except where the failure to have such title interest or right would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. All of such assets are free and clear of Liens except for Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) <U>No Other Indebtedness</U>. On
the Closing Date and after giving effect to the transactions contemplated hereby, none of the Loan Parties nor any of their Subsidiaries have any Indebtedness other than Indebtedness permitted under Section&nbsp;8.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) <U>Investments; Contracts</U>. None of the Loan Parties, nor any of their Subsidiaries, (i)&nbsp;has committed to make any Investment;
(ii)&nbsp;is a party to any indenture, agreement, contract, instrument or lease, or subject to any restriction in the Governing Documents or similar restriction or any injunction, order, restriction or decree; (iii)&nbsp;is a party to any &#147;take
or pay&#148; contract as to which it is the purchaser; or (iv)&nbsp;has material contingent or long term liability, including any management contracts, in each case, which individually or in the aggregate would reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) <U>Compliance with Laws</U>. On the Closing Date and after giving effect to the transactions contemplated
hereby, none of the Loan Parties nor any of their Subsidiaries is in violation of any Requirement of Law, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) <U>Rights in Collateral; Priority of
Liens</U>. All of the Collateral of each Loan Party is owned or leased by it free and clear of any and all Liens in favor of third parties, other than Liens in favor of the Agent and other Permitted Liens. Upon the proper filing of the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


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financing and termination statements specified in Section 5.1(a)(viii) and any Mortgage and release specified in Section 5.1(a)(ix), the Liens granted by the Loan Parties pursuant to the Loan
Documents constitute valid, enforceable and perfected first priority Liens on the Collateral (subject only to Permitted Liens which are <FONT STYLE="white-space:nowrap">non-consensual</FONT> Permitted Liens, permitted purchase money Liens, or the
interests of lessors in respect of Capitalized Lease Obligations). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>ERISA</U>. Except as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No Lien has been imposed on the assets of any
Plan under Section 303(k) or 4068 of ERISA or Section 430(k) of the Internal Revenue Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) No Loan Party maintains or
contributes to any Plan, other than those specified in <U>Schedule</U><U></U><U>&nbsp;6.1(v)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Each Loan Party
has satisfied the minimum funding standards of Sections 302 and 303 of ERISA and Section&nbsp;412 and 430 of the Internal Revenue Code with respect to each Pension Plan, and no application for a funding waiver or an extension of any amortization
period pursuant to Sections&nbsp;303 and&nbsp;304 of ERISA or Section&nbsp;412 of the Internal Revenue Code has been filed with respect to any Pension Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) No Termination Event has occurred or is reasonably expected to occur. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) There has been no <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction as defined in Section&nbsp;406
of ERISA or Section&nbsp;4975 of the Internal Revenue Code (a &#147;<U>Prohibited Transaction</U>&#148;) with respect to any Plan or any Multiemployer Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) With respect to each Plan and Multiemployer Plan, neither any Loan Party nor any ERISA Affiliate has incurred any
liability to the PBGC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) Each Plan which is intended to qualify under Section&nbsp;401(a) of the Internal Revenue Code
has received a favorable determination letter from the IRS and no event has occurred which would cause the loss of such qualification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) Each Plan is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and any applicable
Requirement of Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) The aggregate actuarial present value of all benefit liabilities (whether or not vested) under
each Pension Plan, determined on a plan termination basis, as of the date of, the most recent actuarial report for such Pension Plan, does not exceed the aggregate fair market value of the assets of such Pension Plan as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) Neither any Loan Party nor, to the knowledge of the Borrowers, any ERISA Affiliate has received any notice that a Multiemployer Plan is,
or is expected to be, in endangered or critical status under Section&nbsp;305 of ERISA or under Section&nbsp;432 of the Internal Revenue Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w) <U>Intellectual Property</U>. Set forth on <U>Schedule</U><U></U><U>&nbsp;6.1(w)</U> is a
complete and accurate list of all material Patents, Trademarks and Copyrights, and all licenses thereof, of the Loan Parties, showing as of the date hereof the jurisdiction in which registered, the registration number and the date of registration.
Each Loan Party owns or licenses all Patents, Trademarks, Copyrights and other intellectual property rights which are reasonably necessary for the operation of its business. No Loan Party, to its knowledge, has infringed any Patent, Trademark,
Copyright or other intellectual property right owned by any other Person by the sale or use of any product, process, method, substance, part or other material now sold or used, where such sale or use would reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect, and no claim or litigation is pending or, to each Borrower&#146;s knowledge, threatened against any Loan Party that contests its right to sell or use any such product, process, method, substance,
part or other material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) <U>Labor Matters</U>. <U>Schedule</U><U></U><U>&nbsp;6.1(x)</U> accurately sets forth all collective
bargaining agreements to which any Loan Party or any of its Subsidiaries is a party as of the Closing Date, and their dates of expiration. There are no existing or, to each Borrower&#146;s knowledge, threatened strikes, lockouts or other disputes
relating to any collective bargaining or similar labor agreement to which any Loan Party or any of its Subsidiaries is a party which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y) <U>Compliance with Environmental Laws</U>. Except as to matters that would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: (i)&nbsp;no Loan Party is the subject of any judicial or administrative proceeding or investigation relating to the violation of any Environmental Law or asserting potential liability arising from the release or
disposal by any Person of any Hazardous Materials, (ii)&nbsp;no Loan Party has filed with or received from any Governmental Authority any notice, order, stipulation or directive under any Environmental Law concerning the treatment, storage,
disposal, spill, release or threatened release of any Hazardous Materials at, on, beneath or adjacent to Real Property owned or leased by it, (iii)&nbsp;each Loan Party has no knowledge of any contingent liability for any release of any Hazardous
Materials, and there has been no spill or release of any Hazardous Materials at any of its Real Property in violation of Environmental Laws and (iv)&nbsp;to the knowledge of each Borrower, none of any Loan Party&#146;s Real Property has ever been
used as a waste disposal site, whether registered or unregistered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(z) <U>Licenses and Permits</U>. Each Loan Party and each of its
Subsidiaries has obtained and holds in full force and effect all Permits which are necessary or advisable for the operation of its business as presently conducted and as proposed to be conducted, except where the failure to possess any of the
foregoing (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect. Each Loan Party is in compliance in all material respects with all State Licensing Laws applicable to it. No Loan Party has received any
communication (including without limitation any oral communication) from any Governmental Authority alleging that it is not in compliance in any material respect with, or may be subject to material liability under, any State Licensing Laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(aa) <U>Compliance with Anti-Terrorism Laws</U>. None of the Loan Parties nor any of their
Subsidiaries is any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a Person that is listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No.&nbsp;13224 on Terrorist Financing effective September&nbsp;24, 2001 (the &#147;<U>Executive Order</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a Person owned or Controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise
subject to the provisions of, the Executive Order; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) a Person with which any Lender is prohibited from dealing or
otherwise engaging in any transaction by any laws with respect to terrorism or money laundering; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) a Person that
commits, threatens or conspires to commit or supports &#147;terrorism&#148; as defined in the Executive Order; or a Person that is named as a &#147;specially designated national and blocked Person&#148; on the most current list published by the U.S.
Treasury Department Office of Foreign Assets Control (&#147;<U>OFAC</U>&#148;) at its official website or any replacement website or other replacement official publication of such list and none of the proceeds of the Revolving Credit Loans will be,
directly or, to the knowledge of the Borrowers or any of their respective Subsidiaries, indirectly, offered, lent, contributed or otherwise made available to any Subsidiary, joint venture partner or other Person for the purpose of financing the
activities of any Person currently the subject of sanctions administered by OFAC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(bb) <U>Government Regulation</U>. None of the Loan
Parties and none of their Subsidiaries is subject to regulation under the Energy Policy Act of 2005, the Federal Power Act, the Interstate Commerce Act or any other Requirement of Law that limits its ability to incur Indebtedness or to consummate
the transactions contemplated by this Agreement and the other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(cc) <U>Material Contracts.</U> Set forth on Schedule
6.1(cc) (as such Schedule may be amended from time to time by written notice from the Borrower Agent to the Agent given with the Compliance Certificate) is a complete and accurate list of all Material Contracts of each Loan Party. Each such Material
Contract has been duly authorized, executed and delivered by the applicable Loan Party. Except for matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, each Material Contract of the Loan
Parties is in full force and effect and is binding upon and enforceable against all parties thereto in accordance with its terms, and there exists no default under such Material Contract by any party thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(dd) <U>Business and Properties</U>. No business of any Loan Party or any of its Subsidiaries is affected by any fire, explosion, accident,
drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ee) <U>Money-Laundering Laws</U>. Each Loan Party is in compliance in all material respects with
all Money Laundering Laws applicable to it. No Loan Party has received any communication (including without limitation any oral communication) from any Governmental Authority alleging that it is not in compliance in any material respect with, or may
be subject to material liability under, any Money Laundering Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ff) <U>Master Services Agreements</U>. Except as specified in
<U>Schedule 6.1(ff)</U> (as such Schedule may be amended from time to time by written notice from the Borrower Agent to the Agent), no Loan Party is party to (A)&nbsp;any Designated Closing Date MSA or (B)&nbsp;any Master Services Agreement entered
into after the Original Closing Date, in any such case, which provides that (i)&nbsp;any payments contemplated under such Master Services Agreement in respect of the purchase from any Loan Party of the right to place advertisements on one or more
Media Outlets are payable to any Person other than such Loan Party, or (ii)&nbsp;any portion of the amounts payable from the Advertiser or one or more of its agents to any Loan Party under such Master Services Agreement is required to be held in
escrow or in trust, or otherwise turned over to, or held for the benefit of, any Advertiser, any Publisher, any SSP or any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(gg) <U>Eligible Receivables</U>. As to each Receivable that is identified by the Borrowers as an Eligible Receivable in a Borrowing Base
Certificate submitted to the Agent, such Receivable is (x)&nbsp;a bona fide existing payment obligation of the applicable account debtor created by the sale and delivery of inventory or the rendition of services to such account debtor in the
ordinary course of the Borrowers&#146; business, (y)&nbsp;owed to a Borrower without any claimed defenses, disputes, offsets, counterclaims, or rights of return or cancellation other than as permitted under the definition of Eligible Receivables and
as noted on the Borrowing Base Certificate, and (z)&nbsp;not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) as required in the definition of Eligible Receivables. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AFFIRMATIVE COVENANTS OF THE BORROWERS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each Borrower covenants and agrees that, until the Payment in Full of all Obligations: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.1 <U>Existence</U>. The Loan Parties shall, and shall cause each of their Subsidiaries to, (i)&nbsp;maintain their Entity existence,
except in connection with a transaction expressly permitted under Section&nbsp;8.3 or in the case of any Entity other than a Borrower, where the failure to do so would not reasonably be expected to have a Material Adverse Effect, (ii)&nbsp;maintain
in full force and effect all material licenses, bonds, franchises, leases, Trademarks, qualifications and authorizations to do business, and all material Patents, contracts and other rights necessary or advisable to the profitable conduct of its
businesses, except (A)&nbsp;as expressly permitted by this Agreement, (B)&nbsp;such as may expire, be abandoned or lapse in the ordinary course of business, or (C)&nbsp;as would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, and (iii)&nbsp;continue in the same or reasonably related lines of business as presently conducted by it. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.2 <U>Maintenance of Property</U>. The Loan Parties shall, and shall cause each of their
Subsidiaries to, keep all assets used or useful and necessary to its business in good working order and condition (ordinary wear and tear and casualty and condemnation excepted) in accordance with its ordinary course of business practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.3 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.4 <U>Taxes</U>. The Loan Parties shall, and shall cause each of their Subsidiaries to, pay, before the same becomes delinquent or in
default, (i)&nbsp;all material Taxes imposed against it or any of its property and (ii)&nbsp;all lawful claims that, if unpaid, might by law become a Lien upon its property; <U>provided</U> that, such payment and discharge will not be required with
respect to any Tax or claim if (x)&nbsp;the validity thereof, or to the extent the amount thereof, is being contested in good faith, by appropriate proceedings diligently conducted and (y)&nbsp;an adequate reserve or other appropriate provision
shall have been established therefor as required in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.5 <U>Requirements of Law</U>. The Loan Parties shall,
and shall cause each of their Subsidiaries to, comply with all Requirements of Law applicable to it, including any State Licensing Laws, except where the failure to so comply would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.6 <U>Insurance</U>. Each of the Loan Parties shall, and shall cause each of their
Subsidiaries to maintain, with insurance companies reasonably believed to be financially sound and reputable, insurance in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or
similar businesses operating in the same or similar locations, and cause the Agent to be listed as a <FONT STYLE="white-space:nowrap">co-loss</FONT> payee on property and casualty policies and as an additional insured on liability policies, pursuant
to a standard loss payable endorsement with a standard <FONT STYLE="white-space:nowrap">non-contributory</FONT> &#147;lender&#148; or &#147;secured party&#148; clause. The Borrower Agent will furnish to the Agent, upon request, information in
reasonable detail as to the insurance so maintained. Furthermore, the Loan Parties shall: (a)&nbsp;obtain certificates and endorsements reasonably acceptable to the Administrative Agent with respect to property and casualty insurance; (b)&nbsp;cause
each insurance policy referred to in this Section&nbsp;7.6 to provide that it shall not be cancelled, modified or not renewed (x)&nbsp;by reason of nonpayment of premium except upon not less than 10 days&#146; prior written notice thereof by the
insurer to the Agent (giving the Agent the right to cure defaults in the payment of premiums) or (y)&nbsp;for any other reason except upon not less than 30 days&#146; prior written notice thereof by the insurer to the Agent; and (c)&nbsp;deliver to
the Agent, prior to the cancellation, modification or <FONT STYLE="white-space:nowrap">non-renewal</FONT> of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to
the Agent, including an insurance binder) together with evidence reasonably satisfactory to the Agent of payment of the premium therefor. If any Loan Party fails to obtain and maintain insurance as provided in this Section, or to keep the same in
force, the Agent, if the Agent so elects, in its Permitted Discretion, may obtain such insurance and pay the premium therefor for the Borrowers&#146; account, and charge the Borrowers&#146; Loan Account for same, and such expenses so paid shall be
part of the Obligations. Without limitation of the foregoing, if as of the Closing Date or at any time thereafter, all or a portion of the improvements situated on any fee owned Real Property are located within an area designated by the Federal
Emergency Management Agency or the Flood Disaster Protection Act of&nbsp;1973 (P.L. <FONT STYLE="white-space:nowrap">93-234)</FONT> as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


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being in a &#147;special flood hazard area&#148; or as having specific flood hazards, the Borrowers shall also furnish the Agent with flood insurance policies which conform to the requirements of
said Flood Disaster Protection Act of&nbsp;1973 and the National Flood Insurance Act of&nbsp;1968, as either may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.7 <U>Books and Records; Inspections</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Loan Parties shall, and shall cause each of their Subsidiaries to, maintain books and records (including computer records and
programs) of account pertaining to the assets, liabilities and financial transactions of the Loan Parties and their Subsidiaries in such detail, form and scope as is consistent with good business practice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Loan Parties shall, and shall cause each of their Subsidiaries to, provide the Agent and its agents and one representative of each of
the Lenders access to the premises of the Loan Parties and their Subsidiaries at any time and from time to time, during normal business hours and with reasonable notice under the circumstances, and at any time after the occurrence and during the
continuance of a Default or Event of Default, for the purposes of (A)&nbsp;inspecting and verifying the Collateral, (B)&nbsp;inspecting and copying any and all records pertaining thereto, (C)&nbsp;conducting field examinations and appraisals with
respect to the Collateral, and (D)&nbsp;discussing the affairs, finances and business of the Loan Parties and their Subsidiaries with any officer, employee or director thereof or with the Auditors (subject to such Auditor&#146;s policies and
procedures). The Borrowers shall reimburse the Agent for the reasonable and documented travel and related expenses of the Agent&#146;s employees or, at the Agent&#146;s option, of such outside accountants or examiners as may be retained by the Agent
to verify or inspect Collateral, records or documents of the Loan Parties and their Subsidiaries; <U>provided</U> that, so long as no Default or Event of Default then exists, the number of field examinations and appraisals for which the Borrowers
shall be liable for reimbursement to the Agent hereunder shall be limited to one (1)&nbsp;per fiscal year, <U>plus</U> additional field examinations with respect to Receivables acquired or to be acquired in connection with any Permitted Acquisition
or Permitted Investment that the Borrowers elects to include in the Borrowing Base; <U>provided</U>, <U>further</U>, that the foregoing shall not operate to limit the number of inspections, field examinations and appraisals that the Agent may elect
to undertake. If the Agent&#146;s own employees are used, the Borrowers shall also pay such reasonable per diem allowance as the Agent may from time to time establish, or, if outside examiners or accountants are used, the Borrowers shall also pay
the Agent such sum as the Agent may be obligated to pay as fees for such services. All such Obligations may be charged to the Loan Account or any other account of the Borrowers with the Agent or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.8 <U>Notification Requirements</U>. The Borrowers shall timely give the Agent the following notices and other documents: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Notice of Defaults</U>. Promptly, and in any event within five (5)&nbsp;Business Days after any Responsible Officer of the Borrowers
obtains actual knowledge of the occurrence of a Default or Event of Default, a certificate of a Responsible Officer specifying the nature thereof and the Borrowers&#146; proposed response thereto, each in reasonable detail. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Proceedings; Changes</U>. Promptly, and in any event within five (5)&nbsp;Business Days
after any Responsible Officer of the Borrowers obtains actual knowledge of (i)&nbsp;any proceeding including, without limitation, any proceeding the subject of which is based in whole or in part on a commercial tort claim being instituted or
threatened to be instituted against a Loan Party or any of its Subsidiaries before any Governmental Authority as to which an adverse determination is reasonably probable and which, if adversely determined, would reasonably be expected to result in a
liability in excess of $1,000,000 or (ii)&nbsp;any actual change, development or event which has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, a written statement describing such
proceeding, change, development or event and any action being taken by such Loan Party or any of its Subsidiaries with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Changes</U>. Promptly, and in any event within five (5)&nbsp;Business Days after (i)&nbsp;a change in the location of any Collateral
from the locations specified in <U>Schedule</U><U></U><U>&nbsp;6.1(b)</U> or (ii)&nbsp;a change of the legal name, Entity structure or jurisdiction of organization of any Loan Party thereof, a written statement describing such change, together with,
in the case of clause (ii), copies of the Governing Documents of such Loan Party, certified by the Secretary of State (or equivalent) in each relevant jurisdiction, evidencing such change. If any notice is delivered with respect to <U>Schedule
6.1(b)</U> pursuant to this Section&nbsp;7.8, such notice shall be deemed to be an addition to such Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>ERISA Notices</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Promptly, and in any event within five (5)&nbsp;Business Days after a Termination Event has occurred, a written
statement of a Responsible Officer of the Borrower Agent describing such Termination Event and any action that is being taken, or will be taken, with respect thereto by any Loan Party (or any known ERISA Affiliate), and any action taken or
threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect to such Termination Event; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) promptly, and in any event within five (5)&nbsp;Business Days after the filing thereof with the Internal Revenue Service,
a copy of each funding waiver request pursuant to Section 412(c) of the internal Revenue Code filed with respect to any Pension Plan subject to the funding requirements of Section&nbsp;412 of the Internal Revenue Code; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) promptly, and in any event within five (5)&nbsp;Business Days after receipt by any Loan Party of the PBGC&#146;s
intention to terminate a Plan under Section&nbsp;4041 or Section 4041A of ERISA or to have a trustee appointed to administer a Plan, a copy of such notice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) promptly, and in any event within five (5)&nbsp;Business Days after the occurrence thereof, notice (including the nature
of the event and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto) of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any Prohibited Transaction which would subject any Borrower to a material civil penalty assessed pursuant to Section
502(i) of ERISA or a material tax imposed by Section&nbsp;4975 of the Internal Revenue Code in connection with any Plan, or any trust created thereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) a failure by any Borrower or, to the knowledge of any Borrower, ERISA
Affiliate to make a payment to a Plan required to avoid imposition of a Lien under Section 303(k) of ERISA or Section 430(k) of the Internal Revenue Code, or a failure by any Loan Party to make a payment to a Multiemployer Plan which is required by
ERISA or the Internal Revenue Code; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) the establishment of any new Plan or the obligation to contribute to any new
Plan which was not specified on <U>Schedule</U><U></U><U>&nbsp;6.1(v)</U>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) promptly upon and in any event within five
(5)&nbsp;Business Days after the request of the Agent, each annual report (IRS Form 5500 series) and all accompanying schedules and the most recent actuarial reports, in any case, with respect to any Pension Plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) promptly, and in any event within five (5)&nbsp;Business Days after receipt thereof by any Loan Party, notice and demand
for payment of withdrawal liability under Section&nbsp;4201 of ERISA with respect to a Multiemployer Plan or notice that a Multiemployer Plan is subject to Section&nbsp;305 of ERISA or Section&nbsp;432 of the Internal Revenue Code; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) promptly, and in any event within five (5)&nbsp;Business Days after receipt thereof by any Loan Party or ERISA Affiliate,
notice of any administrative or judicial complaint, or the entry of a judgment, award or settlement agreement, in either case with respect to a Plan that would reasonably be expected, individually or in the aggregate to have a Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Material Contracts</U>. Concurrently with the delivery of any Compliance Certificates delivered pursuant to Section
7.11(d), notice of any Material Contract that has been terminated or amended in any material respect, together with a copy of any such amendment and delivery of a copy of any new Material Contract that has been entered into, in each case since the
later of the Closing Date or delivery of the prior Compliance Certificate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Environmental Matters</U>. Promptly, and in any event
within five (5)&nbsp;Business Days after receipt by a Loan Party thereof, copies of (A)&nbsp;any written notice that any violation of any Environmental Law was committed by a Loan Party which violation could reasonably be expected to result in
liability or involve remediation costs that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (B)&nbsp;any written notice that any administrative or judicial complaint or order has been filed against
a Loan Party alleging violations of any Environmental Law or requiring a Loan Party to take any action in connection with the release of toxic or Hazardous Materials into the environment which violation or action would reasonably be expected,
individually or in the aggregate, to have a Material </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


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Adverse Effect, (C)&nbsp;any written notice from a Governmental Authority or other Person alleging that a Loan Party may be liable or responsible for costs associated with a response to or
cleanup of a release of a Hazardous Material into the environment or any damages caused thereby which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, or (D)&nbsp;Environmental Law adopted, enacted
or issued after the date hereof of which any Borrower becomes aware which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Insurance</U>. Promptly, and in any event within five (5)&nbsp;Business Days after receipt by a Loan Party of notice or knowledge
thereof, of the actual or intended cancellation of, or any material and adverse change in coverage or other terms of, any insurance required to be maintained by the Loan Parties pursuant to this Agreement or any other Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.9 <U>Casualty Loss</U>. The Loan Parties shall provide written notice to the Agent, within five (5)&nbsp;Business Days, of any
material damage to, the destruction of, or any other material loss to any asset or property owned or used by any Loan Party other than any such asset or property with a net book value (individually or in the aggregate) less than $1,000,000 or any
condemnation, confiscation or other taking, in whole or in part, or any event that otherwise diminishes so as to render impracticable or unreasonable the use of such asset or property owned or used by the Loan Parties, together with a state of the
amount of the damage, destruction, loss or diminution in value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.10 <U>Qualify to Transact Business</U>. The Loan Parties shall,
and shall cause each of their Subsidiaries to, qualify to transact business as a foreign corporation, limited partnership or limited liability company, as the case may be, in each jurisdiction where the nature or extent of its business or the
ownership of its property requires it to be so qualified or authorized and where failure to qualify or be authorized could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.11 <U>Financial Reporting</U>. The Borrower Agent shall deliver to the Agent the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Annual Financial Statements</U>. As soon as available, but not later than one hundred twenty (120)&nbsp;days after the end of each
fiscal year, (A)&nbsp;the annual audited consolidated Financial Statements of the Loan Parties and their Subsidiaries for and as of the end of the prior fiscal year; (B)&nbsp;in the event that (x)&nbsp;the gross revenues of the Subsidiaries of the
Borrower Agent exceed $100,000,000 per year or (y)&nbsp;the aggregate amount of Investments by the Loan Parties in or to, and guarantees by the Loan Parties of Indebtedness of, Subsidiaries that are not Loan Parties exceeds $5,000,000, the annual
Financial Statements of the Loan Parties and their Subsidiaries, on a consolidating basis, for and as of the end of the prior fiscal year; (C)&nbsp;a comparison in reasonable detail to the prior year&#146;s audited Financial Statements; and
(D)&nbsp;the Auditors&#146; opinion without Qualification and a &#147;Management Letter&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Business Plan</U>. Not later than
sixty (60)&nbsp;days after the end of each fiscal year of the Loan Parties, the Business Plan of the Loan Parties certified by the chief financial officer, controller or vice president, finance, of the Borrower Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Quarterly Financial Statements</U>. As soon as available, but not later than forty-five
(45)&nbsp;days after the end of each of the first three fiscal quarters of each fiscal year, (A)&nbsp;management prepared interim consolidated Financial Statements of the Loan Parties and their Subsidiaries as at the end of such fiscal quarter and
for the fiscal year to date and setting forth in comparative form the figures for the corresponding period or periods of the previous fiscal year and as set forth in the Business Plan; (B)&nbsp;in the event that (x)&nbsp;the gross revenues of the
Subsidiaries of the Borrower Agent exceed $100,000,000 per year or (y)&nbsp;the aggregate amount of Investments by the Loan Parties in or to, and guarantees by the Loan Parties of Indebtedness of, Subsidiaries that are not Loan Parties exceeds
$5,000,000, the management prepared interim Financial Statements of the Loan Parties and their Subsidiaries, on a consolidating basis, as at the end of such fiscal quarter and for the fiscal year to date; (C)&nbsp;a certification by the Borrower
Agent&#146;s chief financial officer, controller or the vice president, finance that such Financial Statements have been prepared in accordance with GAAP and are fairly stated in all material respects (subject to normal <FONT
STYLE="white-space:nowrap">year-end</FONT> audit adjustments); and (D)&nbsp;a narrative discussion of the financial condition of the Loan Parties and their Subsidiaries and results of operations and the liquidity and capital resources for the fiscal
quarter then ended, prepared by the chief financial officer of the Borrower Agent; <U>provided</U> that, in lieu of such narrative discussion, the Borrower Agent may participate in a quarterly conference call (each such call to be at a time and date
to be reasonably agreed by the Borrower Agent and the Agent) among senior management of the Borrower Agent, the Agent and the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Compliance Certificate</U>. As soon as available, but (A)&nbsp;not later than forty-five (45)&nbsp;days after the end of each of the
first three fiscal quarters of each fiscal year and (B)&nbsp;and one hundred twenty (120)&nbsp;days after each fiscal year end, a compliance certificate, substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;H</U> (a &#147;<U>Compliance
Certificate</U>&#148;), signed by the Borrower Agent&#146;s chief financial officer or vice president-finance, with an attached schedule setting forth the calculations to arrive at EBITDA and the Consolidated Fixed Charge Coverage Ratio as of the
end of such fiscal quarter or fiscal year, as applicable, without regard to whether a Covenant Testing Period is then in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)
<U>Borrowing Base Certificate</U>. Monthly, not later than the twentieth (20th)&nbsp;day of each fiscal month, a certificate signed by the chief financial officer or the vice president-finance of the Borrower Agent substantially in the form of
<U>Exhibit</U><U></U><U>&nbsp;I</U> (a &#147;<U>Borrowing Base Certificate</U>&#148;) detailing the Eligible Receivables, containing a calculation of Availability and reflecting all sales, collections, and debit and credit adjustments, as of the
last day of the preceding month (or as of a more recent date as the Agent may from time to time reasonably request); <U>provided</U> that, if Excess Availability is at any time less than the greater of (x)&nbsp;Fifteen Million Dollars ($15,000,000)
and (y) 12.5% of the lesser of (I)&nbsp;the Borrowing Base then in effect and (II)&nbsp;the Aggregate Revolving Credit Commitment as of such date, then, commencing with the first calendar week following the end of such fiscal month, and continuing
on a weekly basis thereafter, until a period of sixty (60)&nbsp;consecutive days has elapsed during which at all times Excess Availability has equaled or exceeded the greater of (x)&nbsp;Fifteen Million Dollars ($15,000,000) and (y) 12.5% of the
lesser of (I)&nbsp;the Borrowing Base then in effect and (II)&nbsp;the Aggregate Revolving Credit Commitment as of such date, the Borrower Agent shall deliver the Borrowing Base Certificate weekly, on the Wednesday of each week (or, if Wednesday is
not a Business Day, on the next succeeding Business Day), setting forth the Borrowing Base calculated as of the close of business on the immediately preceding Saturday. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Agings</U>. Monthly, not later than the fifteen (15th)&nbsp;day after the end of each
fiscal month, agings of the Borrowers&#146; Receivables and accounts payable, in scope and detail satisfactory to the Agent, as of the last day of the preceding month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>SEC Reports</U>. Promptly after the same become publicly available, copies of all periodic and other publicly available reports, proxy
statements and, to the extent requested by the Agent, other materials publicly filed by the Borrowers with the Securities and Exchange Commission or, in the case of TTD, distributed to generally to the holders of its Equity Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Other Financial Information</U>. Promptly after the request by the Agent, such additional financial statements and other related data
and information as to the business, operations, results of operations, assets, liabilities or condition (financial or otherwise) of any Loan Party or any of its Subsidiaries as the Agent may from time to time reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notices and information required to be delivered pursuant to this Section&nbsp;7.11 may be delivered electronically and, if so delivered,
shall be deemed to have been delivered on the date (i)&nbsp;on which the Borrower Agent posts such documents, or provides a link thereto on the Borrower Agent&#146;s website on the Internet at the website address http://thetradedesk.com;
(ii)&nbsp;on which the Borrower Agent delivers such documents by electronic mail to the Agent or (iii)&nbsp;on which such documents are posted on the Borrower Agent&#146;s behalf on an Internet or intranet website, if any, to which each Lender and
the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent); <U>provided</U>, that: (i)&nbsp;until the Agent has confirmed its receipt of an electronic copy of any such document, the Borrower Agent shall
deliver paper copies of such documents to the Agent or any Lender if so requested by Agent or any such Lender in writing and (ii)&nbsp;the Borrower Agent shall notify the Agent (by telecopier or electronic mail) of the posting of any such documents
and provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have
no responsibility to monitor compliance by the Borrower Agent with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.12 <U>Payment of Liabilities</U>. The Loan Parties shall, and shall cause each of their Subsidiaries to, pay and discharge, in the
ordinary course of business, all obligations and liabilities (including, without limitation, tax liabilities and other governmental charges), except where (i)&nbsp;the same may be contested in good faith by appropriate proceedings and for which
adequate reserves with respect thereto have been established in accordance with GAAP or (ii)&nbsp;the failure to make payment would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.13 <U>ERISA</U>. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
the Loan Parties shall (i)&nbsp;maintain each Plan intended to qualify under Section 401(a) of the Internal Revenue Code so as to satisfy in all material respects the qualification requirements thereof, (ii)&nbsp;contribute, or require that
contributions be made, in a timely manner (A)&nbsp;to each Plan in amounts sufficient to satisfy in all material respects applicable Requirements of Law and the terms and conditions of each such Plan, and (B)&nbsp;to each Foreign Plan in amounts
sufficient to satisfy in all material respects the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


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minimum funding requirements of any applicable law or regulation, and (iii)&nbsp;cause each Plan or Foreign Plan to comply in all material respects with applicable law (including all applicable
statutes, orders, rules and regulations). As used in this Section&nbsp;7.13, &#147;<U>Foreign Plan</U>&#148; means a plan that provides retirement or health benefits and that is maintained, or otherwise contributed to, by a Loan Party for the
benefit of employees outside the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.14 <U>Environmental Matters</U>. The Loan Parties shall, and shall cause each
of their Subsidiaries to, conduct its business so as to comply in all material respects with all applicable Environmental Laws and obtain and renew all material Permits, except, in each case, to the extent the failure to do so would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.15 <U>Intellectual Property</U>. The Loan
Parties shall, and shall cause each of their Subsidiaries to, do and cause to be done all things necessary to preserve and keep in full force and effect all of its material registrations of Trademarks, Patents and Copyrights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.16 <U>Solvency</U>. The Loan Parties, taken as a whole, shall be and remain Solvent at all times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.17 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.18 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.19 <U>Money Laundering Laws</U>. Each of the Loan Parties shall comply in all material respects with all Money Laundering Laws
applicable to it and shall maintain all of the necessary Permits required pursuant to any Money Laundering Laws applicable to it in order for such Loan Party to continue the conduct of its business as currently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 7.20 <U>Formation of Subsidiaries</U>. Each Loan Party will, at the time that any Loan Party forms or acquires any direct or indirect
Subsidiary after the Closing Date, within fifteen (15)&nbsp;days of such event (or such later date as permitted by the Agent in its discretion) (a)&nbsp;cause such new Subsidiary, if such new Subsidiary is a Domestic Subsidiary and Borrower Agent
requests, subject to the consent of Agent, that such Domestic Subsidiary be joined as a Borrower, to provide to Agent a joinder to this Agreement, (b)&nbsp;if such new Domestic Subsidiary is not joined as a Borrower, cause such new Domestic
Subsidiary to provide to Agent a joinder to the Guaranty and the Guarantor Security Agreement, (c)&nbsp;to the extent required by and subject to the exceptions set forth in this Agreement and the Security Documents, deliver to Agent financing
statements with respect to such Subsidiary, a Pledged Interests Addendum with respect to the Equity Interests of such Subsidiary, and such other security agreements (including Mortgages with respect to any Real Property owned in fee of such new
Subsidiary), all in form and substance reasonably satisfactory to the Agent, necessary to create the Liens intended to be created under the Security Documents; <U>provided</U>, that the joinder to the Guaranty and the Guarantor Security Agreement
and such other Security Documents, shall not be required to be provided to the Agent with respect to any Foreign Subsidiary, (d)&nbsp;provide, or cause the applicable Loan Party to provide, to Agent a Pledged Interests Addendum and appropriate
certificates and powers or financing statements, pledging all of the direct or beneficial ownership </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


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interest in such new Subsidiary; <U>provided</U>, that only sixty-five percent (65%)&nbsp;of the total outstanding Voting Interests of any first tier Foreign Subsidiary (and none of the Equity
Interests of any Subsidiary of such Foreign Subsidiary) shall be required to be pledged (which pledge, if reasonably requested by the Agent, shall be governed by the laws of the jurisdiction of such Subsidiary), and (e)&nbsp;provide to the Agent all
other documentation, including one or more opinions of counsel reasonably satisfactory to the Agent, which, in its Permitted Discretion, is appropriate with respect to the execution and delivery of the applicable documentation referred to above
(including policies of title insurance, flood certification documentation or other documentation with respect to all Real Property owned in fee and subject to a Mortgage). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>NEGATIVE COVENANTS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each Borrower covenants and agrees that, until Payment in Full of all Obligations: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.1 <U>Indebtedness</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any
time create, incur, assume or suffer to exist any Indebtedness other than: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Indebtedness under the Loan Documents, including any
Indebtedness created pursuant to the Incremental Revolving Credit Commitments; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Indebtedness existing on the Original Closing Date
and set forth in Schedule 8.1(ii), and any Refinancing Indebtedness in respect of such Indebtedness; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) Indebtedness (including
Capitalized Lease Obligations and purchase money Indebtedness) to finance all or any part of the purchase, lease, construction, installment, repair or improvement of property, plant or equipment or other fixed or capital assets, in an aggregate
principal amount not to exceed $2,000,000 at any time outstanding, and any Refinancing Indebtedness in respect of such Indebtedness; <U>provided</U> that such Indebtedness is incurred within 180 days after the purchase, lease, construction,
installation, repair or improvement of the property that is the subject of such Indebtedness; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) subject to the requirements set forth
in the definitions thereof, (A)&nbsp;the Term Loan Indebtedness and (B)&nbsp;the Real Property Indebtedness; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Permitted Hedging
Agreements and Bank Product Obligations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) Indebtedness owed to (including obligations in respect of letters of credit or bank
Guarantees or similar instruments for the benefit of) any Person providing workers&#146; compensation, health, disability or other employee benefits (whether to current or former employees) or property, casualty or liability insurance or
self-insurance in respect of such items, or other Indebtedness with respect to reimbursement-type obligations regarding workers&#146; compensation claims, health, disability or other employee benefits (whether current or former) or property,
casualty or liability insurance; <U>provided</U> that, upon the incurrence of any Indebtedness with respect to reimbursement obligations regarding workers&#146; compensation claims, such obligations are reimbursed not later than sixty (60)&nbsp;days
following such incurrence; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) Indebtedness arising from agreements of any Borrower or any Subsidiary providing for
indemnification, earn-outs, adjustment of purchase or acquisition price or similar obligations, in each case, incurred or assumed in connection with any Permitted Acquisition or the disposition of any business, assets or Subsidiaries not prohibited
by this Agreement, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiaries for the purpose of financing any such Permitted Acquisition; <U>provided</U>, that the maximum
assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including <FONT STYLE="white-space:nowrap">non-cash</FONT> proceeds (the fair market value of such <FONT STYLE="white-space:nowrap">non-cash</FONT>
proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the Borrowers and their Subsidiaries in connection with such disposition; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) intercompany Indebtedness between or among the Borrowers and the Subsidiaries; <U>provided</U> that such Indebtedness is only entered
into in connection with Investments permitted under Section&nbsp;8.11 and, to the extent such Indebtedness is in an aggregate principal amount exceeding $1,500,000, is subject to an Intercompany Subordination Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in
each case, provided in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) Guarantees of Indebtedness of the Borrowers or the Subsidiaries permitted to
be incurred under this Agreement; <U>provided</U> that (A)&nbsp;such guarantees are not prohibited by the provisions of Section&nbsp;8.11; (B) no such Guarantee by any Subsidiary of any Term Loan Indebtedness shall be permitted unless such
Subsidiary shall have also provided a Guarantee of the Obligations, and (C)&nbsp;if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as
favorable to the Lenders as those contained in the subordination of such Indebtedness; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) Indebtedness supported by a Letter of Credit,
in a principal amount not in excess of the stated amount of such Letter of Credit; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) Acquired Indebtedness in an amount not to exceed
$5,000,000 at any one time; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) Subordinated Debt, if any, subject to the terms set forth in the Subordination Agreement corresponding
thereto; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv) Indebtedness incurred in the ordinary course of business in respect of (A)&nbsp;overdraft facilities, employee credit
card programs, netting services, automatic clearinghouse arrangements and other cash management and similar arrangements, and in connection with securities and commodities arising in connection with the acquisition or disposition of Permitted
Investments and not any obligation in connection with margin financing, (B)&nbsp;any bankers&#146; acceptance, bank guarantees, letter of credit, warehouse receipt or similar facilities, (C)&nbsp;the endorsement of instruments for deposit or the
financing of insurance premiums, (D)&nbsp;deferred compensation or similar arrangements to the employees of the Borrowers or any of its Subsidiaries, (E)&nbsp;obligations to pay insurance premiums or take or pay obligations contained in
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


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supply agreements and (F)&nbsp;Indebtedness owed to any Person providing property, casualty, business interruption or liability insurance to the Borrower or any of its Subsidiaries, so long as
such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of the annual premium for such insurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For purposes of determining compliance with this Section&nbsp;8.1, in the event that an item of Indebtedness (or any portion thereof) meets
the criteria of more than one of the above-listed clauses, the Borrowers may, in their sole discretion, at the time of incurrence, divide, classify or reclassify, or at any later time divide, classify or reclassify, such item of Indebtedness (or any
portion thereof) in any manner that complies with this covenant. Accrual of interest, the accretion of accreted value, amortization of original issue discount, the payment of interest or dividends in the form of additional Indebtedness with the same
terms (including <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-in-kind</FONT></FONT> interest), and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies,
will not be deemed to be an incurrence of Indebtedness for purposes of this Section&nbsp;8.1. Guarantees of, or obligations in respect of letters of credit relating to Indebtedness that is otherwise included in the determination of a particular
amount of Indebtedness will not be included in the determination of such amount of Indebtedness; <U>provided</U> that, the incurrence of the Indebtedness represented by such Guarantee or letter of credit, as the case may be, was in compliance with
this Section&nbsp;8.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.2 <U>Contingent Obligations</U>. Except as specified in Schedule&nbsp;8.2, the Loan Parties will not,
and will not permit any of their Subsidiaries to, directly or indirectly, incur, assume, or suffer to exist any Contingent Obligation, excluding (i)&nbsp;indemnities given in connection with this Agreement or the other Loan Documents in favor of the
Agent and the Lenders and (ii)&nbsp;Contingent Obligations incurred, assumed or suffered in connection with any Indebtedness permitted under Section&nbsp;8.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.3 <U>Entity Changes, Etc</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly,
merge or consolidate with any Person, or liquidate or dissolve itself (or suffer any liquidation or dissolution), other than (i)&nbsp;the merger or consolidation of any Subsidiary into or with the Borrower Agent in a transaction in which the
Borrower Agent is the survivor, (ii)&nbsp;the merger or consolidation of any Subsidiary into or with a Loan Party (other than the Borrower Agent) in which the surviving or resulting entity is a Loan Party, (iii)&nbsp;the merger or consolidation of
any Subsidiary that is not a Loan Party into or with a Subsidiary that is not a Loan Party, (iv)&nbsp;the liquidation or dissolution or, subject to compliance with Section 7.8(c)(ii), change in form of entity of any Subsidiary of the Borrower Agent
if a Responsible Officer of the Borrower Agent determines in good faith that such liquidation, dissolution or change in form is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders, or (v)&nbsp;the merger or
consolidation of any Subsidiary with or into any other Person in order to effect a Permitted Investment so long as the continuing or surviving Person will be a Loan Party if the merging or consolidating Subsidiary was a Loan Party and which,
together with each of its Subsidiaries, shall have complied with the requirements of Section&nbsp;7.20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.4 <U>Change in Nature
of Business</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make any material change in the nature of their business as carried on at the date hereof or enter into any new line of business that is not
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


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similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion thereof or ancillary thereto the business as carried on as of the date
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.5 <U>Sales, Etc. of Assets</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly
or indirectly, sell, transfer or otherwise dispose of any of its assets, except: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the sales of inventory in the ordinary course of
business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the sale or other disposition for fair market value of obsolete or worn out property, or other property no longer used or
useful in the conduct of business, in each case, disposed of in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) the sale, transfer or other
disposition of cash and Cash Equivalents in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) sales, transfers or other dispositions of property that
are a settlement of or payment in respect of any property or casualty insurance claim or any taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset of any Borrower or any Subsidiary;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) sales, transfers or other dispositions constituting Liens permitted by Section&nbsp;8.9; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) dispositions constituting Permitted Investments; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <FONT STYLE="white-space:nowrap">non-exclusive</FONT> licenses of intellectual Property in the ordinary course of business and not
interfering in any material respect with the business of the Borrower and its Subsidiaries; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) the abandonment of Intellectual
Property (or lapse of any registration or application in respect of Intellectual Property) that is, in the reasonable good faith judgment of the Borrower Agent, no longer economically practicable to maintain or useful in the conduct of the business
of the Borrowers and their Subsidiaries; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) the exclusive licensing by any Loan Party to one or more Foreign Subsidiaries on an
arm&#146;s length basis of the right to use Intellectual Property solely in jurisdictions outside of the United States and its territories, pursuant to any Intercompany License Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) any transfer of inventory between or among the Loan Parties and any other transfer of property or assets (other than Receivables) between
or among the Loan Parties, in each case, in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) sales, transfers or other dispositions of property to
the extent that (A)&nbsp;such property is exchanged for credit against the purchase price of similar replacement property or (B)&nbsp;the proceeds of such sale, transfer or other disposition are promptly applied to the purchase price of such
replacement property; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) sales, transfers or other dispositions of accounts receivable (other than Eligible Receivables financed
under this Agreement) in connection with the collection or compromise thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.6 <U>Use of Proceeds</U>. The Borrowers will not (i)&nbsp;use any portion of the
proceeds of any Revolving Credit Loan in violation of Section&nbsp;2.4 or for the purpose of purchasing or carrying any &#147;margin stock&#148; (as defined in Regulation&nbsp;U of the Federal Reserve Board) in any manner which violates the
provisions of Regulation&nbsp;T, U or X of the Federal Reserve Board or (ii)&nbsp;take, or permit any Person acting on its behalf to take, any action which could reasonably be expected to cause this Agreement or any other Loan Document to violate
any regulation of the Federal Reserve Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.7 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.8 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.9 <U>Liens, Etc</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any
time create, incur, assume or suffer to exist any Lien on or with respect to any assets, other than Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.10
<U>Dividends, Redemptions, Distributions, Etc</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, pay any dividends or make any distributions on or in respect of its Equity Interests, or
purchase, redeem or retire any of its Equity Interests or any warrants, options or rights to purchase any such Entity Interests, whether now or hereafter outstanding (&#147;<U>Interests</U>&#148;), or make any payment on account of or set apart
assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of such Interests, either directly or indirectly, whether in cash, property or in obligations of the Loan Parties or any of their
Subsidiaries, other than: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) a Subsidiary may pay dividends to the Borrowers or to another Subsidiary of the Borrowers, on at least a
<I>pro</I> <I>rata</I> basis with any other shareholders if such Subsidiary is not wholly-owned by such Borrower and other wholly-owned Subsidiaries of the Borrowers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the Loan Parties and their Subsidiaries may repurchase or redeem any of its Equity Interests to the extent such repurchase or redemption
is made from net cash proceeds received by any of the Loan Parties in connection with a substantially concurrent issuance of Equity Interests of such Loan Party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) the Loan Parties and their Subsidiaries may pay dividends solely in Equity Interests of any class of its Equity Interests; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) the Borrower Agent may repurchase, retire or acquire its Equity Interests owned by any future, present or former employee, director,
consultant or distributor (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrowers or any Subsidiary (a)&nbsp;so long as no Default or Event of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


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Default then exists or would be caused thereby, upon termination of employment or in connection with the death or disability of such person, in each case, in connection with the exercise of stock
options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans, in an aggregate amount not to exceed $1,000,000 in any fiscal year or (b)&nbsp;to the extent that the proceeds of such
repurchases, retirements or acquisitions are applied to satisfy withholding tax obligations arising in connection with the vesting of restricted Equity Interests; <U>provided</U> that clauses (a)&nbsp;and (b) of the Payment Conditions are satisfied;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) the Loan Parties or any of their Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend,
split or combination thereof or any permitted acquisition; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) so long as no Default or Event of Default then exists or would be
caused thereby, cash dividends and distributions paid on the equity of the Borrower Agent; <U>provided</U> that the aggregate amount of all such dividends and distributions made by the Borrower Agent in any fiscal year does not exceed $1,000,000.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.11 <U>Investments</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at
any time make or hold any Investment in any Person (whether in cash, securities or other property of any kind) except the following (collectively, the &#147;<U>Permitted Investments</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Investments existing on, or contractually committed as of, the date hereof and set forth on Schedule 8.11; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Investments in cash and Cash Equivalents; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) Guarantees by the Borrowers and their Subsidiaries constituting Indebtedness permitted by Section&nbsp;8.1; <U>provided</U> that the
aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is guaranteed by any Loan Party shall be subject to the limitation set forth in clause (iv)&nbsp;of this Section; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Investments made by the Borrowers in or to any Subsidiary and by any Subsidiary to any Borrower or in or to another Subsidiary;
<U>provided</U> that the aggregate amount of such other Investments by the Loan Parties in or to, and guarantees by the Loan Parties of Indebtedness of, any Subsidiary that is not a Loan Party (for the avoidance of doubt, not including any such
Investments and guarantees existing on the Closing Date) shall not exceed $25,000,000 at any time outstanding; <U>provided</U> that clauses (a)&nbsp;and (b) of the Payment Conditions are satisfied; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) loans or advances to employees, officers or directors of the Borrowers or any of their Subsidiaries in the ordinary course of business for
travel, relocation and related expenses; <U>provided</U> that the aggregate amount of all such loans and advances does not exceed $500,000 at any time outstanding; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) Permitted Hedging Agreements and Bank Product Obligations; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) Permitted Acquisitions; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business or upon the foreclosure with respect to any secured Investment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) promissory notes and other <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration that is permitted to be received in connection
with dispositions permitted by Section&nbsp;8.5; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) Guarantees by the Borrowers or any of their Subsidiaries of leases (other than
Capitalized Lease Obligations) or of other obligations of any Person that do not constitute Indebtedness, in each case entered into in the ordinary course of business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) Investments acquired as a result of a foreclosure by the Borrowers or any Subsidiary with respect to any secured Investments or other
transfer of title with respect to any secured Investment in default; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) Investments resulting from pledges and deposits that are
Permitted Liens; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii) Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted
under Section&nbsp;8.10; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3
endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xv) advances
in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrowers and their Subsidiaries; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvi) purchases or acquisitions of inventory, supplies, materials and equipment or purchases or acquisitions of contract rights or
intellectual property in each case in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xvii) Investments consisting of the licensing of Intellectual
Property pursuant to any Intercompany License Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xviii) Investments between and/or among the Loan Parties and their Subsidiaries
comprised of intercompany obligations under (a)&nbsp;that certain Cost Sharing Agreement effective as of June&nbsp;1, 2016, by and between the Borrower Agent and The Trade Desk Cayman, (b)&nbsp;that certain Management Services Agreement dated as of
September&nbsp;1, 2016, between the Borrower Agent and The UK Trade Desk Ltd., (c) that certain Expense Reimbursement Agreement effective as of September&nbsp;1, 2016, by and between Borrower Agent and The UK Trade Desk Ltd., and (d)&nbsp;other
cost-sharing arrangements, expense reimbursement agreements, master services agreements or other types of agreements in form and substance reasonably acceptable to the Agent; <U>provided</U> that, in all cases, (1)&nbsp;no such Investment shall
involve, directly or indirectly, any cash payment by any Loan Party to, or on behalf of , any Subsidiary that is not a Loan Party, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


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(2) to the extent constituting Indebtedness, such Investment shall be subject to an Intercompany Subordination Agreement, (3)&nbsp;any such Investment in the form of an intercompany loan or
receivable owing by a Subsidiary of a Loan Party that is not a Loan Party in favor of any Loan Party shall be evidenced by a promissory note that has been pledged to Agent in accordance with the terms of this Agreement, and (4)&nbsp;to the extent
that such Investment involves, directly or indirectly, the funding of any costs or expenses, or the making of any other payments, by a Loan Party for the benefit of any Subsidiary that is not a Loan Party, such funding or other payment shall be made
in the ordinary course of business and consistent with the past practices of the Loan Parties and their Subsidiaries as disclosed to Agent prior to the Closing Date; <U>provided</U> <U>further</U>, that such Investments by the Loan Parties in
Subsidiaries that are not Loan Parties shall only be permitted to be made so long as the aggregate gross revenue attributable to <FONT STYLE="white-space:nowrap">non-Loan</FONT> Party Subsidiaries, during the fiscal quarter most recently ended for
which Financial Statements are required to have been delivered pursuant to Section&nbsp;7.11 of this Agreement, does not exceed 30% of the aggregate gross revenue of the Loan Parties and their Subsidiaries, on a consolidated basis, for such period;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xix) other Investments which in the aggregate do not exceed $1,000,000 in any fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.12 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.13 <U>Fiscal Year</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, change their fiscal year from a
year ending December&nbsp;31. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.14 <U>Accounting Changes</U>. The Loan Parties will not, and will not permit any of their
Subsidiaries to, at any time make or permit any change in accounting policies or reporting practices, except as permitted under GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.15 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.16 <U>No Prohibited Transactions Under ERISA</U>. Except as would not reasonably be expected, individually or in the aggregate, to
have in a Material Adverse Effect, the Loan Parties will not: (i)&nbsp;engage in any Prohibited Transaction which could reasonably be expected to result in the imposition on the Loan Parties of a civil penalty or excise tax described in
Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Internal Revenue Code for which a statutory or class exemption is not available or a private exemption has not been previously obtained from the Department of Labor; (ii)&nbsp;terminate any
Pension Plan where such event would result in any liability to any Loan Party or ERISA Affiliate under Title&nbsp;IV of ERISA; (iii)&nbsp;amend a Pension Plan in a manner that would reasonably be expected to, and does, result in a material increase
in current liability for the plan year such that any Loan Party is required to provide security to such Plan under Section&nbsp;307 of ERISA or Section 401(a)(29) of the Internal Revenue Code; or (iv)&nbsp;withdraw from any Multiemployer Plan where
such withdrawal would reasonably be expected to result in the imposition of any liability on any Loan Party under Title IV of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.17 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.18 <U>Prepayments</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make any prepayment
of any Indebtedness, other than: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


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(i) the prepayment of the Revolving Credit Loans in accordance with the terms of this Agreement, (ii)&nbsp;the prepayment of the Term Loan Indebtedness in accordance with the terms thereof and
subject to the Intercreditor Agreement with respect thereto, (iii)&nbsp;any Refinancing Indebtedness permitted by Section&nbsp;8.1, (iv) so long as no Event of Default then exists or would be caused thereby, the prepayment of any Capitalized Lease
Obligations in the ordinary course of business, and (v)&nbsp;mandatory prepayments of principal, premium and interest with respect to any Indebtedness incurred in compliance with Section&nbsp;8.1. Notwithstanding anything in the foregoing, the
provisions of this Section&nbsp;8.18 shall not apply to Subordinated Debt, which is subject to Section&nbsp;8.25. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.19 <U>Lease
Obligations</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time create, incur or assume any obligations as lessee for the rental or hire of real or personal property in connection with any sale and leaseback
transaction, other than operating lease transactions for equipment paid for by such operating leases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.20 <U>[Reserved]</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.21 <U>Acquisition of Stock or Assets</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, acquire
or commit or agree to acquire any Equity Interests, securities or assets of any other Person, other than (i)&nbsp;equipment and inventory acquired in the ordinary course of business, (ii)&nbsp;subject to compliance with Section&nbsp;7.20, Permitted
Acquisitions, and (iii)&nbsp;any acquisitions or commitments or agreements to acquire any Equity Interests, securities or assets pursuant to transactions that are permitted by Section&nbsp;8.5 or Section&nbsp;8.11. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.22 <U>Securities and Deposit Accounts</U>. The Loan Parties will not (i)&nbsp;establish or maintain any securities account or
deposit account (other than securities accounts or deposit accounts which constitute Excluded Property or which hold less than $750,000 individually and $3,000,000 in the aggregate at any one time) unless the Agent shall have received a Control
Agreement, duly executed by the applicable Loan Party and the securities intermediary or depository bank parties thereto, in respect of such securities account or deposit account, and such accounts are in compliance with the requirements set forth
in Section&nbsp;2.7 or (ii)&nbsp;transfer any financial assets from any securities account; <U>provided</U> that, so long as no Cash Dominion Period is in effect, the Loan Parties may (A)&nbsp;use such assets to the extent permitted by this
Agreement, or (B)&nbsp;sell or trade such assets in the ordinary course of business so long as the proceeds of such sales or trades are deposited into a Blocked Account, any other deposit account or a securities account, in each case, in respect of
which the Agent has received a Control Agreement duly executed by the applicable Loan Party and the securities intermediary or depository bank party thereto, or as otherwise permitted pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.23 <U>Negative Pledge</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or suffer to
exist any agreement prohibiting or conditioning the creation or assumption of any Lien upon any of its assets; <U>provided</U> that the foregoing shall not apply to (i)&nbsp;restrictions or conditions imposed by Requirements of Law or by&nbsp;this
Agreement or any other Loan Document, (ii)&nbsp;customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, <U>provided</U> such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


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restrictions and conditions apply only to the Subsidiary that is sold and only to the extent such sale is permitted hereunder, (iii)&nbsp;restrictions or conditions imposed by any agreement
relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness, (iv)&nbsp;customary provisions in leases and other
contracts restricting the assignment thereof, (v)&nbsp;customary anti-assignment clauses in licenses under which the Borrowers or any of their Subsidiaries are the licensees, (vi)&nbsp;any agreement in effect at a time a Person becomes a Subsidiary,
so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii)&nbsp;any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the
Loan Documents; <U>provided</U> that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii)&nbsp;customary
restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits in the ordinary course of business, and (ix)&nbsp;restrictions or other conditions set forth in any agreements in respect of Indebtedness set forth on
Schedule 8.1 to which any Subsidiary is party as of the Original Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.24 <U>Affiliate Transactions</U>. The Loan
Parties will not, and will not permit any of their Subsidiaries to, enter into or be party to any transaction with an Affiliate, except: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) transactions contemplated by the Loan Documents; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) transactions with Affiliates that are in effect as of the Original Closing Date, as shown on Schedule&nbsp;8.24, or any amendment thereto
to the extent such amendment is not adverse to the Lenders in any material respect as determined in good faith by a Responsible Officer of the Borrower Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) transactions between or among (a)&nbsp;the Borrowers and their Subsidiaries or (b)&nbsp;the Loan Parties and any Person that becomes a
Subsidiary as a result of such transaction (including by way of a merger or consolidation in which a Loan Party is the surviving entity), in each case, to the extent such transactions are permitted under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) any action permitted by Section&nbsp;8.10; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) payments to director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option
and other benefit plans), and <FONT STYLE="white-space:nowrap">non-cash</FONT> compensation for directors or officers consistent with the Borrower Agent&#146;s practices as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) the issuance of securities, or other payments, awards or grants in cash, securities or otherwise, pursuant to, or the funding of,
employment arrangements, stock options, stock ownership plans or other equity plans, including restricted stock plans, stock grants, directed share programs and other equity based plans, in the ordinary course of business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) entering into any customary indemnification agreement or any similar arrangement with their respective directors, officers, consultants
and employees in the ordinary course of business and payment of fees and indemnities to such directors, officers, consultants and employees in the ordinary course of business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;(a) any employment agreements entered into by the Borrowers or any of their
Subsidiaries in the ordinary course of business, (b)&nbsp;any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors and
(c)&nbsp;any employee compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) making Permitted Investments; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) incurring intercompany Indebtedness permitted by Section&nbsp;8.1; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) transactions with Affiliates in the ordinary course of business, upon fair and reasonable terms fully disclosed to the Agent, upon its
request, and no less favorable than would be obtained in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a <FONT STYLE="white-space:nowrap">non-Affiliate.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.25 <U>Prepayments of Subordinated Debt</U>. The Loan Parties will not, and will not permit any of their Subsidiaries to, at any
time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of any Subordinated Debt,
except as expressly permitted in the Subordination Agreement applicable thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 8.26 <U>Equity Interests</U>. The Loan Parties
will not, and will not permit any of their Subsidiaries to, issue any Equity Interests, unless (i)&nbsp;such Equity Interests are pledged to the Agent as additional Collateral to the extent required under Article&nbsp;III, and (ii)&nbsp;such
issuance will not cause a Change of Control. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FINANCIAL COVENANT</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Until the Payment in Full of all Obligations: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 9.1 <U>Consolidated Fixed Charge Coverage Ratio</U>. The Borrowers hereby covenant and agree that the Loan Parties and their
Subsidiaries will maintain a Consolidated Fixed Charge Coverage Ratio, calculated for the four (4)&nbsp;fiscal quarter period ending on the last day of the fiscal quarter immediately preceding the relevant Covenant Trigger Event and for each four
(4)&nbsp;fiscal quarter period ending on the last day of each fiscal quarter during any Covenant Testing Period (including the last day thereof), of at least 1.15 to 1.00. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EVENTS OF DEFAULT</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.1 <U>Events of Default</U>. The occurrence of any of the following events shall constitute an &#147;Event of Default&#148;: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any Loan Party shall fail to pay any (i)&nbsp;principal of any Revolving Credit Loan when due and payable, whether at the due date
therefor, stated maturity, by acceleration, or otherwise; or (ii)&nbsp;interest, fees, Lender Group Expenses or other Obligations (other than an amount referred to in the foregoing clause (i)) when due and payable, whether at the due date therefor,
stated maturity, by acceleration, or otherwise, and such default continues unremedied for a period of three (3)&nbsp;Business Days; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) there shall occur a default in the performance or observance of any agreement, covenant, condition, provision or term contained in
(i)&nbsp;Section&nbsp;2.4, 2.5(a), 2.5(b), 2.7 (with respect to any Loan Party), 7.1(i), 7.6, 7.7, 7.8, 7.11, 7.16,&nbsp;7.20 or 7.21, Article&nbsp;8, Article&nbsp;9 (but only if such default occurs during a Covenant Testing Period); or
(ii)&nbsp;this Agreement or any other Loan Document (other than those referred to in Section&nbsp;10.1(a) and Section&nbsp;10.1(b)(i)) and such default continues for a period of thirty (30)&nbsp;days after the earlier of (x)&nbsp;the date on which
such default first becomes known to any Responsible Officer of the Borrower Agent or (y)&nbsp;written notice thereof from the Agent to the Borrower Agent; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Loan Party or any of its Material Subsidiaries shall become the subject of an Insolvency Event; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;(i) any Loan Party or any of its Subsidiaries shall fail to make any principal payment in respect of any Material Indebtedness at the
stated final maturity thereof, or (ii)&nbsp;any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder
or holders (or a trustee or agent on behalf of such holder or holders) to declare any Material Indebtedness to be due and payable, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;
<U>provided</U> that, this clause (d)&nbsp;will not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and
under the documents providing for such Indebtedness; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) any representation or warranty made or deemed made by any Loan Party under or
in connection with any Loan Document, or in any Financial Statement, report, document or certificate delivered in connection therewith, shall prove to have been incorrect in any material respect (except that such materiality qualifier shall not be
applicable to any representations and warranties that are already qualified or modified by materiality in the text thereof) when made or deemed made; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) any judgment or order for the payment of money which, when taken together with all other judgments and orders rendered against the Loan
Parties and their Subsidiaries, exceeds $1,000,000 in the aggregate (to the extent not covered by insurance) and either (i)&nbsp;such judgment or order shall not be stayed, vacated, bonded or discharged for a period of thirty (30)&nbsp;consecutive
days after the entry thereof, or (ii)&nbsp;enforcement proceedings are commenced upon such judgment or order; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) a Change of Control
shall occur; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) if this Agreement or any other Security Document that purports to create a Lien, shall, for
any reason, fail or cease to create a valid and perfected and, except to the extent of Permitted Liens which are <FONT STYLE="white-space:nowrap">non-consensual</FONT> Permitted Liens, permitted purchase money Liens or the interests of lessors in
respect of Capitalized Lease Obligations, first priority Lien on any material portion of the Collateral covered thereby, except (i)&nbsp;as a result of a disposition of the applicable Collateral in a transaction permitted under this Agreement, or
(ii)&nbsp;as a result of an action or failure to act on the part of the Agent; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) any material covenant, agreement or obligation of a
Loan Party contained in or evidenced by any of the Loan Documents shall cease to be enforceable, or shall be determined to be unenforceable, in accordance with its terms; any Borrower or any other Loan Party shall deny or disaffirm its obligations
under any of the Loan Documents or any Liens granted in connection therewith or shall otherwise challenge any of its obligations under any of the Loan Documents; or any Liens granted on any of the Collateral shall be determined to be void, voidable
or invalid, are subordinated or are not given the priority contemplated by this Agreement or any other Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.2
<U>Acceleration, Termination and Cash Collateralization</U>. Upon the occurrence and during the continuance of an Event of Default, the Agent, at the direction of the Required Lenders shall, take any or all of the following actions, without
prejudice to the rights of the Agent or any Lender, to enforce its claims against the Borrowers: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Acceleration</U>. To declare all
Obligations immediately due and payable (except with respect to any Event of Default with respect to a Loan Party specified in Section&nbsp;10.1(c), in which case all Obligations shall automatically become immediately due and payable) without
presentment, demand, protest or any other action or obligation of the Agent or any Lender, all of which are hereby waived by each Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Termination of Commitments</U>. To declare the Commitments immediately terminated (except with respect to any Event of Default with
respect to a Loan Party set forth in Section&nbsp;10.1(c), in which case the Commitments shall automatically terminate) and, at all times thereafter, any Loan made by the Lenders and any Letter of Credit issued by the Letter of Credit Issuer shall
be in their and its respective discretion. Notwithstanding any such termination, until all Obligations shall have been Paid in Full, the Agent and each Lender shall retain all rights under guaranties and all security in existing and future
Receivables, inventory, general intangibles, investment property and equipment of the Loan Parties and all other Collateral held by any of them hereunder and under the Security Documents, and the Borrowers shall continue to turn over all Collections
to the Agent pursuant to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Cash Collateralization</U>. With respect to all Letters of Credit
outstanding at the time of the acceleration of the Obligations under Section&nbsp;10.2(a) or otherwise at any time after the Termination Date, the Borrowers shall at such time deposit in a cash collateral account established by or on behalf of the
Agent sufficient funds to Collateralize the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be under the sole dominion and control of the Agent and applied by the Agent to the
payment of drafts drawn under such Letters of Credit, and the balance, if any, in such cash collateral account, after all such Letters of Credit shall have expired or been fully drawn upon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


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shall be applied to repay the other Obligations. After all such Letters of Credit shall have expired or been fully drawn upon and all Obligations have been Paid in Full, the balance, if any, in
such cash collateral account shall be returned to the Borrowers or to such other Person as may be lawfully entitled thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.3
<U>Other Remedies</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the occurrence and during the continuance of an Event of Default, the Agent shall have all rights and
remedies with respect to the Obligations and the Collateral under applicable law (including, without limitation, under the UCC) and the Loan Documents, and the Agent may do any or all of the following: (i)&nbsp;remove for copying all documents,
instruments, files and records (including the copying of any computer records) relating to the Borrowers&#146; Receivables or use (at the expense of the Borrowers) such supplies or space of the Borrowers at the Borrowers&#146; places of business
necessary to administer, enforce and collect such Receivables including, without limitation, any supporting obligations; (ii)&nbsp;accelerate or extend the time of payment, compromise, issue credits, or bring suit on the Borrowers&#146; Receivables
(in the name of the Borrowers or the Agent) and otherwise administer and collect such Receivables; (iii)&nbsp;sell, assign and deliver the Borrowers&#146; Receivables with or without advertisement, at public or private sale, for cash, on credit or
otherwise, subject to applicable law; and (iv)&nbsp;foreclose the security interests created pursuant to the Loan Documents by any available procedure, or take possession of any or all of the Collateral, without judicial process and enter any
premises where any Collateral may be located for the purpose of taking possession of or removing the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Loan Parties and the
Lenders hereby irrevocably authorize the Agent, based upon the instruction of the Required Lenders, to, upon the occurrence and during the continuation of an Event of Default, (i)&nbsp;consent to the sale of, credit bid, or purchase (either directly
or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section&nbsp;363 of the Bankruptcy Code, (b)&nbsp;credit bid or purchase (either
directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions of the UCC, including pursuant to
<FONT STYLE="white-space:nowrap">Sections&nbsp;9-610</FONT> <FONT STYLE="white-space:nowrap">or&nbsp;9-620</FONT> of the UCC, or (c)&nbsp;credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the
Collateral at any other sale or foreclosure conducted or consented to by the Agent in accordance with applicable law in any judicial action or proceeding or by the exercise of any legal or equitable remedy, in each case, free from any right of
redemption, which right is expressly waived by the Borrowers. If notice of intended disposition of any Collateral is required by law, it is agreed that ten (10)&nbsp;days&#146; notice shall constitute reasonable notification. The Borrowers will
assemble the Collateral in their possession and make it available at such locations in the United States as the Agent may specify, whether at the premises of a Borrower or elsewhere, and will make reasonably available to the Agent the premises and
facilities of each Borrower for the purpose of the Agent&#146;s taking possession of or removing the Collateral or putting the Collateral in saleable form. The Agent may sell the Collateral or any part thereof in one or more parcels at public or
private sale, at any exchange, broker&#146;s board or at any of the Agent&#146;s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Agent may deem commercially reasonable. The Agent shall not be
obligated to make any sale of Collateral regardless of notice of sale having been given. The Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>


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and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Borrower hereby grants the Agent a license to enter and occupy (in each case, so long
as no Event of Default then exists, at reasonable times and subject to reasonable procedures), any of the Borrowers&#146; leased or owned premises and facilities, without charge, to exercise any of the Agent&#146;s rights or remedies. The proceeds
received from any sale of Collateral shall be applied in accordance with Section&nbsp;10.5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.4 <U>License for Use of Software
and Other Intellectual Property</U>. Each Borrower hereby grants to the Agent a perpetual <FONT STYLE="white-space:nowrap">non-revocable</FONT> royalty-free, nonexclusive license or other right to use, without charge, all computer software programs,
data bases, processes, trademarks, tradenames, copyrights, labels, trade secrets, service marks, other Intellectual Property, advertising materials and other rights, assets and materials used by the Borrowers in connection with its businesses or in
connection with the Collateral, in each case with respect to any exercise of remedies hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.5 <U>Post-Default Allocation
of Payments</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Allocation</U>. Notwithstanding anything herein to the contrary, during an Event of Default, if so directed by
the Required Lenders or at the Agent&#146;s discretion, monies to be applied to the Obligations, whether arising from payments by the Loan Parties, realization on Collateral, setoff, or otherwise, shall be allocated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) first, to all Lender Group Expenses owing to the Agent (including attorneys&#146; fees) in its capacity as the Agent and
any Protective Advances and any Overadvances made by the Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) second, to all Lender Group Expenses owing to the
Letter of Credit Issuer and the Lenders; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) third, to all amounts owing to Swingline Lender on Swingline Loans; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) fourth, to all amounts owing to Letter of Credit Issuer with respect to that portion of the Obligations which constitutes
unreimbursed draws under Letters of Credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) fifth, to all Obligations constituting fees (other than amounts which
constitute Bank Product Obligations); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) sixth, to all Obligations constituting interest (other than amounts which
constitute Bank Product Obligations); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) seventh, to the Collateralization of that portion of the Obligations
constituting undrawn amounts under outstanding Letters of Credit; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) eighth, to all other Obligations (other than Bank
Product Obligations); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) ninth, up to the amount (after taking into account any amounts previously
paid pursuant to this clause (ix)&nbsp;during the continuation of the applicable Event of Default) of the most recently established Bank Product Reserve, to Bank Product Obligations based upon amounts then certified by the applicable Bank Product
Provider to the Agent (in form and substance satisfactory to the Agent) to be due and payable on account of the Bank Product Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) tenth, to all other Bank Product Obligations; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) finally, to the Loan Parties or whoever else may be lawfully entitled thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amounts shall be applied to each of the foregoing categories of Obligations in the order presented above before being applied to the following category. Where
applicable, all amounts to be applied to a given category will be applied on a pro rata basis among those entitled to payment in such category. In determining the amount to be applied to Bank Product Obligations within any given category, each Bank
Product Provider&#146;s pro rata share thereof shall be based on the lesser of (x)&nbsp;the amount presented in the most recent notice from such Bank Product Provider to the Agent (as contemplated in the definition of &#147;Bank Product
Obligations&#148;) and (y)&nbsp;the actual amount of such Bank Product Obligations, calculated in accordance with a methodology presented to and approved by the Agent by such Bank Product Provider to the Agent. The Agent has no duty to investigate
the actual amount of any Bank Product Obligations and, instead, is entitled to rely in all respects on the applicable Bank Product Provider&#146;s reasonably detailed written accounting thereof. If such Bank Product Provider does not submit such
accounting of its own accord and in a timely manner, the Agent, may instead rely on any prior accounting thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.6 <U>No
Marshalling; Deficiencies; Remedies Cumulative</U>. The Agent shall have no obligation to marshal any Collateral or to seek recourse against or satisfaction of any of the Obligations from one source before seeking recourse against or satisfaction
from another source. The net cash proceeds resulting from the Agent&#146;s exercise of any of the foregoing rights to liquidate all or substantially all of the Collateral, including any and all Collections (after deducting all of the Agent&#146;s
expenses related thereto), shall be applied by the Agent to such of the Obligations and in such order as the Agent shall elect in its discretion, whether due or to become due. The Borrowers shall remain liable to the Agent and the Lenders for any
deficiencies, and the Agent and the Lenders in turn agree to remit to the applicable Loan Party or its successor or assign any surplus resulting therefrom. All of the Agent&#146;s and the Lenders&#146; remedies under the Loan Documents shall be
cumulative, may be exercised simultaneously against any Collateral and any Loan Party or in such order and with respect to such Collateral or such Loan Party as the Agent or the Lenders may deem desirable, and are not intended to be exhaustive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.7 <U>Waivers</U>. Except as may be otherwise specifically provided herein or in any other Loan Document, the Borrowers hereby waive
any right to a judicial or other hearing with respect to any action or prejudgment remedy or proceeding by the Agent to take possession, exercise control over, or dispose of any item of Collateral in any instance (regardless of where the same may be
located) where such action is permitted under the terms of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>


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this Agreement or any other Loan Document or by applicable law or of the time, place or terms of sale in connection with the exercise of the Agent&#146;s or any Lender&#146;s rights hereunder and
also waives any bonds, security or sureties required by any statute, rule or other law as an incident to any taking of possession by the Agent of any Collateral. The Borrowers also waive any damages (direct, consequential or otherwise) occasioned by
the enforcement of the Agent&#146;s or any Lender&#146;s rights under this Agreement or any other Loan Document including the taking of possession of any Collateral or the giving of notice to any account debtor or the collection of any Receivable of
the Borrower, in each case, pursuant to the terms herein. The Borrowers also consent that the Agent and the Lenders may enter upon any premises owned by or leased to it without obligations to pay rent or for use and occupancy, through self-help,
without judicial process and without having first obtained an order of any court (in each case in connection with the remedies hereunder). These waivers and all other waivers provided for in this Agreement and the other Loan Documents have been
negotiated by the parties, and the Borrowers acknowledge that it has been represented by counsel of its own choice, has consulted such counsel with respect to its rights hereunder and has freely and voluntarily entered into this Agreement and the
other Loan Documents as the result of <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> negotiations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.8 <U>Further
Rights of the Agent and the Lenders</U>. If the Borrowers shall fail to purchase or maintain insurance (where applicable), or to pay any tax, assessment, governmental charge or levy, except as the same may be otherwise permitted hereunder or which
is being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, or if any Lien prohibited hereby shall not be paid in full and discharged or if a Borrower shall fail to
perform or comply with any other covenant, promise or obligation to the Agent or any Lender hereunder or under any other Loan Document, in each case of the foregoing, to the extent an Event of Default arises and continues, the Agent may (but shall
not be required to) perform, pay, satisfy, discharge or bond the same for the account of the Borrowers, and all amounts so paid by the Agent shall be treated as a Revolving Credit Loan comprised of Base Rate Advances hereunder and shall constitute
part of the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.9 <U>Interest and Letter of Credit Fees After Event of Default</U>. The Borrowers agree and
acknowledge that the additional interest and fees that may be charged under Section&nbsp;4.2 are (a)&nbsp;an inducement to the Lenders to make Advances and to the Letter of Credit Issuer to cause Letters of Credit to be issued hereunder and that the
Lenders and the Agent would not consummate the transactions contemplated by this Agreement without the inclusion of such provisions, (b)&nbsp;fair and reasonable estimates of the Lenders&#146; and the Agent&#146;s costs of administering the credit
facility upon an Event of Default, and (c)&nbsp;intended to estimate the Lenders&#146; and the Agent&#146;s increased risks upon an Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.10 <U>Receiver</U>. In addition to any other remedy available to it, the Agent shall also have the right, upon the occurrence of an
Event of Default and during its continuation, to seek and obtain the appointment of a receiver to take possession of and operate and/or dispose of the business and assets of the Borrowers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 10.11 <U>Rights and Remedies not Exclusive</U>. The enumeration of the foregoing rights and remedies is not intended to be exhaustive
and the exercise of any right or remedy shall not preclude the exercise of any other right or remedy provided for herein or in any other Loan Document or otherwise provided by law from and after the occurrence of any Event of Default and during its
continuation, all of which shall be cumulative and not alternative. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>THE AGENT </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION
11.1 <U>Appointment of Agent</U>. Each Lender hereby designates Citibank as its agent and irrevocably authorizes it to take action on such Lender&#146;s behalf under the Loan Documents and to exercise the powers and to perform the duties described
therein and to exercise such other powers as are reasonably incidental thereto. The Agent may perform any of its duties by or through its agents or employees or by or through one or more <FONT STYLE="white-space:nowrap">sub-agents</FONT> appointed
by it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.2 <U>Nature of Duties of Agent</U>. The Agent shall have no duties or responsibilities except those expressly set forth
in the Loan Documents. Neither the Agent nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by it or them as such hereunder or in connection herewith, unless caused by its or their gross
negligence or willful misconduct. The duties of the Agent shall be mechanical and administrative in nature. The Agent does not have a fiduciary relationship with or any implied duties to any Lender or any participant of any Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.3 <U>Lack of Reliance on Agent</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Independent Investigation</U>. Independently and without reliance upon the Agent, each Lender, to the extent it deems appropriate, has
made and shall continue to make (i)&nbsp;its own independent investigation of the financial or other condition and affairs of the Borrowers and the other Loan Parties in connection with taking or not taking any action related hereto and
(ii)&nbsp;its own appraisal of the creditworthiness of the Borrowers and the other Loan Parties, and, except as expressly provided in this Agreement, the Agent shall have no duty or responsibility, either initially or on a continuing basis, to
provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the initial Loans or the issuance of the initial Letter of Credit or at any time or times thereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>No Obligation of Agent</U>. The Agent shall not be responsible to any Lender for any recitals, statements, information, representations
or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, collectibility, priority or sufficiency of this Agreement or the Notes
or the financial or other condition of the Borrowers and the other Loan Parties. The Agent shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or
any other Loan Document, the financial condition of the Borrowers and the other Loan Parties, or the existence or possible existence of any Default or Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.4 <U>Certain Rights of the Agent</U>. The Agent may request instructions from the Required Lenders at any time. If the Agent
requests instructions from the Required Lenders with respect to any action or inaction, it shall be entitled to await instructions from the Required Lenders. No Lender shall have any right of action based upon the Agent&#146;s action or inaction in
response to instructions from the Required Lenders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.5 <U>Reliance by Agent</U>. The Agent may rely upon any written, electronic or
telephonic communication it believes to be genuine and to have been signed, sent or made by the proper Person. The Agent may obtain the advice of legal counsel (including counsel for the Borrowers with respect to matters concerning the Borrowers),
independent public accountants and other experts selected by it and shall have no liability for any action or inaction taken or omitted to be taken by it in good faith based upon such advice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.6 <U>Indemnification of Agent</U>. To the extent the Agent is not reimbursed and indemnified by the Borrowers, each Lender will
reimburse and indemnify the Agent to the extent of such Lender&#146;s Pro Rata Share (determined as of the time that such indemnity payment is sought) for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Agent in performing its duties hereunder or otherwise relating to the Loan
Documents unless resulting from the Agent&#146;s gross negligence or willful misconduct as determined in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment by a court of competent jurisdiction. The agreements contained in
this Section shall survive any termination of this Agreement and the other Loan Documents and the Payment in Full of the Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.7 <U>The Agent in Its Individual Capacity</U>. In its individual capacity, the Agent shall have the same rights and powers
hereunder as any other Lender or holder of a Note or participation interest and may exercise the same as though it was not performing the duties specified herein. The terms &#147;Lenders,&#148; &#147;Required Lenders,&#148; &#147;holders of
Notes,&#148; or any similar terms shall, unless the context clearly otherwise indicates, include Citibank in its individual capacity. The Agent and its Affiliates may accept deposits from, lend money to, acquire equity interests in, and generally
engage in any kind of banking, trust, financial advisory or other business with the Borrowers or any Affiliate of the Borrowers as if it were not performing the duties specified herein, and may accept fees and other consideration from the Borrowers
for services in connection with this Agreement and otherwise without having to account for the same to the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.8
<U>Holders of Notes</U>. The Agent may deem and treat the payee of any Note as the owner thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Agent. Any request,
authority or consent of any Person who, at the time of making such request or giving such authority or consent, is the holder of any Note, shall be conclusive and binding on any subsequent holder, transferee or assignee of such Note or of any Note
or Notes issued in exchange therefor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.9 <U>Successor Agent</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Resignation</U>. The Agent may, upon twenty (20)&nbsp;Business Days&#146; notice to the Lenders and the Borrowers, resign by giving
written notice thereof to the Lenders and the Borrowers. If, at the time that the Agent&#146;s resignation is effective, it is acting as Letter of Credit Issuer or Swingline Lender, such resignation shall also operate to effectuate its resignation
as Letter of Credit Issuer or Swingline Lender, as applicable, and it shall automatically be relieved of any further obligation to issue Letters of Credit, or to make Swingline Loans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Replacement of Agent after Resignation</U>. Upon receipt of notice of resignation by the
Agent, the Required Lenders, with, so long as no Event of Default then exists, the consent of the Borrower Agent (such consent not to be unreasonably withheld or delayed) may appoint a successor agent which shall also be a Lender. If a successor
agent has not accepted its appointment within fifteen (15)&nbsp;Business Days, then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor agent which, so long as no Event of Default then exists, shall
be subject to the written approval of the Borrower Agent, which approval shall not be unreasonably withheld and shall be delivered to the retiring Agent and the Lenders within ten (10)&nbsp;Business Days after the Borrower Agent&#146;s receipt of
notice of a proposed successor agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Discharge</U>. Upon its acceptance of the agency hereunder, such successor Agent shall
succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement. The retiring Agent shall continue to have the
benefit of the provisions of this Article for any action or inaction while it was Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.10 <U>Collateral Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Exercise Binding</U>. Except as otherwise set forth herein, any action or exercise of powers by the Agent provided under the Loan
Documents, together with such other powers as are reasonably incidental thereto, shall be deemed authorized by and binding upon all of the Lenders. At any time and without notice to or consent from any Lender, the Agent may take any action necessary
or advisable to perfect and maintain the perfection of the Liens upon the Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Releases</U>. The Agent is authorized to
release any Lien granted to or held by it upon any Collateral (i)&nbsp;upon Payment in Full of all of the Obligations, (ii)&nbsp;required to be delivered in connection with permitted sales or dispositions of Collateral hereunder, if any, upon
receipt of the proceeds by the Agent (or, if permitted hereunder, the applicable Borrower) or (iii)&nbsp;if the release can be and is approved by the Required Lenders. The Agent may request, and the Lenders will provide, confirmation of the
Agent&#146;s authority to release particular types or items of Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Sale of Collateral</U>. Upon any sale or transfer of
Collateral which is expressly permitted pursuant to the terms of this Agreement, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least three (3)&nbsp;Business Days&#146; prior written request by
the Borrower Agent, the Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Agent herein or under any of the other Loan Documents or
pursuant hereto or thereto upon the Collateral that was sold or transferred, <U>provided</U> that (i)&nbsp;the Agent shall not be required to execute any such document on terms which, in the Agent&#146;s opinion, would expose the Agent to liability
or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii)&nbsp;such release shall not in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Borrowers in respect of) all interests retained by the Borrowers, including, without limitation,
the proceeds of the sale, all of which shall continue to constitute part of the Collateral. In the event of any sale or transfer of Collateral in the exercise of remedies, or any foreclosure with respect to any of the Collateral, the Agent shall be
authorized to deduct all of the expenses reasonably incurred by the Agent from the proceeds of any such sale, transfer or foreclosure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>No Obligation for Agent</U>. The Agent shall not have any obligation to assure that the Collateral exists or is owned by any Borrower,
that the Collateral is cared for, protected or insured, or that the Liens on the Collateral have been created or perfected or have any particular priority. With respect to the Collateral, the Agent may act in any manner it may deem appropriate, in
its sole discretion, given Citibank&#146;s own interest in the Collateral as one of the Lenders, and it shall have no duty or liability whatsoever to the Lenders with respect thereto, except for its gross negligence or willful misconduct as
determined in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment by a court of competent jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION
11.11 <U>Actions with Respect to Defaults</U>. In addition to the Agent&#146;s right to take actions on its own accord as permitted under this Agreement, the Agent shall take such action with respect to an Event of Default as shall be directed by
the Required Lenders. Until the Agent shall have received such directions, the Agent may act or not act as it deems advisable and in the best interests of the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 11.12 <U>Delivery of Information</U>. The Agent shall not be required to deliver to any Lender originals or copies of any documents,
instruments, notices, communications or other information received by the Agent from the Borrowers, the Required Lenders, any Lender or any other Person under or in connection with this Agreement or any other Loan Document except (i)&nbsp;as
specifically provided in this Agreement or any other Loan Document and (ii)&nbsp;as specifically requested from time to time in writing by any Lender with respect to a specific document, instrument, notice or other written communication received by
and in the possession of the Agent at the time of receipt of such request and then only in accordance with such specific request. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XII. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GENERAL
PROVISIONS</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.1 <U>Notices</U>. Except as otherwise provided herein, all notices and other communications hereunder shall
be in writing and sent by certified or registered mail, return receipt requested, by overnight delivery service, with all charges prepaid, by hand delivery, or by telecopier or other form of electronic transmission, including email, as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="74%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To the Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Citibank, N.A.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">One Court Square, 18th Floor,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Long Island City, New York 11120</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn.: Asset Based Portfolio Manager</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: william.moul@citi.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telecopy Number: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-248-8411</FONT></FONT></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>


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<DIV ALIGN="right">
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<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="74%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To Borrower Agent or</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">any Borrower:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Borrower Agent</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c/o The Trade Desk, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">42 N. Chestnut Street</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ventura, CA&nbsp;93001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Paul Ross, Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: paul.ross@thetradedesk.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">To any Lender</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">to its address specified in Annex&nbsp;A or in the Assignment and Acceptance under which it became a party hereto</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any party hereto may change its address, email address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All such notices and correspondence shall be deemed given (i)&nbsp;if sent by certified or registered mail, five (5)&nbsp;Business Days after being postmarked, (ii)&nbsp;if sent by
overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused and (iii)&nbsp;if sent by facsimile or other form of electronic transmission (including by electronic imaging), when such
transmission is confirmed. All notices and other communications sent to an <FONT STYLE="white-space:nowrap">e-mail</FONT> address shall be (a)&nbsp;deemed received upon the sender&#146;s receipt of an acknowledgement from the intended recipient
(such as by the &#147;return receipt requested&#148; function, as available, return <FONT STYLE="white-space:nowrap">e-mail</FONT> or other written acknowledgement) and (b)&nbsp;notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its <FONT STYLE="white-space:nowrap">e-mail</FONT> address as described in the foregoing clause (a)&nbsp;of notification that such notice or communication is available and
identifying the website address therefor; <U>provided</U> that, in the case of clauses (a)&nbsp;and (b) above, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be
deemed to have been sent at the opening of business on the next Business Day for the recipient. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.2 <U>Delays; Partial Exercise
of Remedies</U>. No delay or omission of the Agent to exercise any right or remedy hereunder shall impair any such right or operate as a waiver thereof. No single or partial exercise by the Agent of any right or remedy shall preclude any other or
further exercise thereof, or preclude any other right or remedy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.3 <U>Right of Setoff</U>. In addition to and not in
limitation of all rights of offset that any Lender or any of its Affiliates may have under applicable law, and whether or not such Lender shall have made any demand or the Obligations of the Borrowers have matured, each Lender and its Affiliates
shall have the right to set off and apply any and all deposits (general or special, time or demand, provisional or final, or any other type) at any time held and any other Indebtedness at any time owing by such Lender or any of its Affiliates to or
for the credit or the account of the Borrowers or any of their Affiliates against any and all of the Obligations. In the event that any Lender or any of its Affiliates exercises any of its rights under this Section&nbsp;12.3, such Lender shall
provide notice to the Agent and the Borrowers of such exercise, <U>provided</U> that the failure to give such notice shall not affect the validity of the exercise of such rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.4 <U>Indemnification; Reimbursement of Expenses of Collection</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Borrowers hereby agree that, whether or not any of the transactions contemplated by this Agreement or the other Loan Documents are
consummated, the Borrowers will indemnify, defend and hold harmless the Agent, each Lender, the Letter of Credit Issuer and each other Secured Party and their respective successors, assigns, directors, officers, agents, employees, advisors,
shareholders, attorneys and Affiliates (each, an &#147;<U>Indemnified Party</U>&#148;) from and against any and all losses, claims, damages, liabilities, deficiencies, obligations, fines, penalties, actions (whether threatened or existing),
judgments, suits (whether threatened or existing) or expenses (including, without limitation, reasonable fees and disbursements of counsel, experts, consultants and other professionals) incurred by any of them (collectively,
&#147;<U>Claims</U>&#148;) (except, in the case of each Indemnified Party, to the extent that any Claim is determined in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment by a court of competent jurisdiction to have
directly resulted from such Indemnified Party&#146;s gross negligence or willful misconduct) arising out of or by reason of (i)&nbsp;any litigation, investigation, claim or proceeding related to (A)&nbsp;this Agreement, any other Loan Document or
the transactions contemplated hereby or thereby, (B)&nbsp;any actual or proposed use by a Borrower of the proceeds of the Loans, (C)&nbsp;the issuance of any Letter of Credit or the acceptance or payment of any document or draft presented to any
issuer thereof or (D)&nbsp;any Indemnified Party&#146;s entering into this Agreement, the other Loan Documents or any other agreements and documents relating hereto (other than consequential damages and loss of anticipated profits or earnings),
including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any such litigation, investigation, claim or proceeding, (ii)&nbsp;any remedial or other action taken or
required to be taken by a Borrower in connection with compliance by such Borrower, or any of its properties, with any federal, state or local Environmental Laws, and (iii)&nbsp;any pending, threatened or actual action, claim, proceeding or suit by
any Owner of any Borrower against such Borrower or any actual or purported violation of a Borrower&#146;s Governing Documents or any other agreement or instrument to which a Borrower is a party or by which any of its properties is bound. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In addition, the Borrowers shall, upon demand, pay to each of the Agent, the Letter of Credit Issuer and the Lenders all Lender Group
Expenses incurred by each of them. If and to the extent that the obligations of any Borrower hereunder are unenforceable for any reason, the Borrowers hereby agree to make the maximum contribution to the payment and satisfaction of such obligations
that is permissible under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Survival</U>. The Borrowers&#146; obligations under Sections&nbsp;4.10 and&nbsp;4.11 and
this Section&nbsp;12.4 shall survive any termination of this Agreement and the other Loan Documents, the termination, expiration or Collateralization of all Letters of Credit and the Payment in Full of the Obligations, and are in addition to, and
not in substitution of, any of the other Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.5 <U>Amendments, Waivers and Consents</U>. No amendment or waiver of any
provision of this Agreement or any other Loan Document (other than the Fee Letter and the Amendment Fee Letter), or consent to any departure by the Borrowers therefrom, shall in any event be effective unless the same shall be in writing and signed
by the Borrowers and the Required Lenders (or by the Agent at their instruction on their behalf), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
purpose for which given; <U>provided</U>, <U>however</U>, that no amendment, waiver or consent shall, unless in writing and signed by the Borrowers and all the Lenders, do any of the following at
any time: (a)&nbsp;change the number or percentage of Lenders that shall be required for the Lenders or any of them to take any action hereunder; (b)&nbsp;amend the definition of &#147;Required Lenders&#148;, &#147;Super Majority Lenders&#148; or
&#147;Pro Rata Share&#148;; (c)&nbsp;amend this Section&nbsp;12.5; (d)&nbsp;reduce the amount of principal of, or interest on, or the interest rate applicable to, the Loans or Letters of Credit or any fees or other amounts payable hereunder;
(e)&nbsp;postpone any date on which any payment of principal of, or interest on, the Loans or Letters of Credit or any fees or other amounts payable hereunder is required to be made; (f)&nbsp;extend the stated expiry date of any Letter of Credit
beyond the Termination Date; (g)&nbsp;release all or substantially all of the value of the Guaranties (except as expressly provided in the Loan Documents); (h)&nbsp;release all or substantially all of the Collateral from the Liens of the Security
Documents (except as expressly provided in the Loan Documents); (i) contractually subordinate any of the Agent&#146;s Liens on all or substantially all of the Collateral (except as expressly provided in the Loan Documents); (j) amend any of the
provisions of Section&nbsp;10.5; or (k)&nbsp;increase any advance rates under the definition of Borrowing Base (provided that the foregoing shall not impair the ability of the Agent to add, remove, reduce or increase reserves against the Borrowing
Base in accordance with Section 2.1(b)); <U>provided</U> <U>further</U> that, other than as set forth under clause (k), no amendment, waiver or consent shall change the definition of Borrowing Base or any of the component definitions thereof (in
each case, provided that the foregoing shall not impair the ability of the Administrative Agent to add, remove, reduce or increase reserves against the Aggregate Revolving Credit Commitment, the Borrowing Base or the Eligible Receivables in
accordance with Section 2.1(b)) to the extent that any such change results in more credit being available to the Borrowers based upon the Borrowing Base, but not otherwise, without the written consent of the Super Majority Lenders; <U>provided</U>,
<U>further</U> that no amendment, waiver or consent shall, unless in writing and signed by (i)&nbsp;a Lender, increase amount of or extend the expiration date of any Commitment of such Lender, (ii)&nbsp;the Letter of Credit Issuer, in addition to
the Lenders required above, take any action that affects the rights or duties of the Letter of Credit Issuer under this Agreement or any other Loan Document, (iii)&nbsp;the Swingline Lender, in addition to the Lenders required above, take any action
that affects the rights or duties of the Swingline Lender, and (iv)&nbsp;the Agent, in addition to the Lenders required above, take any action that affects the rights or duties of the Agent under this Agreement or any other Loan Document. Anything
in this Section&nbsp;12.5 to the contrary notwithstanding, any amendment, waiver, modification, elimination, or consent of or with respect to any provision of this Agreement or any other Loan Document may be entered into without the consent of, or
over the objection of, any Defaulting Lender and the Loans of any Defaulting Lender shall be excluded in determining whether all Lenders or the Required Lenders have taken or may take action hereunder, other than (x)&nbsp;any of the matters governed
by Section 12.5(d) and (e)&nbsp;that affect such Lender and (y)&nbsp;with respect to any amendment, waiver, modification, elimination or consent requiring the consent of all Lenders that by its terms specifically discriminates against such
Defaulting Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.6 <U>Nonliability of Agent and Lenders</U>. The relationship between and among the Borrowers, the Agent and
the Lenders shall be solely that of borrower, agent and lender, respectively. Neither the Lenders nor the Agent shall have any fiduciary responsibilities to the Borrowers. Neither the Lenders nor the Agent undertake any responsibility to the
Borrowers to review or inform the Borrowers of any matter in connection with any phase of the Borrowers&#146; business or operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.7 <U>Assignments and Participations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Borrower Assignment</U>. None of the Borrowers shall assign this Agreement or any of its rights or obligations hereunder without the
prior written consent of the Agent and the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Lender Assignments</U>. Each Lender may, with the consent of the Agent (not to
be unreasonably withheld) and, so long as no Event of Default then exists, the Borrower Agent (not to be unreasonably withheld, and not required in connection with an assignment to a Person that is a Lender or an Affiliate of a Lender), assign to
one or more Eligible Assignees (or, if an Event of Default has occurred and is continuing, to one or more other Persons) all or a portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents upon execution and
delivery to the Agent, for its acceptance and recording in the Register, of an Assignment and Acceptance, together with surrender of any Note or Notes subject to such assignment and a processing and recordation fee payable to the Agent for its
account of $3,500. No such assignment shall be for less than Five Million Dollars ($5,000,000) of the Commitments or Loans unless it is to another Lender or an assignment of the entire remaining amount of the assigning Lender&#146;s Commitment or
Loans, and each such assignment shall be of a uniform, and not a varying, percentage of all rights and obligations in respect of the Commitments and the Loans. Upon the execution and delivery to the Agent of an Assignment and Acceptance and the
payment of the recordation fee to the Agent, from and after the date specified as the effective date in the Assignment and Acceptance (the &#147;<U>Acceptance Date</U>&#148;), (i)&nbsp;the assignee thereunder shall be a party hereto, and, to the
extent that rights and obligations hereunder have been assigned to it under such Assignment and Acceptance, such assignee shall have the rights and obligations of a Lender hereunder and (ii)&nbsp;the assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it under such Assignment and Acceptance, relinquish its rights (other than any rights it may have under Sections&nbsp;4.10, 4.11 and&nbsp;12.4, which shall survive such assignment) and be
released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Agreements of Assignee</U>. By executing and delivering an Assignment and Acceptance, the assignee thereunder
confirms and agrees as follows: (i)&nbsp;other than as provided in such Assignment and Acceptance, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, the Notes or any other Loan Documents, (ii)&nbsp;such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan Document, (iii)&nbsp;such assignee
confirms that it is an Eligible Assignee and has received a copy of this Agreement, together with copies of the Financial Statements referred to in Section 6.1(i), the Financial Statements delivered pursuant to Section&nbsp;7.11, if any, and such
other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv)&nbsp;such assignee will, independently and without reliance upon the Agent, such assigning
Lender or any other Lender and based on such documents and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>


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information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement, (v)&nbsp;such assignee appoints and authorizes
the Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Agent by the terms hereof, together with such powers as are reasonably incidental thereto, and (vi)&nbsp;such assignee
agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Agent&#146;s Register</U>. The Agent, acting for this purpose as a <FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent of the
Borrower Agent, shall maintain a register of the names and addresses of the Lenders, their Commitments and the principal amount of their Loans (the &#147;<U>Register</U>&#148;). The Agent shall also maintain a copy of each Assignment and Acceptance
delivered to and accepted by it and modify the Register to give effect to each Assignment and Acceptance. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Agent and the
Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register and copies of each Assignment and Acceptance shall be available for inspection by the Borrowers or any Lender
at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of each Assignment and Acceptance and surrender of the affected Note or Notes subject to such assignment, the Agent will give prompt notice thereof to the
Borrower Agent. Within five (5)&nbsp;Business Days after its receipt of such notice, the Borrowers shall execute and deliver to the Agent a new Note to the order of the assignee in the amount of the applicable Commitment or Loans assumed by it and
to the assignor in the amount of the applicable Commitment or Loans retained by it, if any. Such new Note or Notes shall <FONT STYLE="white-space:nowrap">re-evidence</FONT> the indebtedness outstanding under the surrendered Note or Notes, shall be
in an aggregate principal amount equal to the aggregate principal amount of such surrendered Note or Notes and shall be dated as of the Acceptance Date. The Agent shall be entitled to rely upon the Register exclusively for purposes of identifying
the Lenders hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Securitization</U>. The Loan Parties hereby acknowledge that the Lenders and their Affiliates may
securitize their Loans (a &#147;<U>Securitization</U>&#148;) through the pledge of the Loans as collateral security for loans to the Lenders or their Affiliates or through the sale of the Loans or the issuance of direct or indirect interests in the
Loans to their controlled Affiliates, which loans to the Lenders or their Affiliates or direct or indirect interests will be rated by Moody&#146;s, S&amp;P or one or more other rating agencies. The Loan Parties shall, to the extent commercially
reasonable, cooperate with the Lenders and their Affiliates to effect any and all Securitizations. Notwithstanding the foregoing, no such Securitization shall release any Lender party thereto from any of its obligations hereunder or substitute any
pledgee, secured party or any other party to such Securitization for such Lender as a party hereto and no change in ownership of the Loans may be effected except pursuant to subsection&nbsp;(b) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Lender Participations</U>. Each Lender may sell participations to one or more parties (each, a &#147;<U>Participant</U>&#148;) in or to
all or a portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents. Notwithstanding a Lender&#146;s sale of a participation interest, such Lender&#146;s obligations hereunder shall remain unchanged. The
Borrowers, the Agent, and the other Lenders shall continue to deal solely and directly with such Lender. No Lender shall grant any Participant the right to approve any amendment or waiver of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>


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this Agreement except to the extent such amendment or waiver would (i)&nbsp;increase the Commitment of the Lender from which the Participant purchased its participation interest; (ii)&nbsp;reduce
the principal of, or rate or amount of interest on, the Loans or participations in Letters of Credit subject to such participation interest; or (iii)&nbsp;postpone any date fixed for any payment of principal of, or interest on, the Loans or
participations in Letters of Credit subject to such participation interest. To the extent permitted by applicable law, each Participant shall also be entitled to the benefits of Sections&nbsp;4.10 and&nbsp;12.4 as if it were a Lender,
<U>provided</U> that such Participant agrees to be subject to the last sentence of Section&nbsp;2.9(b) as if it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
<FONT STYLE="white-space:nowrap">non-fiduciary</FONT> agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant&#146;s interest in the
Loans or other obligations under the Loan Documents (the &#147;<U>Participant Register</U>&#148;); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant&#146;s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section <FONT STYLE="white-space:nowrap">5f.103-1(c)</FONT> of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Securities
Laws</U>. Each Lender agrees that it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan, Note or other Obligation under the
securities laws of the United States or of any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Information</U>. In connection with any assignment or
participation or proposed assignment or participation or any grant of a security interest in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section&nbsp;12.21, disclose all documents and
information which it now or hereafter may have relating to any Loan Party and its Subsidiaries and their respective businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)
<U>Pledge to Federal Reserve Bank</U>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest, <U>provided</U> that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.8 <U>Counterparts</U>. This
Agreement and any waiver or amendment hereto may be executed in counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and
the same instrument. This Agreement and each of the other Loan Documents may be executed and delivered by facsimile or other electronic transmission (including by electronic imaging) all with the same force and effect as if the same was a fully
executed and delivered original manual counterpart. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.9 <U>Severability</U>. In case any provision in or obligation under this Agreement,
any Note or any other Loan Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.10 <U>Maximum Rate</U>. Notwithstanding anything to the contrary
contained elsewhere in this Agreement or in any other Loan Document, the parties hereto hereby agree that all agreements between them under this Agreement and the other Loan Documents, whether now existing or hereafter arising and whether written or
oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to the Borrowers and evidenced hereby or
thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum <FONT STYLE="white-space:nowrap">non-usurious</FONT> interest rate, if any, that at any time or from time to time may be
contracted for, taken, reserved, charged or received on the Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and
the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum <FONT STYLE="white-space:nowrap">non-usurious</FONT> interest rate than under the laws of the State of New
York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any
available exemptions, exceptions and exclusions (the &#147;<U>Highest Lawful Rate</U>&#148;). If due to any circumstance whatsoever, fulfillment of any provision of this Agreement or any of the other Loan Documents at the time performance of such
provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such
circumstance the Agent or any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then
outstanding hereunder or on account of any other then outstanding Obligations and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding
Obligations, such excess shall be refunded to the Borrowers. All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other Indebtedness of the Borrowers to the Agent and the Lenders
shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such Indebtedness, until Payment in Full thereof, so that the actual rate of interest on account of all such Indebtedness does
not exceed the Highest Lawful Rate throughout the entire term of such Indebtedness. The terms and provisions of this Section shall control every other provision of this Agreement, the other Loan Documents and all other agreements among the parties
hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">119 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.11 <U>Borrower Agent; Borrowers, Jointly and Severally</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Economies of Scale</U>. Each Borrower acknowledges that it, together with each other Borrower, make up a related organization of
various entities constituting a single economic and business enterprise and sharing a substantial identity of interests such that, without limitation, the Borrowers render services to or for the benefit of each other, purchase or sell and supply
goods to or from or for the benefit of each other, make loans, advances and provide other financial accommodations to or for the benefit of each other (including the payment of creditors and guarantees of Indebtedness), provide administrative,
marketing, payroll and management services to or for the benefit of each other; have centralized accounting, common officers and directors; and are in certain circumstances are identified to creditors as a single economic and business enterprise.
Accordingly, and without limitation, any credit or other financial accommodation extended to any one Borrower pursuant hereto will result in direct and substantial economic benefit to each other Borrower, and each Borrower will likewise benefit from
the economies of scale associated with the Borrowers, as a group, applying for credit or other financial accommodations pursuant hereto on a collective basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Attorney</U>. Each Borrower hereby irrevocably designates the Borrower Agent to be its attorney and agent and in such capacity to
borrow, sign and endorse notes, and execute and deliver all instruments, documents, writings and further assurances now or hereafter required hereunder, on behalf of such Borrower or Borrowers, collectively, and hereby authorizes the Agent to pay
over or credit all loan proceeds hereunder in accordance with the request of the Borrower Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U><FONT STYLE="white-space:nowrap">Co-Borrowers</FONT></U>. The handling of this credit facility as a <FONT STYLE="white-space:nowrap">co-borrowing</FONT> facility with a Borrower Agent in the manner set forth in this Agreement is solely as an
accommodation to the Borrowers and at their request. Neither the Lenders nor the Agent shall incur any liability to the Borrowers as a result thereof. To induce the Agent and the Lenders to do so and in consideration thereof, each Borrower hereby
indemnifies the Agent and the Lenders and holds the Agent and the Lenders harmless from and against any and all liabilities, expenses, losses, damages and claims of damage or injury asserted against the Agent or any Lender by any Person arising from
or incurred by reason of the handling of the financing arrangements of the Borrowers as provided herein, reliance by the Agent or any Lender on any request or instruction from the Borrower Agent or any other action taken by the Agent or any Lender
with respect to this Section except due to willful misconduct or gross (not mere) negligence by the indemnified party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Waivers</U>. Each Borrower expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such Borrower may now or hereafter have against the other Borrowers or other Person
directly or contingently liable for the Obligations hereunder, or against or with respect to the other Borrowers&#146; property (including, without limitation, any property which is Collateral for the Obligations), arising from the existence or
performance of this Agreement, until termination of this Agreement and Payment in Full of the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Joint and Several
Obligations</U>. Each Borrower&#146;s liabilities in respect of the Obligations shall at all times be joint and several and shall be absolute and unconditional irrespective of: (i)&nbsp;any lack of validity, regularity or enforceability of this
Agreement or any other Loan Document; (ii)&nbsp;any change in the time, manner or place of payment of, or in any other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>


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term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from this Agreement or any other Loan Document; (iii)&nbsp;any exchange, release or <FONT
STYLE="white-space:nowrap">non-perfection</FONT> of any security interest in any collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Obligations; (iv)&nbsp;any failure on the part of
the Agent or any Lender or any other Person to exercise, or any delay in exercising, any right under this Agreement or any other Loan Document; or (v)&nbsp;any other circumstance which might otherwise constitute a defense available to, or a
discharge of, any of the Borrowers, any Guarantor or any other guarantor with respect to the Obligations (including, without limitation, all defenses based on suretyship or impairment of collateral, and all defenses that any of the Borrowers may
assert to the repayment of the Obligations, including, without limitation, failure of consideration, breach of warranty, payment, statute of frauds, bankruptcy, lack of legal capacity, statute of limitations, lender liability, accord and
satisfaction, and usury), this Agreement and the obligations of the Borrowers under this Agreement. The joint and several liabilities of the Borrowers hereunder shall remain in full force and effect until the Obligations have been Paid in Full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Anything contained in this Agreement to the contrary notwithstanding, the amount of the Obligations for which each Borrower is jointly and
severally liable hereunder shall be the aggregate amount of the Obligations unless a court of competent jurisdiction adjudicates such Borrower&#146;s obligations under this Agreement (or the amount thereof) to be invalid or unenforceable for any
reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers), in which case the amount of the Obligations payable by such Borrower hereunder shall be limited to the maximum
amount of the Obligations that could be incurred by such Borrower without rendering such Borrower&#146;s obligations under this Agreement invalid or unenforceable under such applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.12 <U>Entire Agreement; Successors and Assigns; Interpretation</U>. This Agreement and the other Loan Documents constitute the
entire agreement among the parties, supersede any prior written and verbal agreements among them with respect to the subject matter hereof and thereof, and shall bind and benefit the parties and their respective successors and permitted assigns.
This Agreement shall be deemed to have been jointly drafted, and no provision of it shall be interpreted or construed for or against a party because such party purportedly prepared or requested such provision, any other provision, or this Agreement
as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.13 <U>LIMITATION OF LIABILITY</U>. NEITHER THE LENDERS NOR THE AGENT SHALL HAVE ANY LIABILITY TO THE BORROWERS
(WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE) FOR LOSSES SUFFERED BY THE BORROWERS IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO THE TRANSACTIONS OR RELATIONSHIPS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT, OMISSION OR
EVENT OCCURRING IN CONNECTION THEREWITH, UNLESS IT IS DETERMINED BY A FINAL AND NONAPPEALABLE JUDGMENT OR COURT ORDER BINDING ON THE AGENT AND THE LENDERS THAT THE LOSSES WERE THE RESULT OF ACTS OR OMISSIONS CONSTITUTING GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF THE AGENT AND THE LENDERS. THE BORROWERS HEREBY WAIVE ALL FUTURE CLAIMS AGAINST THE AGENT AND THE LENDERS FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.14 <U>GOVERNING LAW</U>. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS (AS
OPPOSED TO THE CONFLICTS OF LAW PROVISIONS OTHER THAN <FONT STYLE="white-space:nowrap">SECTION&nbsp;5-1401</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND DECISIONS OF THE STATE OF NEW YORK. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.15 <U>SUBMISSION TO JURISDICTION</U>. ALL DISPUTES BETWEEN THE BORROWERS AND THE AGENT OR ANY LENDER BASED UPON, ARISING OUT OF, OR
IN ANY WAY RELATING TO (A)&nbsp;THIS AGREEMENT; (B)&nbsp;ANY OTHER LOAN DOCUMENT; OR (C)&nbsp;ANY CONDUCT, ACT OR OMISSION OF THE BORROWERS OR THE AGENT OR ANY LENDER OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER
AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE AND IN CONNECTION WITH THE LOAN DOCUMENTS, SHALL BE RESOLVED ONLY BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK AND THE COURTS TO WHICH AN APPEAL
THEREFROM MAY BE TAKEN; <U>PROVIDED</U>, <U>HOWEVER</U>, THAT THE AGENT SHALL HAVE THE RIGHT, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST ANY BORROWER OR ITS PROPERTY IN (A)&nbsp;ANY COURTS OF COMPETENT JURISDICTION AND
VENUE AND (B)&nbsp;ANY LOCATION SELECTED BY THE AGENT TO ENABLE THE AGENT TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE AGENT. EACH BORROWER WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE
COURT IN WHICH THE AGENT HAS COMMENCED A PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON FORUM NON CONVENIENS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.16 <U>[RESERVED]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.17 <U>JURY TRIAL</U>. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (A)&nbsp;THIS AGREEMENT; (B)&nbsp;ANY OTHER LOAN DOCUMENT OR OTHER PRESENT OR FUTURE INSTRUMENT OR AGREEMENT BETWEEN OR AMONG THE BORROWERS, THE AGENT
AND THE LENDERS, OR ANY OF THEM; OR (C)&nbsp;ANY CONDUCT, ACT OR OMISSION OF THE BORROWERS, THE AGENT OR THE LENDERS OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT,
TORT OR EQUITY OR OTHERWISE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.18 <U>Agent Titles</U>. Each Lender, other than Citibank, that is designated (on the cover page
of this Agreement or otherwise) by Citibank as an &#147;Agent&#148; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">122 </P>


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&#147;Arranger&#148; of any type shall not have any right, power, responsibility or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event be deemed to
have any fiduciary relationship with any other Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.19 <U>Publicity</U>. The Agent may (a)&nbsp;publish in any trade or
other publication or otherwise publicize to any third party (including its Affiliates) a tombstone, article, press release or similar material relating to the financing transactions contemplated by this Agreement (including the use of company logos
upon execution of trademark use agreements reasonably satisfactory to Borrower Agent) and (b)&nbsp;provide to industry trade organizations related information necessary and customary for inclusion in league table measurements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.20 <U>No Third Party Beneficiaries</U>. Neither this Agreement nor any other Loan Document is intended or shall be construed to
confer any rights or benefits upon any Person other than the parties hereto and thereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.21 <U>Confidentiality</U>. Each of the
Agent and the Lenders shall maintain the confidentiality of all Information (as defined below), except that Information may be disclosed by any of them (a)&nbsp;to its Affiliates, and to its and their partners, directors, officers, employees,
agents, advisors and representatives (provided such Persons are informed of the confidential nature of the Information and instructed to keep it confidential and are bound by confidentiality restrictions customary for such arrangements); (b)&nbsp;to
the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates; (c)&nbsp;to the extent required by applicable law or by any subpoena or other legal process; (d)&nbsp;to any
other party hereto; (e)&nbsp;in connection with any action or proceeding, or other exercise of rights or remedies, relating to any Loan Documents or Obligations; (f)&nbsp;subject to an agreement containing provisions substantially the same as this
Section, to any assignee or any actual or prospective assignee, participant or pledgee (or any of their respective advisors) in connection with any actual or prospective assignment, participation or pledge of any Lender&#146;s interest under this
Agreement; (g)&nbsp;with the consent of the Borrowers (not to be unreasonably withheld, conditioned or delayed); or (h)&nbsp;to the extent such Information (i)&nbsp;becomes publicly available other than as a result of a breach of this Section or
(ii)&nbsp;is available to the Agent or the Lenders or any of its or their respective Affiliates on a nonconfidential basis from a source other than the Loan Parties. Notwithstanding the foregoing, the Agent may publish or disseminate general
information describing this credit facility, including the names and addresses of the Borrowers and a general description of the Borrowers&#146; businesses, and may use Borrowers&#146; logos, trademarks or product photographs in advertising
materials, as provided in Section&nbsp;12.19 (including upon execution of trademark use agreements reasonably satisfactory to Borrower Agent). As used herein, &#147;<U>Information</U>&#148; means all information received from a Loan Party relating
to it or its business that a reasonable Person would consider confidential. Any Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises the same degree of care that it
accords its own confidential information. The Agent and the Lenders acknowledge that (i)&nbsp;Information may include material <FONT STYLE="white-space:nowrap">non-public</FONT> information concerning a Loan Party; (ii)&nbsp;it has developed
compliance procedures regarding the use of material <FONT STYLE="white-space:nowrap">non-public</FONT> information; and (iii)&nbsp;it will handle such material <FONT STYLE="white-space:nowrap">non-public</FONT> information in accordance with
applicable law, including federal and state securities laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.22 <U>Patriot Act Notice</U>. The Agent hereby notifies the Loan Parties that pursuant
to the requirements of the Patriot Act, the Agent is required to obtain, verify and record information that identifies each Loan Party, including its legal name, address, tax ID number and other information that will allow the Lender to identify it
in accordance with the Patriot Act. The Agent will also require information regarding each personal guarantor, if any, and may require information regarding the Loan Parties&#146; management and owners, such as legal name, address, social security
number and date of birth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.23 <U>Advice of Counsel</U>. Each Borrower acknowledges that it has been advised by counsel in
connection with the execution of this Agreement and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Agreement or any other Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.24 <U>Captions</U>. The captions at various places in this Agreement and any other Loan Document are intended for convenience only
and do not constitute and shall not be interpreted as part of this Agreement or any other Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.25 <U>[Reserved]</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.26 <U>Right to Cure</U>. The Agent may, in its discretion (solely in connection with exercising remedies hereunder),
(a)&nbsp;cure any default by any Borrower under this Agreement, any other Loan Document or any Material Contract that affects the Collateral, its value or the ability of the Agent to collect, sell or otherwise dispose of any Collateral or the rights
and remedies of the Agent and the Lenders therein or the ability of any Borrower to perform its obligations hereunder or under any of the other Loan Documents, (b)&nbsp;pay or bond on appeal any judgment entered against any Borrower,
(c)&nbsp;discharge any charges, Liens, security interests or other encumbrances at any time levied on or existing with respect to the Collateral and (d)&nbsp;pay any amount, incur any expense or perform any act which the Agent, in its Permitted
Discretion, determines is necessary or appropriate to preserve, protect, insure or maintain the Collateral and the rights of the Agent and the Lenders with respect thereto. The Agent may add any amounts so expended to the Obligations and charge the
Borrowers&#146; Loan Account for the amounts thereof, such amounts to be repayable by the Borrowers on demand and bear interest until paid in full at the highest rate then applicable to the Loans. The Agent shall be under no obligation to effect
such cure, payment or bonding and shall not, by doing so, be deemed to have assumed any obligation or liability of any Borrower. Any payment made or other action taken by the Agent under this Section shall be without prejudice to any right to assert
an Event of Default and to proceed accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.27 <U>Acknowledgement and Consent to
<FONT STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions</U>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">124 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the effects of any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action on any such
liability, including, if applicable: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) a reduction in full or in part or cancellation of any such liability; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Loan Document; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the variation of the terms of such liability in connection with the exercise of the
write-down and conversion powers of any EEA Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.28 <U>Time</U>. Time is of the essence in this Agreement and
each other Loan Document. Unless otherwise expressly provided, all references herein and in any other Loan Documents to time shall mean and refer to New York time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.29 <U>Keepwell</U>. Each Borrower and each other Loan Party, to the extent constituting a Qualified ECP Guarantor, hereby jointly
and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under any Guaranty made by it in respect of Swap
Obligations (<U>provided</U>, <U>however</U>, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section or
otherwise under this Agreement or any other Loan Document, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section
shall remain in full force and effect at all times hereafter until the Obligations have been Paid in Full. Each Qualified ECP Guarantor intends that his Section shall constitute, and this Section shall be deemed to constitute, a &#147;keepwell,
support, or other agreement&#148; for the benefit of each other Loan Party for all purposes of Section&nbsp;1a(18)(A)(v)(II) of the Commodity Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.30 <U>Acknowledgment of Prior Obligations and Continuation Thereof</U>. Each Loan Party (a)&nbsp;acknowledges and agrees that
(i)&nbsp;its &#147;Obligations&#148; as defined in the Original Loan and Security Agreement owing to Agent and Lenders, and (ii)&nbsp;the prior grant or grants of security interests in favor of Agent, for the benefit of the Secured Parties, in its
&#147;Collateral&#148; as defined in the Original Loan and Security Agreement, under each &#147;Loan Document&#148; as defined in the Original Loan and Security Agreement (the &#147;<U>Original Loan Documents</U>&#148;), and each Loan Document to
which it is a party shall be in respect of the Obligations of such Loan Party under this Agreement and the other Loan Documents; (b)&nbsp;reaffirms (i) all of its &#147;Obligations&#148; as defined in the Original Loan and Security Agreement owing
to Agent and Lenders, and (ii)&nbsp;all prior or concurrent grants of security interests in favor </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">125 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of Agent, for the benefit of the Secured Parties, under each Original Loan Document and each Loan Document; and (c)&nbsp;agrees that, except as expressly amended hereby or unless being amended
and restated concurrently herewith, each of the Original Loan Documents to which it is a party is and shall remain in full force and effect. Each Borrower confirms and agrees that all outstanding &#147;Obligations&#148; as defined in the Original
Loan and Security Agreement immediately prior to the Closing Date shall, to the extent not paid on the Closing Date, from and after the Closing Date, be, without duplication, Obligations owing and payable pursuant to this Agreement and the other
Loan Documents as in effect from time to time, shall accrue interest thereon as specified in this Agreement, and shall be secured by the applicable Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 12.31 <U>No Novation</U>. This Agreement does not extinguish the &#147;Obligations&#148; as defined in the Original Loan and Security
Agreement or discharge or release such Obligations or the liens or priority of any mortgage, pledge, security agreement or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the
&#147;Obligations&#148; as defined in the Original Loan and Security Agreement or the other Original Loan Documents, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith. Nothing
expressed or implied in this Agreement shall be construed as a release or other discharge of any Loan Party from any of its &#147;Obligations&#148; as defined in the Original Loan and Security Agreement under the Original Loan Documents. Each Loan
Party hereby (a)&nbsp;confirms and agrees that each Original Loan Document to which it is a party that is not being amended and restated concurrently herewith is hereby ratified and confirmed in all respects (other than any representations or
warranties made as of a specific date) except that on and after the Closing Date, all references in any such Original Loan Document to &#147;the Credit Agreement,&#148; &#147;thereto,&#148; &#147;thereof,&#148; &#147;thereunder&#148; or words of
like import referring to the Original Loan and Security Agreement shall mean the Original Loan and Security Agreement as amended and restated by this Agreement; and (b)&nbsp;confirms and agrees that to the extent that any such Original Loan Document
purports to assign or pledge to any of Administrative Agent, Collateral Agent, the Lenders or the Secured Parties or to grant to any of Agent, the Lenders or the Secured Parties a security interest in or lien on, any collateral as security for all
or any portion of any of the Obligations of TTD or of any other Loan Party, as the case may be, from time to time existing in respect of the Original Loan and Security Agreement or the Original Loan Documents, such pledge or assignment or grant of
the security interest or lien is hereby ratified and confirmed in all respects with respect to this Agreement and the Loan Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">126 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>IN</B> <B>WITNESS</B> <B>WHEREOF</B>, each of the parties hereto has caused this Agreement to
be executed by its proper and duly authorized officer as of the date first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>BORROWERS</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">THE TRADE DESK, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul Ross</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Paul Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>LENDERS</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">CITIBANK, N.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sigrid M. Nubla</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sigrid M. Nubla</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
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 <DIV ALIGN="right">
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<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">U.S. BANK NATIONAL ASSOCIATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Todd Gronski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Todd Gronski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President</TD></TR>
</TABLE></DIV>

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 <DIV ALIGN="right">
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<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">CITY NATIONAL BANK, a national banking association</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mia Bolin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mia Bolin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President</TD></TR>
</TABLE></DIV>

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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">EAST WEST BANK, a California banking corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alexis Coyle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alexis Coyle</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>

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 <DIV ALIGN="right">
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<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">MUFG UNION BANK, N.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Roger P. Tauchman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Roger P. Tauchman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President</TD></TR>
</TABLE></DIV>

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 <DIV ALIGN="right">
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<TR>
<TD WIDTH="6%"></TD>
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<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">BANK HAPOALIM B.M.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lenroy Hackett</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lenroy Hackett</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Marline Alexander</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Marline Alexander</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">First Vice President</TD></TR>
</TABLE></DIV>

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 <DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>AGENT</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">CITIBANK, N.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sigrid M. Nubla</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sigrid M. Nubla</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President</TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LOAN AND SECURITY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRADE DESK, INC.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND EACH PERSON JOINED HERETO AS A BORROWER FROM TIME TO TIME, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the Borrowers, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE LENDERS
FROM TIME TO TIME PARTY HERETO, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CITIBANK, N.A., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the
Agent </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of May&nbsp;9, 2017 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Exhibit&nbsp;A-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Revolving Credit Note</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Swingline Note</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Borrowing</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notice of Conversion/Continuation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Perfection Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit E</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Letter of Credit Request</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit F</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Financial Condition Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit G</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Closing Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit H</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Compliance Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Borrowing Base Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit J</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Assignment and Acceptance</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Exhibits&nbsp;K-1</FONT> to
<FONT STYLE="white-space:nowrap">K-4</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#150;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>U.S. Tax Compliance Certificates</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REVOLVING CREDIT NOTE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REVOLVING CREDIT NOTE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">New York, New York</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned THE TRADE DESK, INC., a Delaware corporation, and together with each
Person who becomes party to the Loan Agreement as a borrower (individually and collectively and jointly and severally, the &#147;<U>Borrowers</U>&#148; and each individually, a &#147;<U>Borrower</U>&#148;), hereby unconditionally promises to pay to
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (a &#147;<U>Lender</U>&#148;), on the
Termination Date, to the Agent&#146;s Payment Account or at such other location as the Agent may from time to time designate in writing, for the account of Lender, in lawful money of the United States of America and in immediately available funds,
the principal amount equal to the <U>lesser</U> of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MILLION DOLLARS ($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) and
(b)&nbsp;the aggregate unpaid principal amount of Revolving Credit Loans made to the Borrowers by such Lender under Section 2.1(a) of the Loan Agreement. The Borrowers further promise to pay interest in like money and funds to the Agent, for the
account of the Lender, at the aforementioned Payment Account (or at such other location as the Agent may from time to time designate) on the unpaid principal amount hereof from time to time outstanding from and including the date hereof until paid
in full (both before and after judgment and both before and after the occurrence and during the continuation of an Event of Default) at the rates and on the dates determined in accordance with, and calculated in the manner set forth in, Sections 4.1
and 4.2 of the Loan Agreement. Capitalized terms used but not defined herein shall have the meanings given them in the Amended and Restated Loan and Security Agreement dated as of May&nbsp;9, 2017 among the Borrowers, each of the financial
institutions identified as a &#147;Lender&#148; on <U>Annex A</U> attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the
&#147;<U>Lenders</U>&#148;), and Citibank, N.A., a national banking association (&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when
acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;) (as amended, supplemented or otherwise modified from time to time, the &#147;<U>Loan Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment shall be made on the next
succeeding Business Day (except as otherwise provided in the Loan Agreement) and such extension of time shall be included in the computation of the amount of interest due hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a &#147;Revolving Credit Note&#148; referred to in the Loan Agreement and shall be entitled to the benefit of all terms and
conditions of, and the security of all security interests, liens and rights granted under or in connection with, the Loan Agreement and the other Loan Documents, and is subject to optional and mandatory prepayment as provided therein. Upon the
occurrence and during the continuance of any one or more of the Events of Default specified in the Loan Agreement, all amounts then remaining unpaid on this Note may be declared to be or may automatically become immediately due and payable as
provided in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Borrower acknowledges that the holder of this Note may assign, transfer or sell all or a portion of
its rights and interests in, to and under this Note to one or more Persons as provided in the Loan Agreement and that such Persons shall thereupon become vested with all of the rights and benefits of the Lender in respect hereof as to all or that
portion of this Note which is so assigned, transferred or sold. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of any conflict between the terms hereof and the terms and provisions of the Loan
Agreement, the terms and provisions of the Loan Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Borrower waives presentment, demand for payment, protest
and notice of dishonor of this Note and authorizes the holder hereof, without notice, to increase or decrease the rate of interest on any amount owing under this Note in accordance with the Loan Agreement. Each Borrower shall make all payments
hereunder and under the Loan Agreement without setoff, deduction or counterclaim. No failure to exercise and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. This Note may not be
changed or modified orally, but only by an agreement in writing, which is signed by the party or parties against whom enforcement of any waiver, change or modification is sought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS NOTE AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS NOTE, WHETHER SOUNDING IN
CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW YORK. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">EACH BORROWER AND, BY ITS ACCEPTANCE HEREOF, THE LENDER HEREBY WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS NOTE OR ANY CONDUCT, ACTS OR OMISSIONS OF THE BORROWERS, ANY LENDER, THE AGENT OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER
AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WITNESS the hand of the Borrowers as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TRADE DESK, INC., a Delaware corporation,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SWINGLINE NOTE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SWINGLINE NOTE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">New York, New York</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned THE TRADE DESK, INC., a Delaware corporation, and together with each
Person who becomes party to the Loan Agreement as a borrower (individually and collectively and jointly and severally, the &#147;<U>Borrowers</U>&#148; and each individually, a &#147;<U>Borrower</U>&#148;), hereby unconditionally promises to pay to
CITIBANK, N.A., a national banking association (the &#147;<U>Swingline Lender</U>&#148;), on demand, at the Swingline Lender&#146;s office set forth in the Loan Agreement or at such other location as the Swingline Lender may from time to time
designate in writing, in lawful money of the United States of America and in immediately available funds, the aggregate principal amount of Swingline Loans outstanding pursuant to Section 2.3(h) of the Loan Agreement. The Borrowers further promise
to pay interest in like money and funds to the Swingline Lender at the aforementioned address (or at such other location as the Swingline Lender may from time to time designate) on the unpaid principal amount hereof from time to time outstanding
from and including the date hereof until paid in full (both before and after judgment and both before and after the occurrence and during the continuation of an Event of Default) at the rates and on the dates determined in accordance with, and
calculated in the manner set forth in, Sections 4.1 and 4.2 of the Loan Agreement. Capitalized terms used but not defined herein shall have the meanings given them in the Amended and Restated Loan and Security Agreement dated as May&nbsp;9, 2017
among the Borrowers, each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex A</U> attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148;
and, collectively, the &#147;<U>Lenders</U>&#148;), and Citibank, N.A., a national banking association (&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured
Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;) (as amended, supplemented or otherwise modified from time to time, the &#147;<U>Loan Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment shall be made on the next
succeeding Business Day (except as otherwise provided in the Loan Agreement) and such extension of time shall be included in the computation of the amount of interest due hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a &#147;Swingline Note&#148; referred to in the Loan Agreement and shall be entitled to the benefit of all terms and conditions
of, and the security of all security interests, liens and rights granted under or in connection with, the Loan Agreement and the other Loan Documents, and is subject to optional and mandatory prepayment as provided therein. Upon the occurrence and
during the continuance of any one or more of the Events of Default specified in the Loan Agreement, all amounts then remaining unpaid on this Note may be declared to be or may automatically become immediately due and payable as provided in the Loan
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Borrower acknowledges that the holder of this Note may assign, transfer or sell all or a portion of its rights and
interests in, to and under this Note to one or more Persons as provided in the Loan Agreement and that such Persons shall thereupon become vested with all of the rights and benefits of the Lender in respect hereof as to all or that portion of this
Note which is so assigned, transferred or sold. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of any conflict between the terms hereof and the terms and provisions of the Loan
Agreement, the terms and provisions of the Loan Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Borrower waives presentment, demand for payment, protest
and notice of dishonor of this Note and authorizes the holder hereof, without notice, to increase or decrease the rate of interest on any amount owing under this Note in accordance with the Loan Agreement. Each Borrower shall make all payments
hereunder and under the Loan Agreement without setoff, deduction or counterclaim. No failure to exercise and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. This Note may not be
changed or modified orally, but only by an agreement in writing, which is signed by the party or parties against whom enforcement of any waiver, change or modification is sought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS NOTE AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS NOTE, WHETHER SOUNDING IN
CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW YORK. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">EACH BORROWER AND, BY ITS ACCEPTANCE HEREOF, THE LENDER HEREBY WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS NOTE OR ANY CONDUCT, ACTS OR OMISSIONS OF THE BORROWERS, ANY LENDER, THE AGENT OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER
AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WITNESS the hand of the Borrowers as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TRADE DESK, INC., a Delaware corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>NOTICE OF BORROWING </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>NOTICE OF BORROWING </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">Citibank, N.A. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017 (as
amended, modified, supplemented or extended from time to time, the &#147;<U>Loan Agreement</U>&#148;) among THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower, referred to
hereinafter, individually and collectively, jointly and severally, as the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U> A
attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;), and CITIBANK, N.A., a national banking association
(&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;).
Capitalized terms used herein but otherwise defined herein shall have the meanings given to such terms in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned is a
Responsible Officer of the Borrower Agent having the title inscribed below and in such capacity hereby requests: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(select one) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; (which is a Business Day) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. In the amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Comprised of [Base Rate Advances][LIBOR Rate Advances] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[4.
For LIBOR Rate Advances, with an Interest Period of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) month(s).] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection herewith, the undersigned hereby certifies that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">all representations and warranties contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that are already qualified or modified by materiality in the text thereof) on and as of the date of the requested Borrowing (except to the extent that such representations and warranties relate solely to an earlier
date); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">no Default or Event of Default has occurred and is continuing or would result from the making of the requested Loan as of the date of such request; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">no Material Adverse Effect has occurred. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this instrument in his/her official capacity as described below,
and not individually, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TRADE DESK, INC., a Delaware corporation, as the Borrower Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>NOTICE OF CONVERSION/CONTINUATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>NOTICE OF CONVERSION/CONTINUATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">Citibank, N.A. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017 (as
amended, modified, supplemented or extended from time to time, the &#147;<U>Loan Agreement</U>&#148;) among THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower, referred to
hereinafter, individually and collectively, jointly and severally, as the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U> A
attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;), and CITIBANK, N.A., a national banking association
(&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;).
Capitalized terms used herein but otherwise defined herein shall have the meanings given to such terms in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned is a
Responsible Officer of the Borrower Agent having the title inscribed below and in such capacity hereby requests (select one): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a continuation, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;, as LIBOR Rate Advances having an Interest Period of &nbsp;&nbsp;&nbsp;&nbsp; month(s) of Revolving Credit Loans
in an aggregate outstanding principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which have an Interest Period ending on the proposed date for such continuation;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a conversion, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;, to LIBOR Rate Advances having an Interest Period of &nbsp;&nbsp;&nbsp;&nbsp; month(s) of Revolving Credit Loans
in an aggregate outstanding principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which amount comprises [part of/all of] the outstanding Revolving Credit Loans; and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a conversion, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;, to Base Rate Advances, of Revolving Credit Loans in an aggregate outstanding principal amount of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which amount comprises [part of/all of] the outstanding Revolving Credit Loans,</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[In connection herewith, the undersigned hereby certifies that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">all representations and warranties contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that are already qualified or modified by materiality in the text thereof) on and as of the date of the requested Borrowing (except to the extent that such representations and warranties relate solely to an earlier
date); </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">no Default or Event of Default shall have occurred and be continuing or would result from the making of such continuation or conversion as of the date of such request; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">no Material Adverse Effect has occurred.]<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To be included only in connection with continuations to or conversions of LIBOR Rate Advances. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this instrument in his/her official capacity as described below,
and not individually, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TRADE DESK, INC., a Delaware corporation, as the Borrower Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT D </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>[INTENTIONALLY OMITTED] </U></B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT E </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LETTER OF CREDIT REQUEST </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LETTER OF CREDIT REQUEST </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citibank, N.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Letter of Credit Issuer under the Loan
Agreement referred to below </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[ADDRESS OF LETTER OF CREDIT ISSUER] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citibank, N.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Agent under the Loan Agreement referred to
below </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Court Square, 18th Floor, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long Island City, New
York 11120 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn.: Asset Based Portfolio Manager </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017 (as amended, modified, supplemented or extended from time to time, the
&#147;<U>Loan Agreement</U>&#148;) among THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower, referred to hereinafter, individually and collectively, jointly and severally, as
the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U> A attached thereto (together with each of its respective successors and
assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;), and CITIBANK, N.A., a national banking association (&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf
of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;). Capitalized terms used herein but otherwise defined herein shall have the
meanings given to such terms in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Borrower Representative, on behalf of the Borrowers, hereby gives you notice, irrevocably,
pursuant to Section 2.13(c) of the Loan Agreement, of its request for your issuance of a Letter of Credit, for the benefit of [NAME OF BENEFICIARY], in the amount of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], to be issued on
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;<U>Issue Date</U>&#148;) with an expiration date of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
20[&nbsp;&nbsp;&nbsp;&nbsp;]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection herewith, the undersigned hereby certifies that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">all representations and warranties contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that are already qualified or modified by materiality in the text thereof) on and as of the date of the requested Borrowing (except to the extent that such representations and warranties relate solely to an earlier
date); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">no Default or Event of Default has occurred and is continuing or would result from the issuance of the Letter of Credit as of the Issue Date; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">no Material Adverse Effect has occurred. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this instrument in his official capacity as described below, and
not individually, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE TRADE DESK, INC., a Delaware corporation, as the Borrower Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT F </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FINANCIAL CONDITION CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCIAL CONDITION CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">Citibank, N.A. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017 (as
amended, modified, supplemented or extended from time to time, the &#147;<U>Loan Agreement</U>&#148;) among THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower, referred to
hereinafter, individually and collectively, jointly and severally, as the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U> A
attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;), and CITIBANK, N.A., a national banking association
(&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;).
Capitalized terms used herein but otherwise defined herein shall have the meanings given to such terms in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
undersigned executing this certificate is the chief financial officer of each Loan Party and as such is duly authorized to execute and deliver this certificate on behalf of the Borrower Agent. By executing this certificate, the undersigned hereby
certifies to the Lender that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Attached hereto as Exhibit A and by reference made part hereof is a true and correct copy of the Borrowing Base Certificate required to be delivered pursuant to Section 5.1(a)(iii) of the Loan Agreement on the Closing
Date which reflects a Borrowing Base of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; calculated on a pro forma basis as of March&nbsp;31, 2017; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">After giving effect to the execution of the Loan Agreement, and the making of any Loans and the issuance of any Letters of Credit on the Closing Date, and the consummation of any other transactions contemplated to occur
on the Closing Date, the Loan Parties, taken as a whole, are Solvent. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this instrument in his official capacity as described below, and
not individually, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">THE TRADE DESK, INC., a Delaware corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXHIBIT A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Borrowing Base Certificate </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[see attached.] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT G </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CLOSING CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CLOSING CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">Citibank, N.A. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017 (as
amended, modified, supplemented or extended from time to time, the &#147;<U>Loan Agreement</U>&#148;) among THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower, referred to
hereinafter, individually and collectively, jointly and severally, as the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U> A
attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;), and CITIBANK, N.A., a national banking association
(&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;).
Capitalized terms used herein but otherwise defined herein shall have the meanings given to such terms in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned is a
Responsible Officer of the Borrower Agent having the title inscribed below and in such capacity is familiar with the terms of the Loan Agreement and has made, or has caused to be made, a detailed review of the Loans and the other transactions
contemplated by the Loan Agreement and the Financial Statements and Business Plan delivered pursuant to Section 7.11(a) and (b)&nbsp;of the Original Loan and Security Agreement to the Agent after the Original Closing Date to the date hereof in order
to provide the certifications set forth below. Accordingly, giving effect to the Loans and the other transactions contemplated by the Loan Agreement, the undersigned in his aforesaid capacity, and not individually, hereby certifies to the Agent that
as of the date hereof: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. No Default or Event of Default has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The representations and warranties of the Borrower contained in the Loan Agreement and each other Loan Document are true, correct and complete in all
material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof (except to the extent
that such representations and warranties relate solely to an earlier date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. No change, occurrence, event or development or event involving a
prospective change that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The Loan Parties have complied with all agreements and conditions to be satisfied by them under Section&nbsp;5.1 of the Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. There is no pending or threatened litigation, proceeding, inquiry or other action (i)&nbsp;seeking an injunction or other restraining order, damages or
other relief with respect to the </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
transactions contemplated by the Credit Agreement or the other Loan Documents or (ii) which affects the business, prospects, operations, assets, liabilities or condition (financial or otherwise)
of any Loan Party, except, in the case of clause&nbsp;(ii), where such litigation, proceeding, inquiry or other action would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. The Loan Parties are in compliance with all Requirements of Law and Material Contracts, other than such noncompliance that could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this instrument in his official capacity as described below, and
not individually, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE TRADE DESK, INC., a Delaware corporation,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as the Borrower Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT H </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>COMPLIANCE CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>COMPLIANCE CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">Citibank, N.A. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017 (as
amended, modified, supplemented or extended from time to time, the &#147;<U>Loan Agreement</U>&#148;) among THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower, referred to
hereinafter, individually and collectively, jointly and severally, as the &#147;<U>Borrowers</U>&#148; and each individually as a &#147;<U>Borrower</U>&#148;), each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex</U> A
attached thereto (together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and, collectively, the &#147;<U>Lenders</U>&#148;), and CITIBANK, N.A., a national banking association
(&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, herein called the <B>&#147;</B><U>Agent</U>&#148;).
Capitalized terms used herein but otherwise defined herein shall have the meanings given to such terms in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned is the
chief financial officer or the vice president, finance, of Borrower Agent and in such capacity hereby certifies to the Agent as follows in accordance with Section 7.11(d) of the Loan Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Use following paragraph I for fiscal <FONT STYLE="white-space:nowrap">year-end</FONT> financial statements:] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[1. Attached hereto as <U>Schedule 1</U> are the <FONT STYLE="white-space:nowrap">year-end</FONT> audited financial statements required by Section 7.11(a) of
the Loan Agreement for the fiscal year of the Loan Parties and their Subsidiaries ended as of December&nbsp;31, 20&nbsp;&nbsp;&nbsp;&nbsp;, together with the Auditors&#146; opinion required by such section.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Use following paragraph 1 for fiscal <FONT STYLE="white-space:nowrap">quarter-end</FONT> financial statements:] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[1. Attached hereto as <U>Schedule 1</U> are the unaudited financial statements required by Section&nbsp;7.11(c) of the Loan Agreement for the fiscal quarter
of the Borrowers ended as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;. Such financial statements have been prepared in accordance with GAAP and are fairly stated in all material respects
(subject only to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments and the absence of footnotes).] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The undersigned has
reviewed and is familiar with the terms of the Loan Agreement and has made, or has caused to be made under [his/her] supervision, detailed review of the transactions and condition (financial or otherwise) of the Borrowers and their Subsidiaries
during the accounting period covered by the attached financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. A review of the activities of the Borrowers and their Subsidiaries during
such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Loan Parties performed and observed all of their obligations under the Loan Documents. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The calculation of EBITDA and the Consolidated Fixed Charge Coverage Ratio set forth on <U>Schedule 2</U>
attached hereto are true and accurate as of the end of such fiscal [quarter][year], without regard to whether a Covenant Testing Period is now in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. The aggregate gross revenue of the Loan Parties and their Subsidiaries for such fiscal quarter is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and
the aggregate gross revenue attributable to <FONT STYLE="white-space:nowrap">non-Loan</FONT> Party Subsidiaries for such fiscal quarter is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which amount [does not][does] exceed 30% of the aggregate
gross revenue of the Loan Parties and their Subsidiaries, on a consolidated basis, for such fiscal quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this instrument in his official capacity as described below, and
not individually, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE TRADE DESK, INC., a Delaware corporation,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as the Borrower Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Chief Financial Officer][Vice President, Finance]</TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>BORROWING BASE CERTIFICATE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT J </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>ASSIGNMENT AND ACCEPTANCE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSIGNMENT AND ACCEPTANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>ASSIGNMENT</B> <B>AND</B> <B>ACCEPTANCE</B> (&#147;<U>Assignment Agreement</U>&#148;) is entered into as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; between
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(&#147;<U>Assignor</U>&#148;) and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(&#147;<U>Assignee</U>&#148;). Reference is made to the Agreement described in <U>Annex I</U> hereto (the &#147;<U>Loan Agreement</U>&#148;). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the
Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. In accordance with the terms and conditions of <U>Section</U><U></U><U>&nbsp;12.7</U> of the Loan Agreement, the
Assignor hereby sells and assigns to the Assignee without recourse, representation or warranty (except as set forth in Section&nbsp;2 or Section&nbsp;9 hereof), and the Assignee hereby purchases and assumes from the Assignor, that interest in and to
the Assignor&#146;s rights and obligations under the Loan Agreement and the other Loan Documents as of the Settlement Date (as defined below) to the extent specified on <U>Annex I</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. The Assignor (a)&nbsp;represents and warrants that as of the date hereof (i)&nbsp;it is the legal and beneficial owner of the interest
being assigned by it hereunder and that such interest is free and clear of any adverse claim and (ii)&nbsp;it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment Agreement and to consummate the
transactions contemplated hereby; (b)&nbsp;makes no representation or warranty and assumes no responsibility with respect to (i)&nbsp;any statements, representations or warranties made in or in connection with the Loan Documents, or (ii)&nbsp;the
execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or document furnished pursuant thereto; (c)&nbsp;makes no representation or warranty and assumes no responsibility with
respect to the financial condition of Borrowers or any Guarantor or the performance or observance by Borrowers or any Guarantor of any of their respective obligations under the Loan Documents or any other instrument or document furnished pursuant
thereto; (d)&nbsp;represents and warrants that the amount set forth as the Purchase Price on <U>Annex I</U> represents the amount owed by Borrowers to Assignor with respect to Assignor&#146;s share of the Loans assigned hereunder, as reflected on
Assignor&#146;s books and records; and (e)&nbsp;represents and warrants that the outstanding principal amount of its commitment is equal to or in excess of the Assigned Interest (without giving effect to assignments thereof which have not yet become
effective). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3. The Assignee (a)&nbsp;represents and warrants that it has become a party hereto solely in reliance upon its own
independent investigation of the financial and other circumstances surrounding the Loan Parties, the Collateral, the Obligations and all aspects of the transactions evidenced by or referred to in the Loan Agreement and the other Loan Documents, or
has otherwise satisfied itself thereto, and that it is not relying upon any representation, warranty or statement (except any such representation, warranty or statement expressly set forth in this Assignment Agreement) of the Assignor in connection
with the assignment made under this Assignment Agreement; (b)&nbsp;confirms that it has received copies of the Loan Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement; (c)&nbsp;agrees that it will, independently and without reliance upon Agent, Assignor, or any other Lender, based upon
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under the Loan Documents; (d)&nbsp;confirms that it
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
is an Eligible Assignee; (e)&nbsp;appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to Agent by the
terms thereof, together with such powers as are reasonably incidental thereto; [and] (f)&nbsp;agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by
it as a Lender; [and (g)&nbsp;attaches the forms prescribed by the Internal Revenue Service of the United States certifying as to the Assignee&#146;s status for purposes of determining exemption from United States withholding taxes with respect to
all payments to be made to the Assignee under the Loan Agreement or such other documents as are necessary to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4. Following the execution of this Assignment Agreement by the Assignor and Assignee, the Assignor will deliver this Assignment Agreement to
the Agent for recording by Agent. The effective date of this Assignment (the &#147;<U>Settlement Date</U>&#148;) shall be the latest to occur of (a)&nbsp;the date of the execution and delivery hereof by the Assignor and the Assignee and, except in
the case of an assignment by a Lender to an Affiliate of such Lender, delivery hereof to the Agent, (b)&nbsp;except in the case of an assignment by a Lender to an Affiliate of such Lender, the receipt by Agent for its sole and separate account of a
processing fee in the amount of $3,500, (c) except in the case of an assignment by a Lender to an Affiliate of such Lender, the receipt of any required consent of the Agent, and (d)&nbsp;the date specified in <U>Annex I</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5. As of the Settlement Date (a)&nbsp;the Assignee shall be a party to the Loan Agreement and, to the extent of the interest assigned pursuant
to this Assignment Agreement, shall be a &#147;Lender&#148; and shall have the rights and obligations of a Lender thereunder and under the other Loan Documents, and (b)&nbsp;the Assignor shall, to the extent of the interest assigned pursuant to this
Assignment Agreement, relinquish its rights (except as set forth in Section 12..7(b)) and be released from its obligations under the Loan Agreement and the other Loan Documents (and if this Assignment covers all or the remaining portion of
Assignor&#146;s rights and obligations under the Loan Agreement and the other Loan Documents, Assignor shall cease to be a party thereto), <U>provided</U>, <U>however</U>, that nothing contained herein shall release any assigning Lender from
obligations that survive the termination of the Loan Agreement, including such assigning Lender&#146;s obligations under Sections 4.10, 4.11 and 12.4 of the Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6. Upon the Settlement Date, Assignee shall pay to Assignor the Purchase Price (as set forth in <U>Annex I</U>). From and after the Settlement
Date, Agent shall make all payments that are due and payable to the holder of the interest assigned hereunder (including payments of principal, interest, fees and other amounts) to Assignor for amounts which have accrued up to but excluding the
Settlement Date and to Assignee for amounts which have accrued from and after the Settlement Date. On the Settlement Date, Assignor shall pay to Assignee an amount equal to the portion of any interest, fee, or any other charge that was paid to
Assignor prior to the Settlement Date on account of the interest assigned hereunder and that are due and payable to Assignee with respect thereto, to the extent that such interest, fee or other charge relates to the period of time from and after the
Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">7. This Assignment Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
constitute but one and the same Assignment Agreement. Delivery of an executed counterpart of this Assignment Agreement by telefacsimile or other electronic method of transmission shall be equally
as effective as delivery of an original executed counterpart of this Assignment Agreement. Any party delivering an executed counterpart of this Assignment Agreement by telefacsimile or other electronic method of transmission also shall deliver an
original executed counterpart of this Assignment Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Assignment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">8. THIS ASSIGNMENT AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING GOVERNING LAW, SUBMISSION TO JURISDICTION, SERVICE OF PROCESS AND
JURY TRIAL SET FORTH IN SECTIONS 12.14 THROUGH 12.17 OF THE LOAN AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, <I>MUTATIS</I> <I>MUTANDIS</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">9. Each of the Assignor and the Assignee represents and warrants that it has full power and authority to enter into this Assignment Agreement
and to perform its obligations under this Assignment Agreement in accordance with the provisions of this Assignment Agreement, that this Assignment Agreement has been duly authorized, executed and delivered by such party and that this Assignment
Agreement constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, moratorium or other similar laws affecting
creditors&#146; rights generally and by general equitable principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">10. Each of the Assignor and the Assignee represents and warrants
that the making and performance by it of this Assignment Agreement do not and will not violate any law or regulation of the jurisdiction of its organization or any other law or regulation applicable to it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">11. Each of the Assignor and the Assignee represents and warrants that all consents, licenses, approvals, authorizations, exemptions,
registrations, filings, opinions and declarations from or with any agency, department, administrative authority, statutory corporation or judicial entity necessary for the validity or enforceability of its obligations under this Assignment Agreement
have been obtained, and no governmental authorizations other than any already obtained are required in connection with its execution, delivery and performance of this Assignment Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement and Annex I hereto
to be executed by their respective officers, as of the first date written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[NAME OF ASSIGNOR]</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;as Assignor</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[NAME OF ASSIGNEE]</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;as Assignee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED THIS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DAY OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CITIBANK, N.A.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">a national banking
association, as Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[Consented to:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE TRADE DESK, INC.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Borrower
Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:]<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To be included only if the consent of the Borrower Agent is required by Section&nbsp;12.7 (b) of the Loan Agreement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ANNEX FOR ASSIGNMENT AND ACCEPTANCE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ANNEX I </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="8">Borrowers: The Trade Desk, Inc., a Delaware corporation, together with each person who becomes party to the Loan Agreement as a borrower</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="8">Name and Date of Loan Agreement:</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="6">Amended and Restated Loan and Security Agreement, dated as of May&nbsp;9, 2017, by and among Borrowers, each of the financial institutions identified as a &#147;Lender&#148; on <U>Annex A</U> to the Loan Agreement
(together with each of its respective successors and assigns, and any Increasing Lender, each a &#147;<U>Lender</U>&#148; and collectively, the &#147;<U>Lenders</U>&#148;), and Citibank, N.A., a national banking association
(&#147;<U>Citibank</U>&#148;), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (Citibank, when acting in such agency capacity, the &#147;Agent&#148;).</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">Date of Assignment Agreement:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="8">Assigned Amounts:</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">a.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Assigned Amount of Revolver Commitment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">b.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Assigned Amount of Revolving Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">Purchase Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="8">Notice and Payment Instructions, etc.</TD>
<TD VALIGN="top">&nbsp;</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Assignee:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Assignor:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">K-1</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Amended and Restated Loan and Security Agreement dated as of May&nbsp;9, 2017 (as amended, supplemented or
otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;), among (i)&nbsp;THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower), (ii) each of the financial
institutions identified as a &#147;Lender&#148; on Annex A of the Credit Agreement and (iii)&nbsp;CITIBANK, N.A., a national banking association, acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other
Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the provisions of Section&nbsp;4.11 of the Credit Agreement, the undersigned hereby certifies that
(i)&nbsp;it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)&nbsp;it is not a bank within the meaning of Section 881(c)(3)(A) of the
Code, (iii)&nbsp;it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv)&nbsp;it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the
Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned has furnished the Agent and the Borrowers with a certificate of its
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> Person status on IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E.</FONT></FONT> By executing this certificate, the
undersigned agrees that (1)&nbsp;if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Agent, and (2)&nbsp;the undersigned shall have at all times furnished the Borrowers and the
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[NAME OF LENDER]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;,
20[&nbsp;&nbsp;&nbsp;&nbsp;] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">K-2</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Amended and Restated Loan and Security Agreement dated as of May&nbsp;9, 2017 (as amended, supplemented or
otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;), among (i)&nbsp;THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower), (ii) each of the financial
institutions identified as a &#147;Lender&#148; on Annex A of the Credit Agreement and (iii)&nbsp;CITIBANK, N.A., a national banking association, acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other
Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the provisions of Section&nbsp;4.11 of the Credit Agreement, the undersigned hereby certifies that
(i)&nbsp;it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii)&nbsp;it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii)&nbsp;it is not a ten percent
shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv)&nbsp;it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned has furnished its participating Lender with a certificate of its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Person
status on IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E.</FONT></FONT> By executing this certificate, the undersigned agrees that (1)&nbsp;if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2)&nbsp;the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[NAME OF PARTICIPANT]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;,
20[&nbsp;&nbsp;&nbsp;&nbsp;] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">K-3</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Amended and Restated Loan and Security Agreement dated as of May&nbsp;9, 2017 (as amended, supplemented or
otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;), among (i)&nbsp;THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower), (ii) each of the financial
institutions identified as a &#147;Lender&#148; on Annex A of the Credit Agreement and (iii)&nbsp;CITIBANK, N.A., a national banking association, acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other
Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the provisions of Section&nbsp;4.11 of the Credit Agreement, the undersigned hereby certifies that
(i)&nbsp;it is the sole record owner of the participation in respect of which it is providing this certificate, (ii)&nbsp;its direct or indirect partners/members are the sole beneficial owners of such participation, (iii)&nbsp;with respect to such
participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (iv)&nbsp;none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v)&nbsp;none of its direct or indirect partners/members is a controlled
foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned has furnished its
participating Lender with IRS Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i)&nbsp;an IRS Form <FONT
STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or (ii)&nbsp;an IRS Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> accompanied by an IRS Form <FONT
STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> from each of such partner&#146;s/member&#146;s beneficial owners that is claiming the portfolio interest exemption.
By executing this certificate, the undersigned agrees that (1)&nbsp;if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2)&nbsp;the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[NAME OF PARTICIPANT]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;,
20[&nbsp;&nbsp;&nbsp;&nbsp;] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">K-4</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. TAX COMPLIANCE CERTIFICATE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Amended and Restated Loan and Security Agreement dated as of May&nbsp;9, 2017 (as amended, supplemented or
otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;), among (i)&nbsp;THE TRADE DESK, INC., a Delaware corporation (together with each person who thereafter becomes party thereto as a borrower), (ii) each of the financial
institutions identified as a &#147;Lender&#148; on Annex A of the Credit Agreement and (iii)&nbsp;CITIBANK, N.A., a national banking association, acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other
Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the provisions of Section&nbsp;4.11 of the Credit Agreement, the undersigned hereby certifies that
(i)&nbsp;it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)&nbsp;its direct or indirect partners/members are the sole beneficial owners of such
Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv)&nbsp;none of its direct or indirect partners/members is a ten percent
shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v)&nbsp;none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the
Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned has furnished the Agent and the Borrowers with IRS Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> accompanied
by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i)&nbsp;an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or (ii)&nbsp;an IRS Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> accompanied by an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> from each of such partner&#146;s/member&#146;s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1)&nbsp;if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Agent, and (2)&nbsp;the undersigned shall have at all times furnished the Borrowers and the Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[NAME OF LENDER]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;,
20[&nbsp;&nbsp;&nbsp;&nbsp;] </P>
</BODY></HTML>
</TEXT>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d274174dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (&#147;Agreement&#148;) is made as of the 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May,
2017, between The Trade Desk, Inc., a Delaware corporation (the &#147;Company&#148;), and Jeff Green (the &#147;Executive&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive are parties to an employment agreement, dated January&nbsp;28, 2016 (the &#147;Prior Agreement&#148;),
which the Company and the Executive intend to replace with this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to continue to employ the
Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE,<I> </I>in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. The term of this Agreement shall commence on the Effective Date and continue until terminated in
accordance with the provisions hereof (the &#147;Term&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Position and Duties</U>. During the Term, the
Executive shall serve as the Chief Executive Officer of the Company, and shall have supervision and control over and responsibility for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> business and
affairs of the Company as may from time to time be prescribed by the Board of Directors (the &#147;Board&#148;), provided that such duties are consistent with the Executive&#146;s position or other positions that he may hold from time to time. The
Executive shall devote substantially all of his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may (i)&nbsp;serve on other boards of directors, with the approval of the Board,
or (ii)&nbsp;engage in religious, charitable or other community activities, or fulfill limited teaching, speaking and writing engagements, in each case, as long as such services and activities do not, individually or in the aggregate, materially
interfere with the Executive&#146;s performance of his duties to the Company as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Related Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. The Executive&#146;s initial annual base salary shall be $625,000. The Executive&#146;s base
salary shall be reviewed annually by the Board or designated committee thereof. The base salary in effect at any given time is referred to herein as &#147;Base Salary.&#148; The Base Salary shall be payable in a manner that is consistent with the
Company&#146;s usual payroll practices for executive officers, but no less often than monthly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Compensation</U>. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by<B> </B>the Board or designated committee thereof from time to time. The Executive&#146;s initial target annual incentive
compensation shall be </P>

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75&nbsp;percent of his Base Salary. Cash incentive compensation will be paid to the Executive in quarterly installments no later than sixty (60)&nbsp;days after the end of each relevant calendar
quarter, subject to the Executive&#146;s continued employment by the Company through the end of such calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses.</U> The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Benefits</U>. During the Term, the Executive shall be eligible to participate in or receive benefits under
the Company&#146;s employee benefit plans in effect from time to time, subject to the terms of such plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacations</U>. During the Term, the Executive shall be entitled to participate in any Company <FONT
STYLE="white-space:nowrap">paid-time-off</FONT> program applicable to its senior executives, as in effect from time to time.&nbsp;The Executive shall also be entitled to all paid holidays given by the Company to its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. During the Term, the Executive&#146;s employment hereunder may be terminated without any breach
of this Agreement under the following circumstances: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Death</U>. The Executive&#146;s employment hereunder
shall terminate upon his death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>. The Company may terminate the Executive&#146;s employment
if he is disabled and unable to perform the essential functions of the Executive&#146;s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive&#146;s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive&#146;s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company&#146;s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive&#146;s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. &#167;2601 <I>et
seq</I>. and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 <I>et seq.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by
Company for Cause</U>. The Company may terminate the Executive&#146;s employment hereunder for Cause. For purposes of this Agreement, &#147;Cause&#148; shall mean: (i)&nbsp;the Executive&#146;s conviction of or plea of no contest to a felony or a
crime involving any financial dishonesty against the Company; (ii)&nbsp;the Executive&#146;s willful misconduct that causes </P>
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material harm or loss to the Company, including, but not limited to, misappropriation or conversion of Company assets; (iii)&nbsp;the Executive&#146;s gross negligence or refusal or willful
failure to act in accordance with any specific lawful direction or order of the Company (or a parent or subsidiary of the Company) which causes material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent
capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (iv) the Executive&#146;s material breach of any agreement with the Company (or a parent or subsidiary of the Company) which causes
material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (v) the Executive&#146;s
unauthorized use or disclosure of the Company&#146;s confidential information or trade secrets, which use or disclosure causes material harm to the Company; or (vi)&nbsp;the Executive&#146;s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Without Cause</U>. The Company may terminate the Executive&#146;s employment hereunder at any time
without Cause. Any termination by the Company of the Executive&#146;s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under
Section 3(a) or (b)&nbsp;shall be deemed a termination without Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Executive</U>. The
Executive may terminate his employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, &#147;Good Reason&#148; shall mean that the Executive has complied with the &#147;Good Reason
Process&#148; (hereinafter defined) following the occurrence of any of the following events: (i)&nbsp;a material diminution in the Executive&#146;s responsibilities, authority or duties, including (A)&nbsp;a transition to the position of Chief
Executive Officer of a division or subsidiary of the Company or successor entity or (B)&nbsp;continued employment as Chief Executive Officer should the Company cease being a publicly held corporation; (ii)&nbsp;a material diminution in the
Executive&#146;s Base Salary except for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">across-the-board</FONT></FONT> salary reductions based on the Company&#146;s financial performance similarly affecting all or substantially all
senior management employees of the Company; (iii)&nbsp;a material change in the geographic location at which the Executive provides services to the Company; or (iv)&nbsp;the material breach of this Agreement by the Company. &#147;Good Reason
Process&#148; shall mean that (i)&nbsp;the Executive reasonably determines in good faith that a &#147;Good Reason&#148; condition has occurred; (ii)&nbsp;the Executive notifies the Company in writing of the first occurrence of the Good Reason
condition within 60 days of the first occurrence of such condition; (iii)&nbsp;the Executive cooperates in good faith with the Company&#146;s efforts, for a period not less than 30 days following such notice (the &#147;Cure Period&#148;), to remedy
the condition; (iv)&nbsp;notwithstanding such efforts, the Good Reason condition continues to exist; and (v)&nbsp;the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition
during the Cure Period, Good Reason shall be deemed not to have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Termination</U>. Except
for termination as specified in Section 3(a), any termination of the Executive&#146;s employment by the Company or any such termination </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a &#147;Notice of Termination&#148; shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Termination</U>.
&#147;Date of Termination&#148; shall mean: (i)&nbsp;if the Executive&#146;s employment is terminated by his death, the date of his death; (ii)&nbsp;if the Executive&#146;s employment is terminated on account of disability under Section 3(b) or by
the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii)&nbsp;if the Executive&#146;s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given;
(iv)&nbsp;if the Executive&#146;s employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v)&nbsp;if the Executive&#146;s employment is terminated by
the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the
Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Upon Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Generally</U>. If the Executive&#146;s employment with the Company is terminated for any reason, the
Company shall pay or provide to the Executive (or to his authorized representative or estate)&nbsp;(i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive&#146;s Date of Termination; and (ii)&nbsp;any vested benefits the Executive may
have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the &#147;Accrued Benefit&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Company Without Cause or by the Executive with Good Reason</U>. During the Term, if the
Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit.
In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and <FONT
STYLE="white-space:nowrap">non-disparagement,</FONT> in a form and manner satisfactory to the Company (the &#147;Separation Agreement and Release&#148;) and the Separation Agreement and Release becoming fully effective, all within the time frame set
forth in the Separation Agreement and Release: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive an amount
equal to: (A) 1.5 times the sum of (1)&nbsp;the Executive&#146;s then current Base Salary plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the then-current year (the &#147;Cash Severance&#148;); and (B)&nbsp;a
pro-</P>
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rated portion of the annual incentive compensation based on actual achievement of performance objectives for the year of termination which shall be
<FONT STYLE="white-space:nowrap">pro-rated</FONT> based upon the number of days in the year of termination through the Date of Termination relative to 365 (less any amounts previously paid) (the &#147;Incentive Amount&#148;). Notwithstanding the
foregoing, if the Executive breaches any of the provisions contained in the Confidentiality Agreement (as defined below), all payments of each of the Cash Severance and Incentive Amount shall immediately cease; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon the Date of Termination, all stock options and other stock-based awards that are subject to
time-based vesting in which the Executive would have vested if he had remained employed for an additional 18 months following the Date of Termination shall vest and become exercisable or nonforfeitable as of the Date of Termination; provided,
however that accelerated vesting of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 18 months or the Executive&#146;s COBRA health continuation period, whichever ends earlier, in an amount equal to
the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company (the &#147;COBRA Amount&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Severance and the COBRA Amount shall be paid out in substantially equal installments in
accordance with the Company&#146;s payroll practice over 18 months commencing within 60<B> </B>days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and
ends in a second calendar year, the Cash Severance and the COBRA Amount shall begin to be paid in the second calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period; provided, further, that the initial payment
shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT> payment to cover amounts retroactive to the day immediately following the Date of Termination. The Incentive Amount shall be paid at the same time such annual incentive compensation is
otherwise paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control Payment</U>. The provisions of this Section&nbsp;5 set
forth certain terms of an agreement reached between the Executive and the Company regarding the Executive&#146;s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage
in advance the Executive&#146;s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the
provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within three months prior to the occurrence of the first event constituting a Change in Control through 24
months following a Change in Control. These provisions shall terminate and be of no further force or effect beginning 24 months after the occurrence of a Change in Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. During the Term, if within three months prior to a Change in Control through 24 months
after a Change in Control, the Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive </P>
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terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and
Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive a lump sum in cash in an amount equal to<B>: </B>(A) 3.0 times
the sum of (1)&nbsp;the Executive&#146;s then current Base Salary (or the Executive&#146;s Base Salary in effect immediately prior to the Change in Control, if higher) plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the
then-current year; and (B)&nbsp;the Incentive Amount; provided that the Incentive amount shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based on target performance; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided in any applicable option agreement or other stock-based
award agreement, all stock options and other stock-based awards that are subject to time-based vesting shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; provided, however, accelerated vesting
of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination, a lump sum in cash in an amount equal to 36 months of the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60
days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second
calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Limitation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event that
the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner
consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the applicable regulations thereunder (the &#147;Aggregate Payments&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of
the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section&nbsp;4999 of
the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such
event, the Aggregate Payments shall be reduced in the following </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section
280G of the Code: (1)&nbsp;cash payments not subject to Section 409A of the Code; (2)&nbsp;cash payments subject to Section 409A of the Code; (3)&nbsp;equity-based payments and acceleration; and
<FONT STYLE="white-space:nowrap">(4)&nbsp;non-cash</FONT> forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. <FONT
STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c)&nbsp;shall be reduced before any amounts that are subject to calculation under Treas. Reg.
<FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 5(b), the &#147;After Tax Amount&#148; means the amount of the
Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive&#146;s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to
Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the &#147;Accounting Firm&#148;), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;5, the following terms shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Change in Control&#148; shall mean any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any &#147;person,&#148; as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the &#147;Act&#148;) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its
subsidiaries), together with all &#147;affiliates&#148; and &#147;associates&#148; (as such terms are defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Act) of such person, shall become the &#147;beneficial owner&#148; (as such
term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, of securities of the Company representing 50&nbsp;percent or more of the combined voting power of the Company&#146;s then outstanding
securities having the right to vote in an election of the Board (&#147;Voting Securities&#148;) (in such case other than as a result of an acquisition of securities directly from the Company); or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the date a majority of the members of the Board is
replaced during any <FONT STYLE="white-space:nowrap">12-month</FONT> period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A)&nbsp;any consolidation or merger of the Company where the stockholders of
the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or
indirectly, shares representing in the aggregate more than 50&nbsp;percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B)&nbsp;any sale or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a &#147;Change in Control&#148; shall not be deemed to have occurred for purposes of the foregoing clause
(i)&nbsp;solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50&nbsp;percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50&nbsp;percent or more of the combined
voting power of all of the then outstanding Voting Securities, then a &#147;Change in Control&#148; shall be deemed to have occurred for purposes of the foregoing clause (i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#146;s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a &#147;specified employee&#148; within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive&#146;s separation from service would be considered deferred compensation otherwise subject to the 20&nbsp;percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&nbsp;six months and one day after the
Executive&#146;s separation from service, or (B)&nbsp;the Executive&#146;s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT>
payment covering amounts that would otherwise have been paid during the <FONT STYLE="white-space:nowrap">six-month</FONT> period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;All <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided and expenses eligible
for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall
any reimbursement be paid after the last day of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the taxable year following the taxable year in which the expense was incurred. The amount of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided or reimbursable expenses incurred in
one taxable year shall not affect the <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to
medical expenses). Such right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits is not subject to liquidation or exchange for another benefit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any payment or benefit described in this Agreement constitutes
<FONT STYLE="white-space:nowrap">&#147;non-qualified</FONT> deferred compensation&#148; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive&#146;s termination of employment, then such payments
or benefits shall be payable only upon the Executive&#146;s &#147;separation from service.&#148; The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section <FONT STYLE="white-space:nowrap">1.409A-1(h).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend that this Agreement
will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-2(b)(2).</FONT> The parties
agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided
hereunder without additional cost to either party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company makes no representation or warranty and shall
have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such
Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information, Noncompetition and Cooperation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality Agreement</U>. The terms of the Confidentiality Agreement, dated January&nbsp;28, 2016 (the
&#147;Confidentiality Agreement&#148;), between the Company and the Executive, attached hereto as Exhibit A, continue to be in full force and effect and are incorporated by reference in this Agreement. The Executive hereby reaffirms the terms of the
Confidentiality Agreement as material terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party Agreements and Rights</U>. The
Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive&#146;s use or disclosure of information or the Executive&#146;s engagement in
any business. The Executive represents to the Company that the Executive&#146;s execution of this Agreement, the Executive&#146;s employment with the Company and the performance of the Executive&#146;s proposed duties for the Company will not
violate any obligations the Executive may have to any such previous employer or other party. In the Executive&#146;s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of <FONT STYLE="white-space:nowrap">non-public</FONT> information belonging to or
obtained from any such previous employment or other party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation and Regulatory Cooperation</U>.
During and after the Executive&#146;s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company
which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with
counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive&#146;s employment, the Executive also shall cooperate fully with the Company in connection with
any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the Executive&#146;s performance of obligations pursuant to this Section 7(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Relief</U>. The Executive agrees that it would be difficult to measure any damages caused to the Company which
might result from any breach by the Executive of the promises set forth in the Confidentiality Agreement or this Section&nbsp;7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to
Section&nbsp;8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event the Executive breaches the Confidentiality Agreement or this Section&nbsp;7 during a period when he is
receiving severance payments pursuant to Section&nbsp;4 or Section&nbsp;5, the Company shall have the right to suspend or terminate such severance payments. Such suspension or termination shall not limit the Company&#146;s other options with respect
to relief for such breach and shall not relieve the Executive of his duties under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Protected
Disclosures and Other Protected Action</U>. Nothing contained in this Agreement limits the Executive&#146;s ability to file a charge or complaint with any federal, state or local governmental agency or commission (a &#147;Government Agency&#148;).
In addition, nothing contained in this Agreement limits the Executive&#146;s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the
Executive&#146;s ability to provide documents or other information, without notice to the Company, nor do any of the provisions of the Confidentiality Agreement apply to truthful testimony in litigation. If the Executive files any charge or
complaint with any Government Agency and if the Government Agency pursues any claim on the Executive&#146;s behalf, or if any other third party pursues any claim on the Executive&#146;s behalf, the Executive waives any right to monetary or other
individualized relief (either individually, or as part of any collective or class action); provided that nothing in this Agreement limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the
Securities and Exchange Commission. Further, notwithstanding anything herein to the contrary, to the extent required under applicable law, nothing in this Agreement limits the ability </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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of the Executive to share compensation information concerning the Executive or others, except that the Executive may not disclose compensation information concerning others obtained because the
Executive&#146;s job responsibilities require or allow access to such information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration of
Disputes</U>. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#146;s employment or the termination of that employment (including, without limitation, any claims of
unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the
auspices of the American Arbitration Association (&#147;AAA&#148;) in Los Angeles, California, in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection
of arbitrators. In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or
entity&#146;s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section&nbsp;8 shall be specifically enforceable. Notwithstanding the foregoing, this Section&nbsp;8 shall not
preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued
through an arbitration proceeding pursuant to this Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. To the
extent that any court action is permitted consistent with or to enforce Section&nbsp;8 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of California. Accordingly, with respect to any
such court action, the Executive (a)&nbsp;submits to the personal jurisdiction of such courts; (b)&nbsp;consents to service of process; and (c)&nbsp;waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect
to personal jurisdiction or service of process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Confidentiality Agreement remains in
full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. All payments made by the Company to the Executive under this
Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to the Executive</U>. This Agreement shall inure to the benefit of and be enforceable by the
Executive&#146;s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive&#146;s death after his termination of employment but prior to the completion by the Company of all
payments due him under this Agreement, the Company shall continue such payments to the Executive&#146;s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>. If any portion or provision of this Agreement
(including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of
such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The provisions of this Agreement shall survive the termination of this
Agreement and/or the termination of the Executive&#146;s employment to the extent necessary to effectuate the terms contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This is a California contract
and shall be construed under and be governed in all respects by the laws of the State of California, without giving effect to the conflict of laws principles thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to Company</U>. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had
taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender Neutral</U>. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE TRADE DESK, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul Ross</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Paul Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="98%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>JEFF GREEN</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff Green</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jeff Green</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidentiality Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B><I>Intentionally omitted</I><B>] </B></P>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d274174dex103.htm
<DESCRIPTION>EX-10.3
<TEXT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (&#147;Agreement&#148;) is made as of the 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May,
2017, between The Trade Desk, Inc., a Delaware corporation (the &#147;Company&#148;), and David Pickles (the &#147;Executive&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive are parties to an employment agreement, dated January&nbsp;28, 2016 (the &#147;Prior Agreement&#148;),
which the Company and the Executive intend to replace with this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to continue to employ the
Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE,<I> </I>in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. The term of this Agreement shall commence on the Effective Date and continue until terminated in
accordance with the provisions hereof (the &#147;Term&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Position and Duties</U>. During the Term, the
Executive shall serve as the Chief Technology Officer of the Company, and shall have supervision and control over and responsibility for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> business and
affairs of the Company as may from time to time be prescribed by the Board of Directors (the &#147;Board&#148;) or the Chief Executive Officer (the &#147;CEO&#148;), provided that such duties are consistent with the Executive&#146;s position or
other positions that he may hold from time to time. The Executive shall devote substantially all of his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may (i)&nbsp;serve on
other boards of directors, with the approval of the Board, or (ii)&nbsp;engage in religious, charitable or other community activities, or fulfill limited teaching, speaking and writing engagements, in each case, as long as such services and
activities do not, individually or in the aggregate, materially interfere with the Executive&#146;s performance of his duties to the Company as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Related Matters.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. The Executive&#146;s initial annual base salary shall be $410,000. The Executive&#146;s base
salary shall be reviewed annually by the Board or designated committee thereof. The base salary in effect at any given time is referred to herein as &#147;Base Salary.&#148; The Base Salary shall be payable in a manner that is consistent with the
Company&#146;s usual payroll practices for executive officers, but no less often than monthly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Compensation</U>. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by<B> </B>the Board or designated committee thereof from time to time. The Executive&#146;s initial target annual incentive
compensation shall be </P>

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110&nbsp;percent of his Base Salary. Cash incentive compensation will be paid to the Executive in quarterly installments no later than sixty (60)&nbsp;days after the end of each relevant calendar
quarter, subject to the Executive&#146;s continued employment by the Company through the end of such calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Benefits</U>. During the Term, the Executive shall be eligible to participate in or receive benefits under
the Company&#146;s employee benefit plans in effect from time to time, subject to the terms of such plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacations</U>. During the Term, the Executive shall be entitled to participate in any Company <FONT
STYLE="white-space:nowrap">paid-time-off</FONT> program applicable to its senior executives, as in effect from time to time. The Executive shall also be entitled to all paid holidays given by the Company to its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. During the Term, the Executive&#146;s employment hereunder may be terminated without any breach
of this Agreement under the following circumstances: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Death</U>. The Executive&#146;s employment hereunder
shall terminate upon his death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>. The Company may terminate the Executive&#146;s employment
if he is disabled and unable to perform the essential functions of the Executive&#146;s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive&#146;s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive&#146;s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company&#146;s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive&#146;s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. &#167;2601 <I>et
seq</I>. and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 <I>et seq.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by
Company for Cause</U>. The Company may terminate the Executive&#146;s employment hereunder for Cause. For purposes of this Agreement, &#147;Cause&#148; shall mean: (i)&nbsp;the Executive&#146;s conviction of or plea of no contest to a felony or a
crime involving any financial dishonesty against the Company; (ii)&nbsp;the Executive&#146;s willful misconduct that causes </P>
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material harm or loss to the Company, including, but not limited to, misappropriation or conversion of Company assets; (iii)&nbsp;the Executive&#146;s gross negligence or refusal or willful
failure to act in accordance with any specific lawful direction or order of the Company (or a parent or subsidiary of the Company) which causes material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent
capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (iv) the Executive&#146;s material breach of any agreement with the Company (or a parent or subsidiary of the Company) which causes
material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (v) the Executive&#146;s
unauthorized use or disclosure of the Company&#146;s confidential information or trade secrets, which use or disclosure causes material harm to the Company; or (vi)&nbsp;the Executive&#146;s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Without Cause</U>. The Company may terminate the Executive&#146;s employment hereunder at any time
without Cause. Any termination by the Company of the Executive&#146;s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under
Section 3(a) or (b)&nbsp;shall be deemed a termination without Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Executive</U>. The
Executive may terminate his employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, &#147;Good Reason&#148; shall mean that the Executive has complied with the &#147;Good Reason
Process&#148; (hereinafter defined) following the occurrence of any of the following events: (i)&nbsp;a material diminution in the Executive&#146;s responsibilities, authority or duties; (ii)&nbsp;a material diminution in the Executive&#146;s Base
Salary except for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">across-the-board</FONT></FONT> salary reductions based on the Company&#146;s financial performance similarly affecting all or substantially all senior management
employees of the Company; (iii)&nbsp;a material change in the geographic location at which the Executive provides services to the Company; or (iv)&nbsp;the material breach of this Agreement by the Company. &#147;Good Reason Process&#148; shall mean
that (i)&nbsp;the Executive reasonably determines in good faith that a &#147;Good Reason&#148; condition has occurred; (ii)&nbsp;the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the
first occurrence of such condition; (iii)&nbsp;the Executive cooperates in good faith with the Company&#146;s efforts, for a period not less than 30 days following such notice (the &#147;Cure Period&#148;), to remedy the condition;
(iv)&nbsp;notwithstanding such efforts, the Good Reason condition continues to exist; and (v)&nbsp;the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the
Cure Period, Good Reason shall be deemed not to have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Termination</U>. Except for
termination as specified in Section 3(a), any termination of the Executive&#146;s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of
this Agreement, a &#147;Notice of Termination&#148; shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Termination</U>. &#147;Date of Termination&#148; shall
mean: (i)&nbsp;if the Executive&#146;s employment is terminated by his death, the date of his death; (ii)&nbsp;if the Executive&#146;s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section
3(c), the date on which Notice of Termination is given; (iii)&nbsp;if the Executive&#146;s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv)&nbsp;if the Executive&#146;s employment
is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v)&nbsp;if the Executive&#146;s employment is terminated by the Executive under Section 3(e) with Good
Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the
Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Upon Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Generally</U>. If the Executive&#146;s employment with the Company is terminated for any reason, the
Company shall pay or provide to the Executive (or to his authorized representative or estate)&nbsp;(i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive&#146;s Date of Termination; and (ii)&nbsp;any vested benefits the Executive may
have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the &#147;Accrued Benefit&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Company Without Cause or by the Executive with Good Reason</U>. During the Term, if the
Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit.
In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and <FONT
STYLE="white-space:nowrap">non-disparagement,</FONT> in a form and manner satisfactory to the Company (the &#147;Separation Agreement and Release&#148;) and the Separation Agreement and Release becoming fully effective, all within the time frame set
forth in the Separation Agreement and Release: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive an amount
equal to: (A)&nbsp;the sum of (1)&nbsp;the Executive&#146;s then current Base Salary plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the then-current year (the &#147;Cash Severance&#148;); and (B)&nbsp;a <FONT
STYLE="white-space:nowrap">pro-rated</FONT> portion of the annual incentive compensation based on actual achievement of performance objectives for the year of termination which shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based upon
the number of days in the year of termination through the Date of Termination relative to 365 (less any amounts previously paid) (the &#147;Incentive Amount&#148;). Notwithstanding the foregoing, if the Executive breaches any of the provisions
contained in the Confidentiality Agreement (as defined below), all payments of each of the Cash Severance and Incentive Amount shall immediately cease; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon the Date of Termination, all stock options and
other stock-based awards that are subject to time-based vesting in which the Executive would have vested if he had remained employed for an additional 12 months following the Date of Termination shall vest and become exercisable or nonforfeitable as
of the Date of Termination; provided, however that accelerated vesting of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately
prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive&#146;s COBRA health continuation period, whichever ends earlier, in an amount
equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company (the &#147;COBRA Amount&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Severance and the COBRA Amount shall be paid out in substantially equal installments in
accordance with the Company&#146;s payroll practice over 12 months commencing within 60<B> </B>days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and
ends in a second calendar year, the Cash Severance and the COBRA Amount shall begin to be paid in the second calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period; provided, further, that the initial payment
shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT> payment to cover amounts retroactive to the day immediately following the Date of Termination. The Incentive Amount shall be paid at the same time such annual incentive compensation is
otherwise paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control Payment</U>. The provisions of this Section&nbsp;5 set
forth certain terms of an agreement reached between the Executive and the Company regarding the Executive&#146;s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage
in advance the Executive&#146;s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the
provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within three months prior to the occurrence of the first event constituting a Change in Control through 24
months following a Change in Control. These provisions shall terminate and be of no further force or effect beginning 24 months after the occurrence of a Change in Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. During the Term, if within three months prior to a Change in Control through 24 months
after a Change in Control, the Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of
the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive a lump sum in cash
in an amount equal to: (A)<B> </B>2.0 times the sum of (1)&nbsp;the Executive&#146;s then current Base Salary (or the Executive&#146;s Base Salary in effect immediately prior to the Change in Control, if higher) plus (2)&nbsp;the Executive&#146;s
target annual incentive compensation for the then-current year; and (B)&nbsp;the Incentive Amount; provided that the Incentive amount shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based on target performance; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided in any applicable option agreement or other stock-based
award agreement, all stock options and other stock-based awards that are subject to time-based vesting shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; provided, however, accelerated vesting
of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination, a lump sum in cash in an amount equal to 24 months of the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the amounts payable under this Section 5(a) shall be paid or commence to be paid within 60
days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second
calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Limitation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event that
the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner
consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the applicable regulations thereunder (the &#147;Aggregate Payments&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of
the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section&nbsp;4999 of
the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such
event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
that is subject to Section 280G of the Code: (1)&nbsp;cash payments not subject to Section 409A of the Code; (2)&nbsp;cash payments subject to Section 409A of the Code; (3)&nbsp;equity-based
payments and acceleration; and <FONT STYLE="white-space:nowrap">(4)&nbsp;non-cash</FONT> forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas.
Reg. <FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c)&nbsp;shall be reduced before any amounts that are subject to calculation under Treas. Reg.
<FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 5(b), the &#147;After Tax Amount&#148; means the amount of the
Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive&#146;s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to
Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the &#147;Accounting Firm&#148;), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;5, the following terms shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Change in Control&#148; shall mean any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any &#147;person,&#148; as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the &#147;Act&#148;) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its
subsidiaries), together with all &#147;affiliates&#148; and &#147;associates&#148; (as such terms are defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Act) of such person, shall become the &#147;beneficial owner&#148; (as such
term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, of securities of the Company representing 50&nbsp;percent or more of the combined voting power of the Company&#146;s then outstanding
securities having the right to vote in an election of the Board (&#147;Voting Securities&#148;) (in such case other than as a result of an acquisition of securities directly from the Company); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the date a majority of the members of the Board is replaced during any <FONT
STYLE="white-space:nowrap">12-month</FONT> period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A)&nbsp;any consolidation or
merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule
<FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, shares representing in the aggregate more than 50&nbsp;percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of
its ultimate parent corporation, if any), or (B)&nbsp;any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a &#147;Change in Control&#148; shall not be deemed to have occurred for purposes of the foregoing clause
(i)&nbsp;solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50&nbsp;percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50&nbsp;percent or more of the combined
voting power of all of the then outstanding Voting Securities, then a &#147;Change in Control&#148; shall be deemed to have occurred for purposes of the foregoing clause (i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#146;s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a &#147;specified employee&#148; within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive&#146;s separation from service would be considered deferred compensation otherwise subject to the 20&nbsp;percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&nbsp;six months and one day after the
Executive&#146;s separation from service, or (B)&nbsp;the Executive&#146;s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT>
payment covering amounts that would otherwise have been paid during the <FONT STYLE="white-space:nowrap">six-month</FONT> period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;All <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided and expenses eligible
for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall
any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided or reimbursable expenses incurred in one
taxable year shall not affect the <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to
medical expenses). Such right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits is not subject to liquidation or exchange for another benefit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any payment or benefit described in this Agreement
constitutes <FONT STYLE="white-space:nowrap">&#147;non-qualified</FONT> deferred compensation&#148; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive&#146;s termination of employment, then
such payments or benefits shall be payable only upon the Executive&#146;s &#147;separation from service.&#148; The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth
in Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-1(h).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend that
this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that
all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-2(b)(2).</FONT> The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company makes no representation or warranty
and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of,
such Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information, Noncompetition and Cooperation</U>.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality Agreement</U>. The terms of the Confidentiality Agreement, dated January&nbsp;28, 2016 (the
&#147;Confidentiality Agreement&#148;), between the Company and the Executive, attached hereto as Exhibit A, continue to be in full force and effect and are incorporated by reference in this Agreement. The Executive hereby reaffirms the terms of the
Confidentiality Agreement as material terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party Agreements and Rights</U>. The
Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive&#146;s use or disclosure of information or the Executive&#146;s engagement in
any business. The Executive represents to the Company that the Executive&#146;s execution of this Agreement, the Executive&#146;s employment with the Company and the performance of the Executive&#146;s proposed duties for the Company will not
violate any obligations the Executive may have to any such previous employer or other party. In the Executive&#146;s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of <FONT STYLE="white-space:nowrap">non-public</FONT> information belonging to or obtained from
any such previous employment or other party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation and Regulatory Cooperation</U>. During and after the
Executive&#146;s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to
events or occurrences that transpired while the Executive was employed by the Company. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive&#146;s employment, the Executive also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the Executive&#146;s performance of obligations pursuant to this Section 7(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Relief</U>. The Executive agrees that it would be difficult to measure any damages caused to the Company which
might result from any breach by the Executive of the promises set forth in the Confidentiality Agreement or this Section&nbsp;7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to
Section&nbsp;8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event the Executive breaches the Confidentiality Agreement or this Section&nbsp;7 during a period when he is
receiving severance payments pursuant to Section&nbsp;4 or Section&nbsp;5, the Company shall have the right to suspend or terminate such severance payments. Such suspension or termination shall not limit the Company&#146;s other options with respect
to relief for such breach and shall not relieve the Executive of his duties under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Protected
Disclosures and Other Protected Action</U>. Nothing contained in this Agreement limits the Executive&#146;s ability to file a charge or complaint with any federal, state or local governmental agency or commission (a &#147;Government Agency&#148;).
In addition, nothing contained in this Agreement limits the Executive&#146;s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the
Executive&#146;s ability to provide documents or other information, without notice to the Company, nor do any of the provisions of the Confidentiality Agreement apply to truthful testimony in litigation. If the Executive files any charge or
complaint with any Government Agency and if the Government Agency pursues any claim on the Executive&#146;s behalf, or if any other third party pursues any claim on the Executive&#146;s behalf, the Executive waives any right to monetary or other
individualized relief (either individually, or as part of any collective or class action); provided that nothing in this Agreement limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the
Securities and Exchange Commission. Further, notwithstanding anything herein to the contrary, to the extent required under applicable law, nothing in this Agreement limits the ability of the Executive to share compensation information concerning the
Executive or others, except that the Executive may not disclose compensation information concerning others obtained because the Executive&#146;s job responsibilities require or allow access to such information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration of Disputes</U>. Any controversy or claim arising out of
or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#146;s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(&#147;AAA&#148;) in Los Angeles, California, in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or
entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity&#146;s agreement. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section&nbsp;8 shall be specifically enforceable. Notwithstanding the foregoing, this Section&nbsp;8 shall not preclude either party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to
this Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. To the extent that any court action is permitted
consistent with or to enforce Section&nbsp;8 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of California. Accordingly, with respect to any such court action, the Executive
(a)&nbsp;submits to the personal jurisdiction of such courts; (b)&nbsp;consents to service of process; and (c)&nbsp;waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or
service of process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Confidentiality Agreement remains in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. All payments made by the Company to the Executive under this Agreement shall be net of any tax
or other amounts required to be withheld by the Company under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to the
Executive</U>. This Agreement shall inure to the benefit of and be enforceable by the Executive&#146;s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive&#146;s death after
his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive&#146;s beneficiary designated in writing to the Company prior to his
death (or to his estate, if the Executive fails to make such designation). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>. If any
portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The provisions of this Agreement shall survive the
termination of this Agreement and/or the termination of the Executive&#146;s employment to the extent necessary to effectuate the terms contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This is a California contract
and shall be construed under and be governed in all respects by the laws of the State of California, without giving effect to the conflict of laws principles thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to Company</U>. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had
taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender Neutral</U>. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE TRADE DESK, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff Green</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By:&nbsp;&nbsp;Jeff Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Its:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>DAVID PICKLES</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Pickles</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">David Pickles</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidentiality Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Intentionally omitted</I>] </P>
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>d274174dex104.htm
<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (&#147;Agreement&#148;) is made as of the 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May,
2017, between The Trade Desk, Inc., a Delaware corporation (the &#147;Company&#148;), and Paul Ross (the &#147;Executive&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company and the Executive are parties to an employment agreement, dated January&nbsp;28, 2016 (the &#147;Prior Agreement&#148;), which the Company and the Executive intend to replace with this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to continue to be employed by the Company on the
new terms and conditions contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE,<I> </I>in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. The term of this Agreement shall commence on the Effective Date and continue until terminated in
accordance with the provisions hereof (the &#147;Term&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Position and Duties</U>. During the Term, the
Executive shall serve as the Chief Financial Officer of the Company, and shall have supervision and control over and responsibility for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> business and
affairs of the Company as may from time to time be prescribed by the Board of Directors (the &#147;Board&#148;) or the Chief Executive Officer (the &#147;CEO&#148;), provided that such duties are consistent with the Executive&#146;s position or
other positions that he may hold from time to time. The Executive shall devote substantially all of his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may (i)&nbsp;serve on
other boards of directors, with the approval of the Board, or (ii)&nbsp;engage in religious, charitable or other community activities, or fulfill limited teaching, speaking and writing engagements, in each case, as long as such services and
activities do not, individually or in the aggregate, materially interfere with the Executive&#146;s performance of his duties to the Company as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Related Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. The Executive&#146;s initial annual base salary shall be $410,000. The Executive&#146;s base
salary shall be reviewed annually by the Board or designated committee thereof. The base salary in effect at any given time is referred to herein as &#147;Base Salary.&#148; The Base Salary shall be payable in a manner that is consistent with the
Company&#146;s usual payroll practices for executive officers, but no less often than monthly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Compensation</U>. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by<B> </B>the Board or designated committee thereof from time to time. The Executive&#146;s initial target annual incentive
compensation shall be </P>

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110&nbsp;percent of his Base Salary. Cash incentive compensation will be paid to the Executive in quarterly installments no later than sixty (60)&nbsp;days after the end of each relevant calendar
quarter, subject to the Executive&#146;s continued employment by the Company through the end of such calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Benefits</U>. During the Term, the Executive shall be eligible to participate in or receive benefits under
the Company&#146;s employee benefit plans in effect from time to time, subject to the terms of such plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacations</U>. During the Term, the Executive shall be entitled to participate in any Company <FONT
STYLE="white-space:nowrap">paid-time-off</FONT> program applicable to its senior executives, as in effect from time to time. The Executive shall also be entitled to all paid holidays given by the Company to its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. During the Term, the Executive&#146;s employment hereunder may be terminated without any breach
of this Agreement under the following circumstances: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Death</U>. The Executive&#146;s employment hereunder
shall terminate upon his death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>. The Company may terminate the Executive&#146;s employment
if he is disabled and unable to perform the essential functions of the Executive&#146;s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive&#146;s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive&#146;s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company&#146;s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive&#146;s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. &#167;2601 <I>et
seq</I>. and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 <I>et seq.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by
Company for Cause</U>. The Company may terminate the Executive&#146;s employment hereunder for Cause. For purposes of this Agreement, &#147;Cause&#148; shall mean: (i)&nbsp;the Executive&#146;s conviction of or plea of no contest to a felony or a
crime involving any financial dishonesty against the Company; (ii)&nbsp;the Executive&#146;s willful misconduct that causes </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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material harm or loss to the Company, including, but not limited to, misappropriation or conversion of Company assets; (iii)&nbsp;the Executive&#146;s gross negligence or refusal or willful
failure to act in accordance with any specific lawful direction or order of the Company (or a parent or subsidiary of the Company) which causes material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent
capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (iv) the Executive&#146;s material breach of any agreement with the Company (or a parent or subsidiary of the Company) which causes
material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (v) the Executive&#146;s
unauthorized use or disclosure of the Company&#146;s confidential information or trade secrets, which use or disclosure causes material harm to the Company; or (vi)&nbsp;the Executive&#146;s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Without Cause</U>. The Company may terminate the Executive&#146;s employment hereunder at any time
without Cause. Any termination by the Company of the Executive&#146;s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under
Section 3(a) or (b)&nbsp;shall be deemed a termination without Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Executive</U>. The
Executive may terminate his employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, &#147;Good Reason&#148; shall mean that the Executive has complied with the &#147;Good Reason
Process&#148; (hereinafter defined) following the occurrence of any of the following events: (i)&nbsp;a material diminution in the Executive&#146;s responsibilities, authority or duties, including (A)&nbsp;a transition to the position of Chief
Financial Officer of a division or subsidiary of the Company or successor entity or (B)&nbsp;continued employment as Chief Financial Officer should the Company cease being a publicly held corporation; (ii)&nbsp;a material diminution in the
Executive&#146;s Base Salary except for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">across-the-board</FONT></FONT> salary reductions based on the Company&#146;s financial performance similarly affecting all or substantially all
senior management employees of the Company; (iii)&nbsp;a material change in the geographic location at which the Executive provides services to the Company; or (iv)&nbsp;the material breach of this Agreement by the Company. &#147;Good Reason
Process&#148; shall mean that (i)&nbsp;the Executive reasonably determines in good faith that a &#147;Good Reason&#148; condition has occurred; (ii)&nbsp;the Executive notifies the Company in writing of the first occurrence of the Good Reason
condition within 60 days of the first occurrence of such condition; (iii)&nbsp;the Executive cooperates in good faith with the Company&#146;s efforts, for a period not less than 30 days following such notice (the &#147;Cure Period&#148;), to remedy
the condition; (iv)&nbsp;notwithstanding such efforts, the Good Reason condition continues to exist; and (v)&nbsp;the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition
during the Cure Period, Good Reason shall be deemed not to have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Termination</U>. Except
for termination as specified in Section 3(a), any termination of the Executive&#146;s employment by the Company or any such termination </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a &#147;Notice of Termination&#148; shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Termination</U>.
&#147;Date of Termination&#148; shall mean: (i)&nbsp;if the Executive&#146;s employment is terminated by his death, the date of his death; (ii)&nbsp;if the Executive&#146;s employment is terminated on account of disability under Section 3(b) or by
the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii)&nbsp;if the Executive&#146;s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given;
(iv)&nbsp;if the Executive&#146;s employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v)&nbsp;if the Executive&#146;s employment is terminated by
the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the
Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Upon Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Generally</U>. If the Executive&#146;s employment with the Company is terminated for any reason, the
Company shall pay or provide to the Executive (or to his authorized representative or estate)&nbsp;(i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive&#146;s Date of Termination; and (ii)&nbsp;any vested benefits the Executive may
have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the &#147;Accrued Benefit&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Company Without Cause or by the Executive with Good Reason</U>. During the Term, if the
Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit.
In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and <FONT
STYLE="white-space:nowrap">non-disparagement,</FONT> in a form and manner satisfactory to the Company (the &#147;Separation Agreement and Release&#148;) and the Separation Agreement and Release becoming fully effective, all within the time frame set
forth in the Separation Agreement and Release: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive an amount
equal to: (A)&nbsp;the sum of (1)&nbsp;the Executive&#146;s then current Base Salary plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the then-current year (the &#147;Cash Severance&#148;); and (B)&nbsp;a <FONT
STYLE="white-space:nowrap">pro-rated</FONT> portion of the annual incentive compensation based on actual achievement of performance objectives for the year of termination which shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based upon
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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the number of days in the year of termination through the Date of Termination relative to 365 (less any amounts previously paid) (the &#147;Incentive Amount&#148;). Notwithstanding the foregoing,
if the Executive breaches any of the provisions contained in the Confidentiality Agreement (as defined below), all payments of each of the Cash Severance and Incentive Amount shall immediately cease; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon the Date of Termination, all stock options and other stock-based awards that are subject to
time-based vesting in which the Executive would have vested if he had remained employed for an additional 12 months following the Date of Termination shall vest and become exercisable or nonforfeitable as of the Date of Termination; provided,
however that accelerated vesting of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive&#146;s COBRA health continuation period, whichever ends earlier, in an amount equal to
the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company (the &#147;COBRA Amount&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Severance and the COBRA Amount shall be paid out in substantially equal installments in
accordance with the Company&#146;s payroll practice over 12 months commencing within 60<B> </B>days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and
ends in a second calendar year, the Cash Severance and the COBRA Amount shall begin to be paid in the second calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period; provided, further, that the initial payment
shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT> payment to cover amounts retroactive to the day immediately following the Date of Termination. The Incentive Amount shall be paid at the same time such annual incentive compensation is
otherwise paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control Payment</U>. The provisions of this Section&nbsp;5 set
forth certain terms of an agreement reached between the Executive and the Company regarding the Executive&#146;s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage
in advance the Executive&#146;s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the
provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within three months prior to the occurrence of the first event constituting a Change in Control through 24
months following a Change in Control. These provisions shall terminate and be of no further force or effect beginning 24 months after the occurrence of a Change in Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. During the Term, if within three months prior to a Change in Control through 24 months
after a Change in Control, the Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and
Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive a lump sum in cash in an amount equal to: (A)<B> </B>2.0 times
the sum of (1)&nbsp;the Executive&#146;s then current Base Salary (or the Executive&#146;s Base Salary in effect immediately prior to the Change in Control, if higher) plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the
then-current year; and (B)&nbsp;the Incentive Amount; provided that the Incentive amount shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based on target performance; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided in any applicable option agreement or other stock-based
award agreement, all stock options and other stock-based awards that are subject to time-based vesting shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; provided, however, accelerated vesting
of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination, a lump sum in cash in an amount equal to 24 months of the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the amounts payable under this Section 5(a) shall be paid or commence to be paid within 60
days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second
calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Limitation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event that
the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner
consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the applicable regulations thereunder (the &#147;Aggregate Payments&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of
the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section&nbsp;4999 of
the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such
event, the Aggregate Payments shall be reduced in the following </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section
280G of the Code: (1)&nbsp;cash payments not subject to Section 409A of the Code; (2)&nbsp;cash payments subject to Section 409A of the Code; (3)&nbsp;equity-based payments and acceleration; and
<FONT STYLE="white-space:nowrap">(4)&nbsp;non-cash</FONT> forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. <FONT
STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c)&nbsp;shall be reduced before any amounts that are subject to calculation under Treas. Reg.
<FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 5(b), the &#147;After Tax Amount&#148; means the amount of the
Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive&#146;s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to
Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the &#147;Accounting Firm&#148;), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;5, the following terms shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Change in Control&#148; shall mean any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any &#147;person,&#148; as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the &#147;Act&#148;) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its
subsidiaries), together with all &#147;affiliates&#148; and &#147;associates&#148; (as such terms are defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Act) of such person, shall become the &#147;beneficial owner&#148; (as such
term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, of securities of the Company representing 50&nbsp;percent or more of the combined voting power of the Company&#146;s then outstanding
securities having the right to vote in an election of the Board (&#147;Voting Securities&#148;) (in such case other than as a result of an acquisition of securities directly from the Company); or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the date a majority of the members of the Board is
replaced during any <FONT STYLE="white-space:nowrap">12-month</FONT> period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A)&nbsp;any consolidation or merger of the Company where the stockholders of
the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or
indirectly, shares representing in the aggregate more than 50&nbsp;percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B)&nbsp;any sale or other
transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a &#147;Change in Control&#148; shall not be deemed to have occurred for purposes of the foregoing clause
(i)&nbsp;solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50&nbsp;percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50&nbsp;percent or more of the combined
voting power of all of the then outstanding Voting Securities, then a &#147;Change in Control&#148; shall be deemed to have occurred for purposes of the foregoing clause (i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#146;s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a &#147;specified employee&#148; within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive&#146;s separation from service would be considered deferred compensation otherwise subject to the 20&nbsp;percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&nbsp;six months and one day after the
Executive&#146;s separation from service, or (B)&nbsp;the Executive&#146;s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT>
payment covering amounts that would otherwise have been paid during the <FONT STYLE="white-space:nowrap">six-month</FONT> period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;All <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided and expenses eligible
for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall
any reimbursement be paid after the last day of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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the taxable year following the taxable year in which the expense was incurred. The amount of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided or reimbursable expenses incurred in
one taxable year shall not affect the <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to
medical expenses). Such right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits is not subject to liquidation or exchange for another benefit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any payment or benefit described in this Agreement constitutes
<FONT STYLE="white-space:nowrap">&#147;non-qualified</FONT> deferred compensation&#148; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive&#146;s termination of employment, then such payments
or benefits shall be payable only upon the Executive&#146;s &#147;separation from service.&#148; The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section <FONT STYLE="white-space:nowrap">1.409A-1(h).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend that this Agreement
will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-2(b)(2).</FONT> The parties
agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided
hereunder without additional cost to either party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company makes no representation or warranty and shall
have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such
Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information, Noncompetition and Cooperation</U>.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality Agreement</U>. The terms of the Confidentiality Agreement, dated January&nbsp;28, 2016 (the
&#147;Confidentiality Agreement&#148;), between the Company and the Executive, attached hereto as Exhibit A, continue to be in full force and effect and are incorporated by reference in this Agreement. The Executive hereby reaffirms the terms of the
Confidentiality Agreement as material terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party Agreements and Rights</U>. The
Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive&#146;s use or disclosure of information or the Executive&#146;s engagement in
any business. The Executive represents to the Company that the Executive&#146;s execution of this Agreement, the Executive&#146;s employment with the Company and the performance of the Executive&#146;s proposed duties for the Company will not
violate any obligations the Executive may have to any such previous employer or other party. In the Executive&#146;s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of <FONT STYLE="white-space:nowrap">non-public</FONT> information belonging to or
obtained from any such previous employment or other party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation and Regulatory Cooperation</U>.
During and after the Executive&#146;s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company
which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with
counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive&#146;s employment, the Executive also shall cooperate fully with the Company in connection with
any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the Executive&#146;s performance of obligations pursuant to this Section 7(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Relief</U>. The Executive agrees that it would be difficult to measure any damages caused to the Company which
might result from any breach by the Executive of the promises set forth in the Confidentiality Agreement or this Section&nbsp;7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to
Section&nbsp;8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event the Executive breaches the Confidentiality Agreement or this Section&nbsp;7 during a period when he is
receiving severance payments pursuant to Section&nbsp;4 or Section&nbsp;5, the Company shall have the right to suspend or terminate such severance payments. Such suspension or termination shall not limit the Company&#146;s other options with respect
to relief for such breach and shall not relieve the Executive of his duties under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Protected
Disclosures and Other Protected Action</U>. Nothing contained in this Agreement limits the Executive&#146;s ability to file a charge or complaint with any federal, state or local governmental agency or commission (a &#147;Government Agency&#148;).
In addition, nothing contained in this Agreement limits the Executive&#146;s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the
Executive&#146;s ability to provide documents or other information, without notice to the Company, nor do any of the provisions of the Confidentiality Agreement apply to truthful testimony in litigation. If the Executive files any charge or
complaint with any Government Agency and if the Government Agency pursues any claim on the Executive&#146;s behalf, or if any other third party pursues any claim on the Executive&#146;s behalf, the Executive waives any right to monetary or other
individualized relief (either individually, or as part of any collective or class action); provided that nothing in this Agreement limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the
Securities and Exchange Commission. Further, notwithstanding anything herein to the contrary, to the extent required under applicable law, nothing in this Agreement limits the ability </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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of the Executive to share compensation information concerning the Executive or others, except that the Executive may not disclose compensation information concerning others obtained because the
Executive&#146;s job responsibilities require or allow access to such information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration of
Disputes</U>. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#146;s employment or the termination of that employment (including, without limitation, any claims of
unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the
auspices of the American Arbitration Association (&#147;AAA&#148;) in Los Angeles, California, in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection
of arbitrators. In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or
entity&#146;s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section&nbsp;8 shall be specifically enforceable. Notwithstanding the foregoing, this Section&nbsp;8 shall not
preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued
through an arbitration proceeding pursuant to this Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. To the
extent that any court action is permitted consistent with or to enforce Section&nbsp;8 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of California. Accordingly, with respect to any
such court action, the Executive (a)&nbsp;submits to the personal jurisdiction of such courts; (b)&nbsp;consents to service of process; and (c)&nbsp;waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect
to personal jurisdiction or service of process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Confidentiality Agreement remains in
full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. All payments made by the Company to the Executive under this
Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to the Executive</U>. This Agreement shall inure to the benefit of and be enforceable by the
Executive&#146;s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive&#146;s death after his termination of employment but prior to the completion by the Company of all
payments due him under this Agreement, the Company shall continue such payments to the Executive&#146;s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>. If any portion or provision of this Agreement
(including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of
such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The provisions of this Agreement shall survive the termination of this
Agreement and/or the termination of the Executive&#146;s employment to the extent necessary to effectuate the terms contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This is a California contract
and shall be construed under and be governed in all respects by the laws of the State of California, without giving effect to the conflict of laws principles thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to Company</U>. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had
taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender Neutral</U>. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>THE TRADE DESK, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff Green</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:&nbsp;&nbsp;Jeff Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>PAUL ROSS</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul Ross</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Paul Ross</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidentiality Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Intentionally omitted</I>] </P>
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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d274174dex105.htm
<DESCRIPTION>EX-10.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (&#147;Agreement&#148;) is made as of the 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May,
2017, between The Trade Desk, Inc., a Delaware corporation (the &#147;Company&#148;), and Rob Perdue (the &#147;Executive&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive are parties to an employment agreement, dated January&nbsp;28, 2016 (the &#147;Prior Agreement&#148;),
which the Company and the Executive intend to replace with this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to continue to employ the
Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE,<I> </I>in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. The term of this Agreement shall commence on the Effective Date and continue until terminated in
accordance with the provisions hereof (the &#147;Term&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Position and Duties</U>. During the Term, the
Executive shall serve as the Chief Operating Officer of the Company, and shall have supervision and control over and responsibility for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> business and
affairs of the Company as may from time to time be prescribed by the Board of Directors (the &#147;Board&#148;) or the Chief Executive Officer (the &#147;CEO&#148;), provided that such duties are consistent with the Executive&#146;s position or
other positions that he may hold from time to time. The Executive shall devote substantially all of his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may (i)&nbsp;serve on
other boards of directors, with the approval of the Board, or (ii)&nbsp;engage in religious, charitable or other community activities, or fulfill limited teaching, speaking and writing engagements, in each case, as long as such services and
activities do not, individually or in the aggregate, materially interfere with the Executive&#146;s performance of his duties to the Company as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Related Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. The Executive&#146;s initial annual base salary shall be $410,000. The Executive&#146;s base
salary shall be reviewed annually by the Board or designated committee thereof. The base salary in effect at any given time is referred to herein as &#147;Base Salary.&#148; The Base Salary shall be payable in a manner that is consistent with the
Company&#146;s usual payroll practices for executive officers, but no less often than monthly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Compensation</U>. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by<B> </B>the Board or designated committee thereof from time to time. The Executive&#146;s initial target annual incentive
compensation shall be </P>

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110&nbsp;percent of his Base Salary. Cash incentive compensation will be paid to the Executive in quarterly installments no later than sixty (60)&nbsp;days after the end of each relevant calendar
quarter, subject to the Executive&#146;s continued employment by the Company through the end of such calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Benefits</U>. During the Term, the Executive shall be eligible to participate in or receive benefits under
the Company&#146;s employee benefit plans in effect from time to time, subject to the terms of such plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacations</U>. During the Term, the Executive shall be entitled to participate in any Company <FONT
STYLE="white-space:nowrap">paid-time-off</FONT> program applicable to its senior executives, as in effect from time to time. The Executive shall also be entitled to all paid holidays given by the Company to its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. During the Term, the Executive&#146;s employment hereunder may be terminated without any breach
of this Agreement under the following circumstances: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Death</U>. The Executive&#146;s employment hereunder
shall terminate upon his death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>. The Company may terminate the Executive&#146;s employment
if he is disabled and unable to perform the essential functions of the Executive&#146;s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive&#146;s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive&#146;s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company&#146;s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive&#146;s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. &#167;2601 <I>et
seq</I>. and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 <I>et seq.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by
Company for Cause</U>. The Company may terminate the Executive&#146;s employment hereunder for Cause. For purposes of this Agreement, &#147;Cause&#148; shall mean: (i)&nbsp;the Executive&#146;s conviction of or plea of no contest to a felony or a
crime involving any financial dishonesty against the Company; (ii)&nbsp;the Executive&#146;s willful misconduct that causes </P>
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material harm or loss to the Company, including, but not limited to, misappropriation or conversion of Company assets; (iii)&nbsp;the Executive&#146;s gross negligence or refusal or willful
failure to act in accordance with any specific lawful direction or order of the Company (or a parent or subsidiary of the Company) which causes material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent
capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (iv) the Executive&#146;s material breach of any agreement with the Company (or a parent or subsidiary of the Company) which causes
material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (v) the Executive&#146;s
unauthorized use or disclosure of the Company&#146;s confidential information or trade secrets, which use or disclosure causes material harm to the Company; or (vi)&nbsp;the Executive&#146;s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Without Cause</U>. The Company may terminate the Executive&#146;s employment hereunder at any time
without Cause. Any termination by the Company of the Executive&#146;s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under
Section 3(a) or (b)&nbsp;shall be deemed a termination without Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Executive</U>. The
Executive may terminate his employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, &#147;Good Reason&#148; shall mean that the Executive has complied with the &#147;Good Reason
Process&#148; (hereinafter defined) following the occurrence of any of the following events: (i)&nbsp;a material diminution in the Executive&#146;s responsibilities, authority or duties; (ii)&nbsp;a material diminution in the Executive&#146;s Base
Salary except for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">across-the-board</FONT></FONT> salary reductions based on the Company&#146;s financial performance similarly affecting all or substantially all senior management
employees of the Company; (iii)&nbsp;a material change in the geographic location at which the Executive provides services to the Company; or (iv)&nbsp;the material breach of this Agreement by the Company. &#147;Good Reason Process&#148; shall mean
that (i)&nbsp;the Executive reasonably determines in good faith that a &#147;Good Reason&#148; condition has occurred; (ii)&nbsp;the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the
first occurrence of such condition; (iii)&nbsp;the Executive cooperates in good faith with the Company&#146;s efforts, for a period not less than 30 days following such notice (the &#147;Cure Period&#148;), to remedy the condition;
(iv)&nbsp;notwithstanding such efforts, the Good Reason condition continues to exist; and (v)&nbsp;the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the
Cure Period, Good Reason shall be deemed not to have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Termination</U>. Except for
termination as specified in Section 3(a), any termination of the Executive&#146;s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of
this Agreement, a &#147;Notice of Termination&#148; shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Termination</U>. &#147;Date of Termination&#148; shall
mean: (i)&nbsp;if the Executive&#146;s employment is terminated by his death, the date of his death; (ii)&nbsp;if the Executive&#146;s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section
3(c), the date on which Notice of Termination is given; (iii)&nbsp;if the Executive&#146;s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv)&nbsp;if the Executive&#146;s employment
is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v)&nbsp;if the Executive&#146;s employment is terminated by the Executive under Section 3(e) with Good
Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the
Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Upon Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Generally</U>. If the Executive&#146;s employment with the Company is terminated for any reason, the
Company shall pay or provide to the Executive (or to his authorized representative or estate)&nbsp;(i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive&#146;s Date of Termination; and (ii)&nbsp;any vested benefits the Executive may
have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the &#147;Accrued Benefit&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Company Without Cause or by the Executive with Good Reason</U>. During the Term, if the
Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit.
In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and <FONT
STYLE="white-space:nowrap">non-disparagement,</FONT> in a form and manner satisfactory to the Company (the &#147;Separation Agreement and Release&#148;) and the Separation Agreement and Release becoming fully effective, all within the time frame set
forth in the Separation Agreement and Release: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive an amount
equal to: (A)&nbsp;the sum of (1)&nbsp;the Executive&#146;s then current Base Salary plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the then-current year (the &#147;Cash Severance&#148;); and (B)&nbsp;a <FONT
STYLE="white-space:nowrap">pro-rated</FONT> portion of the annual incentive compensation based on actual achievement of performance objectives for the year of termination which shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based upon
the number of days in the year of termination through the Date of Termination relative to 365 (less any amounts previously paid) (the &#147;Incentive Amount&#148;). Notwithstanding the foregoing, if the Executive breaches any of the provisions
contained in the Confidentiality Agreement (as defined below), all payments of each of the Cash Severance and Incentive Amount shall immediately cease; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon the Date of Termination, all stock options and
other stock-based awards that are subject to time-based vesting in which the Executive would have vested if he had remained employed for an additional 12 months following the Date of Termination shall vest and become exercisable or nonforfeitable as
of the Date of Termination; provided, however that accelerated vesting of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately
prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive&#146;s COBRA health continuation period, whichever ends earlier, in an amount
equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company (the &#147;COBRA Amount&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Severance and the COBRA Amount shall be paid out in substantially equal installments in
accordance with the Company&#146;s payroll practice over 12 months commencing within 60<B> </B>days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and
ends in a second calendar year, the Cash Severance and the COBRA Amount shall begin to be paid in the second calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period; provided, further, that the initial payment
shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT> payment to cover amounts retroactive to the day immediately following the Date of Termination. The Incentive Amount shall be paid at the same time such annual incentive compensation is
otherwise paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control Payment</U>. The provisions of this Section&nbsp;5 set
forth certain terms of an agreement reached between the Executive and the Company regarding the Executive&#146;s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage
in advance the Executive&#146;s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the
provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within three months prior to the occurrence of the first event constituting a Change in Control through 24
months following a Change in Control. These provisions shall terminate and be of no further force or effect beginning 24 months after the occurrence of a Change in Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. During the Term, if within three months prior to a Change in Control through 24 months
after a Change in Control, the Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of
the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive a lump sum in cash
in an amount equal to: (A)<B> </B>2.0 times the sum of (1)&nbsp;the Executive&#146;s then current Base Salary (or the Executive&#146;s Base Salary in effect immediately prior to the Change in Control, if higher) plus (2)&nbsp;the Executive&#146;s
target annual incentive compensation for the then-current year; and (B)&nbsp;the Incentive Amount; provided that the Incentive amount shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based on target performance; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided in any applicable option agreement or other stock-based
award agreement, all stock options and other stock-based awards that are subject to time-based vesting shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; provided, however, accelerated vesting
of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination, a lump sum in cash in an amount equal to 24 months of the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the amounts payable under this Section 5(a) shall be paid or commence to be paid within 60
days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second
calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Limitation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event that
the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner
consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the applicable regulations thereunder (the &#147;Aggregate Payments&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of
the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section&nbsp;4999 of
the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such
event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
that is subject to Section 280G of the Code: (1)&nbsp;cash payments not subject to Section 409A of the Code; (2)&nbsp;cash payments subject to Section 409A of the Code; (3)&nbsp;equity-based
payments and acceleration; and <FONT STYLE="white-space:nowrap">(4)&nbsp;non-cash</FONT> forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas.
Reg. <FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c)&nbsp;shall be reduced before any amounts that are subject to calculation under Treas. Reg.
<FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 5(b), the &#147;After Tax Amount&#148; means the amount of the
Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive&#146;s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to
Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the &#147;Accounting Firm&#148;), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;5, the following terms shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Change in Control&#148; shall mean any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any &#147;person,&#148; as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the &#147;Act&#148;) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its
subsidiaries), together with all &#147;affiliates&#148; and &#147;associates&#148; (as such terms are defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Act) of such person, shall become the &#147;beneficial owner&#148; (as such
term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, of securities of the Company representing 50&nbsp;percent or more of the combined voting power of the Company&#146;s then outstanding
securities having the right to vote in an election of the Board (&#147;Voting Securities&#148;) (in such case other than as a result of an acquisition of securities directly from the Company); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the date a majority of the members of the Board is replaced during any <FONT
STYLE="white-space:nowrap">12-month</FONT> period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A)&nbsp;any consolidation or
merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule
<FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, shares representing in the aggregate more than 50&nbsp;percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of
its ultimate parent corporation, if any), or (B)&nbsp;any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a &#147;Change in Control&#148; shall not be deemed to have occurred for purposes of the foregoing clause
(i)&nbsp;solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50&nbsp;percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50&nbsp;percent or more of the combined
voting power of all of the then outstanding Voting Securities, then a &#147;Change in Control&#148; shall be deemed to have occurred for purposes of the foregoing clause (i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#146;s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a &#147;specified employee&#148; within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive&#146;s separation from service would be considered deferred compensation otherwise subject to the 20&nbsp;percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&nbsp;six months and one day after the
Executive&#146;s separation from service, or (B)&nbsp;the Executive&#146;s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT>
payment covering amounts that would otherwise have been paid during the <FONT STYLE="white-space:nowrap">six-month</FONT> period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;All <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided and expenses eligible
for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall
any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided or reimbursable expenses incurred in one
taxable year shall not affect the <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to
medical expenses). Such right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits is not subject to liquidation or exchange for another benefit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any payment or benefit described in this Agreement
constitutes <FONT STYLE="white-space:nowrap">&#147;non-qualified</FONT> deferred compensation&#148; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive&#146;s termination of employment, then
such payments or benefits shall be payable only upon the Executive&#146;s &#147;separation from service.&#148; The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth
in Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-1(h).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend that
this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that
all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-2(b)(2).</FONT> The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company makes no representation or warranty
and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of,
such Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information, Noncompetition and Cooperation</U>.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality Agreement</U>. The terms of the Confidentiality Agreement, dated January&nbsp;28, 2016 (the
&#147;Confidentiality Agreement&#148;), between the Company and the Executive, attached hereto as Exhibit A, continue to be in full force and effect and are incorporated by reference in this Agreement. The Executive hereby reaffirms the terms of the
Confidentiality Agreement as material terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party Agreements and Rights</U>. The
Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive&#146;s use or disclosure of information or the Executive&#146;s engagement in
any business. The Executive represents to the Company that the Executive&#146;s execution of this Agreement, the Executive&#146;s employment with the Company and the performance of the Executive&#146;s proposed duties for the Company will not
violate any obligations the Executive may have to any such previous employer or other party. In the Executive&#146;s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of <FONT STYLE="white-space:nowrap">non-public</FONT> information belonging to or obtained from
any such previous employment or other party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation and Regulatory Cooperation</U>. During and after the
Executive&#146;s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to
events or occurrences that transpired while the Executive was employed by the Company. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive&#146;s employment, the Executive also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the Executive&#146;s performance of obligations pursuant to this Section 7(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Relief</U>. The Executive agrees that it would be difficult to measure any damages caused to the Company which
might result from any breach by the Executive of the promises set forth in the Confidentiality Agreement or this Section&nbsp;7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to
Section&nbsp;8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event the Executive breaches the Confidentiality Agreement or this Section&nbsp;7 during a period when he is
receiving severance payments pursuant to Section&nbsp;4 or Section&nbsp;5, the Company shall have the right to suspend or terminate such severance payments. Such suspension or termination shall not limit the Company&#146;s other options with respect
to relief for such breach and shall not relieve the Executive of his duties under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Protected
Disclosures and Other Protected Action</U>. Nothing contained in this Agreement limits the Executive&#146;s ability to file a charge or complaint with any federal, state or local governmental agency or commission (a &#147;Government Agency&#148;).
In addition, nothing contained in this Agreement limits the Executive&#146;s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the
Executive&#146;s ability to provide documents or other information, without notice to the Company, nor do any of the provisions of the Confidentiality Agreement apply to truthful testimony in litigation. If the Executive files any charge or
complaint with any Government Agency and if the Government Agency pursues any claim on the Executive&#146;s behalf, or if any other third party pursues any claim on the Executive&#146;s behalf, the Executive waives any right to monetary or other
individualized relief (either individually, or as part of any collective or class action); provided that nothing in this Agreement limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the
Securities and Exchange Commission. Further, notwithstanding anything herein to the contrary, to the extent required under applicable law, nothing in this Agreement limits the ability of the Executive to share compensation information concerning the
Executive or others, except that the Executive may not disclose compensation information concerning others obtained because the Executive&#146;s job responsibilities require or allow access to such information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration of Disputes</U>. Any controversy or claim arising out of
or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#146;s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(&#147;AAA&#148;) in Los Angeles, California, in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or
entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity&#146;s agreement. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section&nbsp;8 shall be specifically enforceable. Notwithstanding the foregoing, this Section&nbsp;8 shall not preclude either party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to
this Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. To the extent that any court action is permitted
consistent with or to enforce Section&nbsp;8 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of California. Accordingly, with respect to any such court action, the Executive
(a)&nbsp;submits to the personal jurisdiction of such courts; (b)&nbsp;consents to service of process; and (c)&nbsp;waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or
service of process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Confidentiality Agreement remains in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. All payments made by the Company to the Executive under this Agreement shall be net of any tax
or other amounts required to be withheld by the Company under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to the
Executive</U>. This Agreement shall inure to the benefit of and be enforceable by the Executive&#146;s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive&#146;s death after
his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive&#146;s beneficiary designated in writing to the Company prior to his
death (or to his estate, if the Executive fails to make such designation). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>. If any
portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The provisions of this Agreement shall survive the
termination of this Agreement and/or the termination of the Executive&#146;s employment to the extent necessary to effectuate the terms contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This is a New York contract and
shall be construed under and be governed in all respects by the laws of the State of New York, without giving effect to the conflict of laws principles thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to Company</U>. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had
taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender Neutral</U>. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>THE TRADE DESK, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff Green</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:&nbsp;&nbsp;Jeff Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ROB PERDUE</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Rob Perdue</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Rob Perdue</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidentiality Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Intentionally omitted</I>] </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>d274174dex106.htm
<DESCRIPTION>EX-10.6
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.6</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (&#147;Agreement&#148;) is made as of the 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May,
2017, between The Trade Desk, Inc., a Delaware corporation (the &#147;Company&#148;), and Brian Stempeck (the &#147;Executive&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive are parties to an employment agreement, dated January&nbsp;28, 2016 (the &#147;Prior Agreement&#148;),
which the Company and the Executive intend to replace with this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to continue to employ the
Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE,<I> </I>in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. The term of this Agreement shall commence on the Effective Date and continue until terminated in
accordance with the provisions hereof (the &#147;Term&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Position and Duties</U>. During the Term, the
Executive shall serve as the Chief Client Officer of the Company, and shall have supervision and control over and responsibility for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> business and affairs
of the Company as may from time to time be prescribed by the Board of Directors (the &#147;Board&#148;) or the Chief Executive Officer (the &#147;CEO&#148;), provided that such duties are consistent with the Executive&#146;s position or other
positions that he may hold from time to time. The Executive shall devote substantially all of his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may (i)&nbsp;serve on other
boards of directors, with the approval of the Board, or (ii)&nbsp;engage in religious, charitable or other community activities, or fulfill limited teaching, speaking and writing engagements, in each case, as long as such services and activities do
not, individually or in the aggregate, materially interfere with the Executive&#146;s performance of his duties to the Company as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Related Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. The Executive&#146;s initial annual base salary shall be $410,000. The Executive&#146;s base
salary shall be reviewed annually by the Board or designated committee thereof. The base salary in effect at any given time is referred to herein as &#147;Base Salary.&#148; The Base Salary shall be payable in a manner that is consistent with the
Company&#146;s usual payroll practices for executive officers, but no less often than monthly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Compensation</U>. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by<B> </B>the Board or designated committee thereof from time to time. The Executive&#146;s initial target annual incentive
compensation shall be </P>

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110&nbsp;percent of his Base Salary. Cash incentive compensation will be paid to the Executive in quarterly installments no later than sixty (60)&nbsp;days after the end of each relevant calendar
quarter, subject to the Executive&#146;s continued employment by the Company through the end of such calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Benefits</U>. During the Term, the Executive shall be eligible to participate in or receive benefits under
the Company&#146;s employee benefit plans in effect from time to time, subject to the terms of such plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacations</U>. During the Term, the Executive shall be entitled to participate in any Company <FONT
STYLE="white-space:nowrap">paid-time-off</FONT> program applicable to its senior executives, as in effect from time to time. The Executive shall also be entitled to all paid holidays given by the Company to its executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. During the Term, the Executive&#146;s employment hereunder may be terminated without any breach
of this Agreement under the following circumstances: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Death</U>. The Executive&#146;s employment hereunder
shall terminate upon his death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability</U>. The Company may terminate the Executive&#146;s employment
if he is disabled and unable to perform the essential functions of the Executive&#146;s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any
<FONT STYLE="white-space:nowrap">12-month</FONT> period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive&#146;s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive&#146;s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company&#146;s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive&#146;s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. &#167;2601 <I>et
seq</I>. and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 <I>et seq.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by
Company for Cause</U>. The Company may terminate the Executive&#146;s employment hereunder for Cause. For purposes of this Agreement, &#147;Cause&#148; shall mean: (i)&nbsp;the Executive&#146;s conviction of or plea of no contest to a felony or a
crime involving any financial dishonesty against the Company; (ii)&nbsp;the Executive&#146;s willful misconduct that causes </P>
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material harm or loss to the Company, including, but not limited to, misappropriation or conversion of Company assets; (iii)&nbsp;the Executive&#146;s gross negligence or refusal or willful
failure to act in accordance with any specific lawful direction or order of the Company (or a parent or subsidiary of the Company) which causes material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent
capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (iv) the Executive&#146;s material breach of any agreement with the Company (or a parent or subsidiary of the Company) which causes
material harm or loss to the Company (and the Executive&#146;s failure to cure the same, to the extent capable of cure, within 30 days of receiving written notice from the Company (or any acquirer or successor)); (v) the Executive&#146;s
unauthorized use or disclosure of the Company&#146;s confidential information or trade secrets, which use or disclosure causes material harm to the Company; or (vi)&nbsp;the Executive&#146;s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Without Cause</U>. The Company may terminate the Executive&#146;s employment hereunder at any time
without Cause. Any termination by the Company of the Executive&#146;s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under
Section 3(a) or (b)&nbsp;shall be deemed a termination without Cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Executive</U>. The
Executive may terminate his employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, &#147;Good Reason&#148; shall mean that the Executive has complied with the &#147;Good Reason
Process&#148; (hereinafter defined) following the occurrence of any of the following events: (i)&nbsp;a material diminution in the Executive&#146;s responsibilities, authority or duties; (ii)&nbsp;a material diminution in the Executive&#146;s Base
Salary except for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">across-the-board</FONT></FONT> salary reductions based on the Company&#146;s financial performance similarly affecting all or substantially all senior management
employees of the Company; (iii)&nbsp;a material change in the geographic location at which the Executive provides services to the Company; or (iv)&nbsp;the material breach of this Agreement by the Company. &#147;Good Reason Process&#148; shall mean
that (i)&nbsp;the Executive reasonably determines in good faith that a &#147;Good Reason&#148; condition has occurred; (ii)&nbsp;the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the
first occurrence of such condition; (iii)&nbsp;the Executive cooperates in good faith with the Company&#146;s efforts, for a period not less than 30 days following such notice (the &#147;Cure Period&#148;), to remedy the condition;
(iv)&nbsp;notwithstanding such efforts, the Good Reason condition continues to exist; and (v)&nbsp;the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the
Cure Period, Good Reason shall be deemed not to have occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Termination</U>. Except for
termination as specified in Section 3(a), any termination of the Executive&#146;s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of
this Agreement, a &#147;Notice of Termination&#148; shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Termination</U>. &#147;Date of Termination&#148; shall
mean: (i)&nbsp;if the Executive&#146;s employment is terminated by his death, the date of his death; (ii)&nbsp;if the Executive&#146;s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section
3(c), the date on which Notice of Termination is given; (iii)&nbsp;if the Executive&#146;s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv)&nbsp;if the Executive&#146;s employment
is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v)&nbsp;if the Executive&#146;s employment is terminated by the Executive under Section 3(e) with Good
Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the
Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Upon Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination Generally</U>. If the Executive&#146;s employment with the Company is terminated for any reason, the
Company shall pay or provide to the Executive (or to his authorized representative or estate)&nbsp;(i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement) and unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive&#146;s Date of Termination; and (ii)&nbsp;any vested benefits the Executive may
have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the &#147;Accrued Benefit&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Company Without Cause or by the Executive with Good Reason</U>. During the Term, if the
Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit.
In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and <FONT
STYLE="white-space:nowrap">non-disparagement,</FONT> in a form and manner satisfactory to the Company (the &#147;Separation Agreement and Release&#148;) and the Separation Agreement and Release becoming fully effective, all within the time frame set
forth in the Separation Agreement and Release: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive an amount
equal to: (A)&nbsp;the sum of (1)&nbsp;the Executive&#146;s then current Base Salary plus (2)&nbsp;the Executive&#146;s target annual incentive compensation for the then-current year (the &#147;Cash Severance&#148;); and (B)&nbsp;a <FONT
STYLE="white-space:nowrap">pro-rated</FONT> portion of the annual incentive compensation based on actual achievement of performance objectives for the year of termination which shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based upon
the number of days in the year of termination through the Date of Termination relative to 365 (less any amounts previously paid) (the &#147;Incentive Amount&#148;). Notwithstanding the foregoing, if the Executive breaches any of the provisions
contained in the Confidentiality Agreement (as defined below), all payments of each of the Cash Severance and Incentive Amount shall immediately cease; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon the Date of Termination, all stock options and
other stock-based awards that are subject to time-based vesting in which the Executive would have vested if he had remained employed for an additional 12 months following the Date of Termination shall vest and become exercisable or nonforfeitable as
of the Date of Termination; provided, however that accelerated vesting of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately
prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive&#146;s COBRA health continuation period, whichever ends earlier, in an amount
equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company (the &#147;COBRA Amount&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Severance and the COBRA Amount shall be paid out in substantially equal installments in
accordance with the Company&#146;s payroll practice over 12 months commencing within 60<B> </B>days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and
ends in a second calendar year, the Cash Severance and the COBRA Amount shall begin to be paid in the second calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period; provided, further, that the initial payment
shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT> payment to cover amounts retroactive to the day immediately following the Date of Termination. The Incentive Amount shall be paid at the same time such annual incentive compensation is
otherwise paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control Payment</U>. The provisions of this Section&nbsp;5 set
forth certain terms of an agreement reached between the Executive and the Company regarding the Executive&#146;s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage
in advance the Executive&#146;s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the
provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within three months prior to the occurrence of the first event constituting a Change in Control through 24
months following a Change in Control. These provisions shall terminate and be of no further force or effect beginning 24 months after the occurrence of a Change in Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. During the Term, if within three months prior to a Change in Control through 24 months
after a Change in Control, the Executive&#146;s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of
the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall pay the Executive a lump sum in cash
in an amount equal to: (A)<B> </B>2.0 times the sum of (1)&nbsp;the Executive&#146;s then current Base Salary (or the Executive&#146;s Base Salary in effect immediately prior to the Change in Control, if higher) plus (2)&nbsp;the Executive&#146;s
target annual incentive compensation for the then-current year; and (B)&nbsp;the Incentive Amount; provided that the Incentive amount shall be <FONT STYLE="white-space:nowrap">pro-rated</FONT> based on target performance; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided in any applicable option agreement or other stock-based
award agreement, all stock options and other stock-based awards that are subject to time-based vesting shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; provided, however, accelerated vesting
of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the award agreement governing a particular equity award; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Executive was participating in the Company&#146;s group health plan immediately prior to
the Date of Termination, a lump sum in cash in an amount equal to 24 months of the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the amounts payable under this Section 5(a) shall be paid or commence to be paid within 60
days after the Date of Termination; provided, however, that if the <FONT STYLE="white-space:nowrap">60-day</FONT> period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second
calendar year by the last day of such <FONT STYLE="white-space:nowrap">60-day</FONT> period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Limitation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, in the event that
the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner
consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the applicable regulations thereunder (the &#147;Aggregate Payments&#148;), would be subject to the excise tax imposed by Section&nbsp;4999 of
the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section&nbsp;4999 of
the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such
event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
that is subject to Section 280G of the Code: (1)&nbsp;cash payments not subject to Section 409A of the Code; (2)&nbsp;cash payments subject to Section 409A of the Code; (3)&nbsp;equity-based
payments and acceleration; and <FONT STYLE="white-space:nowrap">(4)&nbsp;non-cash</FONT> forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas.
Reg. <FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c)&nbsp;shall be reduced before any amounts that are subject to calculation under Treas. Reg.
<FONT STYLE="white-space:nowrap">&#167;1.280G-1,</FONT> <FONT STYLE="white-space:nowrap">Q&amp;A-24(b)</FONT> or (c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 5(b), the &#147;After Tax Amount&#148; means the amount of the
Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive&#146;s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal
rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to
Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the &#147;Accounting Firm&#148;), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;5, the following terms shall have the following meanings:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Change in Control&#148; shall mean any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any &#147;person,&#148; as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the &#147;Act&#148;) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its
subsidiaries), together with all &#147;affiliates&#148; and &#147;associates&#148; (as such terms are defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Act) of such person, shall become the &#147;beneficial owner&#148; (as such
term is defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, of securities of the Company representing 50&nbsp;percent or more of the combined voting power of the Company&#146;s then outstanding
securities having the right to vote in an election of the Board (&#147;Voting Securities&#148;) (in such case other than as a result of an acquisition of securities directly from the Company); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the date a majority of the members of the Board is replaced during any <FONT
STYLE="white-space:nowrap">12-month</FONT> period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A)&nbsp;any consolidation or
merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule
<FONT STYLE="white-space:nowrap">13d-3</FONT> under the Act), directly or indirectly, shares representing in the aggregate more than 50&nbsp;percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of
its ultimate parent corporation, if any), or (B)&nbsp;any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a &#147;Change in Control&#148; shall not be deemed to have occurred for purposes of the foregoing clause
(i)&nbsp;solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50&nbsp;percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50&nbsp;percent or more of the combined
voting power of all of the then outstanding Voting Securities, then a &#147;Change in Control&#148; shall be deemed to have occurred for purposes of the foregoing clause (i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#146;s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a &#147;specified employee&#148; within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Executive becomes entitled to under this Agreement on account of the Executive&#146;s separation from service would be considered deferred compensation otherwise subject to the 20&nbsp;percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&nbsp;six months and one day after the
Executive&#146;s separation from service, or (B)&nbsp;the Executive&#146;s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a <FONT STYLE="white-space:nowrap">catch-up</FONT>
payment covering amounts that would otherwise have been paid during the <FONT STYLE="white-space:nowrap">six-month</FONT> period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;All <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided and expenses eligible
for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall
any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided or reimbursable expenses incurred in one
taxable year shall not affect the <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to
medical expenses). Such right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits is not subject to liquidation or exchange for another benefit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any payment or benefit described in this Agreement
constitutes <FONT STYLE="white-space:nowrap">&#147;non-qualified</FONT> deferred compensation&#148; under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive&#146;s termination of employment, then
such payments or benefits shall be payable only upon the Executive&#146;s &#147;separation from service.&#148; The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth
in Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-1(h).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend that
this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that
all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section <FONT STYLE="white-space:nowrap">1.409A-2(b)(2).</FONT> The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company makes no representation or warranty
and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of,
such Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information, Noncompetition and Cooperation</U>.<U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality Agreement</U>. The terms of the Confidentiality Agreement, dated January&nbsp;28, 2016 (the
&#147;Confidentiality Agreement&#148;), between the Company and the Executive, attached hereto as Exhibit A, continue to be in full force and effect and are incorporated by reference in this Agreement. The Executive hereby reaffirms the terms of the
Confidentiality Agreement as material terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party Agreements and Rights</U>. The
Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive&#146;s use or disclosure of information or the Executive&#146;s engagement in
any business. The Executive represents to the Company that the Executive&#146;s execution of this Agreement, the Executive&#146;s employment with the Company and the performance of the Executive&#146;s proposed duties for the Company will not
violate any obligations the Executive may have to any such previous employer or other party. In the Executive&#146;s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of <FONT STYLE="white-space:nowrap">non-public</FONT> information belonging to or obtained from
any such previous employment or other party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation and Regulatory Cooperation</U>. During and after the
Executive&#146;s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to
events or occurrences that transpired while the Executive was employed by the Company. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive&#146;s employment, the Executive also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with the Executive&#146;s performance of obligations pursuant to this Section 7(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Relief</U>. The Executive agrees that it would be difficult to measure any damages caused to the Company which
might result from any breach by the Executive of the promises set forth in the Confidentiality Agreement or this Section&nbsp;7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to
Section&nbsp;8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event the Executive breaches the Confidentiality Agreement or this Section&nbsp;7 during a period when he is
receiving severance payments pursuant to Section&nbsp;4 or Section&nbsp;5, the Company shall have the right to suspend or terminate such severance payments. Such suspension or termination shall not limit the Company&#146;s other options with respect
to relief for such breach and shall not relieve the Executive of his duties under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Protected
Disclosures and Other Protected Action</U>. Nothing contained in this Agreement limits the Executive&#146;s ability to file a charge or complaint with any federal, state or local governmental agency or commission (a &#147;Government Agency&#148;).
In addition, nothing contained in this Agreement limits the Executive&#146;s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the
Executive&#146;s ability to provide documents or other information, without notice to the Company, nor do any of the provisions of the Confidentiality Agreement apply to truthful testimony in litigation. If the Executive files any charge or
complaint with any Government Agency and if the Government Agency pursues any claim on the Executive&#146;s behalf, or if any other third party pursues any claim on the Executive&#146;s behalf, the Executive waives any right to monetary or other
individualized relief (either individually, or as part of any collective or class action); provided that nothing in this Agreement limits any right the Executive may have to receive a whistleblower award or bounty for information provided to the
Securities and Exchange Commission. Further, notwithstanding anything herein to the contrary, to the extent required under applicable law, nothing in this Agreement limits the ability of the Executive to share compensation information concerning the
Executive or others, except that the Executive may not disclose compensation information concerning others obtained because the Executive&#146;s job responsibilities require or allow access to such information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration of Disputes</U>. Any controversy or claim arising out of
or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#146;s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(&#147;AAA&#148;) in Los Angeles, California, in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or
entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity&#146;s agreement. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section&nbsp;8 shall be specifically enforceable. Notwithstanding the foregoing, this Section&nbsp;8 shall not preclude either party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to
this Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. To the extent that any court action is permitted
consistent with or to enforce Section&nbsp;8 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of California. Accordingly, with respect to any such court action, the Executive
(a)&nbsp;submits to the personal jurisdiction of such courts; (b)&nbsp;consents to service of process; and (c)&nbsp;waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or
service of process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Confidentiality Agreement remains in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. All payments made by the Company to the Executive under this Agreement shall be net of any tax
or other amounts required to be withheld by the Company under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to the
Executive</U>. This Agreement shall inure to the benefit of and be enforceable by the Executive&#146;s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive&#146;s death after
his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to the Executive&#146;s beneficiary designated in writing to the Company prior to his
death (or to his estate, if the Executive fails to make such designation). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U>. If any
portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of
this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. The provisions of this Agreement shall survive the
termination of this Agreement and/or the termination of the Executive&#146;s employment to the extent necessary to effectuate the terms contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver</U>. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This is a New York contract and
shall be construed under and be governed in all respects by the laws of the State of New York, without giving effect to the conflict of laws principles thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor to Company</U>. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had
taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender Neutral</U>. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>THE TRADE DESK, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff Green</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:&nbsp;&nbsp;Jeff Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>BRIAN STEMPECK</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brian Stempeck</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Brian Stempeck</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Confidentiality Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Intentionally omitted</I>] </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>8
<FILENAME>d274174dex311.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-31.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 31.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification of Principal Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>pursuant to </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Act
Rules 13a-14(a) and 15d-14(a), </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as adopted pursuant to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Jeff T. Green, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this quarterly report on Form 10-Q of The Trade Desk, Inc.; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))&nbsp;for the registrant
and have: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: May&nbsp;11, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeff T. Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jeff T. Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>(Principal Executive Officer)</I></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>9
<FILENAME>d274174dex312.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-31.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 31.2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification of Principal Financial Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>pursuant to </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Act
Rules 13a-14(a) and 15d-14(a), </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as adopted pursuant to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Paul E. Ross, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this quarterly report on Form 10-Q of The Trade Desk, Inc.; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))&nbsp;for the registrant
and have: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: May&nbsp;11, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Paul E. Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Paul E. Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>(Principal Financial Officer)</I></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>10
<FILENAME>d274174dex321.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-32.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 32.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certifications of Principal Executive Officer and Principal Financial Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>pursuant to </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>18 U.S.C.
Section&nbsp;1350, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as adopted pursuant to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section&nbsp;1350), Jeff T. Green, Chief Executive Officer (Principal Executive
Officer) of The Trade Desk, Inc. (the &#147;Company&#148;), and Paul E. Ross, Chief Financial Officer (Principal Financial Officer) of the Company, each hereby certifies that, to the best of his knowledge: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top">Our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2017, to which this certification is attached as Exhibit 32.1 (the &#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a) or
15(d) of the Securities Exchange Act of 1934; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&nbsp;11, 2017 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeff T. Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Jeff T. Green</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><I>(Principal Executive Officer)</I></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Paul E. Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Paul E. Ross</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><I>(Principal Financial Officer)</I></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing certifications are being furnished pursuant to 18 U.S.C. Section&nbsp;1350. They are not being filed for
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the Company, regardless of any general incorporation language in such filing. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>11
<FILENAME>ttd-20170331.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
<TEXT>
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<!-- DFS Xcelerate Instance Document - http://www.dfsco.com/financial-services/ -->
<!-- Version:  6.23.6 -->
<!-- Round: 4 -->
<!-- Creation date: 2017-05-10T18:16:39Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
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 &lt;b&gt;Note&amp;#xA0;5&amp;#x2014;Accounts Payable&lt;/b&gt;&lt;/p&gt;
 &lt;p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"&gt;
 Accounts payable included the following (in thousands):&lt;/p&gt;
 &lt;p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"&gt;
 &lt;tr&gt;
 &lt;td width="72%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"&gt;&lt;b&gt;As&amp;#xA0;of&lt;br /&gt;
 March&amp;#xA0;31,&lt;br /&gt;
 2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"&gt;&lt;b&gt;As&amp;#xA0;of&lt;br /&gt;
 December&amp;#xA0;31,&lt;br /&gt;
 2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
 &lt;td valign="top"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;
 Accounts payable&amp;#x2013;media and data&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;222,967&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;307,018&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
 &lt;td valign="top"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;
 Accounts payable&amp;#x2013;other&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;8,557&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;14,145&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="font-size:1px;"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
 &lt;td valign="top"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;
 Total&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;231,524&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;321,163&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="font-size:1px;"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
  <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="shares" decimals="-3" id="id_9255352_E3F4813F-0791-444C-B295-09776926C341_1_3">395000</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_1AD1C005-C90A-4499-A8A3-1F216B2FCDC7_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;Note&amp;#xA0;10&amp;#x2014;Commitments and Contingencies&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 As of March&amp;#xA0;31, 2017, the Company&amp;#x2019;s purchase
 obligations, primarily with hosting services providers, were as
 follows (in thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="87%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WIDTH: 16.9pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt"&gt;
 &lt;b&gt;Year&lt;/b&gt;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 2017 (for remaining nine months)&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;17,106&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 2018&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;8,380&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 2019&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;8,000&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;33,486&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Guarantees and Indemnification&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 In the ordinary course of business, the Company may provide
 indemnifications of varying scope and terms to clients, vendors,
 lessors, business partners, and other parties with respect to
 certain matters, including, but not limited to, losses arising out
 of breach of such agreements, services to be provided by the
 Company or from intellectual property infringement claims made by
 third parties. In addition, the Company has entered into
 indemnification agreements with directors and certain officers and
 employees that will require the Company, among other things, to
 indemnify them against certain liabilities that may arise by reason
 of their status or service as directors, officers or employees. No
 demands have been made upon the Company to provide indemnification
 under such agreements, and thus there are no claims that the
 Company is aware of that could have a material effect on the
 Company&amp;#x2019;s balance sheet, statement of operations or statement
 of cash flows. Accordingly, no amounts for any obligation have been
 recorded at March&amp;#xA0;31, 2017.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Litigation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 From time to time, the Company is subject to various legal
 proceedings and claims, either asserted or unasserted, that arise
 in the ordinary course of business. Although the outcome of the
 various legal proceedings and claims cannot be predicted with
 certainty, management does not believe that any of these
 proceedings or other claims will have a material adverse effect on
 the Company&amp;#x2019;s business, financial condition, results of
 operations or cash flows.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Employment Contracts&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 The Company has entered into agreements with severance terms with
 certain employees and officers, all of whom are
 employed&amp;#xA0;&lt;font style="WHITE-SPACE: nowrap"&gt;at-will.&lt;/font&gt;&amp;#xA0;The
 Company may be required to accelerate the vesting of certain stock
 options in the event of changes in control, as defined and
 involuntary terminations.&lt;/p&gt;
 &lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_F5C90E0F-1AF2-44AC-82F4-89EB8EEFDC34_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;font style="WHITE-SPACE: nowrap"&gt;Note&amp;#xA0;8&amp;#x2014;Stock-Based&lt;/font&gt;&amp;#xA0;Compensation&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;&lt;font style="WHITE-SPACE: nowrap"&gt;Stock-Based&lt;/font&gt;&amp;#xA0;Compensation
 Expense&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 Total&amp;#xA0;&lt;font style="WHITE-SPACE: nowrap"&gt;stock-based&lt;/font&gt;&amp;#xA0;compensation expense, by
 operating expense category, in the condensed consolidated
 statements of operations was as follows (in thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="82%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="5%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="5%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"&gt;&lt;b&gt;Three&amp;#xA0;Months&lt;br /&gt;
 Ended&amp;#xA0;March&amp;#xA0;31,&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Platform operations&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;229&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;15&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Sales and marketing&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;539&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;50&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Technology and development&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;665&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;40&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 General and administrative&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;889&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;54&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Total&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;2,322&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;159&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Stock Options&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 Stock option activity for the three months ended March&amp;#xA0;31,
 2017 was as follows:&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="69%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="11%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="11%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Shares&lt;br /&gt;
 Under&amp;#xA0;Option&lt;br /&gt;
 (in&amp;#xA0;thousands)&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Weighted-&lt;br /&gt;
 Average&lt;br /&gt;
 Exercise&amp;#xA0;Price&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Outstanding at December&amp;#xA0;31, 2016&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(1)&lt;/sup&gt;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5,429&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4.94&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Granted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;44&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;29.60&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Exercised&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(680&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;0.40&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Cancelled&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(126&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;20.10&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Outstanding as of March 31, 2017&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(2)&lt;/sup&gt;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,667&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5.43&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Exercisable as of March 31, 2017&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;2,710&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;1.13&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WIDTH: 156px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 172px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
 &lt;tr style="break-inside: avoid"&gt;
 &lt;td width="13%"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" width="4%" align="left"&gt;&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(1)&lt;/sup&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" align="left"&gt;Includes options to purchase 389 and
 5,040 shares of Class&amp;#xA0;A and Class B common stock,
 respectively.&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
 &lt;tr style="break-inside: avoid"&gt;
 &lt;td width="13%"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" width="4%" align="left"&gt;&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(2)&lt;/sup&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" align="left"&gt;Includes options to purchase 393 and
 4,274 shares of Class&amp;#xA0;A and Class B common stock,
 respectively.&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 On January&amp;#xA0;1, 2017, the number of shares authorized for grant
 under the Company&amp;#x2019;s 2016 Incentive Award Plan was increased
 by 1.6&amp;#xA0;million shares in accordance with plan provisions.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Employee Stock Purchase Plan&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 On January&amp;#xA0;1, 2017, the number of shares available for
 issuance under the Company&amp;#x2019;s Employee Stock Purchase Plan was
 increased by 0.4&amp;#xA0;million shares in accordance with plan
 provisions.&lt;/p&gt;
 &lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <dei:DocumentFiscalPeriodFocus contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_73886CB6-1363-478C-A7CF-425A11E4A169_1_4">Q1</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentFiscalYearFocus contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_73886CB6-1363-478C-A7CF-425A11E4A169_1_3">2017</dei:DocumentFiscalYearFocus>
  <dei:DocumentType contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_73886CB6-1363-478C-A7CF-425A11E4A169_1_0">10-Q</dei:DocumentType>
  <us-gaap:EarningsPerShareDiluted contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="iso4217_USD_per_shares" decimals="2" id="id_9255352_E44CED3E-B23A-49CC-A0CC-CA045E6A89B8_1_18">0.11</us-gaap:EarningsPerShareDiluted>
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="pure" decimals="INF" id="id_9255352_77F534B3-DDD1-42E3-8589-718190AEABEF_1_0">0.35</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <dei:EntityCentralIndexKey contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_411A9FCB-80BB-4560-93A1-2CFAB7EF8906_1_2">0001671933</dei:EntityCentralIndexKey>
  <us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_C66981ED-4100-4669-BFB1-C289CAC88144_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The changes in the fair value of preferred stock warrants were as
 follows (in thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="81%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="13%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Three&amp;#xA0;Months&lt;br /&gt;
 Ended&lt;br /&gt;
 March&amp;#xA0;31,&amp;#xA0;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Beginning balance&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;6,927&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Change in value of preferred stock warrants recorded in other
 expense, net&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,383&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Reclassification to convertible preferred stock upon net exercise
 of Series Seed warrant&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(3,789&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Ending balance&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;7,521&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
  <us-gaap:NatureOfOperations contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_3AA30D04-C09C-4D27-B100-EBD95002FA0E_1_0">&lt;div&gt;
 &lt;p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"&gt;
 &lt;b&gt;Note&amp;#xA0;1&amp;#x2014;Nature of Operations&lt;/b&gt;&lt;/p&gt;
 &lt;p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"&gt;
 The Trade Desk,&amp;#xA0;Inc. (the &amp;#x201C;Company&amp;#x201D;) was formed in
 November 2009 as a Delaware corporation. The Company is
 headquartered in Ventura, California and has offices in various
 cities in the United States, Europe, Asia and Australia. The
 Company is a technology company that empowers advertising agencies
 and other buyers by providing a self-service platform that enables
 clients to purchase and manage data-driven digital advertising
 campaigns across various advertising formats.&lt;/p&gt;
 &lt;p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"&gt;
 &lt;b&gt;&lt;i&gt;Secondary Offering&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"&gt;
 In March 2017, the Company completed a secondary offering in which
 a total of 7,281,789 shares of Class&amp;#xA0;A common stock were sold
 by certain selling stockholders. See Note
 7&amp;#x2014;Capitalization.&lt;/p&gt;
 &lt;p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"&gt;
 &lt;b&gt;&lt;i&gt;Risks&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"&gt;
 The Company is subject to certain business risks, including
 dependence on key employees, competition, market acceptance of the
 Company&amp;#x2019;s platform, ability to source demand from buyers of
 advertising inventory, availability of debt financing and
 dependence on growth to achieve its business plan.&lt;/p&gt;
 &lt;/div&gt;</us-gaap:NatureOfOperations>
  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="iso4217_USD" decimals="-3" id="id_9255352_67DCCB94-304D-41C1-8791-E7227D152427_1_13">-22740000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_0B1E594A-A9B0-448D-878B-8861B47145C3_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 In May 2014, the Financial Accounting Standards Board
 (&amp;#x201C;FASB&amp;#x201D;) issued Accounting Standards Update, or ASU,
 No.&amp;#xA0;2014-09, &lt;i&gt;Revenue from Contracts with Customers (Topic
 606)&lt;/i&gt;, which amends the existing accounting standards for
 revenue recognition. Under ASU 2014-09, a company will recognize
 revenue when it transfers promised goods or services to customers
 in an amount that reflects the consideration to which it expects to
 be entitled in exchange for those goods or services. Additionally,
 the guidance requires improved disclosures to help users of
 financial statements better understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts
 with customers. In August 2015, the FASB issued ASU
 No.&amp;#xA0;2015-14, which defers the effective date of
 ASU&amp;#xA0;2014-09 by one year. In 2016, the FASB issued additional
 amendments to the new revenue guidance. The new guidance is
 effective for annual reporting periods (including interim periods
 within those periods) beginning after December&amp;#xA0;15, 2017. Early
 adoption is permitted for annual reporting periods (including
 interim periods within those periods) beginning after
 December&amp;#xA0;15, 2016. The guidance permits the use of either the
 retrospective or cumulative effect transition method. The Company
 is in the process of selecting a transition method and determining
 the effect of this guidance on its consolidated financial
 statements.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 In February 2016, the FASB issued ASU No.&amp;#xA0;2016-02,
 &lt;i&gt;Leases&lt;/i&gt;, which requires an entity to recognize right-of-use
 assets and lease liabilities on its balance sheet and disclose key
 information about leasing arrangements. The guidance offers
 specific accounting guidance for a lessee, lessor, and sale and
 leaseback transactions. Lessees and lessors are required to
 disclose qualitative and quantitative information about leasing
 arrangements to enable a user of the financial statements to assess
 the amount, timing and uncertainty of cash flows arising from
 leases. Leases will be classified as either finance or operating,
 with the classification affecting the pattern of expense
 recognition in the income statement. The guidance is effective for
 annual reporting periods beginning after December&amp;#xA0;15, 2018,
 including interim periods within that reporting period, and
 requires a modified retrospective adoption, with early adoption
 permitted. Although the Company is currently evaluating the impact
 of this guidance on its consolidated financial statements, the
 Company expects that most of its operating lease commitments will
 be recognized as operating lease liabilities and right-of-use
 assets upon adoption of the new guidance.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 In June 2016, the FASB issued ASU No.&amp;#xA0;2016-13, &lt;i&gt;Financial
 Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
 on Financial Instruments&lt;/i&gt;, which is intended to provide more
 decision-useful information about expected credit losses on
 financial instruments and other commitments to extend credit held
 by a reporting entity at each reporting date. ASU 2016-13 revises
 the impairment model to utilize an expected loss methodology in
 place of the currently used incurred loss methodology, which will
 result in more timely recognition of losses on financial
 instruments, including, but not limited to, available for sale debt
 securities and accounts receivable. The Company is required to
 adopt this standard starting in the first quarter of fiscal year
 2021. Early adoption is permitted. The Company is currently in the
 process of evaluating the impact of adoption on its consolidated
 financial statements.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 In August 2016, the FASB issued ASU No.&amp;#xA0;2016-15, &lt;i&gt;Statement
 of Cash Flows (Topic 230), Classification of Certain Cash Receipts
 and Cash Payments&lt;/i&gt;, which addresses eight specific cash flow
 issues with the objective of reducing the existing diversity in
 practice. ASU 2016-15 is effective for fiscal years beginning after
 December&amp;#xA0;15, 2017, and interim periods within those fiscal
 years. Early adoption is permitted, including adoption in an
 interim period. If adopted in an interim period, any adjustments
 should be reflected as of the beginning of the fiscal year that
 includes such interim period. The adoption of ASU 2016-15 should be
 applied using a retrospective transition method to each period
 presented, unless impracticable to do so. The Company does not
 expect the adoption of ASU 2016-15 will have a material impact on
 its consolidated statement of cash flows.&lt;/p&gt;
 &lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_338B082A-A4B5-474D-BFE7-52B1B5B00834_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;Note&amp;#xA0;2&amp;#x2014;Basis of Presentation and Summary of
 Significant Accounting Policies&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 The accompanying condensed consolidated financial statements were
 prepared in accordance with accounting principles generally
 accepted in the United States of America (&amp;#x201C;GAAP&amp;#x201D;) for
 interim financial information. Certain information and disclosures
 normally included in consolidated financial statements prepared in
 accordance with GAAP have been condensed or omitted. Accordingly,
 these condensed consolidated financial statements should be read in
 conjunction with the Company&amp;#x2019;s audited consolidated financial
 statements and related notes included in its Annual Report on Form
 10-K for the year ended December&amp;#xA0;31, 2016.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The accompanying condensed consolidated financial statements are
 unaudited. These unaudited interim condensed consolidated financial
 statements have been prepared on a basis consistent with that used
 to prepare the Company&amp;#x2019;s audited annual consolidated
 financial statements and include, in the opinion of management, all
 adjustments, consisting of normal recurring items, necessary for
 the fair statement of the condensed consolidated financial
 statements. The operating results for the three months ended
 March&amp;#xA0;31, 2017 are not necessarily indicative of the results
 expected for the full year ending December&amp;#xA0;31, 2017.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 There have been no significant changes in the Company&amp;#x2019;s
 accounting policies from those disclosed in its Annual Report on
 Form 10-K for the year ended December&amp;#xA0;31, 2016.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;&lt;i&gt;Use of Estimates&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 The preparation of condensed consolidated financial statements in
 conformity with GAAP requires management to make estimates and
 assumptions that affect the reported amounts of assets and
 liabilities and disclosures of contingent assets and liabilities at
 the date of the condensed consolidated financial statements and the
 reported amounts of revenue and expenses during the reporting
 period. Actual results could differ materially from these estimates
 under different assumptions or circumstances.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;&lt;i&gt;Allowance for Doubtful Accounts&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 During the three months ended March&amp;#xA0;31, 2017, the Company
 recorded $3.3 million in bad debt expense primarily due to reserves
 for two clients. Allowance for doubtful accounts totaled $5.7
 million and $2.6 million as of March&amp;#xA0;31, 2017 and
 December&amp;#xA0;31, 2016, respectively.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 In May 2014, the Financial Accounting Standards Board
 (&amp;#x201C;FASB&amp;#x201D;) issued Accounting Standards Update, or ASU,
 No.&amp;#xA0;2014-09, &lt;i&gt;Revenue from Contracts with Customers (Topic
 606)&lt;/i&gt;, which amends the existing accounting standards for
 revenue recognition. Under ASU 2014-09, a company will recognize
 revenue when it transfers promised goods or services to customers
 in an amount that reflects the consideration to which it expects to
 be entitled in exchange for those goods or services. Additionally,
 the guidance requires improved disclosures to help users of
 financial statements better understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts
 with customers. In August 2015, the FASB issued ASU
 No.&amp;#xA0;2015-14, which defers the effective date of
 ASU&amp;#xA0;2014-09 by one year. In 2016, the FASB issued additional
 amendments to the new revenue guidance. The new guidance is
 effective for annual reporting periods (including interim periods
 within those periods) beginning after December&amp;#xA0;15, 2017. Early
 adoption is permitted for annual reporting periods (including
 interim periods within those periods) beginning after
 December&amp;#xA0;15, 2016. The guidance permits the use of either the
 retrospective or cumulative effect transition method. The Company
 is in the process of selecting a transition method and determining
 the effect of this guidance on its consolidated financial
 statements.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 In February 2016, the FASB issued ASU No.&amp;#xA0;2016-02,
 &lt;i&gt;Leases&lt;/i&gt;, which requires an entity to recognize right-of-use
 assets and lease liabilities on its balance sheet and disclose key
 information about leasing arrangements. The guidance offers
 specific accounting guidance for a lessee, lessor, and sale and
 leaseback transactions. Lessees and lessors are required to
 disclose qualitative and quantitative information about leasing
 arrangements to enable a user of the financial statements to assess
 the amount, timing and uncertainty of cash flows arising from
 leases. Leases will be classified as either finance or operating,
 with the classification affecting the pattern of expense
 recognition in the income statement. The guidance is effective for
 annual reporting periods beginning after December&amp;#xA0;15, 2018,
 including interim periods within that reporting period, and
 requires a modified retrospective adoption, with early adoption
 permitted. Although the Company is currently evaluating the impact
 of this guidance on its consolidated financial statements, the
 Company expects that most of its operating lease commitments will
 be recognized as operating lease liabilities and right-of-use
 assets upon adoption of the new guidance.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 In June 2016, the FASB issued ASU No.&amp;#xA0;2016-13, &lt;i&gt;Financial
 Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
 on Financial Instruments&lt;/i&gt;, which is intended to provide more
 decision-useful information about expected credit losses on
 financial instruments and other commitments to extend credit held
 by a reporting entity at each reporting date. ASU 2016-13 revises
 the impairment model to utilize an expected loss methodology in
 place of the currently used incurred loss methodology, which will
 result in more timely recognition of losses on financial
 instruments, including, but not limited to, available for sale debt
 securities and accounts receivable. The Company is required to
 adopt this standard starting in the first quarter of fiscal year
 2021. Early adoption is permitted. The Company is currently in the
 process of evaluating the impact of adoption on its consolidated
 financial statements.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 In August 2016, the FASB issued ASU No.&amp;#xA0;2016-15, &lt;i&gt;Statement
 of Cash Flows (Topic 230), Classification of Certain Cash Receipts
 and Cash Payments&lt;/i&gt;, which addresses eight specific cash flow
 issues with the objective of reducing the existing diversity in
 practice. ASU 2016-15 is effective for fiscal years beginning after
 December&amp;#xA0;15, 2017, and interim periods within those fiscal
 years. Early adoption is permitted, including adoption in an
 interim period. If adopted in an interim period, any adjustments
 should be reflected as of the beginning of the fiscal year that
 includes such interim period. The adoption of ASU 2016-15 should be
 applied using a retrospective transition method to each period
 presented, unless impracticable to do so. The Company does not
 expect the adoption of ASU 2016-15 will have a material impact on
 its consolidated statement of cash flows.&lt;/p&gt;
 &lt;/div&gt;</us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock>
  <us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_71AFAB79-4A61-4843-99C4-0CD2C25CBF95_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The following table presents the anti-dilutive shares excluded from
 the calculation of diluted earnings (loss) per share (in
 thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="82%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="4%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="4%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;&lt;b&gt;Ended&amp;#xA0;March&amp;#xA0;31,&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Anti-dilutive equity awards under stock-based award plans&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;395&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5,081&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Common shares issuable upon conversion of convertible preferred
 stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;22,079&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Common shares issuable upon conversion of preferred stock
 warrants&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;461&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Total shares excluded from earnings (loss) per
 share&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;395&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;27,621&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock>
  <dei:TradingSymbol contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_411A9FCB-80BB-4560-93A1-2CFAB7EF8906_1_0">ttd</dei:TradingSymbol>
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="shares" decimals="-3" id="id_9255352_E44CED3E-B23A-49CC-A0CC-CA045E6A89B8_1_21">43557000</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="shares" decimals="-3" id="id_9255352_E44CED3E-B23A-49CC-A0CC-CA045E6A89B8_1_20">39167000</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <dei:AmendmentFlag contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_73886CB6-1363-478C-A7CF-425A11E4A169_1_1">false</dei:AmendmentFlag>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_D9161EFF-DB2F-4096-8177-D0B7E93F118A_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;Note&amp;#xA0;9&amp;#x2014;Income Taxes&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 In determining the interim provision for (benefit from) income
 taxes, the Company uses the annual estimated effective tax rate
 applied to the actual&amp;#xA0;&lt;font style="WHITE-SPACE: nowrap"&gt;&lt;font style="WHITE-SPACE: nowrap"&gt;year-to-date&lt;/font&gt;&lt;/font&gt;&amp;#xA0;income (loss) and adds the tax
 effects of any discrete items in the reporting period in which they
 occur.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 For the three months ended March&amp;#xA0;31, 2017, the Company&amp;#x2019;s
 annual estimated effective tax rate differed from the U.S. federal
 statutory income rate of 35% primarily due to state taxes, foreign
 taxes, nondeductible stock-based compensation and the discrete
 impact of tax benefits associated with stock-based awards. For the
 three months ended March&amp;#xA0;31, 2016, the Company&amp;#x2019;s annual
 estimated effective tax rate differed from the U.S. federal
 statutory income rate of 35% primarily due to state taxes, foreign
 taxes and changes in the fair value of preferred stock warrant
 liabilities.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 For the three months ended March&amp;#xA0;31, 2017, the benefit from
 income taxes included approximately $5.3 million of discrete
 benefits associated with disqualifying dispositions of incentive
 stock options.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 There were no material changes to the Company&amp;#x2019;s unrecognized
 tax benefits in the three months ended March&amp;#xA0;31, 2017, and the
 Company does not expect to have any significant changes to
 unrecognized tax benefits through the end of the fiscal year.&lt;/p&gt;


 &lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_67A2683E-3FF2-4DD4-B34A-1A1A5BE6DEB9_1_0">&lt;div&gt;
 &lt;p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"&gt;
 Accounts payable included the following (in thousands):&lt;/p&gt;
 &lt;p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"&gt;
 &lt;tr&gt;
 &lt;td width="72%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"&gt;&lt;b&gt;As&amp;#xA0;of&lt;br /&gt;
 March&amp;#xA0;31,&lt;br /&gt;
 2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"&gt;&lt;b&gt;As&amp;#xA0;of&lt;br /&gt;
 December&amp;#xA0;31,&lt;br /&gt;
 2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;
 Accounts payable&amp;#x2013;media and data&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;222,967&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;307,018&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
 &lt;td valign="top"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;
 Accounts payable&amp;#x2013;other&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;8,557&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;14,145&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="font-size:1px;"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"&gt;
 &lt;td valign="top"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"&gt;
 Total&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;231,524&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;321,163&lt;/td&gt;
 &lt;td nowrap="nowrap" valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="font-size:1px;"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_F17F5A7F-7441-4FE1-8230-C3162F2A9962_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"&gt;
 The reconciliations of the numerators and denominators of the basic
 and diluted earnings (loss) per share computations are as follows
 (in thousands, except per share amounts):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="76%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;&lt;b&gt;Three&amp;#xA0;Months&lt;/b&gt;&lt;br /&gt;
 &lt;b&gt;Ended&amp;#xA0;March&amp;#xA0;31,&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;basic:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Numerator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Net income (loss)&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,909&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(1,040&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Less: Premium on repurchase of convertible preferred stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(47,209&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Net income (loss) attributable to common
 stockholders&amp;#x2014;basic&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,909&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(48,249&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Denominator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Weighted-average shares outstanding&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;39,167&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;10,848&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;basic&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;0.13&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(4.45&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;diluted:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Numerator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Net income (loss) attributable to common
 stockholders&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,909&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(48,249&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Denominator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Weighted-average shares outstanding&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;39,167&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;10,848&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Options to purchase common stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,178&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Employee stock purchase plan shares&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;170&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Restricted stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;42&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Weighted-average shares outstanding&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;43,557&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;10,848&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;0.11&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(4.45&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_6A22BE59-3E99-46F4-9552-E6E2984EA9E9_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 Total &lt;font style="WHITE-SPACE: nowrap"&gt;stock-based&lt;/font&gt;
 compensation expense, by operating expense category, in the
 condensed consolidated statements of operations was as follows (in
 thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="82%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="5%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="5%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;&lt;b&gt;Three&amp;#xA0;Months&lt;br /&gt;
 Ended&amp;#xA0;March&amp;#xA0;31,&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Platform operations&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;229&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;15&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Sales and marketing&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;539&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;50&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Technology and development&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;665&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;40&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 General and administrative&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;889&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;54&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Total&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;2,322&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;159&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock>
  <dei:CurrentFiscalYearEndDate contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_411A9FCB-80BB-4560-93A1-2CFAB7EF8906_1_3">--12-31</dei:CurrentFiscalYearEndDate>
  <us-gaap:DebtDisclosureTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_1D1A9D1D-C970-40EC-8D0F-42386B64C7E5_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;Note&amp;#xA0;6&amp;#x2014;Debt&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Revolving Credit Facility&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 On March&amp;#xA0;30, 2016, the Company entered into a credit agreement
 (the &amp;#x201C;Revolving Credit Agreement&amp;#x201D;) with a syndicate of
 banks, led by Citibank, N.A. The Revolving Credit Agreement
 provides for a senior secured asset-based revolving credit facility
 (the &amp;#x201C;Credit Facility&amp;#x201D;), which the Company may draw
 upon as needed. Under the Credit Facility, the Company had an
 outstanding debt balance of $25.8 million that bore interest at a
 weighted average rate of 2.44% as of March&amp;#xA0;31, 2017. The
 Company was in compliance with all covenants as of March&amp;#xA0;31,
 2017.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 On May&amp;#xA0;9, 2017, the Company entered into an amended and
 restated loan and security agreement (the &amp;#x201C;Amended Revolving
 Credit Agreement&amp;#x201D;), with a syndicate of banks, led by
 Citibank, N.A., and Citibank, N.A., as agent. The Amended Revolving
 Credit Agreement, among other things, provides for an increase of
 $75.0 million in the aggregate principal amount of commitments
 available under the Company&amp;#x2019;s senior secured asset-based
 revolving credit facility and provides the Company with greater
 flexibility with respect to working capital, acquisitions and
 general corporate purposes under such credit facility. See Note
 11&amp;#x2014;Subsequent Event.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;


 &lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <dei:DocumentPeriodEndDate contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_73886CB6-1363-478C-A7CF-425A11E4A169_1_2">2017-03-31</dei:DocumentPeriodEndDate>
  <us-gaap:EarningsPerShareBasic contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="iso4217_USD_per_shares" decimals="2" id="id_9255352_E44CED3E-B23A-49CC-A0CC-CA045E6A89B8_1_17">0.13</us-gaap:EarningsPerShareBasic>
  <dei:EntityFilerCategory contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_411A9FCB-80BB-4560-93A1-2CFAB7EF8906_1_4">Non-accelerated Filer</dei:EntityFilerCategory>
  <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_6E9CDB57-A4AE-4EDB-8563-936EEC4098AD_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The Company determined the fair value of the preferred stock
 warrants utilizing the Black-Scholes model with the following
 assumptions:&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="76%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="9%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="9%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;
 &lt;b&gt;As&amp;#xA0;of&amp;#xA0;March&amp;#xA0;31,&amp;#xA0;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Series&amp;#xA0;Seed&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Series&amp;#xA0;A3&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Contractual term (years)&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5.4&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;7.0&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Expected volatility&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;61.1&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;61.1&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Risk-free interest rate&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;1.30&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;1.54&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Estimated dividend yield&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
  <us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="shares" decimals="-3" id="id_9255352_109C97BB-1D78-454D-BAAA-AF8D40B7F2F2_1_12">170000</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>
  <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_2847ECD1-B7B2-4C6F-8D12-1731ABE7E061_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 Stock option activity for the three months ended March&amp;#xA0;31,
 2017 was as follows:&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="69%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="11%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="11%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Shares&lt;br /&gt;
 Under&amp;#xA0;Option&lt;br /&gt;
 (in&amp;#xA0;thousands)&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Weighted-&lt;br /&gt;
 Average&lt;br /&gt;
 Exercise&amp;#xA0;Price&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Outstanding at December&amp;#xA0;31, 2016&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(1)&lt;/sup&gt;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5,429&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4.94&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Granted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;44&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;29.60&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Exercised&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(680&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;0.40&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Cancelled&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(126&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;20.10&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Outstanding as of March 31, 2017&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(2)&lt;/sup&gt;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,667&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5.43&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; break-inside: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Exercisable as of March 31, 2017&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;2,710&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;1.13&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WIDTH: 156px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 172px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
 &lt;tr style="break-inside: avoid"&gt;
 &lt;td width="13%"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" width="4%" align="left"&gt;&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(1)&lt;/sup&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" align="left"&gt;Includes options to purchase 389 and
 5,040 shares of Class&amp;#xA0;A and Class B common stock,
 respectively.&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
 &lt;tr style="break-inside: avoid"&gt;
 &lt;td width="13%"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" width="4%" align="left"&gt;&lt;sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top"&gt;(2)&lt;/sup&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="top" align="left"&gt;Includes options to purchase 393 and
 4,274 shares of Class&amp;#xA0;A and Class B common stock,
 respectively.&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_AF688CA7-1230-41BC-9D17-173F79CE2127_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;Note&amp;#xA0;7&amp;#x2014;Capitalization&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;&lt;i&gt;Secondary Offering&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 In March 2017, the Company completed a secondary offering in which
 6,331,991 shares of Class&amp;#xA0;A common stock were sold by certain
 selling stockholders to the public at a price of $35.50 per share.
 The underwriters were also granted an option, which they exercised
 in full, to purchase up to an additional 949,798 shares of
 Class&amp;#xA0;A common stock from the selling stockholders. The
 Company did not receive any proceeds from this offering. The
 Company incurred approximately $0.9 million in offering costs
 during the three months ended March&amp;#xA0;31, 2017, and these costs
 were included within general and administrative expenses in the
 condensed consolidated statements of operations.&lt;/p&gt;


 &lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_5FC10116-965A-43FC-83BF-1CF1A72A3827_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 As of March&amp;#xA0;31, 2017, the Company&amp;#x2019;s purchase
 obligations, primarily with hosting services providers, were as
 follows (in thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 &lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="87%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 16.9pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt"&gt;
 &lt;b&gt;Year&lt;/b&gt;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 2017 (for remaining nine months)&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;17,106&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 2018&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;8,380&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 2019&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;8,000&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;33,486&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock>
  <us-gaap:UseOfEstimates contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_F7A1362B-DF17-4FBB-99E8-CB2F3888A869_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;&lt;i&gt;Use of Estimates&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 The preparation of condensed consolidated financial statements in
 conformity with GAAP requires management to make estimates and
 assumptions that affect the reported amounts of assets and
 liabilities and disclosures of contingent assets and liabilities at
 the date of the condensed consolidated financial statements and the
 reported amounts of revenue and expenses during the reporting
 period. Actual results could differ materially from these estimates
 under different assumptions or circumstances.&lt;/p&gt;
 &lt;/div&gt;</us-gaap:UseOfEstimates>
  <us-gaap:EarningsPerShareTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_D8B0D2B8-6A33-4C28-80D3-2883DF1CE601_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"&gt;
 &lt;b&gt;Note&amp;#xA0;3&amp;#x2014;Earnings Per Share&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 As of March&amp;#xA0;31, 2017, the Company had two classes of common
 stock, Class&amp;#xA0;A and Class B. Basic and diluted earnings (loss)
 per share attributable to common stockholders for Class&amp;#xA0;A and
 Class B common stock were the same because they were entitled to
 the same liquidation and dividend rights.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"&gt;
 The reconciliations of the numerators and denominators of the basic
 and diluted earnings (loss) per share computations are as follows
 (in thousands, except per share amounts):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="76%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="6%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;&lt;b&gt;Three&amp;#xA0;Months&lt;/b&gt;&lt;br /&gt;
 &lt;b&gt;Ended&amp;#xA0;March&amp;#xA0;31,&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;basic:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Numerator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Net income (loss)&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,909&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(1,040&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Less: Premium on repurchase of convertible preferred stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(47,209&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Net income (loss) attributable to common
 stockholders&amp;#x2014;basic&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,909&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(48,249&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Denominator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Weighted-average shares outstanding&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;39,167&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;10,848&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;basic&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;0.13&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(4.45&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;diluted:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Numerator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Net income (loss) attributable to common
 stockholders&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,909&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(48,249&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Denominator:&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Weighted-average shares outstanding&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;39,167&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;10,848&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Options to purchase common stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,178&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Employee stock purchase plan shares&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;170&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Restricted stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;42&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Weighted-average shares outstanding&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;43,557&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;10,848&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Earnings (loss) per share&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;0.11&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(4.45&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The following table presents the anti-dilutive shares excluded from
 the calculation of diluted earnings (loss) per share (in
 thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="82%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="4%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="4%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;&lt;b&gt;Ended&amp;#xA0;March&amp;#xA0;31,&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Anti-dilutive equity awards under stock-based award plans&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;395&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5,081&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Common shares issuable upon conversion of convertible preferred
 stock&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;22,079&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Common shares issuable upon conversion of preferred stock
 warrants&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap" align="right"&gt;
 &amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;461&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Total shares excluded from earnings (loss) per
 share&amp;#x2014;diluted&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;395&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;27,621&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <dei:EntityRegistrantName contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_411A9FCB-80BB-4560-93A1-2CFAB7EF8906_1_1">TRADE DESK, INC.</dei:EntityRegistrantName>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_91A8D897-6557-4A97-8238-81FAA95D3FC5_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"&gt;
 &lt;b&gt;Note&amp;#xA0;4&amp;#x2014;Fair Value Measurements&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"&gt;
 The Company had no material financial instruments that were
 measured at fair value as of March&amp;#xA0;31, 2017 and
 December&amp;#xA0;31, 2016.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The Company had convertible preferred stock warrants prior to its
 initial public offering in September 2016. The Company&amp;#x2019;s
 preferred stock warrants were recorded at fair value, which
 increased during the three months ended March&amp;#xA0;31, 2016 due to
 an increase in the valuation of the Company&amp;#x2019;s preferred
 stock. The changes in the fair value of preferred stock warrants
 were as follows (in thousands):&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="81%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="13%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Three&amp;#xA0;Months&lt;br /&gt;
 Ended&lt;br /&gt;
 March&amp;#xA0;31,&amp;#xA0;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Beginning balance&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;6,927&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Change in value of preferred stock warrants recorded in other
 expense, net&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;4,383&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Reclassification to convertible preferred stock upon net exercise
 of Series Seed warrant&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;(3,789&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;)&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Ending balance&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;$&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;7,521&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 1px"&gt;
 &lt;td valign="bottom"&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;/td&gt;
 &lt;td&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"&gt;
 The Company determined the fair value of the preferred stock
 warrants utilizing the Black-Scholes model with the following
 assumptions:&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"&gt;
 &amp;#xA0;&lt;/p&gt;
 &lt;table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"&gt;
 &lt;tr&gt;
 &lt;td width="76%"&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="9%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td valign="bottom" width="9%"&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;td&gt;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"&gt;
 &lt;b&gt;As&amp;#xA0;of&amp;#xA0;March&amp;#xA0;31,&amp;#xA0;2016&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Series&amp;#xA0;Seed&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"&gt;&lt;b&gt;Series&amp;#xA0;A3&lt;/b&gt;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Contractual term (years)&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;5.4&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;7.0&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Expected volatility&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;61.1&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;61.1&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Risk-free interest rate&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;1.30&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;1.54&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"&gt;
 &lt;td valign="top"&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"&gt;
 Estimated dividend yield&lt;/p&gt;
 &lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom"&gt;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" align="right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
 &lt;td valign="bottom" nowrap="nowrap"&gt;%&amp;#xA0;&lt;/td&gt;
 &lt;/tr&gt;
 &lt;/table&gt;
 &lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" unitRef="shares" decimals="-3" id="id_9255352_109C97BB-1D78-454D-BAAA-AF8D40B7F2F2_1_11">4178000</us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants>
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  <us-gaap:SubsequentEventsTextBlock contextRef="eol_PE1001950-1710-Q0003_STD_90_20170331_0" id="id_9255352_94C93D32-EA65-4F21-8B98-15505E31979C_1_0">&lt;div&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 &lt;b&gt;Note&amp;#xA0;11&amp;#x2014;Subsequent Event&lt;/b&gt;&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 On May&amp;#xA0;9, 2017, the Company, a syndicate of banks, led by
 Citibank, N.A., and Citibank, N.A., as agent, entered into an
 amended and restated loan and security agreement (the
 &amp;#x201C;Amended Revolving Credit Agreement&amp;#x201D;). Among other
 things, the Amended Revolving Credit Agreement provides for an
 increase of $75.0 million in the aggregate principal amount of
 commitments available under the Company&amp;#x2019;s senior secured
 asset-based revolving credit facility and provides the Company with
 greater flexibility with respect to working capital, acquisitions
 and general corporate purposes (the &amp;#x201C;Amended Credit
 Facility&amp;#x201D;). Available funding commitments to the Company
 under the Amended Credit Facility, subject to certain conditions,
 total up to $200.0&amp;#xA0;million, with a $20.0 million sublimit for
 swingline borrowings and a $15.0 million sublimit for the issuance
 of letters of credit. Under certain circumstances and subject to
 certain conditions, the Company has the right to increase the
 Amended Credit Facility by an additional amount not to exceed
 $100.0&amp;#xA0;million. The Amended Revolving Credit Agreement is
 collateralized by substantially all of the Company&amp;#x2019;s assets,
 including a pledge of certain of the Company&amp;#x2019;s accounts
 receivable, deposit accounts, intellectual property, investment
 property, and equipment. Availability under the Amended Revolving
 Credit Agreement is based on a percentage of the value of accounts
 receivable, as reduced by certain reserves.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 Loans under the Amended Credit Facility bear interest through
 maturity at a variable rate based upon, at the Company&amp;#x2019;s
 option, an annual rate of either a Base Rate or a LIBOR rate, plus
 an applicable margin (&amp;#x201C;Base Rate Borrowings&amp;#x201D; and
 &amp;#x201C;LIBOR Rate Borrowings&amp;#x201D;). The Base Rate is defined as a
 fluctuating interest rate equal to the greatest of (1)&amp;#xA0;the
 federal funds rate plus 0.50%, (2)&amp;#xA0;Citibank, N.A.&amp;#x2019;s
 prime rate, and (3)&amp;#xA0;one month LIBOR rate plus 2.00%. The
 applicable margin is defined as a rate between 1.00% to 1.50% for
 Base Rate Borrowings and between 2.00% and 2.50% for LIBOR
 Borrowings, depending on the amount of average excess availability
 on the Amended Credit Facility. The fee for undrawn amounts ranges
 from 0.325% to 0.375%. Interest is payable either (a)&amp;#xA0;monthly
 for Base Rate Borrowings or (b)&amp;#xA0;for LIBOR Rate Borrowings, on
 the earlier of (1)&amp;#xA0;the last day of the interest period which
 can be one, two, three or six months as selected by the Company or
 (2)&amp;#xA0;the last day of each three month interval. The Company
 will also be required to pay customary letter of credit fees, as
 necessary.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 The Amended Credit Facility matures and all outstanding amounts
 become due and payable on May&amp;#xA0;9, 2022. As a result of
 executing the Amended Revolving Credit Agreement, the outstanding
 debt balance as of March&amp;#xA0;31, 2017 has been refinanced on a
 long-term basis and accordingly, is presented as a non-current
 liability in the March&amp;#xA0;31, 2017 condensed consolidated balance
 sheet.&lt;/p&gt;
 &lt;p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &amp;quot;Times New Roman&amp;quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"&gt;
 The Amended Revolving Credit Agreement contains customary
 conditions to borrowings, events of default and covenants,
 including covenants that restrict our ability to sell assets, make
 changes to the nature of our business, engage in mergers or
 acquisitions, incur, assume or permit to exist additional
 indebtedness and guarantees, create or permit to exist liens, pay
 dividends, issue equity instruments, make distributions or redeem
 or repurchase capital stock or make other investments, engage in
 transactions with affiliates and make payments in respect of
 subordinated debt. The Amended Revolving Credit Agreement also
 requires that if the Company&amp;#x2019;s excess availability is less
 than the greater of (a)&amp;#xA0;$15.0 million and (b)&amp;#xA0;12.5% of
 the lesser of (1)&amp;#xA0;the borrowing base then in effect and
 (2)&amp;#xA0;the commitments under the Amended Credit Facility then in
 effect, the Company will maintain a consolidated fixed charge
 coverage ratio of at least 1.15 to 1.00.&lt;/p&gt;


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 &lt;b&gt;&lt;i&gt;Allowance for Doubtful Accounts&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
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 During the three months ended March&amp;#xA0;31, 2017, the Company
 recorded $3.3 million in bad debt expense primarily due to reserves
 for two clients. Allowance for doubtful accounts totaled $5.7
 million and $2.6 million as of March&amp;#xA0;31, 2017 and
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>12
<FILENAME>ttd-20170331.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- DFS Xcelerate Taxonomy Schema - http://www.dfsco.com/financial-services/ -->
<!-- Version: 6.23.6 -->
<!-- Round: 4 -->
<!-- Creation date: 2017-05-10T18:16:39Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
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        <link:definition>105 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</link:definition>
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        <link:definition>106 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
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        <link:definition>108 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>117 - Disclosure - Subsequent Event</link:definition>
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        <link:definition>118 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies (Policies)</link:definition>
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        <link:definition>120 - Disclosure - Fair Value Measurements (Tables)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>121 - Disclosure - Accounts Payable (Tables)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>122 - Disclosure - Stock-Based Compensation (Tables)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>125 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Detail)</link:definition>
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        <link:definition>126 - Disclosure - Earnings Per Share - Reconciliations of Numerators and Denominators of Basic and Diluted Earnings (Loss) Per Share Computations (Detail)</link:definition>
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        <link:definition>128 - Disclosure - Fair Value Measurements - Preferred Stock Warrants (Detail)</link:definition>
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        <link:definition>129 - Disclosure - Fair Value Measurements - Assumptions (Detail)</link:definition>
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        <link:definition>130 - Disclosure - Accounts Payable (Detail)</link:definition>
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        <link:definition>132 - Disclosure - Capitalization - Secondary Offering (Detail)</link:definition>
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        <link:definition>133 - Disclosure - Stock-Based Compensation - Expense (Detail)</link:definition>
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        <link:definition>134 - Disclosure - Stock-Based Compensation - Stock Options (Detail)</link:definition>
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        <link:definition>135 - Disclosure - Stock-Based Compensation - Stock Options (Parenthetical) (Detail)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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      <link:roleType roleURI="http://thetradedesk.com/taxonomy/role/DisclosureStockBasedCompensationAdditionalInformation" id="DisclosureStockBasedCompensationAdditionalInformation">
        <link:definition>136 - Disclosure - Stock-Based Compensation - Additional Information (Detail)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>137 - Disclosure - Income Taxes - Additional Information (Detail)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition>138 - Disclosure - Commitments and Contingencies - Commitments (Detail)</link:definition>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>139 - Disclosure - Commitments and Contingencies - Guarantees and Indemnifications (Detail)</link:definition>
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        <link:definition>140 - Disclosure - Subsequent Event - Additional Information (Detail)</link:definition>
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  <element name="StockIssuedDuringPeriodSharesIssuesUnderOptionGrantedToUnderwriters" id="ttd_StockIssuedDuringPeriodSharesIssuesUnderOptionGrantedToUnderwriters" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockSoldDuringPeriodSharesSellingStockholders" id="ttd_StockSoldDuringPeriodSharesSellingStockholders" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters" id="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="SwinglineBorrowingsMember" id="ttd_SwinglineBorrowingsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock" id="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="TwoThousandAndSixteenIncentiveAwardPlanMember" id="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>13
<FILENAME>ttd-20170331_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- DFS Xcelerate Taxonomy Calculation Linkbase - http://www.dfsco.com/financial-services/ -->
<!-- Version: 6.23.6 -->
<!-- Round: 4 -->
<!-- Creation date: 2017-05-10T18:16:39Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_StatementOfIncomeAlternative" roleURI="http://thetradedesk.com/taxonomy/role/StatementOfIncomeAlternative"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://thetradedesk.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureNatureOfOperationsAdditionalInformation" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureNatureOfOperationsAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesFairValueOfFinancialInstruments" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesFairValueOfFinancialInstruments"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureEarningsPerShareReconciliationsOfNumeratorsAndDenominatorsOfBasicAndDilutedEarningsLossPerShareComputations" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureEarningsPerShareReconciliationsOfNumeratorsAndDenominatorsOfBasicAndDilutedEarningsLossPerShareComputations"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureEarningsPerShareAntiDilutiveShares" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureEarningsPerShareAntiDilutiveShares"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureFairValueMeasurementsPreferredStockWarrants" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureFairValueMeasurementsPreferredStockWarrants"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureFairValueMeasurementsAssumptions" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureFairValueMeasurementsAssumptions"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureAccountsPayable" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureAccountsPayable"/>
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureCapitalizationSecondaryOffering" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureCapitalizationSecondaryOffering"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureStockBasedCompensationExpense" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureStockBasedCompensationExpense"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureStockBasedCompensationStockOptions" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureStockBasedCompensationStockOptions"/>
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureStockBasedCompensationAdditionalInformation" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureStockBasedCompensationAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureIncomeTaxesAdditionalInformation" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureCommitmentsAndContingenciesCommitments" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureCommitmentsAndContingenciesCommitments"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureCommitmentsAndContingenciesGuaranteesAndIndemnifications" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureCommitmentsAndContingenciesGuaranteesAndIndemnifications"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#DisclosureSubsequentEventAdditionalInformation" roleURI="http://thetradedesk.com/taxonomy/role/DisclosureSubsequentEventAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsNatureOfOperations" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsOrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"/>
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsEarningsPerShareTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsEarningsPerShareTextBlockTables" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlockTables" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsAccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsAccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsDebtDisclosureTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock"/>
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  <roleRef xlink:type="simple" xlink:href="ttd-20170331.xsd#Role_NotesToFinancialStatementsSubsequentEventsTextBlock" roleURI="http://thetradedesk.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://thetradedesk.com/taxonomy/role/DocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://thetradedesk.com/taxonomy/role/StatementOfFinancialPositionClassified">
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxAssetsNet" xlink:label="us-gaap_DeferredIncomeTaxAssetsNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>14
<FILENAME>ttd-20170331_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- DFS Xcelerate Taxonomy Definition Linkbase - http://www.dfsco.com/financial-services/ -->
<!-- Version: 6.23.6 -->
<!-- Round: 4 -->
<!-- Creation date: 2017-05-10T18:16:39Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>15
<FILENAME>ttd-20170331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- DFS Xcelerate Taxonomy Labels Linkbase - http://www.dfsco.com/financial-services/ -->
<!-- Version: 6.23.6 -->
<!-- Round: 4 -->
<!-- Creation date: 2017-05-10T18:16:39Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/>
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US" id="id_9255352_1324050_1_1">Accounting Policies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US" id="id_9255352_1324050_2_1">Accounting Policies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1324076_1_1">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1324076_2_1">Accounts Payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US" id="id_9255352_1337522_1_1">Accounts Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US" id="id_9255352_1337522_2_1">Accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US" id="id_9255352_1337522_6_1">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrentAbstract" xlink:label="us-gaap_AccountsPayableCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrentAbstract_lbl" xml:lang="en-US" id="id_9255352_1324074_1_1">Accounts Payable, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrentAbstract_lbl" xml:lang="en-US" id="id_9255352_1324074_2_1">Accounts Payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrentAbstract" xlink:to="us-gaap_AccountsPayableCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableOtherCurrent" xlink:label="us-gaap_AccountsPayableOtherCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableOtherCurrent_lbl" xml:lang="en-US" id="id_9255352_1339217_1_1">Accounts Payable, Other, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableOtherCurrent_lbl" xml:lang="en-US" id="id_9255352_1339217_2_1">Accounts payable-other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableOtherCurrent" xlink:to="us-gaap_AccountsPayableOtherCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableTradeCurrent" xlink:label="us-gaap_AccountsPayableTradeCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableTradeCurrent_lbl" xml:lang="en-US" id="id_9255352_1337524_1_1">Accounts Payable, Trade, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableTradeCurrent_lbl" xml:lang="en-US" id="id_9255352_1337524_2_1">Accounts payable-media and data</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableTradeCurrent" xlink:to="us-gaap_AccountsPayableTradeCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock" xlink:label="ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock_lbl" xml:lang="en-US" id="id_9255352_1355717_3_1">Accounts receivable and allowance for doubtful accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock_lbl" xml:lang="en-US" id="id_9255352_1355717_1_1">Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock_lbl" xml:lang="en-US" id="id_9255352_1355717_2_1">Allowance for Doubtful Accounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock" xlink:to="ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US" id="id_9255352_1341977_1_1">Accounts Receivable, Net, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US" id="id_9255352_1341977_2_1">Accounts receivable, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US" id="id_9255352_1340102_1_1">Accrued Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US" id="id_9255352_1340102_2_1">Accrued expenses and other current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" id="id_9255352_1338332_1_1">Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" id="id_9255352_1338332_2_1">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_9255352_1333553_1_1">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_9255352_1333553_2_1">Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US" id="id_9255352_1340135_1_1">Allocated Share-based Compensation Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US" id="id_9255352_1340135_2_1">Stock-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US" id="id_9255352_1340076_1_1">Allowance for Doubtful Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US" id="id_9255352_1340076_2_1">Allowance for doubtful accounts, total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" id="id_9255352_1327225_1_1">Amendment Flag</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" id="id_9255352_1327225_2_1">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US" id="id_9255352_1324144_1_1">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US" id="id_9255352_1324144_2_1">Total shares excluded from earnings (loss) per share - diluted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_lbl" xml:lang="en-US" id="id_9255352_1333589_1_1">Antidilutive Securities [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_lbl" xml:lang="en-US" id="id_9255352_1333589_2_1">Antidilutive Securities [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xml:lang="en-US" id="id_9255352_1327231_1_1">Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xml:lang="en-US" id="id_9255352_1327231_2_1">Anti-dilutive shares excluded from calculation of diluted earnings (loss) per share:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AntidilutiveSecuritiesNameDomain" xlink:label="us-gaap_AntidilutiveSecuritiesNameDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesNameDomain_lbl" xml:lang="en-US" id="id_9255352_1333590_1_1">Antidilutive Securities, Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesNameDomain_lbl" xml:lang="en-US" id="id_9255352_1333590_2_1">Antidilutive Securities, Name [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesNameDomain" xlink:to="us-gaap_AntidilutiveSecuritiesNameDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" id="id_9255352_1342997_1_1">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" id="id_9255352_1342997_6_1">TOTAL ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US" id="id_9255352_1324158_2_1">ASSETS</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US" id="id_9255352_1340155_1_1">Assets, Current</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US" id="id_9255352_1333606_1_1">Assets, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US" id="id_9255352_1333606_2_1">Current assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US" id="id_9255352_1324199_1_1">Award Type [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US" id="id_9255352_1324199_2_1">Award Type [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BaseRateMember" xlink:label="us-gaap_BaseRateMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BaseRateMember_lbl" xml:lang="en-US" id="id_9255352_1327314_1_1">Base Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BaseRateMember_lbl" xml:lang="en-US" id="id_9255352_1327314_2_1">Base Rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BaseRateMember" xlink:to="us-gaap_BaseRateMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US" id="id_9255352_1340030_1_1">Capital Expenditures Incurred but Not yet Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US" id="id_9255352_1340030_2_1">Capitalized assets financed by accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_9255352_1341134_1_1">Cash and Cash Equivalents, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_9255352_1341134_4_1">Cash-End of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_9255352_1341134_5_1">Cash-Beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" id="id_9255352_1341134_2_1">Cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US" id="id_9255352_1330625_1_1">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US" id="id_9255352_1330625_2_1">SUPPLEMENTAL CASH FLOW INFORMATION:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" id="id_9255352_1324361_1_1">Class of Stock [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" id="id_9255352_1324361_2_1">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="us-gaap_ClassOfStockLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xml:lang="en-US" id="id_9255352_1330668_1_1">Class of Stock [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xml:lang="en-US" id="id_9255352_1330668_2_1">Class of Stock [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockLineItems" xlink:to="us-gaap_ClassOfStockLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfWarrantOrRightAxis" xlink:label="us-gaap_ClassOfWarrantOrRightAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightAxis_lbl" xml:lang="en-US" id="id_9255352_1333769_1_1">Class of Warrant or Right [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightAxis_lbl" xml:lang="en-US" id="id_9255352_1333769_2_1">Class of Warrant or Right [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightAxis" xlink:to="us-gaap_ClassOfWarrantOrRightAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfWarrantOrRightDomain" xlink:label="us-gaap_ClassOfWarrantOrRightDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightDomain_lbl" xml:lang="en-US" id="id_9255352_1327448_1_1">Class of Warrant or Right [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightDomain_lbl" xml:lang="en-US" id="id_9255352_1327448_2_1">Class of Warrant or Right [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightDomain" xlink:to="us-gaap_ClassOfWarrantOrRightDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_CommitmentsAbstract" xlink:label="ttd_CommitmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_CommitmentsAbstract_lbl" xml:lang="en-US" id="id_9255352_1471613_3_1">Commitments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_CommitmentsAbstract_lbl" xml:lang="en-US" id="id_9255352_1471613_1_1">Commitments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_CommitmentsAbstract_lbl" xml:lang="en-US" id="id_9255352_1471613_2_1">Commitments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_CommitmentsAbstract" xlink:to="ttd_CommitmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US" id="id_9255352_1339112_1_1">Commitments and Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US" id="id_9255352_1339112_2_1">Commitments and contingencies (Note 10)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US" id="id_9255352_1333796_1_1">Commitments and Contingencies Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US" id="id_9255352_1333796_2_1">Commitments and Contingencies Disclosure [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1324400_1_1">Commitments and Contingencies Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1324400_2_1">Commitments and Contingencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="us-gaap_CommonClassAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US" id="id_9255352_1327480_1_1">Common Class A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US" id="id_9255352_1327480_2_1">Class A common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassAMember" xlink:to="us-gaap_CommonClassAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="us-gaap_CommonClassBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US" id="id_9255352_1324403_1_1">Common Class B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US" id="id_9255352_1324403_2_1">Class B common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassBMember" xlink:to="us-gaap_CommonClassBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_CommonStockNumberOfClasses" xlink:label="ttd_CommonStockNumberOfClasses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_CommonStockNumberOfClasses_lbl" xml:lang="en-US" id="id_9255352_1505254_3_1">The number of classes of common stock of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_CommonStockNumberOfClasses_lbl" xml:lang="en-US" id="id_9255352_1505254_1_1">Common Stock Number Of Classes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_CommonStockNumberOfClasses_lbl" xml:lang="en-US" id="id_9255352_1505254_2_1">Number of classes of common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_CommonStockNumberOfClasses" xlink:to="ttd_CommonStockNumberOfClasses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1327482_1_1">Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1327482_2_1">Common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="id_9255352_1330695_1_1">Common Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="id_9255352_1330695_2_1">Common stock, par value (in dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" id="id_9255352_1327483_1_1">Common Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" id="id_9255352_1327483_2_1">Common stock, authorized shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" id="id_9255352_1330697_1_1">Common Stock, Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" id="id_9255352_1330697_2_1">Common stock, shares issued</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" id="id_9255352_1327484_1_1">Common Stock, Shares, Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" id="id_9255352_1327484_2_1">Common stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US" id="id_9255352_1338248_1_1">Common Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US" id="id_9255352_1338248_2_1">Common stock, par value $0.000001; 1,000,000 Class A shares authorized as of March 31, 2017 and December 31, 2016; 21,399 and 10,071 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively; 95,000 Class B shares authorized as of March 31, 2017 and December 31, 2016; 18,389 and 29,060 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConvertiblePreferredStockMember" xlink:label="us-gaap_ConvertiblePreferredStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertiblePreferredStockMember_lbl" xml:lang="en-US" id="id_9255352_1333866_1_1">Convertible Preferred Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConvertiblePreferredStockMember_lbl" xml:lang="en-US" id="id_9255352_1333866_2_1">Convertible Preferred Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockMember" xlink:to="us-gaap_ConvertiblePreferredStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_ConvertiblePreferredStockWarrantsMember" xlink:label="ttd_ConvertiblePreferredStockWarrantsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_ConvertiblePreferredStockWarrantsMember_lbl" xml:lang="en-US" id="id_9255352_1398907_3_1">Warrants for the purchase of convertible preferred stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_ConvertiblePreferredStockWarrantsMember_lbl" xml:lang="en-US" id="id_9255352_1398907_1_1">Convertible Preferred Stock Warrants [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_ConvertiblePreferredStockWarrantsMember_lbl" xml:lang="en-US" id="id_9255352_1398907_2_1">Convertible Preferred Stock Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_ConvertiblePreferredStockWarrantsMember" xlink:to="ttd_ConvertiblePreferredStockWarrantsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US" id="id_9255352_1343117_1_1">Cost of Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US" id="id_9255352_1343117_2_1">Platform operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US" id="id_9255352_1342157_1_1">Costs and Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US" id="id_9255352_1342157_6_1">Total operating expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US" id="id_9255352_1324486_1_1">Costs and Expenses [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US" id="id_9255352_1324486_2_1">Operating expenses:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="us-gaap_CreditFacilityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CreditFacilityAxis_lbl" xml:lang="en-US" id="id_9255352_1324497_1_1">Credit Facility [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CreditFacilityAxis_lbl" xml:lang="en-US" id="id_9255352_1324497_2_1">Credit Facility [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityAxis" xlink:to="us-gaap_CreditFacilityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="us-gaap_CreditFacilityDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CreditFacilityDomain_lbl" xml:lang="en-US" id="id_9255352_1324498_1_1">Credit Facility [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CreditFacilityDomain_lbl" xml:lang="en-US" id="id_9255352_1324498_2_1">Credit Facility [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityDomain" xlink:to="us-gaap_CreditFacilityDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="id_9255352_1330780_1_1">Current Fiscal Year End Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="id_9255352_1330780_2_1">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US" id="id_9255352_1330799_1_1">Debt Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US" id="id_9255352_1330799_2_1">Debt Disclosure [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1330800_1_1">Debt Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1330800_2_1">Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US" id="id_9255352_1324529_1_1">Debt Instrument [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US" id="id_9255352_1324529_2_1">Debt Instrument [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" id="id_9255352_1324530_1_1">Debt Instrument, Basis Spread on Variable Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" id="id_9255352_1324530_2_1">Credit Facility, interest rate above base rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_DebtInstrumentFairValueCarryingValueAbstract" xlink:label="ttd_DebtInstrumentFairValueCarryingValueAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_DebtInstrumentFairValueCarryingValueAbstract_lbl" xml:lang="en-US" id="id_9255352_1441921_3_1">Debt Instrument Fair Value Carrying Value [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_DebtInstrumentFairValueCarryingValueAbstract_lbl" xml:lang="en-US" id="id_9255352_1441921_1_1">Debt Instrument Fair Value Carrying Value [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_DebtInstrumentFairValueCarryingValueAbstract_lbl" xml:lang="en-US" id="id_9255352_1441921_2_1">Debt Instrument Fair Value Carrying Value [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_DebtInstrumentFairValueCarryingValueAbstract" xlink:to="ttd_DebtInstrumentFairValueCarryingValueAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US" id="id_9255352_1333918_1_1">Debt Instrument [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US" id="id_9255352_1333918_2_1">Long-term debt:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="us-gaap_DebtInstrumentLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="us-gaap_DebtInstrumentMaturityDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xml:lang="en-US" id="id_9255352_1333919_1_1">Debt Instrument, Maturity Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xml:lang="en-US" id="id_9255352_1333919_2_1">Credit Facility, maturity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" id="id_9255352_1330814_1_1">Debt Instrument, Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" id="id_9255352_1330814_2_1">Debt Instrument, Name [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="us-gaap_DebtInstrumentTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US" id="id_9255352_1333926_1_1">Schedule of Long-term Debt Instruments [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US" id="id_9255352_1333926_2_1">Schedule of Long-term Debt Instruments [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_DebtIssuanceCostsAccountsPayable" xlink:label="ttd_DebtIssuanceCostsAccountsPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_DebtIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544960_3_1">Debt issuance costs accounts payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_DebtIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544960_1_1">Debt Issuance Costs Accounts Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_DebtIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544960_2_1">Debt financing costs included in accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_DebtIssuanceCostsAccountsPayable" xlink:to="ttd_DebtIssuanceCostsAccountsPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtWeightedAverageInterestRate" xlink:label="us-gaap_DebtWeightedAverageInterestRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xml:lang="en-US" id="id_9255352_1324564_1_1">Debt, Weighted Average Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xml:lang="en-US" id="id_9255352_1324564_2_1">Weighted average interest rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtWeightedAverageInterestRate" xlink:to="us-gaap_DebtWeightedAverageInterestRate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredIncomeTaxAssetsNet" xlink:label="us-gaap_DeferredIncomeTaxAssetsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxAssetsNet_lbl" xml:lang="en-US" id="id_9255352_1340295_1_1">Deferred Income Tax Assets, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredIncomeTaxAssetsNet_lbl" xml:lang="en-US" id="id_9255352_1340295_2_1">Deferred taxes, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxAssetsNet" xlink:to="us-gaap_DeferredIncomeTaxAssetsNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US" id="id_9255352_1340337_1_1">Depreciation, Depletion and Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US" id="id_9255352_1340337_2_1">Depreciation and amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xml:lang="en-US" id="id_9255352_1331549_1_1">Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xml:lang="en-US" id="id_9255352_1331549_2_1">Employee stock purchase plan shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IndemnificationGuaranteeMember" xlink:label="us-gaap_IndemnificationGuaranteeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IndemnificationGuaranteeMember_lbl" xml:lang="en-US" id="id_9255352_1325245_1_1">Indemnification Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IndemnificationGuaranteeMember_lbl" xml:lang="en-US" id="id_9255352_1325245_2_1">Indemnifications</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IndemnificationGuaranteeMember" xlink:to="us-gaap_IndemnificationGuaranteeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US" id="id_9255352_1340554_1_1">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US" id="id_9255352_1340554_2_1">Interest expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LetterOfCreditMember" xlink:label="us-gaap_LetterOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LetterOfCreditMember_lbl" xml:lang="en-US" id="id_9255352_1328483_1_1">Letter of Credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LetterOfCreditMember_lbl" xml:lang="en-US" id="id_9255352_1328483_2_1">Letter of Credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LetterOfCreditMember" xlink:to="us-gaap_LetterOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US" id="id_9255352_1337090_1_1">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US" id="id_9255352_1337090_6_1">TOTAL LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US" id="id_9255352_1328487_1_1">Liabilities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US" id="id_9255352_1328487_2_1">LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" id="id_9255352_1337091_1_1">Liabilities and Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" id="id_9255352_1337091_6_1">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" id="id_9255352_1328488_1_1">Liabilities and Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" id="id_9255352_1328488_2_1">LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" id="id_9255352_1339671_1_1">Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" id="id_9255352_1339671_6_1">TOTAL CURRENT LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US" id="id_9255352_1334857_1_1">Liabilities, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US" id="id_9255352_1334857_2_1">Current liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_LineOfCreditAdditionalBorrowingCapacity" xlink:label="ttd_LineOfCreditAdditionalBorrowingCapacity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_LineOfCreditAdditionalBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1499935_3_1">Line Of Credit Additional Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_LineOfCreditAdditionalBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1499935_1_1">Line Of Credit Additional Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_LineOfCreditAdditionalBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1499935_2_1">Credit Facility additional borrowing amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_LineOfCreditAdditionalBorrowingCapacity" xlink:to="ttd_LineOfCreditAdditionalBorrowingCapacity_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants" xlink:label="ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants_lbl" xml:lang="en-US" id="id_9255352_1546791_3_1">Line of credit facility amount of excess availability under credit facility required based on facility covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants_lbl" xml:lang="en-US" id="id_9255352_1546791_1_1">Line Of Credit Facility Amount Of Excess Availability Under Credit Facility Required Based On Facility Covenants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants_lbl" xml:lang="en-US" id="id_9255352_1546791_2_1">Amount of excess availability under revolving credit facility required based on facility covenants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants" xlink:to="ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases" xlink:label="us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases_lbl" xml:lang="en-US" id="id_9255352_1337061_1_1">Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases_lbl" xml:lang="en-US" id="id_9255352_1337061_2_1">Credit facility, borrowing capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases" xlink:to="us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_LineOfCreditFacilityCovenantRatio" xlink:label="ttd_LineOfCreditFacilityCovenantRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_LineOfCreditFacilityCovenantRatio_lbl" xml:lang="en-US" id="id_9255352_1545002_3_1">Minimum consolidated fixed charge coverage ratio required to be maintained by the entity under the terms of the credit facility agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_LineOfCreditFacilityCovenantRatio_lbl" xml:lang="en-US" id="id_9255352_1545002_1_1">Line Of Credit Facility Covenant Ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_LineOfCreditFacilityCovenantRatio_lbl" xml:lang="en-US" id="id_9255352_1545002_2_1">Minimum consolidated fixed charge coverage ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_LineOfCreditFacilityCovenantRatio" xlink:to="ttd_LineOfCreditFacilityCovenantRatio_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1337893_1_1">Line of Credit Facility, Maximum Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1337893_2_1">Credit facility, borrowing capacity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility" xlink:label="ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility_lbl" xml:lang="en-US" id="id_9255352_1546792_3_1">Line of credit facility percentage of lesser of aggregate revolving commitments and borrowing base for excess availability of credit facility.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility_lbl" xml:lang="en-US" id="id_9255352_1546792_1_1">Line Of Credit Facility Percentage Of Lesser Of Aggregate Revolving Commitments And Borrowing Base For Excess Availability Of Credit Facility</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility_lbl" xml:lang="en-US" id="id_9255352_1546792_2_1">Percentage of lesser of aggregate revolving commitments and borrowing base for excess availability of credit facility</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility" xlink:to="ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl" xml:lang="en-US" id="id_9255352_1328550_1_1">Line of Credit Facility, Unused Capacity, Commitment Fee Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl" xml:lang="en-US" id="id_9255352_1328550_2_1">Credit Facility, fee for undrawn amounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:to="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_LineOfCreditIncreaseInBorrowingCapacity" xlink:label="ttd_LineOfCreditIncreaseInBorrowingCapacity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_LineOfCreditIncreaseInBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1408914_3_1">Line Of Credit Increase In Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_LineOfCreditIncreaseInBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1408914_1_1">Line Of Credit Increase In Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_LineOfCreditIncreaseInBorrowingCapacity_lbl" xml:lang="en-US" id="id_9255352_1408914_2_1">Credit facility, increase in aggregate principal amount of commitments available</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_LineOfCreditIncreaseInBorrowingCapacity" xlink:to="ttd_LineOfCreditIncreaseInBorrowingCapacity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" id="id_9255352_1331776_1_1">London Interbank Offered Rate (LIBOR) [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" id="id_9255352_1331776_2_1">LIBOR</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermLineOfCredit" xlink:label="us-gaap_LongTermLineOfCredit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermLineOfCredit_lbl" xml:lang="en-US" id="id_9255352_1337858_1_1">Long-term Line of Credit, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermLineOfCredit_lbl" xml:lang="en-US" id="id_9255352_1337858_2_1">Debt, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermLineOfCredit_lbl" xml:lang="en-US" id="id_9255352_1337858_12_1">Outstanding debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermLineOfCredit" xlink:to="us-gaap_LongTermLineOfCredit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US" id="id_9255352_1328677_1_1">Maximum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US" id="id_9255352_1328677_2_1">Maximum</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US" id="id_9255352_1331874_1_1">Minimum [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US" id="id_9255352_1340686_1_1">Net Cash Provided by (Used in) Investing Activities, Continuing Operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US" id="id_9255352_1325627_1_1">Net Cash Provided by (Used in) Operating Activities, Continuing Operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_lbl" xml:lang="en-US" id="id_9255352_1325628_1_1">Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US" id="id_9255352_1339589_1_1">Net Income (Loss) Available to Common Stockholders, Basic</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xml:lang="en-US" id="id_9255352_1331950_1_1">Net Income (Loss) Available to Common Stockholders, Basic [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xml:lang="en-US" id="id_9255352_1331950_2_1">Numerator:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US" id="id_9255352_1339590_1_1">Net Income (Loss) Available to Common Stockholders, Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US" id="id_9255352_1339590_2_1">Net income (loss) attributable to common stockholders-diluted</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_lbl" xml:lang="en-US" id="id_9255352_1335113_1_1">Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_lbl" xml:lang="en-US" id="id_9255352_1325711_1_1">Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US" id="id_9255352_1343602_1_1">Other Assets, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US" id="id_9255352_1343602_2_1">Other assets, non-current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US" id="id_9255352_1336939_1_1">Other Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US" id="id_9255352_1336939_2_1">Other liabilities, non-current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="us-gaap_OtherNoncashIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US" id="id_9255352_1339529_1_1">Other Noncash Income (Expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US" id="id_9255352_1339529_14_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="us-gaap_PayablesAndAccrualsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PayablesAndAccrualsAbstract_lbl" xml:lang="en-US" id="id_9255352_1328978_1_1">Payables and Accruals [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PayablesAndAccrualsAbstract_lbl" xml:lang="en-US" id="id_9255352_1328978_2_1">Payables and Accruals [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PayablesAndAccrualsAbstract" xlink:to="us-gaap_PayablesAndAccrualsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfEquity" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity_lbl" xml:lang="en-US" id="id_9255352_1338572_1_1">Payments for Repurchase of Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity_lbl" xml:lang="en-US" id="id_9255352_1338572_14_1">Repurchase of preferred stock and common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfEquity" xlink:to="us-gaap_PaymentsForRepurchaseOfEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForTenantImprovements" xlink:label="us-gaap_PaymentsForTenantImprovements"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForTenantImprovements_lbl" xml:lang="en-US" id="id_9255352_1339491_1_1">Payments for Tenant Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsForTenantImprovements_lbl" xml:lang="en-US" id="id_9255352_1339491_2_1">Tenant improvements paid by lessor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForTenantImprovements" xlink:to="us-gaap_PaymentsForTenantImprovements_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xml:lang="en-US" id="id_9255352_1338575_1_1">Payments of Debt Issuance Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xml:lang="en-US" id="id_9255352_1338575_14_1">Payment of debt financing costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="us-gaap_PaymentsOfDebtIssuanceCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US" id="id_9255352_1337719_1_1">Payments of Stock Issuance Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US" id="id_9255352_1337719_14_1">Payment of offering costs-initial public offering</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_PaymentsOfStockRepurchaseCosts" xlink:label="ttd_PaymentsOfStockRepurchaseCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_PaymentsOfStockRepurchaseCosts_lbl" xml:lang="en-US" id="id_9255352_1359562_3_1">The cash outflow for cost incurred directly with the repurchase of an equity security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_PaymentsOfStockRepurchaseCosts_lbl" xml:lang="en-US" id="id_9255352_1359562_1_1">Payments Of Stock Repurchase Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ttd_PaymentsOfStockRepurchaseCosts_lbl" xml:lang="en-US" id="id_9255352_1359562_14_1">Payment of stock repurchase costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_PaymentsOfStockRepurchaseCosts" xlink:to="ttd_PaymentsOfStockRepurchaseCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_9255352_1336880_1_1">Payments to Acquire Property, Plant, and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_9255352_1336880_14_1">Purchases of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToDevelopSoftware" xlink:label="us-gaap_PaymentsToDevelopSoftware"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToDevelopSoftware_lbl" xml:lang="en-US" id="id_9255352_1338547_1_1">Payments to Develop Software</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToDevelopSoftware_lbl" xml:lang="en-US" id="id_9255352_1338547_14_1">Capitalized software development costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopSoftware" xlink:to="us-gaap_PaymentsToDevelopSoftware_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameAxis_lbl" xml:lang="en-US" id="id_9255352_1325804_1_1">Plan Name [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PlanNameAxis_lbl" xml:lang="en-US" id="id_9255352_1325804_2_1">Plan Name [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="us-gaap_PlanNameDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameDomain_lbl" xml:lang="en-US" id="id_9255352_1335326_1_1">Plan Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PlanNameDomain_lbl" xml:lang="en-US" id="id_9255352_1335326_2_1">Plan Name [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_PreferredStockIssuanceCostsAccountsPayable" xlink:label="ttd_PreferredStockIssuanceCostsAccountsPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_PreferredStockIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544961_3_1">Preferred stock issuance costs accounts payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_PreferredStockIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544961_1_1">Preferred Stock Issuance Costs Accounts Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_PreferredStockIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544961_2_1">Stock repurchase costs and Series C convertible preferred stock offering costs included in accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_PreferredStockIssuanceCostsAccountsPayable" xlink:to="ttd_PreferredStockIssuanceCostsAccountsPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:label="us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1325838_1_1">Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1325838_2_1">Preferred stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="id_9255352_1335367_1_1">Preferred Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="id_9255352_1335367_2_1">Preferred stock, par value (in dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionPremium" xlink:label="us-gaap_PreferredStockRedemptionPremium"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockRedemptionPremium_lbl" xml:lang="en-US" id="id_9255352_1340790_1_1">Preferred Stock Redemption Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PreferredStockRedemptionPremium_lbl" xml:lang="en-US" id="id_9255352_1340790_14_1">Less: Premium on repurchase of convertible preferred stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionPremium" xlink:to="us-gaap_PreferredStockRedemptionPremium_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US" id="id_9255352_1335362_1_1">Preferred Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US" id="id_9255352_1335362_2_1">Preferred stock, authorized shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US" id="id_9255352_1332188_1_1">Preferred Stock, Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US" id="id_9255352_1332188_2_1">Preferred stock, shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US" id="id_9255352_1325830_1_1">Preferred Stock, Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US" id="id_9255352_1325830_2_1">Preferred stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US" id="id_9255352_1336848_1_1">Preferred Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US" id="id_9255352_1336848_2_1">Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of March 31, 2017 and December 31, 2016</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable_lbl" xml:lang="en-US" id="id_9255352_1326136_2_1">Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xlink:to="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_lbl" xml:lang="en-US" id="id_9255352_1329351_1_1">Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_lbl" xml:lang="en-US" id="id_9255352_1329351_2_1">Schedule of stock-based compensation expense by operating expense category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:to="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:label="us-gaap_ScheduleOfGuaranteeObligationsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfGuaranteeObligationsTable_lbl" xml:lang="en-US" id="id_9255352_1332520_1_1">Schedule of Guarantor Obligations [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfGuaranteeObligationsTable_lbl" xml:lang="en-US" id="id_9255352_1332520_2_1">Schedule of Guarantor Obligations [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:to="us-gaap_ScheduleOfGuaranteeObligationsTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US" id="id_9255352_1326186_1_1">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US" id="id_9255352_1326186_2_1">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US" id="id_9255352_1333092_1_1">Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US" id="id_9255352_1333092_2_1">Summary of stock option activity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="us-gaap_ScheduleOfStockByClassTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockByClassTable_lbl" xml:lang="en-US" id="id_9255352_1326191_1_1">Schedule of Stock by Class [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfStockByClassTable_lbl" xml:lang="en-US" id="id_9255352_1326191_2_1">Schedule of Stock by Class [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockByClassTable" xlink:to="us-gaap_ScheduleOfStockByClassTable_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_SecondaryOfferingMember" xlink:label="ttd_SecondaryOfferingMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_SecondaryOfferingMember_lbl" xml:lang="en-US" id="id_9255352_1494580_3_1">Secondary offering.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_SecondaryOfferingMember_lbl" xml:lang="en-US" id="id_9255352_1494580_1_1">Secondary Offering [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_SecondaryOfferingMember_lbl" xml:lang="en-US" id="id_9255352_1494580_2_1">Secondary Offering</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_SecondaryOfferingMember" xlink:to="ttd_SecondaryOfferingMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="us-gaap_SellingAndMarketingExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingAndMarketingExpense_lbl" xml:lang="en-US" id="id_9255352_1341922_1_1">Selling and Marketing Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SellingAndMarketingExpense_lbl" xml:lang="en-US" id="id_9255352_1341922_2_1">Sales and marketing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpense" xlink:to="us-gaap_SellingAndMarketingExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="us-gaap_SellingAndMarketingExpenseMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingAndMarketingExpenseMember_lbl" xml:lang="en-US" id="id_9255352_1326227_1_1">Selling and Marketing Expense [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SellingAndMarketingExpenseMember_lbl" xml:lang="en-US" id="id_9255352_1326227_2_1">Sales and marketing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpenseMember" xlink:to="us-gaap_SellingAndMarketingExpenseMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_SeriesA3PreferredStockWarrantMember" xlink:label="ttd_SeriesA3PreferredStockWarrantMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_SeriesA3PreferredStockWarrantMember_lbl" xml:lang="en-US" id="id_9255352_1546787_3_1">Series A3 preferred stock warrants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_SeriesA3PreferredStockWarrantMember_lbl" xml:lang="en-US" id="id_9255352_1546787_1_1">Series A3 preferred stock warrant [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_SeriesA3PreferredStockWarrantMember_lbl" xml:lang="en-US" id="id_9255352_1546787_2_1">Series A3 preferred stock warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_SeriesA3PreferredStockWarrantMember" xlink:to="ttd_SeriesA3PreferredStockWarrantMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_SeriesSeedPreferredStockWarrantMember" xlink:label="ttd_SeriesSeedPreferredStockWarrantMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_SeriesSeedPreferredStockWarrantMember_lbl" xml:lang="en-US" id="id_9255352_1546786_3_1">Series Seed preferred stock warrants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_SeriesSeedPreferredStockWarrantMember_lbl" xml:lang="en-US" id="id_9255352_1546786_1_1">Series seed preferred stock warrant [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_SeriesSeedPreferredStockWarrantMember_lbl" xml:lang="en-US" id="id_9255352_1546786_2_1">Series Seed preferred stock warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_SeriesSeedPreferredStockWarrantMember" xlink:to="ttd_SeriesSeedPreferredStockWarrantMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" id="id_9255352_1340955_1_1">Share-based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" id="id_9255352_1340955_2_1">Stock-based compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US" id="id_9255352_1333156_1_1">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US" id="id_9255352_1333156_2_1">Stock-Based Compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_lbl" xml:lang="en-US" id="id_9255352_1335828_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_lbl" xml:lang="en-US" id="id_9255352_1335828_2_1">Number of additional shares authorized for grant</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US" id="id_9255352_1333161_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US" id="id_9255352_1333161_2_1">Exercisable as of March 31, 2017</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1333162_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1333162_2_1">Exercisable as of March 31, 2017</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US" id="id_9255352_1330013_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US" id="id_9255352_1330013_14_1">Cancelled (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US" id="id_9255352_1333165_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US" id="id_9255352_1333165_2_1">Granted (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" id="id_9255352_1333167_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" id="id_9255352_1333167_4_1">Outstanding at the end of the period (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" id="id_9255352_1333167_5_1">Outstanding at the beginning of the period (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" id="id_9255352_1333167_2_1">Options to purchase stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xml:lang="en-US" id="id_9255352_1326821_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xml:lang="en-US" id="id_9255352_1326821_2_1">Shares Under Option</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1333169_5_1">Outstanding at the beginning of the period (in dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract" xlink:label="ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1497423_3_1">Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1497423_1_1">Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract_lbl" xml:lang="en-US" id="id_9255352_1497423_2_1">Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract" xlink:to="ttd_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceAndAdditionalDisclosuresAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_lbl" xml:lang="en-US" id="id_9255352_1326822_1_1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_lbl" xml:lang="en-US" id="id_9255352_1326822_2_1">Weighted-Average Exercise Price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US" id="id_9255352_1326835_1_1">Equity Award [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US" id="id_9255352_1326835_2_1">Equity Award [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1326836_1_1">Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1326836_2_1">Exercised (in dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1330022_1_1">Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1330022_2_1">Cancelled (in dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1330023_1_1">Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" id="id_9255352_1330023_2_1">Granted (in dollars per share)</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="id_9255352_1330099_1_1">Statement [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="id_9255352_1330099_2_1">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="id_9255352_1326913_1_1">Statement of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="id_9255352_1326913_2_1">Statement of Cash Flows [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="id_9255352_1333243_2_1">Statement of Financial Position [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US" id="id_9255352_1333273_1_1">Stockholders' Equity Attributable to Parent [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_StockIssuanceCostsAccountsPayable" xlink:label="ttd_StockIssuanceCostsAccountsPayable"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_StockIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544968_1_1">Stock Issuance Costs Accounts Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_StockIssuanceCostsAccountsPayable_lbl" xml:lang="en-US" id="id_9255352_1544968_2_1">Deferred initial public offering costs included in accounts payable</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US" id="id_9255352_1333270_14_1">Exercised (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_StockSoldDuringPeriodSharesSellingStockholders" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholders"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholders_lbl" xml:lang="en-US" id="id_9255352_1544964_3_1">Number of outstanding shares of stock sold by selling stockholders concurrently with the sale of newly issued shares by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholders_lbl" xml:lang="en-US" id="id_9255352_1544964_1_1">Stock Sold During Period Shares Selling Stockholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholders_lbl" xml:lang="en-US" id="id_9255352_1544964_2_1">Number of shares sold by selling shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_StockSoldDuringPeriodSharesSellingStockholders" xlink:to="ttd_StockSoldDuringPeriodSharesSellingStockholders_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters_lbl" xml:lang="en-US" id="id_9255352_1544965_3_1">Stock sold during period shares selling stockholders net of option granted to underwriters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters_lbl" xml:lang="en-US" id="id_9255352_1544965_1_1">Stock Sold During Period Shares Selling Stockholders Net of Option Granted To Underwriters</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters_lbl" xml:lang="en-US" id="id_9255352_1544965_2_1">Number of shares sold by selling shareholders net of option granted to underwriters</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters" xlink:to="ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="us-gaap_SubsequentEventLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" id="id_9255352_1326938_1_1">Subsequent Event [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" id="id_9255352_1326938_2_1">Subsequent Event [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventLineItems" xlink:to="us-gaap_SubsequentEventLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" id="id_9255352_1330134_1_1">Subsequent Event [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" id="id_9255352_1330134_2_1">Subsequent Event</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="us-gaap_SubsequentEventsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US" id="id_9255352_1330135_1_1">Subsequent Events [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US" id="id_9255352_1330135_2_1">Subsequent Events [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US" id="id_9255352_1335954_1_1">Subsequent Events [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US" id="id_9255352_1335954_2_1">Subsequent Event</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="us-gaap_SubsequentEventTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTable_lbl" xml:lang="en-US" id="id_9255352_1326939_1_1">Subsequent Event [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventTable_lbl" xml:lang="en-US" id="id_9255352_1326939_2_1">Subsequent Event [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US" id="id_9255352_1335955_1_1">Subsequent Event Type [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US" id="id_9255352_1335955_2_1">Subsequent Event Type [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="us-gaap_SubsequentEventTypeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" id="id_9255352_1330136_1_1">Subsequent Event Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" id="id_9255352_1330136_2_1">Subsequent Event Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="us-gaap_SubsidiarySaleOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xml:lang="en-US" id="id_9255352_1330125_1_1">Sale of Stock [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xml:lang="en-US" id="id_9255352_1330125_2_1">Sale of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_SwinglineBorrowingsMember" xlink:label="ttd_SwinglineBorrowingsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_SwinglineBorrowingsMember_lbl" xml:lang="en-US" id="id_9255352_1347718_3_1">Swingline borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_SwinglineBorrowingsMember_lbl" xml:lang="en-US" id="id_9255352_1347718_1_1">Swingline Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_SwinglineBorrowingsMember_lbl" xml:lang="en-US" id="id_9255352_1347718_2_1">Swingline Borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_SwinglineBorrowingsMember" xlink:to="ttd_SwinglineBorrowingsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock" xlink:label="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock_lbl" xml:lang="en-US" id="id_9255352_1544970_3_1">The cash outflow for cost incurred directly with the issuance of preferred stock classified as temporary equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock_lbl" xml:lang="en-US" id="id_9255352_1544970_1_1">Temporary Equity Payments Of Stock Issuance Costs Preferred Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock_lbl" xml:lang="en-US" id="id_9255352_1544970_14_1">Payment of Series C convertible preferred stock offering costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock" xlink:to="ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" id="id_9255352_1327017_1_1">Trading Symbol</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" id="id_9255352_1327017_2_1">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="ttd-20170331.xsd#ttd_TwoThousandAndSixteenIncentiveAwardPlanMember" xlink:label="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember_lbl" xml:lang="en-US" id="id_9255352_1546795_3_1">Two thousand and sixteen incentive award plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember_lbl" xml:lang="en-US" id="id_9255352_1546795_1_1">Two Thousand And Sixteen Incentive Award Plan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember_lbl" xml:lang="en-US" id="id_9255352_1546795_2_1">2016 Incentive Award Plan</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember" xlink:to="ttd_TwoThousandAndSixteenIncentiveAwardPlanMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract_lbl" xml:lang="en-US" id="id_9255352_1327064_1_1">Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract_lbl" xml:lang="en-US" id="id_9255352_1327064_2_1">Purchase obligations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_lbl" xml:lang="en-US" id="id_9255352_1338363_1_1">Unrecorded Unconditional Purchase Obligation, Due within Two Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_lbl" xml:lang="en-US" id="id_9255352_1338363_2_1">2018</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_lbl" xml:lang="en-US" id="id_9255352_1337539_1_1">Unrecorded Unconditional Purchase Obligation, Due within Three Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_lbl" xml:lang="en-US" id="id_9255352_1337539_2_1">2019</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_lbl" xml:lang="en-US" id="id_9255352_1336681_1_1">Unrecorded Unconditional Purchase Obligation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_lbl" xml:lang="en-US" id="id_9255352_1336681_6_1">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear_lbl" xml:lang="en-US" id="id_9255352_1339232_1_1">Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear_lbl" xml:lang="en-US" id="id_9255352_1339232_2_1">2017 (for remaining nine months)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1333421_1_1">Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock_lbl" xml:lang="en-US" id="id_9255352_1333421_2_1">Schedule of purchase obligations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US" id="id_9255352_1333430_1_1">Use of Estimates, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US" id="id_9255352_1333430_2_1">Use of Estimates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateAxis_lbl" xml:lang="en-US" id="id_9255352_1333456_1_1">Variable Rate [Axis]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US" id="id_9255352_1333457_1_1">Variable Rate [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US" id="id_9255352_1333457_2_1">Variable Rate [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" id="id_9255352_1327121_1_1">Weighted Average Number of Shares Outstanding, Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" id="id_9255352_1327121_2_1">Diluted</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US" id="id_9255352_1336137_1_1">Weighted Average Number of Shares Outstanding, Diluted [Abstract]</label>
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</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>ttd-20170331_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- DFS Xcelerate Taxonomy Presentation Linkbase - http://www.dfsco.com/financial-services/ -->
<!-- Version: 6.23.6 -->
<!-- Round: 4 -->
<!-- Creation date: 2017-05-10T18:16:39Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752136928">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash</a></td>
<td class="nump">$ 106,573<span></span>
</td>
<td class="nump">$ 133,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
<td class="nump">315,283<span></span>
</td>
<td class="nump">377,240<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">10,825<span></span>
</td>
<td class="nump">5,763<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">TOTAL CURRENT ASSETS</a></td>
<td class="nump">432,681<span></span>
</td>
<td class="nump">516,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">16,057<span></span>
</td>
<td class="nump">14,779<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxAssetsNet', window );">Deferred taxes, net</a></td>
<td class="nump">1,778<span></span>
</td>
<td class="nump">1,778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets, non-current</a></td>
<td class="nump">4,751<span></span>
</td>
<td class="nump">4,636<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">455,267<span></span>
</td>
<td class="nump">537,596<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">231,524<span></span>
</td>
<td class="nump">321,163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses and other current liabilities</a></td>
<td class="nump">21,371<span></span>
</td>
<td class="nump">22,973<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">TOTAL CURRENT LIABILITIES</a></td>
<td class="nump">252,895<span></span>
</td>
<td class="nump">344,136<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermLineOfCredit', window );">Debt, net</a></td>
<td class="nump">25,847<span></span>
</td>
<td class="nump">25,847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities, non-current</a></td>
<td class="nump">4,594<span></span>
</td>
<td class="nump">3,233<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">283,336<span></span>
</td>
<td class="nump">373,216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies (Note 10)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>STOCKHOLDERS' EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of March 31, 2017 and December 31, 2016</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, par value $0.000001; 1,000,000 Class A shares authorized as of March 31, 2017 and December 31, 2016; 21,399 and 10,071 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively; 95,000 Class B shares authorized as of March 31, 2017 and December 31, 2016; 18,389 and 29,060 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">181,840<span></span>
</td>
<td class="nump">179,198<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(9,909)<span></span>
</td>
<td class="num">(14,818)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">TOTAL STOCKHOLDERS' EQUITY</a></td>
<td class="nump">171,931<span></span>
</td>
<td class="nump">164,380<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</a></td>
<td class="nump">$ 455,267<span></span>
</td>
<td class="nump">$ 537,596<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxAssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermLineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1314-112600<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1336-112600<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Line-of-Credit Arrangement<br> -URI http://asc.fasb.org/extlink&amp;oid=6517033<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermLineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751913824">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Preferred stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.000001<span></span>
</td>
<td class="nump">$ 0.000001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, authorized shares</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, shares issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Common stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.000001<span></span>
</td>
<td class="nump">$ 0.000001<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Common stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, authorized shares</a></td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">21,399,000<span></span>
</td>
<td class="nump">10,071,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">21,399,000<span></span>
</td>
<td class="nump">10,071,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Common stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, authorized shares</a></td>
<td class="nump">95,000,000<span></span>
</td>
<td class="nump">95,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">18,389,000<span></span>
</td>
<td class="nump">29,060,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">18,389,000<span></span>
</td>
<td class="nump">29,060,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757726240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)<br> shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statement [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Revenue</a></td>
<td class="nump">$ 53,352<span></span>
</td>
<td class="nump">$ 30,378<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Operating expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Platform operations</a></td>
<td class="nump">12,549<span></span>
</td>
<td class="nump">7,513<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing</a></td>
<td class="nump">12,476<span></span>
</td>
<td class="nump">8,431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Technology and development</a></td>
<td class="nump">10,461<span></span>
</td>
<td class="nump">4,639<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">15,930<span></span>
</td>
<td class="nump">6,399<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total operating expenses</a></td>
<td class="nump">51,416<span></span>
</td>
<td class="nump">26,982<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
<td class="nump">1,936<span></span>
</td>
<td class="nump">3,396<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="nump">364<span></span>
</td>
<td class="nump">835<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAdjustmentOfWarrants', window );">Change in fair value of preferred stock warrant liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,383<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency exchange loss, net</a></td>
<td class="nump">428<span></span>
</td>
<td class="nump">46<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other expense, net</a></td>
<td class="nump">792<span></span>
</td>
<td class="nump">5,264<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income (loss) before income taxes</a></td>
<td class="nump">1,144<span></span>
</td>
<td class="num">(1,868)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Benefit from income taxes</a></td>
<td class="num">(3,765)<span></span>
</td>
<td class="num">(828)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss)</a></td>
<td class="nump">4,909<span></span>
</td>
<td class="num">(1,040)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) attributable to common stockholders</a></td>
<td class="nump">$ 4,909<span></span>
</td>
<td class="num">$ (48,249)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings (loss) per share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="num">$ (4.45)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
<td class="nump">$ 0.11<span></span>
</td>
<td class="num">$ (4.45)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average shares outstanding:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic</a></td>
<td class="nump">39,167<span></span>
</td>
<td class="nump">10,848<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted</a></td>
<td class="nump">43,557<span></span>
</td>
<td class="nump">10,848<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs of sales and operating expenses for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAdjustmentOfWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (income) related to adjustment to fair value of warrant liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section 25<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6939902&amp;loc=d3e20148-110875<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAdjustmentOfWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30700-110894<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64836518&amp;loc=d3e30690-110894<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueServicesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueServicesNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6757939504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
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<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>OPERATING ACTIVITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss)</a></td>
<td class="nump">$ 4,909<span></span>
</td>
<td class="num">$ (1,040)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">1,493<span></span>
</td>
<td class="nump">819<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation</a></td>
<td class="nump">2,322<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAdjustmentOfWarrants', window );">Change in fair value of preferred stock warrant liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
<td class="nump">3,347<span></span>
</td>
<td class="nump">86<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpense', window );">Other</a></td>
<td class="num">(274)<span></span>
</td>
<td class="nump">151<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
<td class="nump">59,190<span></span>
</td>
<td class="nump">22,981<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
<td class="num">(5,017)<span></span>
</td>
<td class="num">(3,717)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Accounts payable</a></td>
<td class="num">(87,940)<span></span>
</td>
<td class="num">(6,505)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued expenses and other liabilities</a></td>
<td class="num">(770)<span></span>
</td>
<td class="num">(432)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by (used in) operating activities</a></td>
<td class="num">(22,740)<span></span>
</td>
<td class="nump">16,885<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract', window );"><strong>INVESTING ACTIVITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchases of property and equipment</a></td>
<td class="num">(3,602)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToDevelopSoftware', window );">Capitalized software development costs</a></td>
<td class="num">(647)<span></span>
</td>
<td class="num">(545)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities</a></td>
<td class="num">(4,249)<span></span>
</td>
<td class="num">(929)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>FINANCING ACTIVITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLongTermLinesOfCredit', window );">Proceeds from line of credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55,847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermLinesOfCredit', window );">Repayment on line of credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfSecuredDebt', window );">Repayment of term debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payment of debt financing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(775)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongtermLoansFromVendors', window );">Payment of financing obligations</a></td>
<td class="num">(113)<span></span>
</td>
<td class="num">(29)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock', window );">Proceeds from issuance of Series C convertible preferred stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfEquity', window );">Repurchase of preferred stock and common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(54,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from exercise of stock options</a></td>
<td class="nump">275<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_PaymentsOfStockRepurchaseCosts', window );">Payment of stock repurchase costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(70)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock', window );">Payment of Series C convertible preferred stock offering costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(73)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payment of offering costs-initial public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(105)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by financing activities</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">10,856<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInContinuingOperations', window );">Increase (decrease) in cash</a></td>
<td class="num">(26,827)<span></span>
</td>
<td class="nump">26,812<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash-Beginning of period</a></td>
<td class="nump">133,400<span></span>
</td>
<td class="nump">4,047<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash-End of period</a></td>
<td class="nump">106,573<span></span>
</td>
<td class="nump">30,859<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>SUPPLEMENTAL CASH FLOW INFORMATION:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">Capitalized assets financed by accounts payable</a></td>
<td class="nump">1,687<span></span>
</td>
<td class="nump">49<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForTenantImprovements', window );">Tenant improvements paid by lessor</a></td>
<td class="nump">640<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount', window );">Stock-based compensation included in capitalized development costs</a></td>
<td class="nump">$ 45<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_DebtIssuanceCostsAccountsPayable', window );">Debt financing costs included in accounts payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">201<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_PreferredStockIssuanceCostsAccountsPayable', window );">Stock repurchase costs and Series C convertible preferred stock offering costs included in accounts payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_StockIssuanceCostsAccountsPayable', window );">Deferred initial public offering costs included in accounts payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_ReclassificationOfWarrantLiabilityToTemporaryEquityOnNetExerciseOfWarrants', window );">Net exercise of warrants to purchase Series Seed convertible preferred stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,789<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_DebtIssuanceCostsAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Debt issuance costs accounts payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_DebtIssuanceCostsAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_PaymentsOfStockRepurchaseCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the repurchase of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_PaymentsOfStockRepurchaseCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_PreferredStockIssuanceCostsAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Preferred stock issuance costs accounts payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_PreferredStockIssuanceCostsAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_ReclassificationOfWarrantLiabilityToTemporaryEquityOnNetExerciseOfWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stock warrant liability reclassified to temporary equity upon net exercise of the warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_ReclassificationOfWarrantLiabilityToTemporaryEquityOnNetExerciseOfWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_StockIssuanceCostsAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stock issuance costs incurred during the period and not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_StockIssuanceCostsAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of preferred stock classified as temporary equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_TemporaryEquityPaymentsOfStockIssuanceCostsPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future cash outflow to pay for purchases of fixed assets that have occurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalExpendituresIncurredButNotYetPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the compensation cost capitalized during the period arising from equity-based compensation arrangements (for example, shares of stock, units, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAdjustmentOfWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (income) related to adjustment to fair value of warrant liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section 25<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6939902&amp;loc=d3e20148-110875<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAdjustmentOfWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash associated with the entity's continuing operating, investing, and financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNoncashIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForTenantImprovements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for the allowance granted to lessee and/or direct costs incurred by lessor used to prepare the leased premises for tenant's occupancy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForTenantImprovements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDebtIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDebtIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToDevelopSoftware">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the development or modification of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToDevelopSoftware</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuance of preferred stocks identified as being convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLongTermLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromLongTermLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (j)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongtermLoansFromVendors">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflows under financing arrangements with vendors (seller-financed debt), which had a maturity date at inception of more than one year (or more than one operating cycle, if longer); such debt may have arisen from purchases of property, plant and equipment or other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongtermLoansFromVendors</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfSecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6748185952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Nature of Operations<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Nature of Operations</a></td>
<td class="text"><div>
 <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
 <b>Note&#xA0;1&#x2014;Nature of Operations</b></p>
 <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
 The Trade Desk,&#xA0;Inc. (the &#x201C;Company&#x201D;) was formed in
 November 2009 as a Delaware corporation. The Company is
 headquartered in Ventura, California and has offices in various
 cities in the United States, Europe, Asia and Australia. The
 Company is a technology company that empowers advertising agencies
 and other buyers by providing a self-service platform that enables
 clients to purchase and manage data-driven digital advertising
 campaigns across various advertising formats.</p>
 <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
 <b><i>Secondary Offering</i></b></p>
 <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
 In March 2017, the Company completed a secondary offering in which
 a total of 7,281,789 shares of Class&#xA0;A common stock were sold
 by certain selling stockholders. See Note
 7&#x2014;Capitalization.</p>
 <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
 <b><i>Risks</i></b></p>
 <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
 The Company is subject to certain business risks, including
 dependence on key employees, competition, market acceptance of the
 Company&#x2019;s platform, ability to source demand from buyers of
 advertising inventory, availability of debt financing and
 dependence on growth to achieve its business plan.</p>
 </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6003-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2A<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=SL51803626-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913545472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock', window );">Basis of Presentation and Summary of Significant Accounting Policies</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
 <b>Note&#xA0;2&#x2014;Basis of Presentation and Summary of
 Significant Accounting Policies</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 The accompanying condensed consolidated financial statements were
 prepared in accordance with accounting principles generally
 accepted in the United States of America (&#x201C;GAAP&#x201D;) for
 interim financial information. Certain information and disclosures
 normally included in consolidated financial statements prepared in
 accordance with GAAP have been condensed or omitted. Accordingly,
 these condensed consolidated financial statements should be read in
 conjunction with the Company&#x2019;s audited consolidated financial
 statements and related notes included in its Annual Report on Form
 10-K for the year ended December&#xA0;31, 2016.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 The accompanying condensed consolidated financial statements are
 unaudited. These unaudited interim condensed consolidated financial
 statements have been prepared on a basis consistent with that used
 to prepare the Company&#x2019;s audited annual consolidated
 financial statements and include, in the opinion of management, all
 adjustments, consisting of normal recurring items, necessary for
 the fair statement of the condensed consolidated financial
 statements. The operating results for the three months ended
 March&#xA0;31, 2017 are not necessarily indicative of the results
 expected for the full year ending December&#xA0;31, 2017.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 There have been no significant changes in the Company&#x2019;s
 accounting policies from those disclosed in its Annual Report on
 Form 10-K for the year ended December&#xA0;31, 2016.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
 <b><i>Use of Estimates</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 The preparation of condensed consolidated financial statements in
 conformity with GAAP requires management to make estimates and
 assumptions that affect the reported amounts of assets and
 liabilities and disclosures of contingent assets and liabilities at
 the date of the condensed consolidated financial statements and the
 reported amounts of revenue and expenses during the reporting
 period. Actual results could differ materially from these estimates
 under different assumptions or circumstances.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
 <b><i>Allowance for Doubtful Accounts</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 During the three months ended March&#xA0;31, 2017, the Company
 recorded $3.3 million in bad debt expense primarily due to reserves
 for two clients. Allowance for doubtful accounts totaled $5.7
 million and $2.6 million as of March&#xA0;31, 2017 and
 December&#xA0;31, 2016, respectively.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
 <b><i>Recent Accounting Pronouncements</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 In May 2014, the Financial Accounting Standards Board
 (&#x201C;FASB&#x201D;) issued Accounting Standards Update, or ASU,
 No.&#xA0;2014-09, <i>Revenue from Contracts with Customers (Topic
 606)</i>, which amends the existing accounting standards for
 revenue recognition. Under ASU 2014-09, a company will recognize
 revenue when it transfers promised goods or services to customers
 in an amount that reflects the consideration to which it expects to
 be entitled in exchange for those goods or services. Additionally,
 the guidance requires improved disclosures to help users of
 financial statements better understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts
 with customers. In August 2015, the FASB issued ASU
 No.&#xA0;2015-14, which defers the effective date of
 ASU&#xA0;2014-09 by one year. In 2016, the FASB issued additional
 amendments to the new revenue guidance. The new guidance is
 effective for annual reporting periods (including interim periods
 within those periods) beginning after December&#xA0;15, 2017. Early
 adoption is permitted for annual reporting periods (including
 interim periods within those periods) beginning after
 December&#xA0;15, 2016. The guidance permits the use of either the
 retrospective or cumulative effect transition method. The Company
 is in the process of selecting a transition method and determining
 the effect of this guidance on its consolidated financial
 statements.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 In February 2016, the FASB issued ASU No.&#xA0;2016-02,
 <i>Leases</i>, which requires an entity to recognize right-of-use
 assets and lease liabilities on its balance sheet and disclose key
 information about leasing arrangements. The guidance offers
 specific accounting guidance for a lessee, lessor, and sale and
 leaseback transactions. Lessees and lessors are required to
 disclose qualitative and quantitative information about leasing
 arrangements to enable a user of the financial statements to assess
 the amount, timing and uncertainty of cash flows arising from
 leases. Leases will be classified as either finance or operating,
 with the classification affecting the pattern of expense
 recognition in the income statement. The guidance is effective for
 annual reporting periods beginning after December&#xA0;15, 2018,
 including interim periods within that reporting period, and
 requires a modified retrospective adoption, with early adoption
 permitted. Although the Company is currently evaluating the impact
 of this guidance on its consolidated financial statements, the
 Company expects that most of its operating lease commitments will
 be recognized as operating lease liabilities and right-of-use
 assets upon adoption of the new guidance.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 In June 2016, the FASB issued ASU No.&#xA0;2016-13, <i>Financial
 Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
 on Financial Instruments</i>, which is intended to provide more
 decision-useful information about expected credit losses on
 financial instruments and other commitments to extend credit held
 by a reporting entity at each reporting date. ASU 2016-13 revises
 the impairment model to utilize an expected loss methodology in
 place of the currently used incurred loss methodology, which will
 result in more timely recognition of losses on financial
 instruments, including, but not limited to, available for sale debt
 securities and accounts receivable. The Company is required to
 adopt this standard starting in the first quarter of fiscal year
 2021. Early adoption is permitted. The Company is currently in the
 process of evaluating the impact of adoption on its consolidated
 financial statements.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 In August 2016, the FASB issued ASU No.&#xA0;2016-15, <i>Statement
 of Cash Flows (Topic 230), Classification of Certain Cash Receipts
 and Cash Payments</i>, which addresses eight specific cash flow
 issues with the objective of reducing the existing diversity in
 practice. ASU 2016-15 is effective for fiscal years beginning after
 December&#xA0;15, 2017, and interim periods within those fiscal
 years. Early adoption is permitted, including adoption in an
 interim period. If adopted in an interim period, any adjustments
 should be reflected as of the beginning of the fiscal year that
 includes such interim period. The adoption of ASU 2016-15 should be
 applied using a retrospective transition method to each period
 presented, unless impracticable to do so. The Company does not
 expect the adoption of ASU 2016-15 will have a material impact on
 its consolidated statement of cash flows.</p>
 </div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6748151312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings Per Share<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings Per Share</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt">
 <b>Note&#xA0;3&#x2014;Earnings Per Share</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 As of March&#xA0;31, 2017, the Company had two classes of common
 stock, Class&#xA0;A and Class B. Basic and diluted earnings (loss)
 per share attributable to common stockholders for Class&#xA0;A and
 Class B common stock were the same because they were entitled to
 the same liquidation and dividend rights.</p>
 <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">
 &#xA0;</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">
 The reconciliations of the numerators and denominators of the basic
 and diluted earnings (loss) per share computations are as follows
 (in thousands, except per share amounts):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
 <tr>
 <td width="76%"></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Three&#xA0;Months</b><br />
 <b>Ended&#xA0;March&#xA0;31,</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2017</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;basic:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Numerator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Net income (loss)</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">4,909</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(1,040</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Less: Premium on repurchase of convertible preferred stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">(47,209</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Net income (loss) attributable to common
 stockholders&#x2014;basic</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">4,909</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(48,249</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Denominator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Weighted-average shares outstanding</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">39,167</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">10,848</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;basic</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">0.13</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(4.45</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;diluted:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Numerator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Net income (loss) attributable to common
 stockholders&#x2014;diluted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">4,909</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(48,249</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Denominator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Weighted-average shares outstanding</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">39,167</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">10,848</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Options to purchase common stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">4,178</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Employee stock purchase plan shares</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">170</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Restricted stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">42</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Weighted-average shares outstanding&#x2014;diluted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">43,557</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">10,848</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;diluted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">0.11</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(4.45</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 </table>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 The following table presents the anti-dilutive shares excluded from
 the calculation of diluted earnings (loss) per share (in
 thousands):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
 <tr>
 <td width="82%"></td>
 <td valign="bottom" width="4%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="4%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Ended&#xA0;March&#xA0;31,</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2017</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Anti-dilutive equity awards under stock-based award plans</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">395</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">5,081</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Common shares issuable upon conversion of convertible preferred
 stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">22,079</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Common shares issuable upon conversion of preferred stock
 warrants</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">461</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
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 &#xA0;</p>
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 &#xA0;</p>
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 <td valign="bottom"></td>
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 &#xA0;</p>
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 &#xA0;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913598160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Measurements</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
 <b>Note&#xA0;4&#x2014;Fair Value Measurements</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 The Company had no material financial instruments that were
 measured at fair value as of March&#xA0;31, 2017 and
 December&#xA0;31, 2016.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 The Company had convertible preferred stock warrants prior to its
 initial public offering in September 2016. The Company&#x2019;s
 preferred stock warrants were recorded at fair value, which
 increased during the three months ended March&#xA0;31, 2016 due to
 an increase in the valuation of the Company&#x2019;s preferred
 stock. The changes in the fair value of preferred stock warrants
 were as follows (in thousands):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0">
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 <td width="81%"></td>
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 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Three&#xA0;Months<br />
 Ended<br />
 March&#xA0;31,&#xA0;2016</b></td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Beginning balance</p>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Change in value of preferred stock warrants recorded in other
 expense, net</p>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Reclassification to convertible preferred stock upon net exercise
 of Series Seed warrant</p>
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 &#xA0;</p>
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 Ending balance</p>
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 &#xA0;</p>
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 The Company determined the fair value of the preferred stock
 warrants utilizing the Black-Scholes model with the following
 assumptions:</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
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 <b>As&#xA0;of&#xA0;March&#xA0;31,&#xA0;2016</b></td>
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 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Series&#xA0;Seed</b></td>
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 Contractual term (years)</p>
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 Expected volatility</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="bottom" align="right">61.1</td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Risk-free interest rate</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom">&#xA0;</td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Estimated dividend yield</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">&#x2014;&#xA0;&#xA0;</td>
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 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">&#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">%&#xA0;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13504-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6748151312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts Payable<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock', window );">Accounts Payable</a></td>
<td class="text"><div>
 <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">
 Accounts payable included the following (in thousands):</p>
 <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">
 &#xA0;</p>
 <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center">
 <tr>
 <td width="72%"></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
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 <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="top">
 <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">
 Accounts payable&#x2013;media and data</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">222,967</td>
 <td nowrap="nowrap" valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
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 <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">
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 <td valign="bottom">&#xA0;</td>
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 <td nowrap="nowrap" valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td nowrap="nowrap" valign="bottom">&#xA0;</td>
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 <tr style="font-size:1px;">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
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 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a),20,24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913476112">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt</a></td>
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 <b><i>Revolving Credit Facility</i></b></p>
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 On March&#xA0;30, 2016, the Company entered into a credit agreement
 (the &#x201C;Revolving Credit Agreement&#x201D;) with a syndicate of
 banks, led by Citibank, N.A. The Revolving Credit Agreement
 provides for a senior secured asset-based revolving credit facility
 (the &#x201C;Credit Facility&#x201D;), which the Company may draw
 upon as needed. Under the Credit Facility, the Company had an
 outstanding debt balance of $25.8 million that bore interest at a
 weighted average rate of 2.44% as of March&#xA0;31, 2017. The
 Company was in compliance with all covenants as of March&#xA0;31,
 2017.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 On May&#xA0;9, 2017, the Company entered into an amended and
 restated loan and security agreement (the &#x201C;Amended Revolving
 Credit Agreement&#x201D;), with a syndicate of banks, led by
 Citibank, N.A., and Citibank, N.A., as agent. The Amended Revolving
 Credit Agreement, among other things, provides for an increase of
 $75.0 million in the aggregate principal amount of commitments
 available under the Company&#x2019;s senior secured asset-based
 revolving credit facility and provides the Company with greater
 flexibility with respect to working capital, acquisitions and
 general corporate purposes under such credit facility. See Note
 11&#x2014;Subsequent Event.</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20,22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913474736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capitalization<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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 <b>Note&#xA0;7&#x2014;Capitalization</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><i>Secondary Offering</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 In March 2017, the Company completed a secondary offering in which
 6,331,991 shares of Class&#xA0;A common stock were sold by certain
 selling stockholders to the public at a price of $35.50 per share.
 The underwriters were also granted an option, which they exercised
 in full, to purchase up to an additional 949,798 shares of
 Class&#xA0;A common stock from the selling stockholders. The
 Company did not receive any proceeds from this offering. The
 Company incurred approximately $0.9 million in offering costs
 during the three months ended March&#xA0;31, 2017, and these costs
 were included within general and administrative expenses in the
 condensed consolidated statements of operations.</p>


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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6618904688">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><font style="WHITE-SPACE: nowrap">Note&#xA0;8&#x2014;Stock-Based</font>&#xA0;Compensation</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><i><font style="WHITE-SPACE: nowrap">Stock-Based</font>&#xA0;Compensation
 Expense</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 Total&#xA0;<font style="WHITE-SPACE: nowrap">stock-based</font>&#xA0;compensation expense, by
 operating expense category, in the condensed consolidated
 statements of operations was as follows (in thousands):</p>
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 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
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 <td></td>
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 <td valign="bottom" width="5%"></td>
 <td></td>
 <td></td>
 <td></td>
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 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"><b>Three&#xA0;Months<br />
 Ended&#xA0;March&#xA0;31,</b></td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2017</b></td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom">&#xA0;</td>
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 <td valign="top">
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 Platform operations</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">229</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">15</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Sales and marketing</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">539</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">50</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Technology and development</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">665</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">40</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 General and administrative</p>
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 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">889</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">54</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Total</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">2,322</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">159</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td>&#xA0;</td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><i>Stock Options</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 Stock option activity for the three months ended March&#xA0;31,
 2017 was as follows:</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
 <tr>
 <td width="69%"></td>
 <td valign="bottom" width="11%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="11%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares<br />
 Under&#xA0;Option<br />
 (in&#xA0;thousands)</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Weighted-<br />
 Average<br />
 Exercise&#xA0;Price</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Outstanding at December&#xA0;31, 2016<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(1)</sup></p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">5,429</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="bottom" align="right">4.94</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Granted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">44</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">29.60</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Exercised</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">(680</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">0.40</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Cancelled</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">(126</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">20.10</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Outstanding as of March 31, 2017<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(2)</sup></p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">4,667</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">5.43</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Exercisable as of March 31, 2017</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">2,710</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">1.13</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 156px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 172px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0">
 <tr style="break-inside: avoid">
 <td width="13%">&#xA0;</td>
 <td valign="top" width="4%" align="left"><sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(1)</sup>&#xA0;</td>
 <td valign="top" align="left">Includes options to purchase 389 and
 5,040 shares of Class&#xA0;A and Class B common stock,
 respectively.</td>
 </tr>
 </table>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0">
 <tr style="break-inside: avoid">
 <td width="13%">&#xA0;</td>
 <td valign="top" width="4%" align="left"><sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(2)</sup>&#xA0;</td>
 <td valign="top" align="left">Includes options to purchase 393 and
 4,274 shares of Class&#xA0;A and Class B common stock,
 respectively.</td>
 </tr>
 </table>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 On January&#xA0;1, 2017, the number of shares authorized for grant
 under the Company&#x2019;s 2016 Incentive Award Plan was increased
 by 1.6&#xA0;million shares in accordance with plan provisions.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><i>Employee Stock Purchase Plan</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 On January&#xA0;1, 2017, the number of shares available for
 issuance under the Company&#x2019;s Employee Stock Purchase Plan was
 increased by 0.4&#xA0;million shares in accordance with plan
 provisions.</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 40<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65895303&amp;loc=d3e17540-113929<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 50<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68057994&amp;loc=d3e25284-112666<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6748207200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income Taxes</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b>Note&#xA0;9&#x2014;Income Taxes</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 In determining the interim provision for (benefit from) income
 taxes, the Company uses the annual estimated effective tax rate
 applied to the actual&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">year-to-date</font></font>&#xA0;income (loss) and adds the tax
 effects of any discrete items in the reporting period in which they
 occur.</p>
 <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 For the three months ended March&#xA0;31, 2017, the Company&#x2019;s
 annual estimated effective tax rate differed from the U.S. federal
 statutory income rate of 35% primarily due to state taxes, foreign
 taxes, nondeductible stock-based compensation and the discrete
 impact of tax benefits associated with stock-based awards. For the
 three months ended March&#xA0;31, 2016, the Company&#x2019;s annual
 estimated effective tax rate differed from the U.S. federal
 statutory income rate of 35% primarily due to state taxes, foreign
 taxes and changes in the fair value of preferred stock warrant
 liabilities.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 For the three months ended March&#xA0;31, 2017, the benefit from
 income taxes included approximately $5.3 million of discrete
 benefits associated with disqualifying dispositions of incentive
 stock options.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 There were no material changes to the Company&#x2019;s unrecognized
 tax benefits in the three months ended March&#xA0;31, 2017, and the
 Company does not expect to have any significant changes to
 unrecognized tax benefits through the end of the fiscal year.</p>


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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32559-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32718-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752156352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b>Note&#xA0;10&#x2014;Commitments and Contingencies</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 As of March&#xA0;31, 2017, the Company&#x2019;s purchase
 obligations, primarily with hosting services providers, were as
 follows (in thousands):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="68%" align="center" border="0">
 <tr>
 <td width="87%"></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="bottom" nowrap="nowrap">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 16.9pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt">
 <b>Year</b></p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Amount</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 2017 (for remaining nine months)</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">17,106</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 2018</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">8,380</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 2019</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">8,000</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">33,486</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
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 &#xA0;</p>
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 &#xA0;</p>
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 <b><i>Guarantees and Indemnification</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 In the ordinary course of business, the Company may provide
 indemnifications of varying scope and terms to clients, vendors,
 lessors, business partners, and other parties with respect to
 certain matters, including, but not limited to, losses arising out
 of breach of such agreements, services to be provided by the
 Company or from intellectual property infringement claims made by
 third parties. In addition, the Company has entered into
 indemnification agreements with directors and certain officers and
 employees that will require the Company, among other things, to
 indemnify them against certain liabilities that may arise by reason
 of their status or service as directors, officers or employees. No
 demands have been made upon the Company to provide indemnification
 under such agreements, and thus there are no claims that the
 Company is aware of that could have a material effect on the
 Company&#x2019;s balance sheet, statement of operations or statement
 of cash flows. Accordingly, no amounts for any obligation have been
 recorded at March&#xA0;31, 2017.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><i>Litigation</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 From time to time, the Company is subject to various legal
 proceedings and claims, either asserted or unasserted, that arise
 in the ordinary course of business. Although the outcome of the
 various legal proceedings and claims cannot be predicted with
 certainty, management does not believe that any of these
 proceedings or other claims will have a material adverse effect on
 the Company&#x2019;s business, financial condition, results of
 operations or cash flows.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 62px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b><i>Employment Contracts</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 The Company has entered into agreements with severance terms with
 certain employees and officers, all of whom are
 employed&#xA0;<font style="WHITE-SPACE: nowrap">at-will.</font>&#xA0;The
 Company may be required to accelerate the vesting of certain stock
 options in the event of changes in control, as defined and
 involuntary terminations.</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=68068213&amp;loc=d3e12565-110249<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25287-109308<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913540784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Event<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Event</a></td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 <b>Note&#xA0;11&#x2014;Subsequent Event</b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 On May&#xA0;9, 2017, the Company, a syndicate of banks, led by
 Citibank, N.A., and Citibank, N.A., as agent, entered into an
 amended and restated loan and security agreement (the
 &#x201C;Amended Revolving Credit Agreement&#x201D;). Among other
 things, the Amended Revolving Credit Agreement provides for an
 increase of $75.0 million in the aggregate principal amount of
 commitments available under the Company&#x2019;s senior secured
 asset-based revolving credit facility and provides the Company with
 greater flexibility with respect to working capital, acquisitions
 and general corporate purposes (the &#x201C;Amended Credit
 Facility&#x201D;). Available funding commitments to the Company
 under the Amended Credit Facility, subject to certain conditions,
 total up to $200.0&#xA0;million, with a $20.0 million sublimit for
 swingline borrowings and a $15.0 million sublimit for the issuance
 of letters of credit. Under certain circumstances and subject to
 certain conditions, the Company has the right to increase the
 Amended Credit Facility by an additional amount not to exceed
 $100.0&#xA0;million. The Amended Revolving Credit Agreement is
 collateralized by substantially all of the Company&#x2019;s assets,
 including a pledge of certain of the Company&#x2019;s accounts
 receivable, deposit accounts, intellectual property, investment
 property, and equipment. Availability under the Amended Revolving
 Credit Agreement is based on a percentage of the value of accounts
 receivable, as reduced by certain reserves.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 Loans under the Amended Credit Facility bear interest through
 maturity at a variable rate based upon, at the Company&#x2019;s
 option, an annual rate of either a Base Rate or a LIBOR rate, plus
 an applicable margin (&#x201C;Base Rate Borrowings&#x201D; and
 &#x201C;LIBOR Rate Borrowings&#x201D;). The Base Rate is defined as a
 fluctuating interest rate equal to the greatest of (1)&#xA0;the
 federal funds rate plus 0.50%, (2)&#xA0;Citibank, N.A.&#x2019;s
 prime rate, and (3)&#xA0;one month LIBOR rate plus 2.00%. The
 applicable margin is defined as a rate between 1.00% to 1.50% for
 Base Rate Borrowings and between 2.00% and 2.50% for LIBOR
 Borrowings, depending on the amount of average excess availability
 on the Amended Credit Facility. The fee for undrawn amounts ranges
 from 0.325% to 0.375%. Interest is payable either (a)&#xA0;monthly
 for Base Rate Borrowings or (b)&#xA0;for LIBOR Rate Borrowings, on
 the earlier of (1)&#xA0;the last day of the interest period which
 can be one, two, three or six months as selected by the Company or
 (2)&#xA0;the last day of each three month interval. The Company
 will also be required to pay customary letter of credit fees, as
 necessary.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 The Amended Credit Facility matures and all outstanding amounts
 become due and payable on May&#xA0;9, 2022. As a result of
 executing the Amended Revolving Credit Agreement, the outstanding
 debt balance as of March&#xA0;31, 2017 has been refinanced on a
 long-term basis and accordingly, is presented as a non-current
 liability in the March&#xA0;31, 2017 condensed consolidated balance
 sheet.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 The Amended Revolving Credit Agreement contains customary
 conditions to borrowings, events of default and covenants,
 including covenants that restrict our ability to sell assets, make
 changes to the nature of our business, engage in mergers or
 acquisitions, incur, assume or permit to exist additional
 indebtedness and guarantees, create or permit to exist liens, pay
 dividends, issue equity instruments, make distributions or redeem
 or repurchase capital stock or make other investments, engage in
 transactions with affiliates and make payments in respect of
 subordinated debt. The Amended Revolving Credit Agreement also
 requires that if the Company&#x2019;s excess availability is less
 than the greater of (a)&#xA0;$15.0 million and (b)&#xA0;12.5% of
 the lesser of (1)&#xA0;the borrowing base then in effect and
 (2)&#xA0;the commitments under the Amended Credit Facility then in
 effect, the Company will maintain a consolidated fixed charge
 coverage ratio of at least 1.15 to 1.00.</p>


 </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6894629424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
 <b><i>Use of Estimates</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 The preparation of condensed consolidated financial statements in
 conformity with GAAP requires management to make estimates and
 assumptions that affect the reported amounts of assets and
 liabilities and disclosures of contingent assets and liabilities at
 the date of the condensed consolidated financial statements and the
 reported amounts of revenue and expenses during the reporting
 period. Actual results could differ materially from these estimates
 under different assumptions or circumstances.</p>
 </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_AccountsReceivableAndAllowanceForDoubtfulAccountsPolicyTextBlock', window );">Allowance for Doubtful Accounts</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
 <b><i>Allowance for Doubtful Accounts</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 During the three months ended March&#xA0;31, 2017, the Company
 recorded $3.3 million in bad debt expense primarily due to reserves
 for two clients. Allowance for doubtful accounts totaled $5.7
 million and $2.6 million as of March&#xA0;31, 2017 and
 December&#xA0;31, 2016, respectively.</p>
 </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt">
 <b><i>Recent Accounting Pronouncements</i></b></p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 In May 2014, the Financial Accounting Standards Board
 (&#x201C;FASB&#x201D;) issued Accounting Standards Update, or ASU,
 No.&#xA0;2014-09, <i>Revenue from Contracts with Customers (Topic
 606)</i>, which amends the existing accounting standards for
 revenue recognition. Under ASU 2014-09, a company will recognize
 revenue when it transfers promised goods or services to customers
 in an amount that reflects the consideration to which it expects to
 be entitled in exchange for those goods or services. Additionally,
 the guidance requires improved disclosures to help users of
 financial statements better understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts
 with customers. In August 2015, the FASB issued ASU
 No.&#xA0;2015-14, which defers the effective date of
 ASU&#xA0;2014-09 by one year. In 2016, the FASB issued additional
 amendments to the new revenue guidance. The new guidance is
 effective for annual reporting periods (including interim periods
 within those periods) beginning after December&#xA0;15, 2017. Early
 adoption is permitted for annual reporting periods (including
 interim periods within those periods) beginning after
 December&#xA0;15, 2016. The guidance permits the use of either the
 retrospective or cumulative effect transition method. The Company
 is in the process of selecting a transition method and determining
 the effect of this guidance on its consolidated financial
 statements.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 In February 2016, the FASB issued ASU No.&#xA0;2016-02,
 <i>Leases</i>, which requires an entity to recognize right-of-use
 assets and lease liabilities on its balance sheet and disclose key
 information about leasing arrangements. The guidance offers
 specific accounting guidance for a lessee, lessor, and sale and
 leaseback transactions. Lessees and lessors are required to
 disclose qualitative and quantitative information about leasing
 arrangements to enable a user of the financial statements to assess
 the amount, timing and uncertainty of cash flows arising from
 leases. Leases will be classified as either finance or operating,
 with the classification affecting the pattern of expense
 recognition in the income statement. The guidance is effective for
 annual reporting periods beginning after December&#xA0;15, 2018,
 including interim periods within that reporting period, and
 requires a modified retrospective adoption, with early adoption
 permitted. Although the Company is currently evaluating the impact
 of this guidance on its consolidated financial statements, the
 Company expects that most of its operating lease commitments will
 be recognized as operating lease liabilities and right-of-use
 assets upon adoption of the new guidance.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 In June 2016, the FASB issued ASU No.&#xA0;2016-13, <i>Financial
 Instruments-Credit Losses (Topic 326): Measurement of Credit Losses
 on Financial Instruments</i>, which is intended to provide more
 decision-useful information about expected credit losses on
 financial instruments and other commitments to extend credit held
 by a reporting entity at each reporting date. ASU 2016-13 revises
 the impairment model to utilize an expected loss methodology in
 place of the currently used incurred loss methodology, which will
 result in more timely recognition of losses on financial
 instruments, including, but not limited to, available for sale debt
 securities and accounts receivable. The Company is required to
 adopt this standard starting in the first quarter of fiscal year
 2021. Early adoption is permitted. The Company is currently in the
 process of evaluating the impact of adoption on its consolidated
 financial statements.</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 In August 2016, the FASB issued ASU No.&#xA0;2016-15, <i>Statement
 of Cash Flows (Topic 230), Classification of Certain Cash Receipts
 and Cash Payments</i>, which addresses eight specific cash flow
 issues with the objective of reducing the existing diversity in
 practice. ASU 2016-15 is effective for fiscal years beginning after
 December&#xA0;15, 2017, and interim periods within those fiscal
 years. Early adoption is permitted, including adoption in an
 interim period. If adopted in an interim period, any adjustments
 should be reflected as of the beginning of the fiscal year that
 includes such interim period. The adoption of ASU 2016-15 should be
 applied using a retrospective transition method to each period
 presented, unless impracticable to do so. The Company does not
 expect the adoption of ASU 2016-15 will have a material impact on
 its consolidated statement of cash flows.</p>
 </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accounts receivable and allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6132-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6900680880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings Per Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Reconciliations of Numerators and Denominators of Basic and Diluted Earnings (Loss) Per Share Computations</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">
 The reconciliations of the numerators and denominators of the basic
 and diluted earnings (loss) per share computations are as follows
 (in thousands, except per share amounts):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
 <tr>
 <td width="76%"></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Three&#xA0;Months</b><br />
 <b>Ended&#xA0;March&#xA0;31,</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2017</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;basic:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Numerator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Net income (loss)</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">4,909</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(1,040</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Less: Premium on repurchase of convertible preferred stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">(47,209</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Net income (loss) attributable to common
 stockholders&#x2014;basic</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">4,909</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(48,249</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Denominator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Weighted-average shares outstanding</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">39,167</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">10,848</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;basic</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">0.13</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(4.45</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;diluted:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Numerator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Net income (loss) attributable to common
 stockholders&#x2014;diluted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">4,909</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(48,249</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Denominator:</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Weighted-average shares outstanding</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">39,167</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">10,848</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Options to purchase common stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">4,178</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Employee stock purchase plan shares</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">170</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Restricted stock</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">42</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Weighted-average shares outstanding&#x2014;diluted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">43,557</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">10,848</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 7em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Earnings (loss) per share&#x2014;diluted</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">0.11</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">(4.45</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 </table>
 </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock', window );">Schedule of anti-dilutive shares excluded from the calculation of diluted earnings (loss) per share</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 The following table presents the anti-dilutive shares excluded from
 the calculation of diluted earnings (loss) per share (in
 thousands):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
 <tr>
 <td width="82%"></td>
 <td valign="bottom" width="4%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="4%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Ended&#xA0;March&#xA0;31,</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2017</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2016</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Anti-dilutive equity awards under stock-based award plans</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">395</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">5,081</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Common shares issuable upon conversion of convertible preferred
 stock</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Common shares issuable upon conversion of preferred stock
 warrants</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom" nowrap="nowrap" align="right">
 &#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Total shares excluded from earnings (loss) per
 share&#x2014;diluted</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">395</td>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom"></td>
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 &#xA0;</p>
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 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td>&#xA0;</td>
 </tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913649584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock', window );">Summary of changes in the fair value of preferred stock warrants</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 The changes in the fair value of preferred stock warrants were as
 follows (in thousands):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0">
 <tr>
 <td width="81%"></td>
 <td valign="bottom" width="13%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Three&#xA0;Months<br />
 Ended<br />
 March&#xA0;31,&#xA0;2016</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Beginning balance</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">6,927</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Change in value of preferred stock warrants recorded in other
 expense, net</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">4,383</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Reclassification to convertible preferred stock upon net exercise
 of Series Seed warrant</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">(3,789</td>
 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Ending balance</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td>&#xA0;</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock', window );">Schedule of assumptions utilized to determine the fair value of preferred stock warrants</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">
 The Company determined the fair value of the preferred stock
 warrants utilizing the Black-Scholes model with the following
 assumptions:</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
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 <td width="76%"></td>
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 <td></td>
 <td valign="bottom" width="9%"></td>
 <td></td>
 <td></td>
 <td></td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">
 <b>As&#xA0;of&#xA0;March&#xA0;31,&#xA0;2016</b></td>
 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Series&#xA0;Seed</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Series&#xA0;A3</b></td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Contractual term (years)</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">5.4</td>
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 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Expected volatility</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">61.1</td>
 <td valign="bottom" nowrap="nowrap">%&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">61.1</td>
 <td valign="bottom" nowrap="nowrap">%&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Risk-free interest rate</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">1.30</td>
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 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">%&#xA0;</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Estimated dividend yield</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">&#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">%&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">&#x2014;&#xA0;&#xA0;</td>
 <td valign="bottom" nowrap="nowrap">%&#xA0;</td>
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 </table>
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</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19279-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913663680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts Payable (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>Payables and Accruals [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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 &#xA0;</p>
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 <td valign="bottom">$</td>
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 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
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 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
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 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
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 <p style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">
 &#xA0;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617523856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Platform operations</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">229</td>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">15</td>
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 Sales and marketing</p>
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 Technology and development</p>
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 General and administrative</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 &#xA0;</p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Summary of stock option activity</a></td>
<td class="text"><div>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="76%" align="center" border="0">
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 <td width="69%"></td>
 <td valign="bottom" width="11%"></td>
 <td></td>
 <td></td>
 <td></td>
 <td valign="bottom" width="11%"></td>
 <td></td>
 <td></td>
 <td></td>
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 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
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 Under&#xA0;Option<br />
 (in&#xA0;thousands)</b></td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Weighted-<br />
 Average<br />
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 <td valign="bottom">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Outstanding at December&#xA0;31, 2016<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(1)</sup></p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom">$</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Granted</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Exercised</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Cancelled</p>
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 <td valign="bottom">&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">)&#xA0;</td>
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 <td valign="bottom"></td>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td>&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 <td valign="bottom"></td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid" bgcolor="#CCEEFF">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Outstanding as of March 31, 2017<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(2)</sup></p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">4,667</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
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 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td>&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; break-inside: avoid">
 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 Exercisable as of March 31, 2017</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">2,710</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 <td valign="bottom">&#xA0;&#xA0;</td>
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 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 3px double; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 &#xA0;</p>
 <p style="MARGIN-BOTTOM: 2pt; FONT-SIZE: medium; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 156px; WHITE-SPACE: normal; WORD-SPACING: 0px; BORDER-BOTTOM: rgb(0,0,0) 1px solid; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 172px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: 8pt; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px">
 &#xA0;</p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0">
 <tr style="break-inside: avoid">
 <td width="13%">&#xA0;</td>
 <td valign="top" width="4%" align="left"><sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">(1)</sup>&#xA0;</td>
 <td valign="top" align="left">Includes options to purchase 389 and
 5,040 shares of Class&#xA0;A and Class B common stock,
 respectively.</td>
 </tr>
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 <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0">
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 <td width="13%">&#xA0;</td>
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 <td valign="top" align="left">Includes options to purchase 393 and
 4,274 shares of Class&#xA0;A and Class B common stock,
 respectively.</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913572560">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 As of March&#xA0;31, 2017, the Company&#x2019;s purchase
 obligations, primarily with hosting services providers, were as
 follows (in thousands):</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 &#xA0;</p>
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">
 </p>
 <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0">
 <tr>
 <td width="87%"></td>
 <td valign="bottom" width="6%"></td>
 <td></td>
 <td></td>
 <td></td>
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 <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
 <td valign="bottom" nowrap="nowrap">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 16.9pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt">
 <b>Year</b></p>
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 <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>Amount</b></td>
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 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 2017 (for remaining nine months)</p>
 </td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
 <td valign="bottom" align="right">17,106</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
 </tr>
 <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
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 2018</p>
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 <td valign="bottom">&#xA0;</td>
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 <td valign="top">
 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
 2019</p>
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 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">&#xA0;</td>
 <td valign="bottom" align="right">8,000</td>
 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
 </td>
 <td valign="bottom">
 <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: rgb(0,0,0) 1px solid; MARGIN-TOP: 0pt">
 &#xA0;</p>
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 <td valign="top"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
 <td valign="bottom">$</td>
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 <td valign="bottom" nowrap="nowrap">&#xA0;</td>
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 <tr style="FONT-SIZE: 1px">
 <td valign="bottom"></td>
 <td valign="bottom">&#xA0;&#xA0;</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of unconditional purchase obligations that are not recognized as a liability on the balance sheet, including the nature and significant terms of an unconditional purchase obligation; the amount of the fixed and determinable portion of the obligation as of the date of the latest balance sheet presented in the aggregate and, if determinable, for each of the five succeeding fiscal years; the nature of any variable components of the obligation; the amount purchased under the obligation (for example, the take-or-pay or throughput contract) for the reporting period; and may include the amount of imputed interest necessary to reduce the obligation to present value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25287-109308<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock</td>
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<td>nonnum:textBlockItemType</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6896792928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Nature of Operations - Additional Information (Detail)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common stock | Secondary Offering</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Organization Consolidation and Presentation of Financial Statements [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_StockSoldDuringPeriodSharesSellingStockholdersNetOfOptionGrantedToUnderwriters', window );">Number of shares sold by selling shareholders net of option granted to underwriters</a></td>
<td class="nump">7,281,789<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Organization consolidation and presentation of financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stock sold during period shares selling stockholders net of option granted to underwriters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=ttd_SecondaryOfferingMember</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6599016576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
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<th class="th"><div>Dec. 31, 2016</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
<td class="nump">$ 3,347<span></span>
</td>
<td class="nump">$ 86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Allowance for doubtful accounts, total</a></td>
<td class="nump">$ 5,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,600<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e5074-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751886032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings Per Share - Reconciliations of Numerators and Denominators of Basic and Diluted Earnings (Loss) Per Share Computations (Detail)<br> $ / shares in Units, shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>Class </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2016 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_CommonStockNumberOfClasses', window );">Number of classes of common stock | Class</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) | $</a></td>
<td class="nump">$ 4,909<span></span>
</td>
<td class="num">$ (1,040)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPremium', window );">Less: Premium on repurchase of convertible preferred stock | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(47,209)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income (loss) attributable to common stockholders-basic | $</a></td>
<td class="nump">$ 4,909<span></span>
</td>
<td class="num">$ (48,249)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted-average shares outstanding</a></td>
<td class="nump">39,167<span></span>
</td>
<td class="nump">10,848<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Earnings (loss) per share-basic | $ / shares</a></td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="num">$ (4.45)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Net income (loss) attributable to common stockholders-diluted | $</a></td>
<td class="nump">$ 4,909<span></span>
</td>
<td class="num">$ (48,249)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted-average shares outstanding</a></td>
<td class="nump">39,167<span></span>
</td>
<td class="nump">10,848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants', window );">Options to purchase common stock</a></td>
<td class="nump">4,178<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Employee stock purchase plan shares</a></td>
<td class="nump">170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends', window );">Restricted stock</a></td>
<td class="nump">42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted-average shares outstanding-diluted</a></td>
<td class="nump">43,557<span></span>
</td>
<td class="nump">10,848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Earnings (loss) per share-diluted | $ / shares</a></td>
<td class="nump">$ 0.11<span></span>
</td>
<td class="num">$ (4.45)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_CommonStockNumberOfClasses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of classes of common stock of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_CommonStockNumberOfClasses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 23<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1757-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Treasury Stock Method<br> -URI http://asc.fasb.org/extlink&amp;oid=6527216<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Call Option<br> -URI http://asc.fasb.org/extlink&amp;oid=6506649<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Warrant<br> -URI http://asc.fasb.org/extlink&amp;oid=6528364<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nonvested equity-based payment awards that contain forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) that result in incremental common shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 68B<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=SL5498026-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28A<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1500-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28A<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1500-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The excess of (1) fair value of the consideration transferred to the holders of the preferred stock over (2) the carrying amount of the preferred stock in the registrant's balance sheet, during the accounting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27010884&amp;loc=d3e42851-122695<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionPremium</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752220464">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings Per Share - Anti-Dilutive Shares (Detail) - shares<br> shares in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Anti-dilutive shares excluded from calculation of diluted earnings (loss) per share:</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Total shares excluded from earnings (loss) per share - diluted</a></td>
<td class="nump">395<span></span>
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<td class="nump">27,621<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=ttd_EquityAwardsMember', window );">Equity Awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Anti-dilutive shares excluded from calculation of diluted earnings (loss) per share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Total shares excluded from earnings (loss) per share - diluted</a></td>
<td class="nump">395<span></span>
</td>
<td class="nump">5,081<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_ConvertiblePreferredStockMember', window );">Convertible Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Anti-dilutive shares excluded from calculation of diluted earnings (loss) per share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Total shares excluded from earnings (loss) per share - diluted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,079<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=ttd_ConvertiblePreferredStockWarrantsMember', window );">Convertible Preferred Stock Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Anti-dilutive shares excluded from calculation of diluted earnings (loss) per share:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Total shares excluded from earnings (loss) per share - diluted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">461<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
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<td><strong> Data Type:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=ttd_EquityAwardsMember</td>
</tr>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_ConvertiblePreferredStockMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=ttd_ConvertiblePreferredStockWarrantsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6617730896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements - Preferred Stock Warrants (Detail) - Convertible Preferred Stock Warrants<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2016 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Beginning balance</a></td>
<td class="nump">$ 6,927<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings', window );">Change in value of preferred stock warrants recorded in other expense, net</a></td>
<td class="nump">4,383<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements', window );">Reclassification to convertible preferred stock upon net exercise of Series Seed warrant</a></td>
<td class="num">(3,789)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Ending balance</a></td>
<td class="nump">$ 7,521<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of settlements of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightAxis=ttd_ConvertiblePreferredStockWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=ttd_ConvertiblePreferredStockWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752217584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements - Assumptions (Detail)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2016</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=ttd_SeriesSeedPreferredStockWarrantMember', window );">Series Seed preferred stock warrants</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Fair Value of preferred stock warrants</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Contractual term (years)</a></td>
<td class="text">5 years 4 months 24 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="nump">61.10%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td>
<td class="nump">1.30%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedDividendRate', window );">Estimated dividend yield</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightAxis=ttd_SeriesA3PreferredStockWarrantMember', window );">Series A3 preferred stock warrants</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Fair Value of preferred stock warrants</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Contractual term (years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="nump">61.10%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td>
<td class="nump">1.54%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedDividendRate', window );">Estimated dividend yield</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedDividendRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected dividends to be paid to holders of the underlying shares or financial instruments (expressed as a percentage of the share or instrument's price).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedDividendRate</td>
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<tr>
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedTerm</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssumptionsExpectedVolatilityRate</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Risk-free interest rate assumption used in valuing an instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=66048111&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssumptionsRiskFreeInterestRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=ttd_SeriesSeedPreferredStockWarrantMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightAxis=ttd_SeriesA3PreferredStockWarrantMember</td>
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<head>
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6899680416">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accounts Payable (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrentAbstract', window );"><strong>Accounts Payable</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableTradeCurrent', window );">Accounts payable-media and data</a></td>
<td class="nump">$ 222,967<span></span>
</td>
<td class="nump">$ 307,018<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableOtherCurrent', window );">Accounts payable-other</a></td>
<td class="nump">8,557<span></span>
</td>
<td class="nump">14,145<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Total</a></td>
<td class="nump">$ 231,524<span></span>
</td>
<td class="nump">$ 321,163<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableOtherCurrent</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableTradeCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6747262912">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debt (Detail) - USD ($)<br></strong></div></th>
<th class="th"><div>May 09, 2017</div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long-term debt:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermLineOfCredit', window );">Outstanding debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25,847,000<span></span>
</td>
<td class="nump">$ 25,847,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving credit facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long-term debt:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermLineOfCredit', window );">Outstanding debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtWeightedAverageInterestRate', window );">Weighted average interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.44%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving credit facility | Subsequent Event</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Long-term debt:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_LineOfCreditIncreaseInBorrowingCapacity', window );">Credit facility, increase in aggregate principal amount of commitments available</a></td>
<td class="nump">$ 75,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_LineOfCreditIncreaseInBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line Of Credit Increase In Borrowing Capacity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_LineOfCreditIncreaseInBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtWeightedAverageInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average interest rate of debt outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtWeightedAverageInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermLineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1314-112600<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1336-112600<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Line-of-Credit Arrangement<br> -URI http://asc.fasb.org/extlink&amp;oid=6517033<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermLineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6635263856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capitalization - Secondary Offering (Detail) - Class A common stock - Secondary Offering<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_StockSoldDuringPeriodSharesSellingStockholders', window );">Number of shares sold by selling shareholders</a></td>
<td class="nump">6,331,991<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Secondary offering price | $ / shares</a></td>
<td class="nump">$ 35.50<span></span>
</td>
<td class="nump">$ 35.50<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_StockIssuedDuringPeriodSharesIssuesUnderOptionGrantedToUnderwriters', window );">Additional shares purchase under option granted to underwriters</a></td>
<td class="nump">949,798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_StockIssuanceCostsIncurred', window );">Offering costs incurred | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.9<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_StockIssuanceCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stock issuance costs incurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_StockIssuanceCostsIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_StockIssuedDuringPeriodSharesIssuesUnderOptionGrantedToUnderwriters">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stock issued during period shares issues under option granted to underwriters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_StockIssuedDuringPeriodSharesIssuesUnderOptionGrantedToUnderwriters</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_StockSoldDuringPeriodSharesSellingStockholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of outstanding shares of stock sold by selling stockholders concurrently with the sale of newly issued shares by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_StockSoldDuringPeriodSharesSellingStockholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssuedPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share or per unit amount of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssuedPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=ttd_SecondaryOfferingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=ttd_SecondaryOfferingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752127872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation - Expense (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems', window );"><strong>Stock-based compensation expense, by operating expense category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation expense</a></td>
<td class="nump">$ 2,322<span></span>
</td>
<td class="nump">$ 159<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_OperatingExpenseMember', window );">Platform operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems', window );"><strong>Stock-based compensation expense, by operating expense category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation expense</a></td>
<td class="nump">229<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember', window );">Sales and marketing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems', window );"><strong>Stock-based compensation expense, by operating expense category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation expense</a></td>
<td class="nump">539<span></span>
</td>
<td class="nump">50<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">Technology and development</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems', window );"><strong>Stock-based compensation expense, by operating expense category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation expense</a></td>
<td class="nump">665<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administrative</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems', window );"><strong>Stock-based compensation expense, by operating expense category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation expense</a></td>
<td class="nump">$ 889<span></span>
</td>
<td class="nump">$ 54<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_OperatingExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_OperatingExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751868000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock-Based Compensation - Stock Options (Detail) - Stock Options<br> shares in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Mar. 31, 2017 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Shares Under Option</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding at the beginning of the period (in shares) | shares</a></td>
<td class="nump">5,429<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted (in shares) | shares</a></td>
<td class="nump">44<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised (in shares) | shares</a></td>
<td class="num">(680)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Cancelled (in shares) | shares</a></td>
<td class="num">(126)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding at the end of the period (in shares) | shares</a></td>
<td class="nump">4,667<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable as of March 31, 2017 | shares</a></td>
<td class="nump">2,710<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted-Average Exercise Price</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding at the beginning of the period (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 4.94<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Granted (in dollars per share) | $ / shares</a></td>
<td class="nump">29.60<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercised (in dollars per share) | $ / shares</a></td>
<td class="nump">0.40<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice', window );">Cancelled (in dollars per share) | $ / shares</a></td>
<td class="nump">20.10<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding at the end of the period (in dollars per share) | $ / shares</a></td>
<td class="nump">5.43<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Exercisable as of March 31, 2017 | $ / shares</a></td>
<td class="nump">$ 1.13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes options to purchase 389 and 5,040 shares of Class A and Class B common stock, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Includes options to purchase 393 and 4,274 shares of Class A and Class B common stock, respectively.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6895972368">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Stock-Based Compensation - Stock Options (Parenthetical) (Detail) - shares<br></strong></div></th>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Stock-Based Compensation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options to purchase stock</a></td>
<td class="nump">393<span></span>
</td>
<td class="nump">389<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Stock-Based Compensation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Options to purchase stock</a></td>
<td class="nump">4,274<span></span>
</td>
<td class="nump">5,040<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6893485152">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Stock-Based Compensation - Additional Information (Detail)<br></strong></div></th>
<th class="th">
<div>Jan. 01, 2017 </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember', window );">ESPP</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Stock-Based Compensation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized', window );">Number of additional shares authorized for grant</a></td>
<td class="nump">400,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=ttd_TwoThousandAndSixteenIncentiveAwardPlanMember', window );">2016 Incentive Award Plan</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Stock-Based Compensation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized', window );">Number of additional shares authorized for grant</a></td>
<td class="nump">1,600,000<span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of additional shares authorized for issuance under an established share-based compensation plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=ttd_TwoThousandAndSixteenIncentiveAwardPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=ttd_TwoThousandAndSixteenIncentiveAwardPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6748121984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes - Additional Information (Detail) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2017</div></th>
<th class="th"><div>Mar. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Federal income tax at statutory rate (as a percent)</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost', window );">Discrete benefits associated with disqualifying dispositions of incentive stock options</a></td>
<td class="nump">$ 5.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible equity-based compensation costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</DOCUMENT>
<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6898108896">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies - Commitments (Detail)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract', window );"><strong>Purchase obligations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear', window );">2017 (for remaining nine months)</a></td>
<td class="nump">$ 17,106<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary', window );">2018</a></td>
<td class="nump">8,380<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary', window );">2019</a></td>
<td class="nump">8,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount', window );">Total</a></td>
<td class="nump">$ 33,486<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the unrecorded obligation to transfer funds in the future for fixed or minimum amounts or quantities of goods or services at fixed or minimum prices (for example, as in take-or-pay contracts or throughput contracts).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73718637&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the fixed and determinable portion of the unrecorded unconditional purchase obligation maturing in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6913646144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies - Guarantees and Indemnifications (Detail)<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GuaranteeObligationsByNatureAxis=us-gaap_IndemnificationGuaranteeMember', window );">Indemnifications</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GuaranteeObligationsLineItems', window );"><strong>Guarantees and Indemnifications</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GuaranteeObligationsCurrentCarryingValue', window );">Recorded obligation</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GuaranteeObligationsCurrentCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current carrying amount of the liability for the freestanding or embedded guarantor's obligations under the guarantee or each group of similar guarantees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6851643&amp;loc=d3e12069-110248<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GuaranteeObligationsCurrentCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GuaranteeObligationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GuaranteeObligationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GuaranteeObligationsByNatureAxis=us-gaap_IndemnificationGuaranteeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GuaranteeObligationsByNatureAxis=us-gaap_IndemnificationGuaranteeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.7.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758711936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Subsequent Event - Additional Information (Detail) - Revolving credit facility - Subsequent Event<br></strong></div></th>
<th class="th">
<div>May 09, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_LineOfCreditIncreaseInBorrowingCapacity', window );">Credit facility, increase in aggregate principal amount of commitments available</a></td>
<td class="nump">$ 75,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit facility, borrowing capacity</a></td>
<td class="nump">200,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_LineOfCreditAdditionalBorrowingCapacity', window );">Credit Facility additional borrowing amount</a></td>
<td class="nump">$ 100,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Credit Facility, maturity</a></td>
<td class="text">May  09,  2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_LineOfCreditFacilityCovenantRatio', window );">Minimum consolidated fixed charge coverage ratio</a></td>
<td class="nump">1.15%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility', window );">Percentage of lesser of aggregate revolving commitments and borrowing base for excess availability of credit facility</a></td>
<td class="nump">12.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Federal Funds Rate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Credit Facility, interest rate above base rate</a></td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Credit Facility, interest rate above base rate</a></td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage', window );">Credit Facility, fee for undrawn amounts</a></td>
<td class="nump">0.325%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Minimum | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Credit Facility, interest rate above base rate</a></td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Minimum | Base Rate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Credit Facility, interest rate above base rate</a></td>
<td class="nump">1.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage', window );">Credit Facility, fee for undrawn amounts</a></td>
<td class="nump">0.375%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants', window );">Amount of excess availability under revolving credit facility required based on facility covenants</a></td>
<td class="nump">$ 15,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Maximum | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Credit Facility, interest rate above base rate</a></td>
<td class="nump">2.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Maximum | Base Rate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Credit Facility, interest rate above base rate</a></td>
<td class="nump">1.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Swingline Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases', window );">Credit facility, borrowing capacity</a></td>
<td class="nump">$ 20,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Letter of Credit</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Credit facility, borrowing capacity</a></td>
<td class="nump">$ 15,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_LineOfCreditAdditionalBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line Of Credit Additional Borrowing Capacity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_LineOfCreditAdditionalBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line of credit facility amount of excess availability under credit facility required based on facility covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_LineOfCreditFacilityAmountOfExcessAvailabilityUnderCreditFacilityRequiredBasedOnFacilityCovenants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_LineOfCreditFacilityCovenantRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum consolidated fixed charge coverage ratio required to be maintained by the entity under the terms of the credit facility agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_LineOfCreditFacilityCovenantRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line of credit facility percentage of lesser of aggregate revolving commitments and borrowing base for excess availability of credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_LineOfCreditFacilityPercentageOfLesserOfAggregateRevolvingCommitmentsAndBorrowingBaseForExcessAvailabilityOfCreditFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ttd_LineOfCreditIncreaseInBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line Of Credit Increase In Borrowing Capacity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ttd_LineOfCreditIncreaseInBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ttd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum amount of borrowing capacity under a line of credit that is available as of the balance sheet date for a specific purpose other than for financing goods acquired for inventory or imminent delivery to a customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_FederalFundsEffectiveSwapRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_FederalFundsEffectiveSwapRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_BaseRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_BaseRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ttd_SwinglineBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ttd_SwinglineBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=us-gaap_LetterOfCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=us-gaap_LetterOfCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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/**
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
