2013 Corporate Incentive Plan



 Exhibit 10.20 
 Pandora Media Corporate Incentive Plan for Fiscal Year 2013 
 The Pandora Media Inc.
(“Pandora”) Corporate Incentive Plan for Fiscal Year 2013 (the “Plan”) is designed to reward eligible employees for their efforts toward the accomplishment of Pandora’s goals during the Plan Year. For purposes
of the Plan, “Plan Year” means Pandora’s fiscal year starting February 1, 2012 through and including January 31, 2013, but, as further described below, eligible employees may receive a partial mid-year bonus. 

Eligibility 
 Eligibility under
the Plan does not represent a commitment or guarantee that you will receive any payment under the Plan. If, for any reason, you are not an active Pandora employee on the bonus payment date, you will not be eligible to receive a bonus under the Plan.
Furthermore, the decision to pay any bonus under the Plan remains in the full discretion of the Compensation Committee of Pandora’s Board of Directors. 
 Selected employees at the manager or equivalent level and all employees at the director level and above are eligible (an “Eligible Position”). An eligible employee must remain an employee
in good standing on the date that bonuses are paid to receive any payment under the Plan. 
 New Hires and Promotions into Eligible
Positions. Eligible employees hired or promoted into an Eligible Position after February 2012 will have any bonus prorated to reflect the length of time employed in an Eligible Position during the Plan Year. However, employees hired after June
1, 2012 will not be eligible for a Mid-Year Bonus (as defined below), and employees hired after December 1, 2012 will not be eligible for the Plan. 
 Changes Between Eligible Positions. Eligible employees who move from one Eligible Position to another Eligible Position with a different Target Bonus will have any bonus prorated to reflect the
different Target Bonus amounts based on the length of time employed in each Eligible Position. 
 Target Bonus Opportunity

 Each Eligible Position is assigned a target bonus amount (“Target Bonus”), expressed as a percentage of earned salary
for the applicable period. Your manager will discuss your Target Bonus with you. 
 Plan Administration 

The Compensation Committee will have sole discretion to determine whether any percentage of Target Bonus will be paid under the Plan, in amounts ranging
from 0% to over 100% of Target Bonus, depending solely upon its assessment of Pandora’s overall performance measured against objectives that the Compensation Committee and management will discuss from time to time. Pandora and the Compensation
Committee may amend, suspend or terminate the Plan at any time and in any manner. All payments under the Plan are discretionary and may be reduced or eliminated in the sole discretion of the Compensation Committee. 







 The Incentive Committee of Pandora (the “Incentive Committee”) is responsible for
administering the Plan with respect to employees who are not executive officers (“Non-Executive Employees”), subject to the direction of the Compensation Committee. Members of the Incentive Committee include the Chief Financial
Officer, General Counsel, and the Vice President of Human Resources. The Incentive Committee will, in its discretion, determine a Non-Executive Employee’s eligibility under the Plan, including whether part-time employees are eligible and
whether Pandora will pay prorated bonuses for Non-Executive Employees who retire (and, if so, the retirement criteria) or die during the Plan Year. All determinations, interpretations, rules and decisions of the Compensation Committee and/or the
Incentive Committee shall be conclusive and binding upon all persons claiming to have any interest or right under the Plan. 
 Bonus
Payments 
 In order to receive any payment under the Plan, an eligible employee must remain an active employee on the date that bonuses
are paid. If, before a bonus payment date, your employment is terminated (whether by you or by Pandora, regardless of the reason), you will not be eligible to receive a bonus under the Plan. 
 Mid-Year Bonus – In the sole discretion of the Compensation Committee, a “Mid-Year Bonus” of up to 25% of each eligible employee’s Target Bonus may be paid during the year based
on the Compensation Committee’s assessment of Pandora’s performance through July 31, 2012. 
 Year-End Bonus – A year-end bonus
(with the percentage of Target Bonus determined by the Compensation Committee in its sole discretion) may be paid based on the Compensation Committee’s assessment of Pandora’s performance for the fiscal year ending January 31, 2013, less
any Mid-Year Bonus previously paid. 
 If the Compensation Committee approves payment under this Plan, each eligible employees will receive the
same percentage of his or her Target Bonus. However, the foregoing does not limit the Compensation Committee’s authority to award discretionary bonuses to individuals outside of the Plan. 

Operating Guidelines 
 No eligible
employee may rely on any verbal or other information outside of this Plan. Pandora reserves the right to amend, discontinue or make significant changes to the Plan at any time and for any reason, with or without notice. Eligibility for a bonus under
this Plan does not guarantee eligibility for any future payments or bonus programs. 







 At Will Employment 
 Nothing in the Plan shall confer upon any employee or other Plan participant any right to continued employment or service with Pandora for any specific duration or otherwise restrict in any way the rights
of Pandora or any employee to terminate an eligible employee’s employment at any time, for any reason, with or without cause. 
 Tax
Withholding 
 Pandora shall withhold from the payments under the Plan all federal, state and local income or other taxes required to be
withheld therefrom and any other required payroll deductions, and as a condition precedent to payment under the Plan, all recipients shall make arrangements satisfactory to Pandora for the payment of any personal income or other taxes. All payments
hereunder are intended to qualify for the short-term deferral exception from Section 409A of the Internal Revenue Code and, if required to qualify for such exception, shall be made no later than 2 and 1/2 months following the end of the taxable year
in which an individual becomes legally entitled to, or vested in, a payment hereunder. 
 Miscellaneous 

This Plan is unfunded. In no event may a participant sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan or
relating hereto. At no time will any such right or interest under the Plan be subject to the claims of any participant’s creditors or liable to attachment, execution or other legal process.