Document:

2004 Stock Plan, as amended, and Forms of Stock Option Agreement

 EXHIBIT 10.3 
 PANDORA MEDIA, INC. 
 (formerly Savage Beast Technologies Incorporated)

 2004 STOCK PLAN 
 (as amended April 19, 2004) 
 (as amended July 14, 2004)

 (as amended March 29, 2006) 
 (as amended September 13, 2006) 
 (as amended August 29, 2008)

 (as amended July 7, 2009) 
 (as amended October 20, 2010) 
 1. Purposes of the Plan.
The purposes of this 2004 Stock Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees and Consultants and to promote the success of the Company’s
business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant of an option and subject to the applicable provisions of Section 422 of the Code and
the regulations and interpretations promulgated thereunder. Stock purchase rights may also be granted under the Plan. 
 2.
Definitions. As used herein, the following definitions shall apply: 
 (a) “Administrator”
means the Board or its Committee appointed pursuant to Section 4 of the Plan. 
 (b) “Affiliate”
means an entity other than a Subsidiary (as defined below) which, together with the Company, is under common control of a third person or entity. 
 (c) “Applicable Laws” means the legal requirements relating to the administration of stock option and restricted stock purchase plans, including under applicable U.S. state
corporate laws, U.S. federal and applicable state securities laws, other U.S. federal and state laws, the Code, any Stock Exchange rules or regulations and the applicable laws, rules and regulations of any other country or jurisdiction where Options
or Stock Purchase Rights are granted under the Plan, as such laws, rules, regulations and requirements shall be in place from time to time. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Change of Control” means (1) a sale of all or substantially all of the Company’s assets, or
(2) any merger, consolidation or other business combination transaction of the Company with or into another corporation, entity or person, other than a transaction in which the holders of at least a majority of the shares of voting capital
stock of the Company outstanding immediately prior to such transaction continue to hold (either by such shares remaining outstanding or by their being converted into shares of voting capital 

  
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stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of the Company (or the surviving entity) outstanding immediately after such
transaction, or (3) the direct or indirect acquisition (including by way of a tender or exchange offer) by any person, or persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a
majority of the voting power of the then outstanding shares of capital stock of the Company. 
 (f)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Committee”
means one or more committees or subcommittees of the Board appointed by the Board to administer the Plan in accordance with Section 4 below. 
 (h) “Common Stock” means the Common Stock of the Company. 

(i) “Company” means Pandora Media, Inc. (formerly Savage Beast Technologies Incorporated), a Delaware
corporation. 
 (j) “Consultant” means any person, including an advisor, who is engaged by the Company
or any Parent, Subsidiary or Affiliate to render services and is compensated for such services, and any director of the Company whether compensated for such services or not. 
 (k) “Continuous Service Status” means the absence of any interruption or termination of service as an Employee or Consultant. Continuous Service Status as an Employee or Consultant
shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Administrator, provided that such leave is for a period of not more than ninety (90) days,
unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; or (iv) in the case of transfers between locations of the Company or
between the Company, its Parents, Subsidiaries, Affiliates or their respective successors. A change in status from an Employee to a Consultant or from a Consultant to an Employee will not constitute an interruption of Continuous Service Status.

 (l) “Corporate Transaction” means a sale of all or substantially all of the Company’s assets, or
a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation, entity or person, or the direct or indirect acquisition (including by way of a tender or exchange offer) by
any person, or persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of the voting power of the then outstanding shares of capital stock of the Company. 

(m) “Director” means a member of the Board. 

(n) “Employee” means any person employed by the Company or any Parent, Subsidiary or Affiliate, with the status
of employment determined based upon such factors as are deemed appropriate by the Administrator in its discretion, subject to any requirements of the Code or the Applicable Laws. The payment by the Company of a

  
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director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Company. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(p) “Fair Market Value” means, as of any date, the fair market value of the Common Stock, as determined by the
Administrator in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the determination of Fair Market Value shall be based upon the closing price for the Shares as reported in
the Wall Street Journal for the applicable date. 
 (q) “Incentive Stock Option” means an Option
intended to qualify as an incentive stock option within the meaning of Section 422 of the Code, as designated in the applicable Option Agreement. 
 (r) “Listed Security” means any security of the Company that is listed or approved for listing on a national securities exchange or designated or approved for designation as a
national market system security on an interdealer quotation system by the National Association of Securities Dealers, Inc. 

(s) “Named Executive” means any individual who, on the last day of the Company’s fiscal year, is the chief
executive officer of the Company (or is acting in such capacity) or among the four most highly compensated officers of the Company (other than the chief executive officer). Such officer status shall be determined pursuant to the executive
compensation disclosure rules under the Exchange Act. 
 (t) “Nonstatutory Stock Option” means an Option
not intended to qualify as an Incentive Stock Option, as designated in the applicable Option Agreement. 
 (u)
“Option” means a stock option granted pursuant to the Plan. 
 (v) “Option
Agreement” means a written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated into
such Option Agreement, including, but not limited to, a notice of stock option grant and a form of exercise notice. 
 (w)
“Option Exchange Program” means a program approved by the Administrator whereby outstanding Options are exchanged for Options with a lower exercise price or are amended to decrease the exercise price as a result of a decline
in the Fair Market Value of the Common Stock. 
 (x) “Optioned Stock” means the Common Stock subject to
an Option. 
 (y) “Optionee” means an Employee or Consultant who receives an Option. 

  
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 (z) “Parent” means a “parent corporation,” whether now or
hereafter existing, as defined in Section 424(e) of the Code, or any successor provision. 
 (aa)
“Participant” means any holder of one or more Options or Stock Purchase Rights, or the Shares issuable or issued upon exercise of such awards, under the Plan. 

(bb) “Plan” means this 2004 Stock Plan. 
 (cc) “Reporting Person” means an officer, Director, or greater than ten percent shareholder of the Company within the meaning of Rule 16a-2 under the Exchange Act, who is required
to file reports pursuant to Rule 16a-3 under the Exchange Act. 
 (dd) “Restricted Stock” means Shares
of Common Stock acquired pursuant to a grant of a Stock Purchase Right under Section 11 below. 
 (ee)
“Restricted Stock Purchase Agreement” means a written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of a Stock Purchase Right granted under the Plan and includes
any documents attached to such agreement. 
 (ff) “Rule 16b-3” means Rule 16b-3 promulgated under the
Exchange Act, as amended from time to time, or any successor provision. 
 (gg) “Share” means a share of
the Common Stock, as adjusted in accordance with Section 14 of the Plan. 
 (hh) “Stock Exchange”
means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock are quoted at any given time. 
 (ii) “Stock Purchase Right” means the right to purchase Common Stock pursuant to Section 11 below. 
 (jj) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code, or any successor provision.

 (kk) “Ten Percent Holder” means a person who owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary. 
 3. Stock Subject to
the Plan. Subject to the provisions of Section 14 of the Plan, the maximum aggregate number of Shares that may be sold under the Plan is 50,269,674 Shares of Common Stock. The Shares may be authorized, but unissued, or reacquired Common
Stock. If an award should expire or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares that were subject thereto shall, unless the Plan shall
have been terminated, become available for future grant under the Plan. In addition, any Shares of Common Stock which are retained by the Company upon exercise of an award 

  
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in order to satisfy the exercise or purchase price for such award or any withholding taxes due with respect to such exercise or purchase shall be treated as not issued and shall continue to be
available under the Plan. Shares issued under the Plan and later repurchased by the Company pursuant to any repurchase right which the Company may have shall be available for future grant under the Plan; provided, however, that no more than
50,269,674 shares may be granted under the Plan pursuant to Incentive Stock Options.” 
 4. Administration of the
Plan. 
 (a) General. The Plan shall be administered by the Board or a Committee, or a combination thereof,
as determined by the Board. The Plan may be administered by different administrative bodies with respect to different classes of Participants and, if permitted by the Applicable Laws, the Board may authorize one or more officers to make awards under
the Plan. 
 (b) Committee Composition. If a Committee has been appointed pursuant to this Section 4, such
Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee and appoint additional members thereof, remove members (with or without cause) and
appoint new members in substitution therefor, fill vacancies (however caused) and remove all members of a Committee and thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws and, in the case of a Committee
administering the Plan in accordance with the requirements of Rule 16b-3 or Section 162(m) of the Code, to the extent permitted or required by such provisions. The Committee shall in all events conform to any requirements of the Applicable
Laws. 
 (c) Powers of the Administrator. Subject to the provisions of the Plan and in the case of a Committee,
the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion: 

(i) to determine the Fair Market Value of the Common Stock, in accordance with Section 2(o) of the Plan, provided that such
determination shall be applied consistently with respect to Participants under the Plan; 
 (ii) to select the Employees and
Consultants to whom Plan awards may from time to time be granted; 
 (iii) to determine whether and to what extent Plan awards
are granted; 
 (iv) to determine the number of Shares of Common Stock to be covered by each award granted; 

(v) to approve the form(s) of agreement(s) used under the Plan; 

(vi) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the time or times when awards may be 

  
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exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, any pro rata adjustment to vesting as a result of a Participant’s
transitioning from full- to part-time service (or vice versa), and any restriction or limitation regarding any Option, Optioned Stock, Stock Purchase Right or Restricted Stock, based in each case on such factors as the Administrator, in its sole
discretion, shall determine; 
 (vii) to determine whether and under what circumstances an Option may be settled in cash under
Section 10(c) instead of Common Stock; 
 (viii) to implement an Option Exchange Program on such terms and conditions as
the Administrator in its discretion deems appropriate, provided that no amendment or adjustment to an Option that would materially and adversely affect the rights of any Optionee shall be made without the prior written consent of the Optionee;

 (ix) to adjust the vesting of an Option held by an Employee or Consultant as a result of a change in the terms or conditions
under which such person is providing services to the Company; 
 (x) to construe and interpret the terms of the Plan and awards
granted under the Plan, which constructions, interpretations and decisions shall be final and binding on all Participants; and 

(xi) in order to fulfill the purposes of the Plan and without amending the Plan, to modify grants of Options or Stock Purchase Rights to
Participants who are foreign nationals or employed outside of the United States in order to recognize differences in local law, tax policies or customs. 
 5. Eligibility. 
 (a) Recipients of Grants.
Nonstatutory Stock Options and Stock Purchase Rights may be granted to Employees and Consultants. Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive Incentive Stock
Options. 
 (b) Type of Option. Each Option shall be designated in the Option Agreement as either an Incentive
Stock Option or a Nonstatutory Stock Option. 
 (c) ISO $100,000 Limitation. Notwithstanding any designation under
Section 5(b), to the extent that the aggregate Fair Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year (under all plans of the
Company or any Parent or Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken into account in the order in which they were
granted, and the Fair Market Value of the Shares subject to an Incentive Stock Option shall be determined as of the date of the grant of such Option. 

  
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 (d) No Employment Rights. The Plan shall not confer upon any Participant any
right with respect to continuation of an employment or consulting relationship with the Company, nor shall it interfere in any way with such Participant’s right or the Company’s right to terminate the employment or consulting relationship
at any time for any reason. 
 6. Term of Plan. The Plan shall become effective upon its adoption by the Board of
Directors. It shall continue in effect for a term of ten (10) years unless sooner terminated under Section 16 of the Plan. 
 7. Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided that the term shall be no more than ten years from the date of grant thereof or
such shorter term as may be provided in the Option Agreement and provided further that, in the case of an Incentive Stock Option granted to a person who at the time of such grant is a Ten Percent Holder, the term of the Option shall be five years
from the date of grant thereof or such shorter term as may be provided in the Option Agreement. 
 8. [Reserved.]

 9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such
price as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following: 

(i) In the case of an Incentive Stock Option 
 (A) granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant; or 

(B) granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the
date of grant. 
 (ii) In the case of a Nonstatutory Stock Option 

(A) granted on any date on which the Common Stock is not a Listed Security to a person who is at the time of grant is a Ten Percent
Holder, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant if required by the Applicable Laws and, if not so required, shall be such price as is determined by the Administrator;

 (B) granted on any date on which the Common Stock is not a Listed Security to any other eligible person, the per Share
exercise price shall be no less than 85% of the Fair Market Value per Share on the date of grant if required by the Applicable Laws and, if not so required, shall be such price as is determined by the Administrator; or 

  
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 (C) granted on any date on which the Common Stock is a Listed Security to any eligible
person, the per share Exercise Price shall be such price as determined by the Administrator provided that if such eligible person is, at the time of the grant of such Option, a Named Executive of the Company, the per share Exercise Price shall be no
less than 100% of the Fair Market Value on the date of grant if such Option is intended to qualify as performance-based compensation under Section 162(m) of the Code. 
 (iii) Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction. 

(b) Permissible Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option,
including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant) and may consist entirely of (1) cash; (2) check; (3) subject to any
requirements of the Applicable Laws (including without limitation Section 153 of the Delaware General Corporation Law), delivery of Optionee’s promissory note having such recourse, interest, security and redemption provisions as the
Administrator determines to be appropriate after taking into account the potential accounting consequences of permitting an Optionee to deliver a promissory note; (4) cancellation of indebtedness; (5) other Shares that have a Fair Market
Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is exercised, provided that in the case of Shares acquired, directly or indirectly, from the Company, such Shares must have been owned by the
Optionee for more than six months on the date of surrender (or such other period as may be required to avoid the Company’s incurring an adverse accounting charge); (6) if, as of the date of exercise of an Option the Company then is
permitting employees to engage in a “same-day sale” cashless brokered exercise program involving one or more brokers, through such a program that complies with the Applicable Laws (including without limitation the requirements of
Regulation T and other applicable regulations promulgated by the Federal Reserve Board) and that ensures prompt delivery to the company of the amount required to pay the exercise price and any applicable withholding taxes; or (7) any
combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company and the
Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the time of any Option exercise. 
 10. Exercise of Option. 
 (a) General. 

(i) Exercisability. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined
by the Administrator, consistent with the term of the Plan and reflected in the Option Agreement, including vesting requirements and/or performance criteria with respect to the Company and/or the Optionee; provided however that, if required under
Applicable Laws, the Option (or Shares issued upon 

  
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exercise of the Option) shall comply with the requirements of Section 260.140.41(f) and (k) of the Rules of the California Corporations Commissioner. 

(ii) Leave of Absence. The Administrator shall have the discretion to determine whether and to what extent the vesting of
Options shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination, vesting of Options shall be tolled during any such unpaid leave (unless otherwise required by the Applicable Laws). In the
event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the
Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to Options to the same extent as would have applied had the Participant continued to provide services to the Company throughout the leave
on the same terms as he or she was providing services immediately prior to such leave. 
 (iii) Minimum Exercise
Requirements. An Option may not be exercised for a fraction of a Share. The Administrator may require that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising
the full number of Shares as to which the Option is then exercisable. 
 (iv) Procedures for and Results of Exercise.
An Option shall be deemed exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and the Company has received full payment for the
Shares with respect to which the Option is exercised. Full payment may, as authorized by the Administrator, consist of any consideration and method of payment allowable under Section 9(b) of the Plan, provided that the Administrator may, in its
sole discretion, refuse to accept any form of consideration at the time of any Option exercise. 
 Exercise of an Option in any
manner shall result in a decrease in the number of Shares that thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

(v) Rights as Shareholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment will
be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 14 of the Plan. 
 (b) Termination of Employment or Consulting Relationship. Except as otherwise set forth in this Section 10(b), the Administrator shall establish and set forth in the applicable Option
Agreement the terms and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous Service Status, which provisions may be waived or modified by the Administrator at any time.

  
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Unless the Administrator otherwise provides in the Option Agreement, to the extent that the Optionee is not vested in Optioned Stock at the date of termination of his or her Continuous Service
Status, or if the Optionee (or other person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time specified in the Option Agreement or below (as applicable), the Option shall terminate and the
Optioned Stock underlying the unexercised portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of the Option term as set forth in the Option Agreement (and subject to Section 7).

 The following provisions (1) shall apply to the extent an Option Agreement does not specify the terms and conditions
upon which an Option shall terminate upon termination of an Optionee’s Continuous Service Status, and (2) establish the minimum post-termination exercise periods that may be set forth in an Option Agreement: 

(i) Termination other than Upon Disability or Death. In the event of termination of Optionee’s Continuous Service
Status other than under the circumstances set forth in subsections (ii) through (iii) below, such Optionee may exercise an Option for 30 days following such termination to the extent the Optionee was vested in the Optioned Stock as of the
date of such termination. No termination shall be deemed to occur and this Section 10(b)(i) shall not apply if (i) the Optionee is a Consultant who becomes an Employee, or (ii) the Optionee is an Employee who becomes a Consultant.

 (ii) Disability of Optionee. In the event of termination of an Optionee’s Continuous Service Status as a
result of his or her disability (including a disability within the meaning of Section 22(e)(3) of the Code), such Optionee may exercise an Option at any time within six months following such termination to the extent the Optionee was vested in
the Optioned Stock as of the date of such termination. 
 (iii) Death of Optionee. In the event of the death of
an Optionee during the period of Continuous Service Status since the date of grant of the Option, or within thirty days following termination of Optionee’s Continuous Service Status, the Option may be exercised by Optionee’s estate or by a
person who acquired the right to exercise the Option by bequest or inheritance at any time within twelve months following the date of death, but only to the extent the Optionee was vested in the Optioned Stock as of the date of death or, if earlier,
the date the Optionee’s Continuous Service Status terminated. 
 (c) Buyout Provisions. The Administrator may
at any time offer to buy out for a payment in cash or Shares an Option previously granted under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made.

 11. Stock Purchase Rights. 
 (a) Rights to Purchase. When the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing of the terms, conditions and
restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which such 

  
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person must accept such offer. In the case of a Stock Purchase Right granted prior to the date, if any, on which the Common Stock becomes a Listed Security and if required by the Applicable Laws
at that time, the purchase price of Shares subject to such Stock Purchase Rights shall not be less than 85% of the Fair Market Value of the Shares as of the date of the offer, or, in the case of a Ten Percent Holder, the price shall not be less than
100% of the Fair Market Value of the Shares as of the date of the offer. If the Applicable Laws do not impose the requirements set forth in the preceding sentence and with respect to any Stock Purchase Rights granted after the date, if any, on which
the Common Stock becomes a Listed Security, the purchase price of Shares subject to Stock Purchase Rights shall be as determined by the Administrator. The offer to purchase Shares subject to Stock Purchase Rights shall be accepted by execution of a
Restricted Stock Purchase Agreement in the form determined by the Administrator. 
 (b) Repurchase Option.

 (i) General. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant
the Company a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s employment with the Company for any reason (including death or disability). Subject to any requirements of the Applicable Laws
(including without limitation Section 260.140.42(h) of the Rules of the California Corporations Commissioner), the terms of the Company’s repurchase option (including without limitation the price at which, and the consideration for which,
it may be exercised, and the events upon which it shall lapse) shall be as determined by the Administrator in its sole discretion and reflected in the Restricted Stock Purchase Agreement. 

(ii) Leave of Absence. The Administrator shall have the discretion to determine whether and to what extent the lapsing of
Company repurchase rights shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination, such lapsing shall be tolled during any such unpaid leave (unless otherwise required by the Applicable Laws).
In the event of military leave, the lapsing of Company repurchase rights shall toll during any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to
protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given “vesting” credit with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the same
extent as would have applied had the Participant continued to provide services to the Company throughout the leave on the same terms as he or she was providing services immediately prior to such leave. 

(c) Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock Purchase Agreements need not be the same with respect to each purchaser. 

(d) Rights as a Shareholder. Once the Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to
those of a shareholder, and shall be a shareholder when his or her purchase is entered upon the records of the duly authorized 

  
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transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Stock Purchase Right is exercised, except as provided in
Section 14 of the Plan. 
 12. Taxes. 

(a) As a condition of the grant, vesting or exercise of an Option or Stock Purchase Right granted under the Plan, the Participant (or in
the case of the Participant’s death, the person exercising the Option or Stock Purchase Right) shall make such arrangements as the Administrator may require for the satisfaction of any applicable federal, state, local or foreign withholding tax
obligations that may arise in connection with such grant, vesting or exercise of the Option or Stock Purchase Right or the issuance of Shares. The Company shall not be required to issue any Shares under the Plan until such obligations are satisfied.
If the Administrator allows the withholding or surrender of Shares to satisfy a Participant’s tax withholding obligations under this Section 12 (whether pursuant to Section 12(c), (d) or (e), or otherwise), the Administrator
shall not allow Shares to be withheld in an amount that exceeds the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes. 
 (b) In the case of an Employee and in the absence of any other arrangement, the Employee shall be deemed to have directed the Company to withhold or collect from his or her compensation an amount
sufficient to satisfy such tax obligations from the next payroll payment otherwise payable after the date of an exercise of the Option or Stock Purchase Right. 
 (c) This Section 12(c) shall apply only after the date, if any, upon which the Common Stock becomes a Listed Security. In the case of Participant other than an Employee (or in the case of an Employee
where the next payroll payment is not sufficient to satisfy such tax obligations, with respect to any remaining tax obligations), in the absence of any other arrangement and to the extent permitted under the Applicable Laws, the Participant shall be
deemed to have elected to have the Company withhold from the Shares to be issued upon exercise of the Option or Stock Purchase Right that number of Shares having a Fair Market Value determined as of the applicable Tax Date (as defined below) equal
to the amount required to be withheld. For purposes of this Section 12, the Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined under the Applicable Laws (the
“Tax Date”). 
 (d) If permitted by the Administrator, in its discretion, a Participant may satisfy his or her
tax withholding obligations upon exercise of an Option or Stock Purchase Right by surrendering to the Company Shares that have a Fair Market Value determined as of the applicable Tax Date equal to the amount required to be withheld. In the case of
shares previously acquired from the Company that are surrendered under this Section 12(d), such Shares must have been owned by the Participant for more than six (6) months on the date of surrender (or such other period of time as is
required for the Company to avoid adverse accounting charges). 

  
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 (e) Any election or deemed election by a Participant to have Shares withheld to satisfy tax
withholding obligations under Section 12(c) or (d) above shall be irrevocable as to the particular Shares as to which the election is made and shall be subject to the consent or disapproval of the Administrator. Any election by a
Participant under Section 12(d) above must be made on or prior to the applicable Tax Date. 
 (f) In the event an election
to have Shares withheld is made by a Participant and the Tax Date is deferred under Section 83 of the Code because no election is filed under Section 83(b) of the Code, the Participant shall receive the full number of Shares with respect
to which the Option or Stock Purchase Right is exercised but such Participant shall be unconditionally obligated to tender back to the Company the proper number of Shares on the Tax Date. 

13. Non-Transferability of Options and Stock Purchase Rights . 

(a) General. Except as set forth in this Section 13, Options and Stock Purchase Rights may not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by an Optionee will not constitute a transfer. An Option or Stock Purchase Right may be
exercised, during the lifetime of the holder of an Option or Stock Purchase Right, only by such holder or a transferee permitted by this Section 13. 
 (b) Limited Transferability Rights. Notwithstanding anything else in this Section 13, the Administrator may in its discretion grant Nonstatutory Stock Options that may be transferred by
instrument to an inter vivos or testamentary trust in which the Options are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or pursuant to domestic relations orders to “Immediate Family Members” (as defined
below) of the Optionee. “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law (including adoptive relationships), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Optionee) control the management of assets, and
any other entity in which these persons (or the Optionee) own more than fifty percent of the voting interests. 
 14.
Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions. 
 (a) Changes in
Capitalization. Subject to any action required under Applicable Laws by the shareholders of the Company, the number of Shares of Common Stock covered by each outstanding award, and the number of Shares of Common Stock that have been
authorized for issuance under the Plan but as to which no awards have yet been granted or that have been returned to the Plan upon cancellation or expiration of an award, as well as the price per Share of Common Stock covered by each such
outstanding award, shall be proportionately adjusted for any increase or decrease in the number of issued Shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination, recapitalization or reclassification of
the Common Stock, or any other increase or decrease in 

  
 13 

 
the number of issued Shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be
deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares of Common Stock
subject to an award. 
 (b) Dissolution or Liquidation. In the event of the dissolution or liquidation of the
Company, each Option and Stock Purchase Right will terminate immediately prior to the consummation of such action, unless otherwise determined by the Administrator. 
 (c) Corporate Transaction. In the event of a Corporate Transaction (including without limitation a Change of Control), each outstanding Option or Stock Purchase Right shall be assumed or an
equivalent option or right shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”), unless the Successor Corporation does not agree to assume the award
or to substitute an equivalent option or right, in which case such Option or Stock Purchase Right shall terminate upon the consummation of the transaction. 
 For purposes of this Section 14(c), an Option or a Stock Purchase Right shall be considered assumed, without limitation, if, at the time of issuance of the stock or other consideration upon a
Corporate Transaction or a Change of Control, as the case may be, each holder of an Option or Stock Purchase Right would be entitled to receive upon exercise of the award the same number and kind of shares of stock or the same amount of property,
cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to such transaction, the holder of the number of Shares of Common Stock covered by the award at
such time (after giving effect to any adjustments in the number of Shares covered by the Option or Stock Purchase Right as provided for in this Section 14); provided that if such consideration received in the transaction is not solely common
stock of the Successor Corporation, the Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon exercise of the award to be solely common stock of the Successor Corporation equal to the
Fair Market Value of the per Share consideration received by holders of Common Stock in the transaction. 
 (d) Certain
Distributions. In the event of any distribution to the Company’s shareholders of securities of any other entity or other assets (other than dividends payable in cash or stock of the Company) without receipt of consideration by the
Company, the Administrator may, in its discretion, appropriately adjust the price per Share of Common Stock covered by each outstanding Option or Stock Purchase Right to reflect the effect of such distribution. 

15. Time of Granting Options and Stock Purchase Rights . The date of grant of an Option or Stock Purchase Right shall, for
all purposes, be the date on which the 

  
 14 

 
Administrator makes the determination granting such Option or Stock Purchase Right, or such other date as is determined by the Administrator, provided that in the case of any Incentive Stock
Option, the grant date shall be the later of the date on which the Administrator makes the determination granting such Incentive Stock Option or the date of commencement of the Optionee’s employment relationship with the Company. Notice of the
determination shall be given to each Employee or Consultant to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date of such grant. 
 16. Amendment and Termination of the Plan. 
 (a) Authority to
Amend or Terminate. The Board may at any time amend, alter, suspend or discontinue the Plan, but no amendment, alteration, suspension or discontinuation (other than an adjustment pursuant to Section 14 above) shall be made that would
materially and adversely affect the rights of any Optionee or holder of Stock Purchase Rights under any outstanding grant, without his or her consent. In addition, to the extent necessary and desirable to comply with the Applicable Laws, the Company
shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 
 (b) Effect
of Amendment or Termination. Except as to amendments which the Administrator has the authority under the Plan to make unilaterally, no amendment or termination of the Plan shall materially and adversely affect Options or Stock Purchase
Rights already granted, unless mutually agreed otherwise between the Optionee or holder of the Stock Purchase Rights and the Administrator, which agreement must be in writing and signed by the Optionee or holder and the Company. 

17. Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by
the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with the Applicable Laws, with such compliance
determined by the Company in consultation with its legal counsel. As a condition to the exercise of an Option or Stock Purchase Right, the Company may require the person exercising the award to represent and warrant at the time of any such exercise
that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by law. Shares issued upon exercise of
awards granted prior to the date on which the Common Stock becomes a Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which the Participant will be required to offer Shares to the Company before
selling or transferring them to any third party on such terms and subject to such conditions as is reflected in the applicable Option Agreement or Restricted Stock Purchase Agreement. 

18. Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such
number of Shares as shall be sufficient to satisfy the requirements of the Plan. 

  
 15 

 19. Agreements. Options and Stock Purchase Rights shall be evidenced by Option
Agreements and Restricted Stock Purchase Agreements, respectively, in such form(s) as the Administrator shall from time to time approve. 
 20. Shareholder Approval. If required by the Applicable Laws, continuance of the Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or
after the date the Plan is adopted. Such shareholder approval shall be obtained in the manner and to the degree required under the Applicable Laws. 
 21. Information and Documents to Optionees and Purchasers. Prior to the date, if any, upon which the Common Stock becomes a Listed Security and if required by the Applicable Laws, the
Company shall provide financial statements at least annually to each Optionee and to each individual who acquired Shares pursuant to the Plan, during the period such Optionee or purchaser has one or more Options or Stock Purchase Rights outstanding,
and in the case of an individual who acquired Shares pursuant to the Plan, during the period such individual owns such Shares. The Company shall not be required to provide such information if the issuance of Options or Stock Purchase Rights under
the Plan is limited to key employees whose duties in connection with the Company assure their access to equivalent information. 

  
 16 

 PANDORA MEDIA, INC. 

2004 STOCK PLAN 
 STOCK OPTION AGREEMENT 
 1. Grant of Option. Pandora
Media, Inc., a Delaware corporation (the “Company”), hereby grants to «Optionee» (“Optionee”), an option (the “Option”) to purchase the total number of shares of Common Stock (the
“Shares”) set forth in the Notice of Stock Option Grant (the “Notice”), at the exercise price per Share set forth in the Notice (the “Exercise Price”) subject to the terms, definitions and
provisions of the Pandora Media, Inc. 2004 Stock Plan (the “Plan”) adopted by the Company, which is incorporated in this Agreement by reference. Unless otherwise defined in this Agreement, the terms used in this Agreement shall have
the meanings defined in the Plan. 
 2. Designation of Option. This Option is intended to be an Incentive Stock
Option as defined in Section 422 of the Code only to the extent so designated in the Notice, and to the extent it is not so designated or to the extent the Option does not qualify as an Incentive Stock Option, it is intended to be a
Nonstatutory Stock Option. 
 Notwithstanding the above, if designated as an Incentive Stock Option, in the event that the
Shares subject to this Option (and all other Incentive Stock Options granted to Optionee by the Company or any Parent or Subsidiary, including under other plans of the Company) that first become exercisable in any calendar year have an aggregate
fair market value (determined for each Share as of the date of grant of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a Nonstatutory Stock Option, in accordance with
Section 5(c) of the Plan. 
 3. Exercise of Option. This Option shall be exercisable during its term in
accordance with the Vesting/Exercise Schedule set out in the Notice and with the provisions of Section 10 of the Plan as follows: 
 (a) Right to Exercise. 
 (i) This Option may not be exercised for a
fraction of a share. 
 (ii) In the event of Optionee’s death, disability or other termination of employment, the
exercisability of the Option is governed by Section 5 below, subject to the limitations contained in this Section 3. 

(iii) In no event may this Option be exercised after the Expiration Date of the Option as set forth in the Notice. 

(b) Method of Exercise. 
 (i) This Option shall be exercisable by execution and delivery of the Exercise Notice and Restricted Stock Purchase Agreement attached hereto as Exhibit A 

  
 17 

 
(the “Exercise Agreement”) or of any other form of written notice approved for such purpose by the Company which shall state Optionee’s election to exercise the Option, the
number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of
the Plan. Such written notice shall be signed by Optionee and shall be delivered to the Company by such means as are determined by the Plan Administrator in its discretion to constitute adequate delivery. The written notice shall be accompanied by
payment of the Exercise Price. This Option shall be deemed to be exercised upon receipt by the Company of such written notice accompanied by the Exercise Price. 
 (ii) As a condition to the exercise of this Option and as further set forth in Section 12 of the Plan, Optionee agrees to make adequate provision for federal, state or other tax withholding
obligations, if any, which arise upon the vesting or exercise of the Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise. 
 (iii) The Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the Option unless such issuance or delivery would comply with the Applicable
Laws, with such compliance determined by the Company in consultation with its legal counsel. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company, or if the issuance of such Shares upon
such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable federal or state securities or other law or regulation, including any rule under Part 221 of Title 12 of the Code of
Federal Regulations as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws.
Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Optionee on the date on which the Option is exercised with respect to such Shares. 

4. Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination of the following, at
the election of Optionee: 
 (a) cash or check; 
 (b) cancellation of indebtedness; 
 (c) prior to the date, if any, upon which the
Common Stock becomes a Listed Security, by surrender of other shares of Common Stock of the Company that have an aggregate Fair Market Value on the date of surrender equal to the Exercise Price of the Shares as to which the Option is being
exercised. In the case of shares acquired directly or indirectly from the Company, such shares must have been owned by Optionee for more than six (6) months on the date of surrender (or such other period of time as is necessary to avoid the
Company’s incurring adverse accounting charges); or 

  
 18 

 (d) following the date, if any, upon which the Common Stock is a Listed Security, and if the
Company is at such time permitting “same day sale” cashless brokered exercises, delivery of a properly executed exercise notice together with irrevocable instructions to a broker participating in such cashless brokered exercise program to
deliver promptly to the Company the amount required to pay the exercise price (and applicable withholding taxes). 
 5.
Termination of Relationship. Following the date of termination of Optionee’s Continuous Service Status for any reason (the “Termination Date”), Optionee may exercise the Option only as set forth in the Notice and
this Section 5. To the extent that Optionee is not entitled to exercise this Option as of the Termination Date, or if Optionee does not exercise this Option within the Termination Period set forth in the Notice or the termination periods set
forth below, the Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of the Option as set forth in the Notice. 
 (a) Termination. In the event of termination of Optionee’s Continuous Service Status other than as a result of Optionee’s disability or death, Optionee may, to the extent Optionee
is vested in the Option Shares the date of such termination (the “Termination Date”), exercise this Option during the Termination Period set forth in the Notice. 

(b) Other Terminations. In connection with any termination other than a termination covered by Section 5(a), Optionee
may exercise the Option only as described below: 
 (i) Termination upon Disability of Optionee. In the event of
termination of Optionee’s Continuous Service Status as a result of Optionee’s disability, Optionee may, but only within six months from the Termination Date, exercise this Option to the extent Optionee was vested in the Option Shares it as
of such Termination Date. 
 (ii) Death of Optionee. In the event of the death of Optionee (a) during the
term of this Option and while an Employee or Consultant of the Company and having been in Continuous Service Status since the date of grant of the Option, or (b) within thirty (30) days after Optionee’s Termination Date, the Option
may be exercised at any time within six months following the date of death by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent Optionee was vested in the Option as
of the Termination Date. 
 6. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of
Optionee. 
 7. Tax Consequences. Below is a brief summary as of the date of this Option of certain of the federal
tax consequences of exercise of this Option and disposition of the Shares under the laws in effect as of the Date of Grant. THIS SUMMARY IS INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO

  
 19 

 
CHANGE. OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
 (a) Incentive Stock Option. 
 (i) Tax Treatment upon Exercise
and Sale of Shares. If this Option qualifies as an Incentive Stock Option, there will be no regular federal income tax liability upon the exercise of the Option, although the excess, if any, of the fair market value of the Shares on the date
of exercise over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal tax purposes and may subject Optionee to the alternative minimum tax in the year of exercise. If Shares issued upon exercise of an
Incentive Stock Option are held for at least one year after exercise and are disposed of at least two years after the Option grant date, any gain realized on disposition of the Shares will also be treated as long-term capital gain for federal income
tax purposes. If Shares issued upon exercise of an Incentive Stock Option are disposed of within such one-year period or within two years after the Option grant date, any gain realized on such disposition will be treated as compensation income
(taxable at ordinary income rates) to the extent of the difference between the Exercise Price and the lesser of (i) the fair market value of the Shares on the date of exercise, or (ii) the sale price of the Shares. 

(ii) Notice of Disqualifying Dispositions. With respect to any Shares issued upon exercise of an Incentive Stock
Option, if Optionee sells or otherwise disposes of such Shares on or before the later of (i) the date two years after the Option grant date, or (ii) the date one year after the date of exercise, Optionee shall immediately notify the
Company in writing of such disposition. Optionee acknowledges and agrees that he or she may be subject to income tax withholding by the Company on the compensation income recognized by Optionee from the early disposition by payment in cash or out of
the current earnings paid to Optionee. 
 (b) Nonstatutory Stock Option. If this Option does not qualify as an
Incentive Stock Option, there may be a regular federal (and state) income tax liability upon the exercise of the Option. Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if
any, of the fair market value of the Shares on the date of exercise over the Exercise Price. If Optionee is an Employee, the Company will be required to withhold from Optionee’s compensation or collect from Optionee and pay to the applicable
taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. If Shares issued upon exercise of a Nonstatutory Stock Option are held for at least one year, any gain realized on disposition of the Shares will
be treated as long-term capital gain for federal income tax purposes. 
 8. Lock-Up Agreement. In connection with
the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Optionee hereby agrees not to sell, make any short sale of, loan,
grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the
case may be, for such period of time (not to exceed 180 days) from the effective date of such 

  
 20 

 
registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the
Company’s initial public offering. Notwithstanding the foregoing, if during the last 17 days of the restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the
expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required
by any FINRA rules, the restrictions imposed by this subsection shall continue to apply until the end of the third trading day following the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the
material news or material event. In no event will the restricted period extend beyond 216 days after the effective date of the registration statement. 
 9. Effect of Agreement. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity
to consult counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby agrees to accept as binding, conclusive and final all decisions and
interpretations of the Plan Administrator regarding any questions relating to the Option. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement, the Plan terms and
provisions shall prevail. The Option, including the Plan, constitutes the entire agreement between Optionee and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties
relating to such subject matter. 
 [Signature Page Follows] 

  
 21 

 This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall constitute one document. 
  

									
	«Optionee»	 		 	PANDORA MEDIA, INC.
				
	  
	 		 	By:	 	  

									
		 		 	Name:	 	  

	Dated:	 	  
	 		 	Title:	 	  

  
 22 

 EXHIBIT A 
 PANDORA MEDIA, INC. 
 2004 STOCK PLAN 

EXERCISE NOTICE AND RESTRICTED STOCK PURCHASE AGREEMENT 

This Agreement (“Agreement”) is made as of
                    , by and between Pandora Media, Inc., a Delaware corporation (the “Company”), and «Optionee»
(“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the 2004 Stock Plan. 

1. Exercise of Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to
purchase Pandora Media, Inc. shares of the Common Stock (the “Shares”) of the Company under and pursuant to the Company’s 2004 Stock Plan (the “Plan”) and the Stock Option Agreement granted Pandora Media, Inc.
(the “Option Agreement”). The purchase price for the Shares shall be $«ExercisePrice» per Share for a total purchase price of $        . The term “Shares”
refers to the purchased Shares and all securities received in replacement of the Shares or as stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and
all new, substituted or additional securities or other properties to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares. 
 2. Time and Place of Exercise. The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously with the execution and delivery of
this Agreement in accordance with the provisions of Section 3(b) of the Option Agreement. On such date, the Company will deliver to Purchaser a certificate representing the Shares to be purchased by Purchaser (which shall be issued in
Purchaser’s name) against payment of the exercise price therefor by Purchaser by any method listed in Section 4 of the Option Agreement. 
 3. Limitations on Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the
Shares except in compliance with the provisions below and applicable securities laws. 
 (a) Right of First Refusal.
Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or
its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 3(a) (the “Right of First Refusal”). 

(i) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the
“Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (iii) the
number of Shares to be transferred to each 

 
Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the Shares at the same price (the “Offered Price”) and upon
the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s). 
 (ii) Exercise of
Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares
proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below. 
 (iii) Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this Section 3(a) shall be the Offered
Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith. 

(iv) Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by
check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(v) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed
Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(a), then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that
such sale or other transfer is consummated within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with any applicable securities laws and the Proposed Transferee agrees in
writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the
Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any
Shares held by the Holder may be sold or otherwise transferred. 
 (vi) Exception for Certain Family Transfers.
Anything to the contrary contained in this Section 3(a) notwithstanding, the transfer of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or intestacy to Purchaser’s Immediate Family or a trust
for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(a). “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or
sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of this
Section 3. 
 (b) Involuntary Transfer. 

  
 2 

 (i) Company’s Right to Purchase upon Involuntary Transfer. In the event,
at any time after the date of this Agreement, of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(a)(vi) above) of all or a
portion of the Shares by the record holder thereof, the Company shall have an option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of the Shares
on the date of transfer. Upon such a transfer, the person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a period of thirty
(30) days following receipt by the Company of written notice by the person acquiring the Shares. 
 (ii) Price for
Involuntary Transfer. With respect to any stock to be transferred pursuant to Section 3(b)(i), the price per Share shall be a price set by the Board of Directors of the Company that will reflect the current value of the stock in terms
of present earnings and future prospects of the Company. The Company shall notify Purchaser or his or her executor of the price so determined within thirty (30) days after receipt by it of written notice of the transfer or proposed transfer of
Shares. However, if the Purchaser does not agree with the valuation as determined by the Board of Directors of the Company, the Purchaser shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by
the Company and the Purchaser and whose fees shall be borne equally by the Company and the Purchaser. 
 (c)
Assignment. The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any shareholder or shareholders of the Company or other persons or organizations. 

(e) Restrictions Binding on Transferees. All transferees of Shares or any interest therein will receive and hold such
Shares or interest subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions of this Agreement are satisfied. 

(f) Termination of Rights. The right of first refusal granted the Company by Section 3(a) above and the option to
repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(b) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and
declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon termination of the right of first refusal described in Section 3(a) above, a new certificate
or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a)(ii) herein and delivered to Purchaser. 
 4. Investment and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents to the Company the following: 

(a) Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the
Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for 

  
 3 

 
investment for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or under any
applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to any person or entity. 
 (b) Purchaser understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide
nature of Purchaser’s investment intent as expressed herein. 
 (c) Purchaser further acknowledges and understands that the
securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to
register the securities. Purchaser understands that the certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the
opinion of counsel for the Company. 
 (d) Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated
under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering
subject to the satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144 or Rule 701, which rules require, among
other things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified time
periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions set forth in
paragraph (e) below. 
 (e) Purchaser further understands that in the event all of the applicable requirements of
Rule 144 or 701 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not
exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 701 will have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

(f) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of
the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice. 

5. Restrictive Legends and Stop-Transfer Orders. 

  
 4 

 (a) Legends. The certificate or certificates representing the Shares shall
bear the following legends (as well as any legends required by applicable state and federal corporate and securities laws): 
  

	 	(i)	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR
IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933. 

  

	 	(ii)	THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY OF WHICH
IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

 (b) Stop-Transfer Notices. Purchaser agrees that,
in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer “ instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. 
 (c) Refusal to Transfer. The Company shall not be
required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends
to any purchaser or other transferee to whom such Shares shall have been so transferred. 
 6. No Employment
Rights. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or
without cause. 
 7. Lock-Up Agreement. In connection with the initial public offering of the Company’s
securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of any securities of the Company however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed
180 days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement 

  
 5 

 
reflecting the foregoing as may be requested by the underwriters at the time of the public offering. 
 8. Miscellaneous. 
 (a) Governing Law. This Agreement
and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts
of law. 
 (b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and
understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in
writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

(c) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the
parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement,
(ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(d) Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto
and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 

(e) Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when
delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as
set forth below or as subsequently modified by written notice. 
 (f) Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 
 (g) Successors and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and
obligations of Purchaser under this Agreement may only be assigned with the prior written consent of the Company. 
 (h)
California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE
PAYMENT OR 

  
 6 

 
RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE
CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 [Signature Page Follows] 

  
 7 

 The parties have executed this Exercise Notice and Restricted Stock Purchase Agreement as of
the date first set forth above. 
  

			
	COMPANY:
	
	PANDORA MEDIA, INC.
		
	By:	 	  

			
	Name:	 	  

	Title:	 	  

	
	PURCHASER:
	
	«Optionee»
	
	  

	(Signature)

			
		
	Address:	 	  

		 	  

 I,
                            , spouse of «Optionee», have read and hereby approve the
foregoing Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be irrevocably bound by the Agreement and further agree that any community property or
other such interest shall hereby by similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 

 

	
	  

	Spouse of «Optionee»

  
 8 

 PANDORA MEDIA, INC. 

2004 STOCK PLAN 
 RESTRICTED STOCK PURCHASE AGREEMENT 
 This Restricted Stock Purchase
Agreement (the “Agreement”) is made as of                     , by and between Pandora Media, Inc., a Delaware corporation
(the “Company”), and                      (“Purchaser”) pursuant to the Company’s 2004 Stock Plan. To
the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the 2004 Stock Plan. 
 1. Sale of Stock. Subject to the terms and conditions of this Agreement, on the Purchase Date (as defined below) the Company will issue and sell to Purchaser, and Purchaser agrees to
purchase from the Company,              shares of the Company’s Common Stock (the “Shares”) at a purchase price of
$         per Share for a total purchase price of $         The term “Shares” refers to the purchased Shares and all securities received
in replacement of or in connection with the Shares pursuant to stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or
additional securities or other properties to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares. 

2. Purchase. The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company
simultaneously with the execution and delivery of this Agreement by the parties, or on such other date as the Company and Purchaser shall agree (the “Purchase Date”). On the Purchase Date, the Company will deliver to Purchaser a
certificate representing the Shares to be purchased by Purchaser (which shall be issued in Purchaser’s name) against payment of the purchase price therefor by Purchaser by (a) check made payable to the Company, (b) cancellation of
indebtedness of the Company to Purchaser, or (c) by a combination of the foregoing. 
 3. Limitations on
Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares while the Shares are subject to the Company’s Repurchase
Option (as defined below). After any Shares have been released from such Repurchase Option, Purchaser shall not assign, encumber or dispose of any interest in such Shares except in compliance with the provisions below and applicable securities laws.

 (a) Repurchase Option. 
 (i) In the event of the voluntary or involuntary termination of Purchaser’s employment or consulting relationship with the Company for any reason (including death or disability), with or without
cause, the Company shall upon the date of such termination (the “Termination Date”) have an irrevocable, exclusive option (the “ Repurchase Option”) for a period of 90 days from such date to repurchase all or any
portion of the Shares held by Purchaser as of the Termination Date which have not yet been released from the Company’s Repurchase 

  
 9 

 
Option at the original purchase price per Share specified in Section 1 (adjusted for any stock splits, stock dividends and the like). 

(ii) Unless the Company notifies Purchaser within 90 days from the date of termination of Purchaser’s employment or consulting
relationship that it does not intend to exercise its Repurchase Option with respect to some or all of the Shares, the Repurchase Option shall be deemed automatically exercised by the Company as of the 90th day following such termination, provided
that the Company may notify Purchaser that it is exercising its Repurchase Option as of a date prior to such 90th day. Unless Purchaser is otherwise notified by the Company pursuant to the preceding sentence that the Company does not intend to
exercise its Repurchase Option as to some or all of the Shares to which it applies at the time of termination, execution of this Agreement by Purchaser constitutes written notice to Purchaser of the Company’s intention to exercise its
Repurchase Option with respect to all Shares to which such Repurchase Option applies. The Company, at its choice, may satisfy its payment obligation to Purchaser with respect to exercise of the Repurchase Option by either (A) delivering a check
to Purchaser in the amount of the purchase price for the Shares being repurchased, or (B) in the event Purchaser is indebted to the Company, canceling an amount of such indebtedness equal to the purchase price for the Shares being repurchased,
or (C) by a combination of (A) and (B) so that the combined payment and cancellation of indebtedness equals such purchase price. In the event of any deemed automatic exercise of the Repurchase Option pursuant to this
Section 3(a)(ii) in which Purchaser is indebted to the Company, such indebtedness equal to the purchase price of the Shares being repurchased shall be deemed automatically canceled as of the 90th day following termination of Purchaser’s
employment or consulting relationship unless the Company otherwise satisfies its payment obligations. As a result of any repurchase of Shares pursuant to this Section 3(a), the Company shall become the legal and beneficial owner of the Shares
being repurchased and shall have all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the number of Shares being repurchased by the Company, without further action by Purchaser.

 (iii) 100% of the Shares shall initially be subject to the Repurchase Option. 1/12th of the total number of shares shall be
released from the Repurchase Option on the monthly anniversary of the Vesting Commencement Date (as set forth on the signature page of this Agreement) until all Shares are released from the Repurchase Option. Fractional shares shall be rounded to
the nearest whole share. 
 (b) Right of First Refusal. Before any Shares held by Purchaser or any transferee of
Purchaser (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to
purchase the Shares on the terms and conditions set forth in this Section 3(b) (the “Right of First Refusal “). 
 (i) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (A) the Holder’s bona fide
intention to sell or otherwise transfer such Shares; (B) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (C) the number of Shares to be transferred to each Proposed Transferee; and
(D) the terms and conditions of each proposed sale or transfer. The 

  
 10 

 
Holder shall offer the Shares at the same price (the “Offered Price”) and upon the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s).

 (ii) Exercise of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company
and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance
with subsection (iii) below. 
 (iii) Purchase Price. The purchase price (“Purchase Price”)
for the Shares purchased by the Company or its assignee(s) under this Section 3(b) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be
determined by the Board of Directors of the Company in good faith. 
 (iv) Payment. Payment of the Purchase Price
shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness or by any combination thereof within 30 days after receipt of the Notice or in the manner and at
the times set forth in the Notice. 
 (v) Holder’s Right to Transfer. If all of the Shares proposed in the
Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(b), then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the
Offered Price or at a higher price, provided that such sale or other transfer is consummated within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with any applicable
securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the
Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again
be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 
 (vi)
Exception for Certain Family Transfers. Anything to the contrary contained in this Section 3(b) notwithstanding, the transfer of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or
intestacy to Purchaser’s Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(b). “Immediate Family” as used herein shall mean spouse,
lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section, and there shall be no further transfer of
such Shares except in accordance with the terms of this Section 3. 

  
 11 

 (c) Involuntary Transfer. 

(i) Company’s Right to Purchase upon Involuntary Transfer. In the event, at any time after the date of this Agreement,
of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(b)(vi) above) of all or a portion of the Shares by the record holder thereof,
the Company shall have an option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of the Shares on the date of transfer. Upon such a transfer, the
person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a period of 30 days following receipt by the Company of written notice by the
person acquiring the Shares. 
 (ii) Price for Involuntary Transfer. With respect to any stock to be transferred
pursuant to Section 3(c)(i), the price per Share shall be a price set by the Board of Directors of the Company that will reflect the current value of the stock in terms of present earnings and future prospects of the Company. The Company shall
notify Purchaser or his or her executor of the price so determined within 30 days after receipt by it of written notice of the transfer or proposed transfer of Shares. However, if Purchaser does not agree with the valuation as determined by the
Board of Directors of the Company, Purchaser shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and Purchaser and whose fees shall be borne equally by the Company and Purchaser.

 (d) Assignment. The right of the Company to purchase any part of the Shares may be assigned in whole or in part
to any shareholder or shareholders of the Company or other persons or organizations. 
 (e) Restrictions Binding on
Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement, including, insofar as applicable, the Repurchase Option. In the event of any purchase
by the Company hereunder where the Shares or interest are held by a transferee, the transferee shall be obligated, if requested by the Company, to transfer the Shares or interest to the Purchaser for consideration equal to the amount to be paid by
the Company hereunder. In the event the Repurchase Option is deemed exercised by the Company pursuant to Section 3(a)(ii) hereof, the Company may deem any transferee to have transferred the Shares or interest to Purchaser prior to their
purchase by the Company, and payment of the purchase price by the Company to such transferee shall be deemed to satisfy Purchaser’s obligation to pay such transferee for such Shares or interest, and also to satisfy the Company’s obligation
to pay Purchaser for such Shares or interest. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied. 
 (f) Termination of Rights. The right of first refusal granted the Company by Section 3(b) above and the option to repurchase the Shares in the event of an involuntary transfer granted
the Company by Section 3(c) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under
the Securities Act of 1933, as amended (the “Securities Act”). 

  
 12 

 4. Escrow of Unvested Shares. For purposes of facilitating the enforcement of
the provisions of Section 3 above, Purchaser agrees, immediately upon receipt of the certificate(s) for the Shares subject to the Repurchase Option, to deliver such certificate(s), together with an Assignment Separate from Certificate in the
form attached to this Agreement as Exhibit A executed by Purchaser and by Purchaser’s spouse (if required for transfer), in blank, to the Secretary of the Company, or the Secretary’s designee, to hold such certificate(s) and
Assignment Separate from Certificate in escrow and to take all such actions and to effectuate all such transfers and/or releases as are in accordance with the terms of this Agreement. Purchaser hereby acknowledges that the Secretary of the Company,
or the Secretary’s designee, is so appointed as the escrow holder with the foregoing authorities as a material inducement to make this Agreement and that said appointment is coupled with an interest and is accordingly irrevocable. Purchaser
agrees that said escrow holder shall not be liable to any party hereof (or to any other party). The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time.
Purchaser agrees that if the Secretary of the Company, or the Secretary’s designee, resigns as escrow holder for any or no reason, the Board of Directors of the Company shall have the power to appoint a successor to serve as escrow holder
pursuant to the terms of this Agreement. 
 5. Investment and Taxation Representations. In connection with the
purchase of the Shares, Purchaser represents to the Company the following: 
 (a) Purchaser is aware of the Company’s
business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing the Shares for investment for his or her own account
only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer
the Shares to any other person or entity. 
 (b) Purchaser understands that the Shares have not been registered under the
Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 

(c) Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered
under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the securities. Purchaser understands that the certificate(s) evidencing
the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 

(d) Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions.
Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144 or Rule 701, which rules require, 

  
 13 

 
among other things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of
the Shares has held the Shares for certain specified time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser
acknowledges and agrees to the restrictions set forth in paragraph (e) below. 
 (e) Purchaser further understands that in
the event all of the applicable requirements of Rule 144 or 701 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the
fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than
pursuant to Rule 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such
transactions do so at their own risk. 
 (f) Purchaser understands that Purchaser may suffer adverse tax consequences as a
result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not
relying on the Company for any tax advice. 
 6. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. The certificate or certificates representing the Shares shall bear the following legends (as well as any
legends required by applicable state and federal corporate and securities laws): 
  

	 	(i)	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR
IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933. 

  

	 	(ii)	THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY OF WHICH
IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
 14 

 (b) Stop-Transfer Notices. Purchaser agrees that, in order to ensure
compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records. 
 (c) Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares shall have been so transferred. 
 7. No Employment Rights. Nothing in this
Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause. 

8. Section 83(b) Election. Purchaser understands that Section 83(a) of the Internal Revenue Code of 1986, as
amended (the “Code”), taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse. In this context,
“restriction” means the right of the Company to buy back the Shares pursuant to the Repurchase Option set forth in Section 3(a) of this Agreement. Purchaser understands that Purchaser may elect to be taxed at the time the
Shares are purchased, rather than when and as the Repurchase Option expires, by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service within 30 days from the date of
purchase. Even if the Fair Market Value of the Shares at the time of the execution of this Agreement equals the amount paid for the Shares, the election must be made to avoid income under Section 83(a) in the future. Purchaser understands that
failure to file such an election in a timely manner may result in adverse tax consequences for Purchaser. Purchaser further understands that an additional copy of such election form should be filed with his or her federal income tax return for the
calendar year in which the date of this Agreement falls. Purchaser acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to purchase of the Shares hereunder, and does not purport to be
complete. Purchaser further acknowledges that the Company has directed Purchaser to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which Purchaser may
reside, and the tax consequences of Purchaser’s death. 
 Purchaser agrees that he will execute and deliver to the Company
with this executed Agreement a copy of the Acknowledgment and Statement of Decision Regarding Section 83(b) Election (the “Acknowledgment”), attached hereto as Exhibit B. Purchaser further agrees that Purchaser will
execute and submit with the Acknowledgment a copy of the 83(b) Election, attached hereto as Exhibit C, if Purchaser has indicated in the Acknowledgment his or her decision to make such an election. 

9. Lock-Up Agreement. In connection with the initial public offering of the Company’s securities and upon request of
the Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any short 

  
 15 

 
sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired (other than those included in the registration) without the
prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to
execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. Notwithstanding the foregoing, if during the last 17 days of the restricted period, the Company issues
an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last
day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this subsection shall continue to apply until the end of the third trading day following the
expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond 216 days after the effective date of the registration
statement. 
 10. Miscellaneous. 
 (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in
accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 
 (b)
Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or
amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be
construed as a waiver of any rights of such party. 
 (c) Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then
(i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its
terms. 
 (d) Construction. This Agreement is the result of negotiations between and has been reviewed by each of
the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

 (e) Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed
sufficient when delivered personally or sent by telegram or fax or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as set
forth below or as subsequently modified by written notice. 

  
 16 

 (f) Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one instrument. 
 (g) Successors and
Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the
prior written consent of the Company. 
 (h) California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH
ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE
QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION
BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 [Signature Page Follows] 

  
 17 

 The parties have executed this Agreement as of the date first set forth above. 

 

			
	PANDORA MEDIA, INC.
		
	By:	 	  

			
	Title:	 	  

			
		
	Address:	 	360 22nd Street, Suite 390
		 	Oakland CA 94612
	
	PURCHASER:
	
	  

	(Signature)
		
	Address:	 	  

	  

 Vesting
Commencement Date: 
 I,
                            , spouse of
                    , have read and hereby approve the foregoing Agreement. In consideration of the Company’s granting my spouse the
right to purchase the Shares as set forth in the Agreement, I hereby agree to be bound irrevocably by the Agreement and further agree that any community property or other such interest that I may have in the Shares shall hereby be similarly bound by
the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 
  

	
	  

	Spouse of
                            

  
 18 

 EXHIBIT A 
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED and
pursuant to that certain Restricted Stock Purchase Agreement between the undersigned (“Purchaser”) and Pandora Media, Inc. (the “Company”) dated
            ,          (the “Agreement”), Purchaser hereby sells, assigns and transfers unto the Company
                             (        ) shares of the
Common Stock of the Company, standing in Purchaser’s name on the books of the Company and represented by Certificate No.     , and hereby irrevocably constitutes and appoints
                                        
to transfer said stock on the books of the Company with full power of substitution in the premises. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND THE EXHIBITS THERETO. 
 Dated:                      

 

	
	Signature:
	
	  

	                             
               
	
	  

	Spouse of
                                 (if applicable)

Instruction: Please do not fill in any blanks other than the signature line. The purpose of this assignment is to enable the Company to exercise its
repurchase option set forth in the Agreement without requiring additional signatures on the part of Purchaser. 

 EXHIBIT B 
 ACKNOWLEDGMENT AND STATEMENT OF DECISION 
 REGARDING SECTION
83(b) ELECTION 
 The undersigned (which term includes the undersigned’s spouse), a purchaser of
         shares of Common Stock of Pandora Media, Inc., a Delaware corporation (the “Company”) by exercise of stock purchase right (the “Right”) granted pursuant to the
Company’s 2004 Stock Plan (the “Plan”), hereby states as follows: 
 1. The undersigned acknowledges
receipt of a copy of the Plan relating to the offering of such shares. The undersigned has carefully reviewed the Plan and the stock purchase agreement pursuant to which the Right was granted. 

2. The undersigned either [check and complete as applicable]: 

 

	 	(a)	             has consulted, and has been fully advised by, the undersigned’s own tax advisor,
                            , whose business address is
                            , regarding the federal, state and local tax consequences of purchasing
shares under the Plan, and particularly regarding the advisability of making elections pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) and pursuant to the corresponding provisions, if
any, of applicable state law; or 

  

	 	(b)	             has knowingly chosen not to consult such a tax advisor. 

3. The undersigned hereby states that the undersigned has decided [check as applicable]: 

 

	 	(a)	             to make an election pursuant to Section 83(b) of t he Code, and is submitting to
the Company, together with the undersigned’s executed Restricted Stock Purchase Agreement, an executed form entitled “Election Under Section 83(b) of the Internal Revenue Code of 1986;” or 

 

	 	(b)	             not to make an election pursuant to Section 83(b) of the Code.

 4. Neither the Company nor any subsidiary or representative of the Company has made any warranty or
representation to the undersigned with respect to the tax consequences of the undersigned’s purchase of shares under the Plan or of the making or failure to make an election pursuant to Section 83(b) of the Code or the corresponding
provisions, if any, of applicable state law. 
  

							
	Date:	 	  
	 		 	  

		 		 		 	                             
           
				
	Date:	 	  
	 		 	  

		 		 		 	Spouse of
                            

  
 2 

 EXHIBIT C 
 ELECTION UNDER SECTION 83(b) 
 OF THE INTERNAL REVENUE CODE
OF 1986 
 The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code, to include in
taxpayer’s gross income for the current taxable year, the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below: 

 

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are as follows: 

 

					
	NAME OF TAXPAYER:	 	  
	 	

					
	NAME OF SPOUSE:	 	  
	 	

					
	ADDRESS:	 	  
	 	
		 	  
	 	

 IDENTIFICATION NO. OF TAXPAYER:
                                     

IDENTIFICATION NO. OF SPOUSE:
                                 

TAXABLE YEAR:
                                     

 

	2.	The property with respect to which the election is made is described as follows: 

              shares of the Common Stock of Pandora Media, Inc., a Delaware corporation (the “Company”). 

 

	3.	The date on which the property was transferred is:
                     

  

	4.	The property is subject to the following restrictions: 

 Repurchase option at cost in favor of the Company upon termination of taxpayer’s employment or consulting relationship. 

 

	5.	The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such
property is: $        . 

  

	6.	The amount (if any) paid for such property: $         

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s
receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. 
 The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. 

 

							
	Dated:	 	  
	 		 	  

		 		 		 	                             
                   
	Dated:	 	  
	 		 	  

		 		 		 	Spouse of
                            

  
 32000 Stock Incentive Plan, as amended, and Forms of NSO Stock Option Agreement

 EXHIBIT 10.4 
 THESAVAGEBEAST.COM, INC. 
 2000 STOCK INCENTIVE PLAN 

The name of this plan is TheSavageBeast.com, Inc. 2000 Stock Incentive Plan (the “Plan”). The Plan was adopted by the Board on
February 2, 2000, subject to the approval of the stockholders of the Company, which approval was obtained on February 2, 2000. The purpose of the Plan is to enable the Company to attract and retain highly qualified personnel who will
contribute to the Company’s success by their ability, ingenuity and industry experience and to provide incentives to the participating officers, directors, employees, consultants and advisors that are linked directly to increases in shareholder
value and will therefore inure to the benefit of all shareholders of the Company. 
 ARTICLE I 

DEFINITIONS 

The following terms shall have the meaning specified below, unless the context clearly indicates otherwise. 

Types of Awards under the Plan 
 1.1 “Award” means any of the specific types of stock-based incentive awards defined below. 
 1.2 “Option” means an option to acquire Common Stock granted under Article III of the Plan. 
 1.3 “Incentive Stock Option” means an Option which conforms to the applicable provisions of Section 422 of the Code and which is designated as an Incentive Stock Option by the
Administrator. 
 1.4 “Non-Qualified Stock Option” means an Option which is not an Incentive Stock Option,
including any Option determined by the Administrator not to be an Incentive Stock Option. 
 1.5 “Stock Appreciation
Right” means a stock appreciation right granted under Article VIII of the Plan. 
 1.6 “Restricted
Stock” means an award of Common Stock subject to restrictions as provided in Article VI of the Plan. 
 1.7
“Deferred Stock” means Common Stock awarded under Article VII of the Plan. 
 1.8 “Performance
Award” means a cash bonus, stock bonus or other performance or incentive award that is paid in cash, Common Stock or a combination of both, awarded under Article VII of the Plan. 

 1.9 “Stock Payment” means (i) a payment in the form of shares of
Common Stock, or (ii) an option or other right to purchase shares of Common Stock, as part of a deferred compensation arrangement, made in lieu of all or any portion of the compensation, including without limitation, salary, bonuses and
commissions, that would otherwise become payable to an Eligible Recipient in cash, awarded under Article VII of the Plan. 

1.10 “Dividend Equivalent” means a right to receive the equivalent value (in cash or Common Stock) of dividends paid on
the Common Stock, awarded under Article VII of the Plan. 
 Plan Participants 

1.11 “Eligible Recipient” means any officer, director, Employee, Consultant or Advisor of the Company, any Subsidiary,
any Parent Corporation of the Company or any majority owned subsidiary of such Parent Corporation. 
 1.12
“Participant” means any Eligible Recipient who has been granted an Award under the Plan. 
 1.13
“Employee” means any employee (as defined in accordance with Section 3401 (c) of the Code) of the Company, any Subsidiary, any Parent Corporation of the Company or any majority owned subsidiary of such Parent Corporation.

 1.14 “Consultant” has the meaning set forth in Rule 701 under the Exchange Act. 

1.15 “Advisor” has the meaning set forth in Rule 701 under the Exchange Act. 

1.16 “Optionee” means any Participant who has been granted an Option under the Plan. 

Administrative Definitions 
 1.17 “Administrator” means the Board, or if and to the extent the Board does not administer the Plan, the Committee in accordance with Article IX. 

1.18 “Board” means the Board of Directors of the Company. 

1.19 “Committee” means the Compensation Committee of the Board, or another committee of the Board appointed as provided
in Section 9.1. 
 1.20 “Company” means TheSavageBeast.com, Inc., a California corporation. 

1.21 “Subsidiary” means any corporation in an unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain then owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

1.22 “Parent Corporation” means any corporation in an unbroken chain of corporations ending with the Company if each of
the corporations in the chain (other than the Company) then 

 
owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

1.23 “Common Stock” means shares of the common stock, no par value per share, of the Company, and any other securities
issuable in respect of or exchangeable for such shares. 
 1.24 “Fair Market Value” of a share of Common Stock
as of a given date shall be (i) the mean between the highest and lowest selling price of a share of Common Stock on such date as reported on the principal exchange (including any Nasdaq market) on which shares of Common Stock are then trading,
or if shares were not traded on such date, then on the closest preceding date on which a trade occurred; or (ii) if the Common Stock is not traded on an exchange, the mean between the closing representative bid and asked prices for the Common
Stock on such date as reported on any national quotation system, as determined by the Administrator; or (iii) if the Common Stock is not publicly traded, the Fair Market Value of a share of Common Stock on such date as established by the
Administrator acting in good faith. 
 Statutory References 
 1.25 “Blue Sky Laws” means the provisions of Section 25102 of the California Corporations Code, as amended from time to time, or any successor thereto, or the rules and regulations
thereunder, or any other applicable state securities laws. 
 1.26 “Code” means the Internal Revenue Code of
1986, as amended from time to time, or any successor thereto, or the rules and regulations thereunder. 
 1.27 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto, or the rules and regulations thereunder. 
 1.28 “QDRO” means any qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, of 1974, as amended from time to time, or any
successor thereto, or the rules and regulations thereunder. 
 1.29 “Rule 16b-3” means that certain Rule 16b-3
under the Exchange Act, as such Rule may be amended from time to time, or any successor thereto. 
 ARTICLE II 

SHARES SUBJECT TO PLAN; LIMITATIONS ON AWARDS; ADJUSTMENTS 
 2.1 Number of Shares Subject to Plan. The aggregate number of shares issuable in connection with Awards under the Plan shall not exceed One Million Five Hundred Thousand (1,500,000) shares of
Common Stock, subject to adjustment as provided in Section 2.6. The shares of Common Stock issuable under the Plan may be either previously authorized but unissued shares or treasury shares. 

2.2 Shares Subject to Unexercised Options or Forfeited Awards Available for Re-Grant. To the extent that an Award expires or is
otherwise terminated without being exercised or vested, or is otherwise forfeited, the shares of Common Stock subject to such Award shall again 

 
be available for issuance in connection with future Awards under the Plan. If any shares of Common Stock have been pledged as collateral for indebtedness incurred by a Participant in connection
with the exercise of an Option and such shares are returned to the Company in satisfaction of such indebtedness, such shares shall again be available for issuance in connection with future Awards under the Plan. 

2.3 Annual Limitation under Rule 701 of the Exchange Act. Prior to the time the Company becomes subject to the reporting
requirements of Section 13(d) or 15(d) of the Exchange Act, the number of shares subject to Awards under the Plan shall be subject to the limitations and applicable disclosure requirements set forth in Rule 701 under the Exchange Act, as from
time to time applicable. 
 2.4 Limitations under California “Blue Sky” Laws. To the extent necessary to
qualify for exemption, the number of shares of Common Stock subject to Awards under the Plan shall be subject to the limitations set forth in Section 25102 of the California Corporations Code, as from time to time applicable. 

2.5 Annual Limitation under Code Section 162(m). To the extent applicable under Section 162(m) of the Code, the maximum
number of shares which may be subject to Awards granted under the Plan to any individual in any calendar year shall not exceed Two Hundred Thousand (200,000). To the extent required by Section 162(m) of the Code, shares subject to canceled or
forfeited Awards shall continue to be counted against such limitation. 
 2.6 Changes in Common Stock or Assets of the
Company. In the event that the outstanding shares of Common Stock are hereafter changed into or exchanged for cash or a different number or kind of shares or other securities of the Company, or of another corporation, by reason of
reorganization, merger, consolidation, recapitalization, reclassification, stock splitup, stock dividend, combination of shares or other change in the Common Stock, or in the event of a “spin-off” or other distribution of assets of the
Company having a material effect on the Fair Market Value of the Common Stock, appropriate adjustments shall be made by the Administrator, in its absolute discretion, in (i) the aggregate number of shares reserved for issuance under the Plan,
and (ii) the number, kind and exercise or purchase price of shares issuable in respect of outstanding Awards under the Plan. In addition, as applicable, appropriate adjustments shall be made to the limitations set forth in this Article II. In
connection with any event described in this paragraph, the Administrator may provide, in its absolute discretion, for the cancellation of any outstanding Awards and payment in cash, securities or other property therefor. 

ARTICLE III 

GRANTING OF OPTIONS 
 3.1 Eligibility. Any Eligible Recipient may be granted an Option, but only Employees of the Company, a Subsidiary of the Company or a Parent Corporation of the Company may be granted an Incentive
Stock Option. 
 3.2 Granting of Options. 
 (a) The Administrator shall from time to time, in its absolute discretion: 

 (i) Select which Eligible Participants shall be granted Options; 

(ii) Determine the number of shares subject to each Option and its exercise price and vesting schedule; 

(iii) Determine whether the Option is to be an Incentive Stock Option or a Non-Qualified Stock Option; and 

(iv) Determine the other terms and conditions of the Option, consistent with the Plan, including the effect of the
termination of employment or service of a Participant and the effect, if any, of a change in control of the Company. 
 (b) The
Administrator shall instruct the Secretary of the Company to issue such Options and may impose such conditions on the grant of such Options as it deems appropriate. Without limiting the generality of the preceding sentence, the Administrator may, in
its discretion and on such terms as it deems appropriate, require as a condition on the grant of an Option that the Optionee surrender for cancellation some or all of the Awards previously granted to the Optionee under this Plan or otherwise. An
Option, the grant of which is conditioned upon such surrender, may have an option price lower (or higher) than the exercise price of such surrendered Option or other Award, may cover the same (or a lesser or greater) number of shares as such
surrendered Option or other Award, may contain such other terms as the Administrator deems appropriate, and shall be exercisable in accordance with its terms, without regard to the number of shares, price, exercise period or any other term or
condition of such surrendered Option or other Award. 
 3.3 Special Rules Applicable to Incentive Stock Options.

 (a) Only Employees of the Company, a Subsidiary of the Company or a Parent Corporation of the Company may be granted an
Incentive Stock Option. 
 (b) No person may be granted an Incentive Stock Option under this Plan if such person, at the time
the Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any then existing Subsidiary or Parent Corporation unless such Incentive Stock
Option conforms to the applicable provisions of Section 422 of the Code. 
 (c) Any Incentive Stock Option granted under
the Plan may be modified by the Administrator at any time and in its absolute discretion to disqualify such Option from treatment as an “incentive stock option” under Section 422 of the Code. 

(d) To the extent that the aggregate Fair Market Value of stock with respect to which “incentive stock options” (within the
meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by an Optionee during any calendar year (under the Plan and all other incentive stock option plans of the Company and
any Subsidiary or Parent Corporation) exceeds $100,000, such Options shall be treated as Non-Qualified Options to the extent required by Section 422 of the Code. The rule set forth in the preceding sentence shall be applied by taking Options
into account in the order in which they 

 
were granted. For purposes of this Section 3.3(d), the Fair Market Value of such stock shall be determined as of the time the Option with respect to such stock is granted. 

ARTICLE IV 

TERMS AND CONDITIONS OF OPTIONS 
 4.1 Option Agreement. Each Option shall be evidenced by a written stock option agreement, which shall be executed by the Optionee and an authorized officer of the Company and which shall contain
such terms and conditions as the Administrator shall determine, consistent with the Plan. 
 4.2 Option Price. The price
per share of the shares subject to each Option shall be set by the Administrator; provided, however, that (i) such price shall be no less than the par value, if any, of a share of Common Stock, (ii) such price shall be no
less than the minimum price, if any, required from time to time under applicable Blue Sky Laws (currently, under California law, in general, 85% of the “fair value” of the Common Stock on the date of grant, but 110% of the fair value in
the case of Optionees holding 10% or more of the voting power of all classes of stock of the Company or its Subsidiaries or Parent Corporations), and (iii) in the case of Options intended to qualify as Incentive Stock Options or as
performance-based compensation as described in Section 162(m)(4)(C) of the Code such price shall, to the extent required by law at the time of grant, be no less than 100% of the Fair Market Value of a share of Common Stock on the date the
Option is granted (110% of the Fair Market Value of a share of Common Stock on the date an Incentive Stock Option is granted in the case of an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total
combined voting power of all classes of stock of the Company or any Subsidiary or Parent Corporation). 
 4.3 Option
Term. The term of an Option shall be set by the Administrator in its discretion; provided, however, that, in the case of Incentive Stock Options or any Option subject to applicable Blue Sky Laws, the term shall not be more than ten
(10) years from the date the Option is granted, or five (5) years from such date if an Incentive Stock Option is granted to an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total
combined voting power of all classes of stock of the Company or any Subsidiary or Parent Corporation. 
 4.4 Option Vesting
and Exercisability. Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after grant. The Administrator may provide, in its discretion, that any Option
shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time in whole or in part based on such factors as the Administrator may determine, in its sole discretion, including but not
limited to in connection with any “change in control” of the Company, as defined in any stock option agreement. Notwithstanding the foregoing, to the extent required by applicable Blue Sky Laws, the minimum vesting schedule shall be at the
rate of no less than 20% per year over five years from the date of grant (or any other prescribed rate). 

 4.5 Effect of Termination of Employment.. The Administrator shall determine the
extent, if any, to which an Option may be exercisable following the termination of employment or service of a Participant under any circumstances. 
 ARTICLE V 
 EXERCISE OF OPTIONS 

5.1 Partial Exercise. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with
respect to fractional shares and the Administrator may require that a partial exercise be with respect to a minimum number of shares. 
 5.2 Manner of Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company or the Secretary’s office:

 (a) A written notice complying with the applicable rules established by the Administrator stating that the Option, or a
portion thereof, is to be exercised. The notice shall be signed by the Optionee or other person then entitled to exercise the Option or such portion; 
 (b) Such representations and documents as the Administrator, in its absolute discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act of 1933, as
amended, and any other federal or state securities laws or regulations. The Administrator may, in its absolute discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing
legends on share certificates and issuing stop-transfer notices to agents and registrars; 
 (c) In the event that the Option
shall be exercised pursuant to Section 10.1 by any person or persons other than the Optionee, appropriate proof of the right of such person or persons to exercise the Option; and 

(d) Full cash payment to the Secretary of the Company for the shares with respect to which the Option, or portion thereof, is exercised.
However, at the discretion of the Administrator, the terms of the Option may (i) allow a delay in payment up to thirty (30) days from the date the Option, or portion thereof, is exercised; (ii) allow payment, in whole or in part,
through the delivery of shares of Common Stock owned by the Optionee for at least six months prior to the date of delivery, duly endorsed for transfer to the Company, having a Fair Market Value on the date of delivery equal to the aggregate exercise
price of the Option or exercised portion thereof; (iii) allow payment, in whole or in part, of the aggregate exercise price of the Option or exercised portion thereof through a broker or other cashless exercise procedure; (iv) allow
payment, in whole or in part, through the delivery of property of any kind which constitutes good and valuable consideration; (v) allow payment, in whole or in part, to the extent permitted by law, through delivery of a promissory note payable
upon such terms and conditions as may be prescribed by the Administrator in its absolute discretion; or (vi) allow payment through any combination of the foregoing. In the case of a promissory note, the Administrator shall prescribe the form of
such note, the extent to which the note shall be recourse against the Optionee, the security to be given for such note (and the terms of any related pledge agreement), the rate of interest, if any, that the note shall bear, and the schedule of
payments of principal and 

 
interest on the note. Any such note or loan shall comply with all applicable laws, regulations and rules of the Board of Governors of the Federal Reserve System and any other governmental agency
having jurisdiction. 
 5.3 Conditions to Issuance of Stock Certificate. The Company shall not be required to issue or
deliver any certificate or certificates for shares of stock purchased upon the exercise of any Option or portion thereof prior to fulfillment of all of the following conditions: 

(a) The admission of such shares to listing on all stock exchanges on which such class of stock is then listed; 

(b) The completion of any registration or other qualification of such shares under any state or federal law, or under the rulings or
regulations of the Securities and Exchange Commission or any other governmental regulatory body which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable; 
 (d) The lapse of such reasonable period of time following the
exercise of the Option as the Administrator may establish from time to time for reasons of administrative convenience; and 

(e) The receipt by the Company of full payment for such shares, including payment of any applicable withholding tax. 

5.4 Rights as Stockholders. The holders of Options shall not be, nor have any of the rights or privileges of, stockholders of the
Company in respect of any shares purchasable upon the exercise of an Option unless and until certificates representing such shares have been issued by the Company to such holders. 

5.5 Ownership and Transfer Restrictions. The Administrator, in its absolute discretion, may impose such restrictions on the
ownership and transferability of the shares purchasable upon the exercise of an Option as it deems appropriate. Any such restriction shall be set forth in the respective stock option agreement and may be referred to on the certificates evidencing
such shares. 
 ARTICLE VI 
 AWARD OF RESTRICTED STOCK 
 6.1 Award of Restricted Stock. The
Administrator shall from time to time, in its absolute discretion, select which Eligible Recipients shall be awarded Restricted Stock, and determine the purchase price, if any, and other terms and conditions applicable to such Restricted Stock,
consistent with the Plan. The Administrator shall instruct the Secretary of the Company to issue such Restricted Stock and may impose such conditions on the issuance of such Restricted Stock as it deems appropriate. 

 6.2 Restricted Stock Agreement. Restricted Stock shall be issued only pursuant to a
written restricted stock agreement, which shall be executed by the Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Administrator shall determine, consistent with this Plan. 

6.3 Rights as Stockholders. Upon delivery of the shares of Restricted Stock to the escrow holder pursuant to Section 6.5, the
Participant shall have, unless otherwise provided by the Administrator, all the rights of a stockholder with respect to said shares, subject to the restrictions in the restricted stock agreement, including the right to receive all dividends and
other distributions paid or made with respect to the shares; provided, however, that in the discretion of the Administrator, any extraordinary distributions with respect to the Common Stock shall be subject to the restrictions set
forth in Section 6.4. 
 6.4 Restrictions. All shares of Restricted Stock issued under the Plan (including any
shares received by holders thereof with respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of recapitalization) shall be subject to such restrictions as the Administrator shall provide in the
restricted stock agreement, which restrictions may include, without limitation, restrictions concerning voting rights and transferability and restrictions based on duration of employment with the Company, Company performance and individual
performance; provided, however, that by a resolution adopted after the Restricted Stock is issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, remove any or all of the restrictions imposed
by the terms of the restricted stock agreement. Restricted Stock may not be sold or encumbered until all restrictions are terminated or expire. 
 6.5 Escrow. The Secretary of the Company or such other escrow holder as the Administrator may appoint shall retain physical custody of each certificate representing Restricted Stock until all of
the restrictions imposed under the restricted stock agreement with respect to the shares evidenced by such certificate expire or shall have been removed. 
 6.6 Legend. In order to enforce the restrictions imposed upon shares of Restricted Stock hereunder, the Administrator shall cause a legend or legends to be placed on certificates representing all
shares of Restricted Stock subject to restrictions under restricted stock agreements, which legend or legends shall make appropriate reference to the conditions imposed thereby. 

ARTICLE VII 

PERFORMANCE AWARDS, DIVIDEND EQUIVALENTS, 
 DEFERRED STOCK, STOCK PAYMENTS 
 7.1 Performance Awards. Any Eligible
Recipient selected by the Administrator may be granted one or more Performance Awards. The value of such Performance Awards may be linked to the market value, book value, net profits or other measure of the value of the Common Stock or other
specific performance criteria determined by the Administrator. 
 7.2 Dividend Equivalents. Any Eligible Recipient
selected by the Administrator may be granted Dividend Equivalents based on the dividends declared on the Common Stock during 

 
the period between the date an Award is granted and the date such Award is exercised, vests or expires, as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or
additional shares of Common Stock by such formula and at such time and subject to such limitations as may be determined by the Administrator. 
 7.3 Stock Payments. Any Eligible Recipient selected by the Administrator may receive Stock Payments in the manner determined from time to time by the Administrator. The number of shares shall be
determined by the Administrator and may be based upon the Fair Market Value, book value, net profits or other measure of the value of Common Stock or other specific performance criteria determined by the Administrator. 

7.4 Deferred Stock. Any Eligible Recipient selected by the Administrator may be granted an award of Deferred Stock in the manner
determined from time to time by the Administrator. The number of shares of Deferred Stock shall be determined by the Administrator and may be linked to the market value, book value, net profits or other measure of the value of the Common Stock or
other specific performance criteria determined by the Administrator. Common Stock underlying a Deferred Stock award will not be issued until the Deferred Stock award has vested, pursuant to a vesting schedule or performance criteria set by the
Administrator. Unless otherwise provided by the Administrator, a Participant shall have no rights as a Company stockholder with respect to such Deferred Stock until such time as the award has vested and the Common Stock underlying the award has been
issued. 
 7.5 Performance Award Agreement, Dividend Equivalent Agreement, Deferred Stock Agreement, Stock Payment
Agreement. Each Performance Award, Dividend Equivalent, award of Deferred Stock and/or Stock Payment shall be evidenced by a written agreement, which shall be executed by the Participant and an authorized officer of the Company and contain such
terms and conditions as the Administrator shall determine, consistent with the Plan. 
 7.6 Term. The term of a
Performance Award, Dividend Equivalent, award of Deferred Stock and/or Stock Payment shall be set by the Administrator in its discretion. 
 7.7 Payment on Exercise. Payment of the amount determined under Section 7.1 or 7.2 above shall be in cash, in Common Stock or a combination of both, as determined by the Administrator. To the
extent any payment under this Article VII is made in Common Stock, it shall be made subject to satisfaction of all provisions of Section 5.3. 
 ARTICLE VIII 
 STOCK APPRECIATION RIGHTS 

8.1 Grant of Stock Appreciation Rights. Any Eligible Recipient selected by the Administrator may be granted one or more Stock
Appreciation Rights. A Stock Appreciation Right may be granted (i) in connection and simultaneously with the grant of an Option, (ii) with respect to a previously granted Option, or (iii) independent of an Option. A Stock Appreciation
Right shall be subject to such terms and conditions not inconsistent with the Plan as the Administrator shall impose, and shall be evidenced by a written stock appreciation right agreement, which shall be executed by the Participant and an
authorized officer of the Company. Without limiting the generality of the preceding sentence, the Administrator may, in its 

 
discretion and on such terms as it deems appropriate, require as a condition of the grant of a Stock Appreciation Right that a Participant surrender for cancellation some or all of the
unexercised Awards or other rights which have been previously granted to the Participant under this Plan or otherwise. A Stock Appreciation Right, the grant of which is conditioned upon such surrender, may have an exercise price lower (or higher)
than the exercise price of the surrendered Award, may cover the same (or a lesser or greater) number of shares as such surrendered Award, may contain such other terms as the Administrator deems appropriate, and shall be exercisable in accordance
with its terms, without regard to the number of shares, price, exercise period or any other term or condition of such surrendered Award. 
 8.2 Coupled Stock Appreciation Rights. 
 (a) A Coupled Stock Appreciation
Right (“CSAR”) shall be related to a particular Option and shall be exercisable only when and to the extent the related Option is exercisable. 
 (b) A CSAR may be granted to a Participant for no more than the number of shares subject to the Option to which it is coupled. 
 (c) A CSAR shall entitle the Participant (or other person entitled to exercise the Option pursuant to this Plan) to surrender to the Company unexercised a portion of the Option to which the CSAR relates
(to the extent then exercisable pursuant to its terms) and to receive from the Company in exchange therefor an amount determined by multiplying (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the
CSAR over the Option exercise price, by (ii) the number of shares of Common Stock with respect to which the CSAR shall have been exercised, subject to any limitations the Administrator may impose. 

8.3 Independent Stock Appreciation Rights. 
 (a) An Independent Stock Appreciation Right (“ISAR”) shall be unrelated to any Option and shall have a term set by the Administrator. An ISAR shall be exercisable in such installments as the
Administrator may determine. An ISAR shall cover such number of Shares of Common Stock as the Committee may determine. The exercise price per share of Common Stock subject to each ISAR shall be set by the Administrator. 

(b) An ISAR shall entitle the Participant (or other person entitled to exercise the ISAR pursuant to this Plan) to exercise all or a
specified portion of the ISAR (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise
of the ISAR over the exercise price of the ISAR, by (ii) the number of shares of Common Stock with respect to which the ISAR shall have been exercised, subject to any limitations the Administrator may impose. 

8.4 Payment and Limitations on Exercise. Payment of the amount determined under Section 8.2(c) and 8.3(b) above shall be in
cash, in Common Stock (based on its Fair Market Value as of the date the Stock Appreciation Right is exercised) or a combination of both, as 

 
determined by the Administrator. To the extent such payment is effected in Common Stock it shall be made subject to satisfaction of all provisions of Section 5.3 hereinabove. 

ARTICLE IX 

ADMINISTRATION 

9.1 Compensation Committee. The Compensation Committee (or a subcommittee of the Board assuming the functions of the Committee
under the Plan) shall consist of two or more Directors appointed by and holding office at the pleasure of the Board. To the extent applicable, the members of the Committee shall each be a “Non-Employee Director” as defined under Rule 16b-3
and an “outside director” as defined under Section 162(m) of the Code. Appointment of Committee members shall be effective upon acceptance of appointment. Committee members may resign at any time by delivering written notice to the
Board. Vacancies in the Committee may be filled by the Board. 
 9.2 Duties and Powers of Administrator. It shall be the
duty of the Administrator to conduct the general administration of this Plan in accordance with its provisions. The Administrator shall have the power to interpret this Plan and the agreements pursuant to which Awards are made, and to adopt such
rules for the administration, interpretation, and application of this Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator shall have the power, consistent with the terms of the Plan, to establish the
terms and conditions of each Award under the Plan, including without limitation (i) the effect of the termination of employment or service of a Participant under any circumstances and (ii) the effect, if any, of a change in control of the
Company on such Award. Awards under this Plan need not be the same with respect to each Participant. Any such interpretations and rules with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code.
In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under this Plan except with respect to matters which under Rule 16b-3 or Section 162(m) of the Code, or any
regulations or rules issued thereunder, are required to be determined in the sole discretion of the Committee. 
 9.3
Majority Rule. The Administrator shall act by a majority of its members in attendance at a meeting at which a quorum is present or by a memorandum or other written instrument signed by all members of the Administrator. 

9.4 Compensation; Professional Assistance; Good Faith Actions. Members of the Board or Committee shall receive such compensation
for their services as may be determined by the Board. All expenses and liabilities which Board or Committee members incur in connection with the administration of the Plan shall be borne by the Company. The Administrator may, with the approval of
the Board, employ attorneys, consultants, accountants, appraisers, brokers, or other persons. The Administrator, the Company and the Company’s officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company and all other interested persons. No members of the Board or Committee shall
be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or Awards granted under the Plan, and all members 

 
of the Board or Committee shall be fully protected and indemnified by the Company in respect of any such action, determination or interpretation. 

ARTICLE X 

MISCELLANEOUS PROVISIONS 
 10.1 Not Transferable. Except as may otherwise be authorized in writing by the Administrator in accordance with applicable law, Awards granted under the Plan may not be sold, pledged, assigned, or
transferred in any manner other than by will or the laws of descent and distribution, unless and until such Awards have been exercised, or the shares underlying such Awards have been issued, and all restrictions applicable to such shares have
lapsed. No Award or interest or right therein shall be liable for the debts, contracts or engagements of any Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted
disposition thereof shall be null and void and of no effect; provided however, that this Section 10.1 shall not prevent (i) transfers by will or by the applicable laws of descent and distribution, (ii) the designation of a beneficiary
to exercise any Option or other right or Award (or any portion thereof) granted under the Plan after the Participant’s death, or (iii) transfers to a Participant’s alternate payee pursuant to a QDRO. 

During the lifetime of the Participant, only the Participant or an alternate payee under a QDRO may exercise an Option or other right or
Award (or any portion thereof) granted under the Plan. After the death of the Participant, any exercisable portion of an Option or other right or Award may, subject to the terms of such Award, be exercised by the Participant’s personal
representative or by any person empowered to do so under the Participant’s beneficiary designation, will or living trust or under the then applicable laws of descent and distribution. 

10.2 Amendment, Suspension or Termination of the Plan. The Plan shall terminate on the tenth anniversary of the Board’s
adoption of the Plan. The Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator. Shareholder approval shall be required as a condition of such action only
(i) to increase the limits on the number of shares that may be issued under the Plan pursuant to Section 2.1 (but only to the extent required by applicable law, regulation or rule), (ii) to amend the limitation on annual grants under
Section 2.5 (excepting in each case adjustments made pursuant to Section 2.6), or (iii) as otherwise required by applicable law, regulation or rule. No amendment, suspension or termination of the Plan shall, without the consent of the
holder, alter or impair any rights or obligations under any outstanding Award, unless the Plan or the Award Agreement otherwise expressly so provides. No Awards may be granted during any period of suspension or after termination of the Plan.

 10.3 Approval of Plan by Stockholders. The Plan shall be submitted for the approval of the Company’s stockholders
within twelve months after the date of the Board’s initial adoption of the Plan. Awards may be granted prior to such stockholder approval, provided that such Awards shall not be exercisable and/or vest prior to the time the Plan is approved by
the 

 
shareholders, and provided further that if such approval has not been obtained at the end of said twelve-month period, all Awards previously granted under the Plan shall thereupon be canceled and
become null and void. 
 10.4 Tax Withholding. The Company shall be entitled to require payment in cash or deduction from
other compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to the issuance, vesting or exercise of any Award. The Administrator may in its discretion and in satisfaction of the
foregoing requirement allow such Participant to elect to have the Company withhold shares of Common Stock (or allow the return of shares of Common Stock) having a Fair Market Value equal to the sums required to be withheld. 

10.5 Loan. The Administrator may, in its discretion, extend one or more loans in connection with the exercise or receipt of an
Award granted under the Plan. The terms and conditions of any such loan shall be set by the Administrator in its sole discretion. 
 10.6 Limitations Applicable to Section 16 Persons and Performance-Based Compensation. Except as otherwise determined by the Administrator, any Award to a Participant subject to Section 16
of the Exchange Act shall be subject to any additional requirements set forth in any applicable rule under Section 16 of the Exchange Act to the extent necessary to qualify the Award for an applicable exemption, and the Plan shall be deemed
amended to the extent necessary to conform to such requirements. Furthermore, any Award intended to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code shall be subject to any additional limitations set
forth in Section 162(m) of the Code or any regulations or rulings issued thereunder that are requirements for qualification as performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed
amended to the extent necessary to conform to such requirements. 
 10.7 Effect of Plan Upon Options and Compensation
Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company or any Subsidiary or Parent Corporation. Nothing in the Plan shall be construed to limit the right of the Company (i) to
establish any other forms of incentives or compensation for employees of the Company or any Subsidiary or (ii) to grant or assume options or other rights otherwise than under this Plan in connection with any proper corporate purpose, including
but not by way of limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, firm or association.

 10.8 Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery
of shares of Common Stock and the payment of money under the Plan or under Awards granted hereunder are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal
securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered
under this Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem

 
necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan and Awards granted hereunder shall be deemed amended to the
extent necessary to conform to such laws, rules and regulations. 
 10.9 Blue Sky Laws. To the extent applicable, the
provisions of Sections 260.140.41, 260.140.45 and 260.140.46 of Title 10 of the California Code of Regulations, as amended from time to time, or any successor provisions, are incorporated herein by reference. 

10.10 Unfunded Status of the Plan. The Plan is intended to constitute an “unfunded” plan for incentive compensation.
With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any Participant any rights greater than those of a general creditor of the Company. 

10.11 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of the Plan. 
 10.12 Governing Law. The Plan and any agreements hereunder shall be administered, interpreted and
enforced under the internal laws of the State of California without regard to conflicts of laws thereof. 

*     *     * 
 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of TheSavageBeast.com, Inc. on February 2, 2000. 

 SAVAGE BEAST TECHNOLOGIES INCORPORATED 

INCENTIVE STOCK OPTION AGREEMENT 
 INCENTIVE STOCK OPTION AGREEMENT (this “Option Agreement”), dated as of the      day of         ,
     (the “Effective Date”), by and between Savage Beast Technologies Incorporated, a California corporation (the “Company”), and
                     (the “Optionee”), an employee of the Company. 

Pursuant to the Company’s 2000 Stock Incentive Plan (the “Plan”), the Board of Directors of the Company (the
“Committee”), as the Administrator of the Plan, has determined that the Optionee is to be granted an option (the “Option”) to purchase shares of the Company’s Common Stock, no par value (the “Common Stock”), on the
terms and conditions set forth herein, and hereby grants such Option. It is intended that the Option constitute an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”) to the extent permitted by law, and a non-qualified stock option to the extent not so permitted. 
 Any
capitalized terms not defined herein shall have their respective meanings set forth in the Plan. 
 1. Number of
Shares. The Option entitles the Optionee to purchase                      shares of the Company’s Common Stock (the “Option
Shares”) at a price of $         per share (the “Option Exercise Price”), which is equal to the Fair Market Value of the Common Stock as of the Effective Date. 

2. Option Term. The term of the Option and of this Option Agreement (the “Option Term”) shall commence on the
Effective Date (the “Date of Grant”) and, unless the Option is previously terminated pursuant to this Option Agreement, shall terminate upon the expiration of ten (10) years from the Date of Grant. Upon expiration of the Option Term,
all rights of the Optionee hereunder shall terminate. 
 3. Conditions of Exercise. 

(a) Subject to Section 7 below, (i) the Option shall vest and become exercisable as to [25]% of the Option Shares on the
first anniversary of the Date of Grant, and (ii) the remaining Option Shares shall vest and become exercisable in equal installments at the end of each of the [13]th through [48]th months following the Date of Grant. 

(b) Except as otherwise provided herein, the right of the Optionee to purchase Option Shares with respect to which this Option has become
exercisable may be exercised in whole or in part at any time or from time to time prior to expiration of the Option Term. 

4. Adjustments. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split or
similar change affecting the Common Stock, a substitution or proportionate adjustment shall be made in the kind, number and option price of 

 
shares of Common Stock subject to the unexercised portion of the Option, in accordance with Section 2.6 of the Plan, as amended from time to time. 

5. Nontransferability of Option and Option Shares. 
 (a) The Option and this Option Agreement shall not be transferable and, during the lifetime of Optionee, the Option may be exercised only by Optionee. Without limiting the generality of the foregoing,
except as otherwise provided herein, the Option may not be assigned, transferred, pledged or hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to execution, attachment or similar process; provided
however, the Option and this Option Agreement shall be transferable pursuant to Optionee’s will or the laws of descent and distribution. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to
the provisions hereof, and the levy of any execution, attachment or similar process upon the Option shall be null and void and without effect. 
 (b) Following the issuance of Option Shares upon exercise of the Option, neither the Option Shares nor any interest therein may be transferred, sold, assigned, exchanged, pledged, hypothecated or
otherwise disposed of, including by gift (collectively, “Transferred”) by the Optionee prior to the closing of a firm commitment underwritten public offering of the Common Stock of the Company (the “Public Offering”). The Option
Shares may be Transferred thereafter only pursuant to (i) an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws covering such Option Shares, or
(ii) an opinion of legal counsel for the holder of such Option Shares to be Transferred satisfactory to the Company stating that such transaction is exempt from registration. 

6. Method of Exercise of Option. The Option may be exercised by means of written notice of exercise to the Company
specifying the number of Option Shares to be purchased, accompanied by payment in full of the aggregate Option Exercise Price and any applicable withholding taxes (i) in cash or by check or (ii) by any other means of exercise authorized
from time to time by the Compensation Committee. 
 7. Effect of Termination of Employment. Upon the termination
of Optionee’s employment or service with the Company under any circumstances, the Option shall immediately terminate as to any Option Shares that have not previously vested as of the date of such termination (the “Termination Date”).
Any portion of the Option that has vested as of the Termination Date shall be exercisable in whole or in part for a period of 90 days following the Termination Date; provided, however, that in the event of termination by reason of
death or Disability or retirement (as defined in the Company’s retirement policy as in effect from time to time, “Retirement”), such exercise period shall extend until the date that is six months from the Termination Date, and
provided, further, that in the event of resignation by the Optionee (other than for Retirement) or termination for “cause” (as defined below), the Option shall not be exercisable in any part from and after the time written
notice of such termination is provided. Upon expiration of the applicable exercise period, any unexercised portion of the Option shall 

 
terminate in full. Cause shall mean, and be limited to, (i) the material failure by the Optionee to perform such duties as are reasonably requested by any superior officer, director, manager
or supervisor of the Optionee (other than any such failure resulting from temporary absence or disability), (ii) the Optionee’s failure to observe any material Company policies, (iii) gross negligence or willful misconduct by the
Optionee in the performance of his or her duties, (iv) the commission by the Optionee of (A) any act of fraud or financial dishonesty with respect to the Company, (B) any act involving moral turpitude which would adversely affect the
business of the Company or (C) any felony, (v) material breach by the Optionee of this Agreement or of any other agreement or contract with the Company or (vi) chronic absenteeism. 

8. Investment Representation. The Optionee hereby represents and warrants to the Company that the Optionee, by reason of
the Optionee’s business or financial experience (or the business or financial experience of the Optionee’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the
Company, directly or indirectly), has the capacity to protect the Optionee’s own interests in connection with the transactions contemplated under this Option Agreement. 
 9. Notices. All notices and other communications under this Agreement shall be in writing and shall be given by facsimile or first class mail, certified or registered with return receipt
requested, and shall be deemed to have been duly given three days after mailing or 24 hours after transmission by facsimile to the respective parties named below: 
  

					
	If to Company:	  	 Savage Beast Technologies Incorporated
 360 22nd Street
 Suite 390
 Oakland, CA 94612
 Attention: Chief Executive Officer

Facsimile: (510) 451-4286

		
	with a copy to:	  	 Kaye Scholer LLP

1999 Avenue of the Stars, Suite 1700
 Los
Angeles, California 90067
 Attention: Barry L. Dastin, Esq.
 Facsimile: (310) 788-1200

			
	If to the Optionee:	  	  
	  	
		  	  
	  	
		  	  
	  	
		  	  
	  	

 Either party hereto may change such party’s address for notices by notice duly given pursuant hereto.

 10. Securities Laws Requirements. The Option shall not be exercisable to any extent, and the Company shall not
be obligated to transfer any Option Shares to the Optionee upon exercise of the Option, if such exercise, in the opinion of counsel for the Company, would violate the Securities Act (or any other federal or state statutes having similar requirements
as 

 
may be in effect at that time). Further, the Company may require as a condition of transfer of any Option Shares pursuant to any exercise of the Option that the Optionee furnish a written
representation that he or she is purchasing or acquiring the Option Shares for investment and not with a view to resale or distribution to the public. The Optionee hereby represents and warrants that he or she understands that the Option Shares are
“restricted securities,” as defined in Rule 144 under the Securities Act, and that any resale of the Option Shares must be in compliance with the registration requirements of the Securities Act or an exemption therefrom. Each certificate
representing Option Shares shall bear the legend set forth below: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE RESTRICTED
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES THEREUNDER, AND MAY NOT BE SOLD, OFFERED FOR SALE OR OTHERWISE TRANSFERRED IN THE ABSENCE OF REGISTRATION OR AN EXEMPTION THEREFROM. 

PRIOR TO THE CLOSING OF A FIRM COMMITMENT UNDERWRITTEN PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER OF THE SECURITIES EVIDENCED BY
THIS CERTIFICATE, SUCH SECURITIES MAY NOT BE TRANSFERRED IN ANY MANNER, AS PROVIDED IN THE STOCK OPTION AGREEMENT PURSUANT TO WHICH SUCH SECURITIES HAVE BEEN ISSUED. 
 Further, if the Company decides, in its sole discretion, that the listing or qualification of the Option Shares under any securities or other applicable law is necessary or desirable, the Option shall not
be exercisable, in whole or in part, unless and until such listing or qualification, or a consent or approval with respect thereto, shall have been effected or obtained free of any conditions not acceptable to the Company. In addition, the Optionee
agrees and acknowledges that in connection with any public offering of the Company’s securities, the resale or other transfer of the Option Shares shall be subject to such reasonable and customary restrictions as the underwriters may request,
and the Optionee further agrees to execute any “lock-up” or other agreement evidencing such restrictions in the form provided by the underwriters. 
 11. No Obligation to Register Option Shares. The Company shall be under no obligation to register the Option Shares. 
 12. Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other
disposition of, or creation of a security interest in or lien on, any of the Option Shares by any holder thereof in violation of the provisions of this Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and
the Company will not transfer any of said Option Shares on its books nor will any of said Option Shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the
satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions. 

 13. Withholding Requirements. The Company’s obligations under this Option
Agreement shall be subject to all applicable tax and other withholding requirements, and the Company shall, to the extent permitted by law, have the right to deduct any withholding amounts from any payment or transfer of any kind otherwise due to
the Optionee. 
 14. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any
provision of this Option Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
 15. Governing Law. This Option Agreement shall be governed by and construed according to the laws of the State of California without regard to its principles of conflict of laws. 

16. Incorporation of Plan. The Plan is hereby incorporated by reference and made a part hereof, and the Option and this
Option Agreement shall be subject to all terms and conditions of the Plan. In case of any conflict between the terms of the Plan and the terms of this Option Agreement, the terms of the Plan shall control. 

17. Amendments. This Option Agreement may be amended or modified at any time only by an instrument in writing signed by
each of the parties hereto. 
 18. Rights as a Shareholder. Neither the Optionee nor any of the Optionee’s
successors in interest shall have any rights as a shareholder of the Company with respect to any shares of Common Stock subject to the Option until the date of issuance of a stock certificate for such shares of Common Stock. 

19. Agreement Not a Contract of Employment. Neither the Plan, the granting of the Option, this Option Agreement nor any
other action taken pursuant to the Plan shall constitute or be evidence of any agreement or understanding, express or implied, that the Optionee has a right to continue as an employee of the Company or any Subsidiary or affiliate of the Company for
any period of time or at any specific rate of compensation. 
 20. Authority of the Administrator. The
Administrator shall have full authority to interpret and construe the terms of the Plan and this Option Agreement. The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

 21. Dispute Resolution. The parties hereto will use their reasonable best efforts to resolve any dispute
hereunder through good faith negotiations. A party hereto must submit a written notice to any other party to whom such dispute pertains, and any such dispute that cannot be resolved within 30 calendar days of receipt of such notice (or such other
period to which the parties may agree) will be submitted to an arbitrator selected by mutual agreement of the parties. In the event that, within 50 days of the written notice referred to in the preceding sentence, a single arbitrator has not been
selected by mutual agreement of the parties, a panel of arbitrators (with each party to the dispute being entitled to select one arbitrator and, if necessary to prevent the possibility of deadlock, one additional arbitrator being selected by such
arbitrators selected by the parties to the dispute) shall be selected by the parties. Except as otherwise provided herein or as the parties to the dispute may otherwise agree, such arbitration will be conducted in accordance with the then existing
rules of the American Arbitration Association. The decision of 

 
the arbitrator or arbitrators, or of a majority thereof, as the case may be, made in writing will be final and binding upon the parties hereto as to the questions submitted, and the parties will
abide by and comply with such decision; provided, however, the arbitrator or arbitrators, as the case may be, shall not be empowered to award punitive damages. Unless the decision of the arbitrator or arbitrators, as the case may be, provides for a
different allocation of costs and expenses determined by the arbitrator(s) to be equitable under the circumstances, the prevailing party or parties in any arbitration will be entitled to recover all reasonable fees (including but not limited to
attorneys’ fees) and expenses incurred by it or them in connection with such arbitration from the nonprevailing party or parties. 
 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Option Agreement on the day and year first above written. 

 

			
	 SAVAGE BEAST TECHNOLOGIES INCORPORATED

 
  

	  

By:

	Its:	 	
	  
 The undersigned hereby accepts and agrees to all the
terms and provisions of the foregoing Option Agreement and to all the terms and provisions of the Plan, herein incorporated by reference.

	  

 

 SAVAGE BEAST TECHNOLOGIES INCORPORATED 

NON-QUALIFIED STOCK OPTION AGREEMENT 
 NON-QUALIFIED STOCK OPTION AGREEMENT (this “Option Agreement”), dated as of the «Day» day of «Month», 2000 (the “Effective Date”), by and between Savage Beast
Technologies Incorporated, a California corporation (the “Company”), and «EmployeeFullName» (the “Optionee”), an employee of the Company. 
 Pursuant to the Company’s 2000 Stock Incentive Plan (the “Plan”), the Board of Directors of the Company (the “Committee”), as the Administrator of the Plan, has determined that
the Optionee is to be granted an option (the “Option”) to purchase shares of the Company’s Common Stock, no par value (the “Common Stock”), on the terms and conditions set forth herein, and hereby grants such Option. It is
intended that the Option not constitute an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

Any capitalized terms not defined herein shall have their respective meanings set forth in the Plan. 

1. Number of Shares. The Option entitles the Optionee to purchase «NumberofOptions» shares of the
Company’s Common Stock (the “Option Shares”) at a price of $[        ] per share (the “Option Exercise Price”), which is equal to the Fair Market Value of the Common Stock as of the
Effective Date. 
 2. Option Term. The term of the Option and of this Option Agreement (the “Option
Term”) shall commence on the Effective Date (the “Date of Grant”) and, unless the Option is previously terminated pursuant to this Option Agreement, shall terminate upon the expiration of ten (10) years from the Date of Grant.
Upon expiration of the Option Term, all rights of the Optionee hereunder shall terminate. 
 3. Conditions of
Exercise. 
 [(a) Subject to Section 7 below, the Option shall vest as follows: (i) 25% of the Option Shares
shall vest upon the first anniversary of the Date of Grant, and (ii) 1/36 of the remaining Option Shares shall vest at the end of every month thereafter until 100% of the Option Shares are vested. Any fractional Option Share shall be rounded to
the nearest full Option Share.] 
 [(a) Subject to Section 7 below, the Option shall vest as follows: (i) 50%
of the Option Shares shall vest upon the first anniversary of the Date of Grant, and (ii) 1/12 of the remaining Option Shares shall vest at the end of every month thereafter until 100% of the Option Shares are vested. Any fractional Option
Share shall be rounded to the nearest full Option Share.] 
 (b) Except as otherwise provided herein, the right of
the Optionee to purchase Option Shares with respect to which this Option has become exercisable may be exercised in whole or in part at any time or from time to time prior to expiration of the Option Term. 

 4. Adjustments. In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend, stock split or similar change affecting the Common Stock, a substitution or proportionate adjustment shall be made in the kind, number and option price of shares of Common Stock subject to the unexercised portion of
the Option, in accordance with Section 2.6 of the Plan, as amended from time to time. 
 5. Nontransferability of
Option and Option Shares. 
 (a) The Option and this Option Agreement shall not be transferable and, during the
lifetime of Optionee, the Option may be exercised only by Optionee. Without limiting the generality of the foregoing, except as otherwise provided herein, the Option may not be assigned, transferred, pledged or hypothecated in any way, shall not be
assignable by operation of law, and shall not be subject to execution, attachment or similar process; provided however, the Option and this Option Agreement shall be transferable pursuant to Optionee’s will or the laws of descent and
distribution. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Option shall be null and void and
without effect. 
 (b) Following the issuance of Option Shares upon exercise of the Option, neither the Option Shares nor
any interest therein may be transferred, sold, assigned, exchanged, pledged, hypothecated or otherwise disposed of, including by gift (collectively, “Transferred”) by the Optionee prior to the closing of a firm commitment underwritten
public offering of the Common Stock of the Company (the “Public Offering”). The Option Shares may be Transferred thereafter only pursuant to (i) an effective registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), and applicable state securities laws covering such Option Shares, or (ii) an opinion of legal counsel for the holder of such Option Shares to be Transferred satisfactory to the Company stating that such transaction
is exempt from registration. 
 6. Method of Exercise of Option. The Option may be exercised by means of written
notice of exercise to the Company specifying the number of Option Shares to be purchased, accompanied by payment in full of the aggregate Option Exercise Price and any applicable withholding taxes (i) in cash or by check or (ii) by any
other means of exercise authorized from time to time by the Compensation Committee. 
 7. Effect of Termination of
Employment. Upon the termination of Optionee’s employment or service with the Company under any circumstances, the Option shall immediately terminate as to any Option Shares that have not previously vested as of the date of such
termination (the “Termination Date”). Any portion of the Option that has vested as of the Termination Date shall be exercisable in whole or in part for a period of 90 days following the Termination Date; provided, however,
that in the event of termination by reason of death or Disability or retirement (as defined in the Company’s retirement policy as in effect from time to time, “Retirement”), such exercise period shall extend until the date that is six
months from the Termination Date, and provided, further, that in the event of resignation by the Optionee (other than for Retirement) or termination for “cause” (as defined below), the Option shall not be exercisable in any
part from and after the time written notice of such termination is provided. Upon expiration of the applicable exercise period, any unexercised portion of the Option shall 

 
terminate in full. Cause shall mean, and be limited to, (i) the material failure by the Optionee to perform such duties as are reasonably requested by any superior officer, director, manager
or supervisor of the Optionee (other than any such failure resulting from temporary absence or disability), (ii) the Optionee’s failure to observe any material Company policies, (iii) gross negligence or willful misconduct by the
Optionee in the performance of his or her duties, (iv) the commission by the Optionee of (A) any act of fraud or financial dishonesty with respect to the Company, (B) any act involving moral turpitude which would adversely affect the
business of the Company or (C) any felony, (v) material breach by the Optionee of this Agreement or of any other agreement or contract with the Company or (vi) chronic absenteeism. 

8. Investment Representation. The Optionee hereby represents and warrants to the Company that the Optionee, by reason of
the Optionee’s business or financial experience (or the business or financial experience of the Optionee’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the
Company, directly or indirectly), has the capacity to protect the Optionee’s own interests in connection with the transactions contemplated under this Option Agreement. 
 9. Notices. All notices and other communications under this Agreement shall be in writing and shall be given by facsimile or first class mail, certified or registered with return receipt
requested, and shall be deemed to have been duly given three days after mailing or 24 hours after transmission by facsimile to the respective parties named below: 
  

			
	If to Company:	  	 Savage Beast Technologies Incorporated
 360 22nd Street, Suite 390
 Oakland, CA 94612

		  	 Attention: Chief Executive Officer
 Facsimile: (510) 451-4286

		
	with a copy to:	  	 Kaye Scholer LLP
 1999
Avenue of the Stars, Suite 1700
 Los Angeles, California 90067

		  	 Attention: Barry L. Dastin, Esq.
 Facsimile: (310) 788-1200

		
	If to the Optionee:	  	 «EmployeeFullName»
 «EmployeeStreetAddress»
 «EmployeeCity»,
«EmployeeState»

		  	«EmployeeZip»

 Either party hereto may change
such party’s address for notices by notice duly given pursuant hereto. 
 10. Securities Laws Requirements.
The Option shall not be exercisable to any extent, and the Company shall not be obligated to transfer any Option Shares to the Optionee upon exercise of the Option, if such exercise, in the opinion of counsel for the Company, would violate the
Securities Act (or any other federal or state statutes having similar requirements as may be in effect at that time). Further, the Company may require as a condition of transfer of 

 
any Option Shares pursuant to any exercise of the Option that the Optionee furnish a written representation that he or she is purchasing or acquiring the Option Shares for investment and not with
a view to resale or distribution to the public. The Optionee hereby represents and warrants that he or she understands that the Option Shares are “restricted securities,” as defined in Rule 144 under the Securities Act, and that any resale
of the Option Shares must be in compliance with the registration requirements of the Securities Act or an exemption therefrom. Each certificate representing Option Shares shall bear the legend set forth below: 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE RESTRICTED SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES
THEREUNDER, AND MAY NOT BE SOLD, OFFERED FOR SALE OR OTHERWISE TRANSFERRED IN THE ABSENCE OF REGISTRATION OR AN EXEMPTION THEREFROM. 
 PRIOR TO THE CLOSING OF A FIRM COMMITMENT UNDERWRITTEN PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE, SUCH SECURITIES MAY NOT BE TRANSFERRED IN ANY
MANNER, AS PROVIDED IN THE STOCK OPTION AGREEMENT PURSUANT TO WHICH SUCH SECURITIES HAVE BEEN ISSUED. 
 Further, if the Company decides, in its
sole discretion, that the listing or qualification of the Option Shares under any securities or other applicable law is necessary or desirable, the Option shall not be exercisable, in whole or in part, unless and until such listing or qualification,
or a consent or approval with respect thereto, shall have been effected or obtained free of any conditions not acceptable to the Company. In addition, the Optionee agrees and acknowledges that in connection with any public offering of the
Company’s securities, the resale or other transfer of the Option Shares shall be subject to such reasonable and customary restrictions as the underwriters may request, and the Optionee further agrees to execute any “lock-up” or other
agreement evidencing such restrictions in the form provided by the underwriters. 
 11. No Obligation to Register Option
Shares. The Company shall be under no obligation to register the Option Shares. 
 12. Protections Against
Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the
Option Shares by any holder thereof in violation of the provisions of this Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and the Company will not transfer any of said Option Shares on its books nor will
any of said Option Shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in
lieu of any other remedies, legal or equitable, available to enforce said provisions. 

 13. Withholding Requirements. The Company’s obligations under this Option
Agreement shall be subject to all applicable tax and other withholding requirements, and the Company shall, to the extent permitted by law, have the right to deduct any withholding amounts from any payment or transfer of any kind otherwise due to
the Optionee. 
 14. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any
provision of this Option Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
 15. Governing Law. This Option Agreement shall be governed by and construed according to the laws of the State of California without regard to its principles of conflict of laws. 

16. Incorporation of Plan. The Plan is hereby incorporated by reference and made a part hereof, and the Option and this
Option Agreement shall be subject to all terms and conditions of the Plan. In case of any conflict between the terms of the Plan and the terms of this Option Agreement, the terms of the Plan shall control. 

17. Amendments. This Option Agreement may be amended or modified at any time only by an instrument in writing signed by
each of the parties hereto. 
 18. Rights as a Shareholder. Neither the Optionee nor any of the Optionee’s
successors in interest shall have any rights as a shareholder of the Company with respect to any shares of Common Stock subject to the Option until the date of issuance of a stock certificate for such shares of Common Stock. 

19. Agreement Not a Contract of Employment. Neither the Plan, the granting of the Option, this Option Agreement nor any
other action taken pursuant to the Plan shall constitute or be evidence of any agreement or understanding, express or implied, that the Optionee has a right to continue as an employee of the Company or any Subsidiary or affiliate of the Company for
any period of time or at any specific rate of compensation. 
 20. Authority of the Administrator. The
Administrator shall have full authority to interpret and construe the terms of the Plan and this Option Agreement. The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

 21. Dispute Resolution. The parties hereto will use their reasonable best efforts to resolve any dispute
hereunder through good faith negotiations. A party hereto must submit a written notice to any other party to whom such dispute pertains, and any such dispute that cannot be resolved within 30 calendar days of receipt of such notice (or such other
period to which the parties may agree) will be submitted to an arbitrator selected by mutual agreement of the parties. In the event that, within 50 days of the written notice referred to in the preceding sentence, a single arbitrator has not been
selected by mutual agreement of the parties, a panel of arbitrators (with each party to the dispute being entitled to select one arbitrator and, if necessary to prevent the possibility of deadlock, one additional arbitrator being selected by such
arbitrators selected by the parties to the dispute) shall be selected by the parties. Except as otherwise provided herein or as the parties to the dispute may otherwise agree, such arbitration will be conducted in accordance with the then existing
rules of the American Arbitration Association. The decision of 

 
the arbitrator or arbitrators, or of a majority thereof, as the case may be, made in writing will be final and binding upon the parties hereto as to the questions submitted, and the parties will
abide by and comply with such decision; provided, however, the arbitrator or arbitrators, as the case may be, shall not be empowered to award punitive damages. Unless the decision of the arbitrator or arbitrators, as the case may be, provides for a
different allocation of costs and expenses determined by the arbitrator(s) to be equitable under the circumstances, the prevailing party or parties in any arbitration will be entitled to recover all reasonable fees (including but not limited to
attorneys’ fees) and expenses incurred by it or them in connection with such arbitration from the nonprevailing party or parties. 
 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Option Agreement on the day and year first above written. 

 

			
	SAVAGE BEAST TECHNOLOGIES INCORPORATED
	
	  

By:

	Its:	 	
	
	The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Option Agreement and to all the terms and provisions of the Plan, herein
incorporated by reference.
	
	  

«EmployeeFullName»

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