Document:

Exhibit 10.26

 

 

January 31, 2014

 

Mr. Joseph Kennedy 

********** 

**********

 

Dear Joe:

 

The purpose of this letter is to confirm the agreement that Pandora Media, Inc. (“Pandora”) engage you as a consultant who will help Pandora with certain strategy planning as further described in this letter agreement.

 

l.                  Scope of Services. The services that you will perform are described on Exhibit A (the “Services”).

 

2.              Term. You agree to begin providing services to Pandora on February 1, 2014 and shall continue through December 31, 2014 or until earlier terminated by either party with thirty days’ prior notice.  Termination must be in writing to be effective, but may be delivered by email to you at **************** or to Pandora at **************** or ****************. For the avoidance of doubt, this means that your last day of employment on January 31, 2014 will be the date your Continuous Service Status (as defined under each of the 2004 Stock Plan and the 2011 Equity Incentive Plan) ends.

 

Payment. In consideration of the foregoing services, Pandora shall pay you a monthly fee of $1,000, subject to the terms of this letter agreement.

 

a.             Pandora shall reimburse you for actual, out-of-pocket expenses that are associated with an activity (e.g., travel, research) that the chief executive officer or general counsel approve, which expenses are documented by receipts.

 

b.              You will issue invoices for fees and reimbursable expenses within thirty days of the end of each month. Pandora will pay all undisputed invoices within 30 days of receipt of invoice. You are solely responsible for any taxes associated with your compensation under this letter agreement, including any applicable reporting, withholding, and payment requirements.

 

3.              Confidentiality. During the term of this letter agreement, you may receive Confidential Information (defined below). You must not use or disclose such Confidential Information except as set forth in this letter agreement and must promptly notify Pandora of any actual or suspected misuse or unauthorized disclosure of Confidential Information, or if you receive a subpoena or other order of a court or government agency that requires the disclosure of the Confidential

 

 

 

Information. “Confidential Information” means any Pandora non-public or proprietary information and materials. All information which you acquire or become acquainted with during the period of this letter agreement, whether developed by you or by others, which you have a reasonable basis to believe to be Confidential Information is presumed to be Confidential Information.  If you breach the confidentiality provisions of this paragraph, Pandora will be irreparably injured.  As such, you agree that Pandora is entitled, in addition to any other remedies available at law or in equity, to extraordinary relief in court, including, without limitation, specific performance, temporary restraining orders, preliminary injunctions and permanent injunctions, to prevent the breach or threatened breach of this paragraph.

 

4.              Miscellaneous. This letter agreement will be construed and interpreted according to the laws of the State of California without regard to conflict of laws principles. Any disputes arising from or related to this letter agreement will be brought exclusively in the state or Federal courts located in Alameda County, California, and the parties hereby consent to the personal jurisdiction of these courts for such purposes.

 

Please indicate your acceptance of the terms set forth in this letter agreement by signing a copy of this letter in the space indicated below. We look forward to working with you.

 

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
/s/   Delida Costin
    	
 
    
	
 
    	
 
    
	
Delida Costin
    	
 
    
	
General Counsel
    	
 
    
	
 
    	
 
    
	
AGREED AND ACCEPTED:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Joseph J Kennedy
    	
 
    
	
 
    	
 
    
	
Print Name: 
    	
/s/   Joseph J Kennedy
    	
 
    
	
 
    	
 
    
	
Date: 
    	
1/31/2014
    	
 
    
				

 

 

Exhibit A

 

Provide strategic advice to assist Pandora in rate-setting proceedings and negotiations with publishers and labels for the public performance of sound recordings and musical compositionsEXHIBIT 10.1

 

AMENDMENT NO. 1

 

Dated as of April 27, 2014

 

to

 

CREDIT AGREEMENT

 

Dated as of April 27, 2012

 

THIS AMENDMENT NO. 1 (this “Amendment”) is made as of April 27, 2014 by and among The Allstate Corporation, a Delaware corporation (the “Company”), Allstate Insurance Company, an Illinois insurance company (“Allstate Insurance”), Allstate Life Insurance Company, an Illinois insurance company ( “Allstate Life” and, together with the Company and Allstate Insurance, the “Borrowers”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of April 27, 2012 by and among the Borrowers, the financial institutions from time to time party thereto as Lenders and the Administrative Agent (the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

 

WHEREAS, the Company has requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement; and

 

WHEREAS, the Borrowers, the Lenders and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders and the Administrative Agent hereby agree to the following amendments to the Credit Agreement.

 

1.                                    Amendments to the Credit Agreement.  Effective as of the Amendment Effective Date (as defined below), the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a)                               Section 1.1 of the Credit Agreement is hereby amended to insert the following new definitions in the appropriate alphabetical order:

 

“Amendment No. 1 Effective Date” means April 27, 2014.

 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company or its Subsidiaries from time to time concerning or relating to bribery or corruption.

 

“Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

 

“Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period (for which the LIBOR Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.

 

“LIBOR Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of Treasury.

 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions that broadly restrict dealings with that country or territory (currently, as of the Amendment No. 1 Effective Date, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country to the extent such Person is subject to Sanctions or (c) any Person more than 50% owned or controlled by any such Person.

 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

(b)                              The definition of “LIBO Rate” appearing in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest Period, the London interbank offered rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if a LIBOR Screen Rate shall not be available at such time for such Interest Period (the “Impacted Interest Period”), then the LIBO Rate for such Interest Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  It is

 

2

 

understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be subject to Section 3.4.

 

(c)                               The definition of “Maturity Date” appearing in Section 1.1 of the Credit Agreement is hereby amended to delete the reference to “April 27, 2017” appearing therein and replacing such reference with a reference to “April 27, 2019”.

 

(d)                              Section 2.8(a) of the Credit Agreement is hereby amended (i) to delete the phrase “(not more than twice during the term of this Credit Agreement)” appearing therein and replacing such reference with the phrase “(not more than twice following the Amendment No. 1 Effective Date)”, and (ii) to delete the phrase “30 days prior to each of the first and second anniversary of the Effective Date” appearing therein and replacing such reference with the phrase “30 days prior to each of the first and second anniversary of the Amendment No. 1 Effective Date”.

 

(e)                               Each of Section 4.4(c) and Section 4.5 of the Credit Agreement are hereby amended to delete the reference to “December 31, 2011” appearing therein and replace such reference in each case with a reference to “December 31, 2013”.

 

(f)                                Article 4 of the Credit Agreement is hereby amended to insert the following as a new Section 4.12 thereof:

 

SECTION 4.12.  Anti-Corruption Laws and Sanctions. The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents when acting on the Company’s or any Subsidiary’s behalf with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective officers and employees when acting on the Company’s or any Subsidiary’s behalf and to the knowledge of the Company its directors and agents when acting on the Company’s or any Subsidiary’s behalf, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.

 

(g)                               Section 6.4 of the Credit Agreement is hereby amended to insert a new sentence as the end thereof as follows:

 

The Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with  Anti-Corruption Laws and applicable Sanctions.

 

(h)                              Section 6.8 of the Credit Agreement is hereby amended to insert a new sentence as the end thereof as follows:

 

No Borrower will request any Borrowing, and no Borrower shall use, and the Company shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for

 

3

 

the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (iii) in any manner that would result in the violation of  any Sanctions applicable to any party hereto.

 

2.                                    Conditions of Effectiveness.  The effectiveness of this Amendment (the “Amendment Effective Date”) is subject to the satisfaction of the following conditions precedent:

 

(a)                               The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Lenders and the Administrative Agent.

 

(b)                              The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective Date) of (i) Susan L. Lees, Executive Vice President, General Counsel and Secretary of the Company and acting as counsel to the other Borrower and (ii) Sutherland Asbill & Brennan LLP, special New York counsel for the Borrower, each covering such matters relating to the Borrowers, this Amendment, the Credit Agreement as amended hereby and the Transactions as the Administrative Agent shall reasonably request (and the Borrower hereby requests such counsel to deliver such opinions).

 

(c)                               The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to (i) the organization, existence and good standing of each Borrower, (ii) the authorization of the Transactions and the validity of this Amendment and the Credit Agreement as amended hereby and (iii) any other legal matters relating to Borrowers, this Amendment and the Credit Agreement as amended hereby or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

(d)                              The Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by the chief executive officer or the chief financial officer or the controller of the Company confirming (i) that the representations and warranties of the Borrowers set forth in Article 4  of the Credit Agreement (as such Article 4 is modified by this Amendment) are true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of the Amendment Effective Date except to the extent that any such representations and warranties expressly relate to an earlier date (including those contained in Sections 4.4(a), 4.4(b) and 4.8 of the Credit Agreement), in which case such representations and warranties shall have been true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of such earlier date and (ii) that there is no Default in existence as of the Amendment Effective Date.

 

(e)                               The Administrative Agent shall have received, for the account of each Lender party hereto that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an extension fee in an amount equal to the amount disclosed by the Borrowers to the Lenders in writing prior to the date hereof.

 

(f)                                The Administrative Agent shall have received payment of the Administrative Agent’s and its Affiliates’ fees and reasonable out-of-pocket costs and expenses (including the reasonable fees, charges and disbursements of Sidley Austin LLP, counsel to the Administrative Agent) in connection with this Amendment.

 

3.                                    Representations and Warranties of the Borrowers.  Each Borrower hereby represents and warrants as follows:

 

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(a)                               This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of such Borrower, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, rehabilitation, moratorium or other laws affecting creditors’ rights and rights of creditors of insurers generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b)                              As of the date hereof and after giving effect to the terms of this Amendment, (i) there is no Default in existence as of the Amendment Effective Date and (ii) the representations and warranties of such Borrower set forth in Article 4  of the Credit Agreement (as such Article 4 is modified by this Amendment) are true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of the Amendment Effective Date except to the extent that any such representations and warranties expressly relate to an earlier date (including those contained in Sections 4.4(a), 4.4(b) and 4.8 of the Credit Agreement), in which case such representations and warranties shall have been true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of such earlier date.

 

4.                                    Reference to and Effect on the Credit Agreement.

 

(a)                               Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b)                              Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

(c)                               The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, or constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

(d)                              This Amendment is a “Loan Document” under (and as defined in) the Credit Agreement.

 

5.                                    Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

6.                                    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

7.                                    Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.

 

[Signature Pages Follow]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment be duly executed by their respective authorized officers as of the day and year first above written.

 

	
 
    	
THE ALLSTATE   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mario Rizzo
    	
 
    
	
 
    	
Name: 
    	
Mario Rizzo
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Samuel H. Pilch
    	
 
    
	
 
    	
Name:
    	
Samuel H. Pilch
    
	
 
    	
Title:
    	
Senior Group Vice   President
    
	
 
    	
 
    	
and Controller
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALLSTATE INSURANCE   COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mario Rizzo
    	
 
    
	
 
    	
Name:
    	
Mario Rizzo
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Samuel H. Pilch
    	
 
    
	
 
    	
Name:
    	
Samuel H. Pilch
    
	
 
    	
Title:
    	
Senior Group Vice   President
    
	
 
    	
 
    	
and Controller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ALLSTATE LIFE INSURANCE   COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mario Rizzo
    	
 
    
	
 
    	
Name:
    	
Mario Rizzo
    
	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Samuel H. Pilch
    	
 
    
	
 
    	
Name:
    	
Samuel H. Pilch
    
	
 
    	
Title:
    	
Senior Group Vice   President
    
	
 
    	
 
    	
and Controller
    

 

 

	
 
    	
JPMORGAN CHASE BANK,   N.A.,
    
	
 
    	
individually as a   Lender and as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Rick Barracato
    	
 
    
	
 
    	
Name:
    	
Rick Barracato
    
	
 
    	
Title:
    	
V.P.
    

 

 

	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michelle S.   Dagenhart
    	
 
    
	
 
    	
Name:
    	
Michelle S. Dagenhart
    
	
 
    	
Title:
    	
VP, Portfolio Manager
    

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jason Cassity
    	
 
    
	
 
    	
Name:
    	
Jason Cassity
    
	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
CITIBANK, N.A.
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert Chesley
    	
 
    
	
 
    	
Name:
    	
Robert Chesley
    
	
 
    	
Title:
    	
Managing Director and   Vice President
    

 

 

	
 
    	
GOLDMAN SACHS BANK USA,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Walton
    	
 
    
	
 
    	
Name:
    	
Mark Walton
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

 

	
 
    	
BARCLAYS BANK PLC,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Noam Azachi
    	
 
    
	
 
    	
Name:
    	
Noam Azachi
    
	
 
    	
Title:
    	
Vice President
    

 

 

	
 
    	
THE NORTHERN TRUST   COMPANY,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Peter J. Hallan
    	
 
    
	
 
    	
Name:
    	
Peter J. Hallan
    
	
 
    	
Title:
    	
Vice President
    

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bonnie S. Wiskowski
    	
 
    
	
 
    	
Name:
    	
Bonnie S. Wiskowski
    
	
 
    	
Title:
    	
Vice President
    

 

 

	
 
    	
THE BANK OF NEW YORK   MELLON,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kenneth P.   Sneider, Jr.
    	
 
    
	
 
    	
Name:
    	
Kenneth P.   Sneider, Jr.
    
	
 
    	
Title:
    	
Managing Director
    

 

 

	
 
    	
DEUTSCHE BANK AG NEW   YORK BRANCH,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Virginia Cosenza
    	
 
    
	
 
    	
Name:
    	
Virginia Cosenza
    
	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ming K. Chu
    	
 
    
	
 
    	
Name:
    	
Ming K. Chu
    
	
 
    	
Title:
    	
Vice President
    

 

 

	
 
    	
MORGAN STANLEY BANK,   N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael King
    	
 
    
	
 
    	
Name:
    	
Michael King
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

 

	
 
    	
PNC BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Nicole Limberg
    	
 
    
	
 
    	
Name:
    	
Nicole Limberg
    
	
 
    	
Title:
    	
Relationship Manager,   Vice President

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