Document:

EX-4.1

 Exhibit 4.1 

PANDORA MEDIA, INC. 
 AND 

CITIBANK, N.A., 
 as Trustee 

FIRST SUPPLEMENTAL INDENTURE 

January 25, 2019 
 1.75%
Convertible Senior Notes Due 2020 
 FIRST SUPPLEMENTAL INDENTURE, dated as of January 25, 2019 (this “Supplemental
Indenture”), between Pandora Media, Inc., a Delaware corporation (the “Company”), and Citibank, N.A., a national banking association, as trustee (the “Trustee”), to the Indenture, dated as of
December 9, 2015 (the “Original Indenture”), between the Company and the Trustee. 
 WHEREAS, the Company has
heretofore executed and delivered the Original Indenture, pursuant to which the Company issued its 1.75% Convertible Senior Notes Due 2020 (the “Notes”); 

WHEREAS, Sirius XM Radio Inc. (“Sirius”), on behalf of the Company, has solicited consents (each a “Consent”
and collectively the “Consents”) of Holders to the amendments of the Original Indenture and to the Notes set forth in Article II of this Supplemental Indenture (the “Amendments”) upon the terms and subject to the
conditions set forth in the Consent Solicitation Statement, dated January 18, 2019 (the “Consent Solicitation Statement”); 

WHEREAS, Section 10.02 of the Original Indenture provides that the Company and the Trustee may amend or supplement the Original Indenture
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding; 
 WHEREAS, Sirius has
received and delivered to the Company and the Trustee written evidence of the Consents from Holders of more than a majority of the outstanding aggregate principal amount of the Notes to effect the Amendments; 

WHEREAS, the Board of Directors of the Company by resolutions adopted on January 17, 2019 has duly authorized, on behalf of the Company,
this Supplemental Indenture; 
 WHEREAS, in connection with the execution and delivery of this Supplemental Indenture, the Trustee has
received an Officers’ Certificate and an Opinion of Counsel as contemplated by Section 10.05 of the Original Indenture; and 

 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture and has satisfied all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms. 

WITNESSETH: 
 NOW THEREFORE, each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders: 
 ARTICLE I 

DEFINITIONS 

Section 1.1.    Definitions in the Supplemental Indenture. Unless otherwise specified herein or the context
otherwise requires: 
 (a)    a term defined in the Original Indenture has the same meaning when used in this
Supplemental Indenture unless the definition of such term is amended or supplemented pursuant to this Supplemental Indenture; 

(b)    the terms defined in this Article and in this Supplemental Indenture include the plural as well as the singular;

 (c)    unless otherwise stated, a reference to a Section or Article is to a Section or Article of this Supplemental
Indenture; and 
 (d)    Article and Section headings herein are for convenience only and shall not affect the
construction hereof. 
 Section 1.2.    Definitions in the Original Indenture. 

(a)    The Original Indenture is hereby amended and supplemented by adding the following additional definitions to
Section 1.01 of the Original Indenture in the appropriate alphabetical order: 
 “Special Repurchase Offer” shall have
the meaning specified in Section 4.11. 
 “Special Repurchase Date” shall have the meaning specified in
Section 4.11. 
 “Special Repurchase Price” shall have the meaning specified in Section 4.11. 

“Expiration Date” shall have the meaning specified in Section 4.11. 

“Transactions” shall have the meaning specified in Section 4.05. 

  
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 ARTICLE II 

AMENDMENTS TO THE ORIGINAL INDENTURE 

Section 2.1.    The Original Indenture is hereby amended as follows: 

(a)    Section 4.05 of the Original Indenture is hereby amended and restated in full to read as follows: 

“Section 4.05. Existence. Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve
and keep in full force and effect its existence as an entity; for the avoidance of doubt, this Section 4.05 shall not prohibit the Company from consummating the transactions (the “Transactions”) contemplated under the Agreement
and Plan of Merger and Reorganization, dated as of September 23, 2018, among Sirius XM Holdings Inc., White Oaks Acquisition Corp., Pandora Media, Inc., Sirius XM Radio Inc., Billboard Holding Company, Inc. and Billboard Acquisition Sub, Inc.,
including the Company’s conversion to a limited liability company or other organizational form.” 
 (b)    
The Original Indenture is hereby amended to insert a new Section 4.10 to read as follows and the corresponding change shall be made to the Original Indenture’s Table of Contents: 

“Section 4.10. Transactions Permitted. Notwithstanding any other provision of this Indenture, the Transactions and the
consummation thereof are, for the avoidance of doubt, permitted under and not prohibited by this Indenture and shall not result in any Default or Event of Default under this Indenture.” 

(c)    The Original Indenture is hereby amended to insert a new Section 4.11 to read as follows and the corresponding
change shall be made to the Original Indenture’s Table of Contents: 
 “Section 4.11. Special Offer to Repurchase
Notes. The Company shall, not more than 10 Business Days following the date of the consummation of the Transactions, commence an offer (a “Special Repurchase Offer”) to Holders to repurchase for cash all of the outstanding
Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on a date (the “Special Repurchase Date”) specified by the Company at a repurchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest thereon to, but excluding, the Special Repurchase Date (the “Special Repurchase Price”), unless the Special Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date
to which such Regular Record Date relates, in which case the Company shall instead pay on the Special Repurchase Date the full amount of accrued and unpaid interest to, but excluding, the Interest Payment Date to which the Record Date pertains, to
Holders of record as of such Regular Record Date, and the Special Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Section 4.11. The Special Repurchase Offer shall remain open for not
more than 20 Business Days (such 20th Business Day, the “Expiration Date”); provided that the Company may extend the Expiration Date if it determines such extension is necessary or required in order to comply with applicable law or
regulatory process; provided, further, that the Special Repurchase Date shall be promptly following the Expiration Date and not more than 35 Business Days from the commencement date of the Special Repurchase Offer.” 

  
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 ARTICLE III 

MISCELLANEOUS 

Section 3.1.    Operativeness of Amendments. This Supplemental Indenture will become effective immediately
upon its execution and delivery by the parties hereto but the Amendments set forth in Article II of this Supplemental Indenture will not become operative unless and until the Consent Fee (as defined in the Consent Solicitation Statement) with
respect to the Notes is paid in accordance with the terms and conditions of the Consent Solicitation Statement. 

Section 3.2.    Ratification of Original Indenture. The Original Indenture, as supplemented by this
Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. 

Section 3.3.    Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company
and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. All of the provisions contained in the Original
Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect as though set forth in full herein. 

Section 3.4.    Governing Law. THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

Section 3.5.    Execution in Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

					
	PANDORA MEDIA, INC.
		
	By:	 	/s/ Naveen Chopra
		 	Name:	 	Naveen Chopra
		 	Title:	 	Chief Financial Officer
	
	CITIBANK, N.A., as Trustee
		
	By:	 	/s/ Danny Lee
		 	Name:	 	Danny Lee
		 	Title:	 	Senior Trust Officer

  
 SIGNATURE PAGE TO FIRST
SUPPLEMENTAL INDENTUREAmendment No.1 To Credit  Agreement

 Exhibit 10.1 

AMENDMENT NO. 1 TO THE 
 5-YEAR REVOLVING CREDIT AGREEMENT 
 THIS AMENDMENT NO. 1, dated as of
January 25, 2019 (this “Amendment”) by and among ALTRIA GROUP, INC., a Virginia corporation (“Altria”), the Lenders party hereto and JPMORGAN CHASE BANK, N.A. (“JPMorgan Chase”) and CITIBANK,
N.A., as administrative agents (the “Administrative Agents”), is an amendment to that certain US$3,000,000,000 5-Year Revolving Credit Agreement, dated as of August 1, 2018 (the
“Revolving Credit Agreement”), by and among Altria, the Lenders party thereto and the Administrative Agents. 

W I T N E S S E T H

 WHEREAS, in accordance with Section 9.01 of the Revolving Credit Agreement, Altria, the Administrative Agents and the
Lenders party to this Amendment have agreed to amend the Revolving Credit Agreement pursuant to the terms hereof and subject to the conditions set forth herein. 

NOW, THEREFORE, the parties hereto agree as follows: 

SECTION 1. Defined Terms. 

For the purposes of this Amendment, all capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to
such terms in the Revolving Credit Agreement. 
 SECTION 2. Amendment to Section 1.01. The following definitions
are hereby added to Section 1.01 of the Revolving Credit Agreement: 
 “Civil Asset Forfeiture Reform Act” means the
Civil Asset Forfeiture Reform Act of 2000 (18 U.S.C. Sections 983 et seq.), as amended from time to time, and any successor statute. 

“Controlled Substances Act” means the Controlled Substances Act (21 U.S.C. Sections 801 et seq.), as amended from time to
time, and any successor statute. 
 “Cronos” means Cronos Group Inc., a corporation organized and existing under the laws of
the Province of Ontario. 
 “Cronos Closing Date” means the date on which the Cronos Investment is consummated. 

“Cronos Investment” means the acquisition of 45% of the capital stock of Cronos by Altria Summit LLC pursuant to the Cronos
Subscription Agreement. 
 “Cronos Subscription Agreement” means the subscription agreement by and among Cronos, Altria
Summit LLC and Altria as in effect on December 7, 2018. 

  

 SECTION 3. Amendment to Article V. Article V of the Revolving Credit Agreement is
hereby amended to: 
 (a) Add and include Section 5.01.01 as follows: 

Section 5.01.01 Affirmative Covenants Related to the Cronos Investment. On and after the Cronos Closing Date and so long as Altria
maintains any equity or other similar or related financial interest in respect of Cronos or any successor thereto: 
 (a) Altria will
comply, and cause each of its Subsidiaries to comply with the Controlled Substances Act and the Civil Asset Forfeiture Reform Act (as it relates to violation of the Controlled Substances Act) and all related applicable anti-money laundering laws, to
the extent such noncompliance with such regulations would materially adversely affect the financial condition or operations of Altria and its Subsidiaries taken as a whole. Altria shall not, and shall cause its Subsidiaries to not, knowingly and
intentionally repay any principal of the Advances, pay any interest or fees accruing thereon or pay any other obligations hereunder, in each case, with funds that it knows, at the time of such payment, that Cronos derived from a violation of the
Controlled Substances Act. 
 (b) Altria will notify the Administrative Agents and the Lenders as soon as possible and in any event within
five days after obtaining knowledge thereof: 
 (i) any material action, suit or proceeding against Altria or any of its Subsidiaries or any
of their respective properties (x) with respect to the Controlled Substances Act or, solely as they may relate to an alleged violation of the Controlled Substances Act, the Civil Asset Forfeiture Reform Act or applicable anti-money laundering
laws, or (y) by a governmental authority of any foreign jurisdiction where the sale of marijuana or such other controlled substance is illegal that alleges a violation of applicable narcotics-related laws of such foreign jurisdiction; and 

(ii) any failure by Cronos to comply with Section 5.1(c) of the Investor Rights Agreement (as defined in the Cronos Subscription
Agreement). 
 (c) It is agreed that solely for the purposes of Section 5.01(a), Cronos shall be deemed to constitute a “Major
Subsidiary.” 
 (d) It is agreed that solely for purposes of Section 5.01.01(a), Cronos shall be deemed to constitute a
“Subsidiary.” 

  
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 (b) Add and include Section 5.02.01 as follows: 

Section 5.02.01 Negative Covenants Related to the Cronos Investment. On and after the Cronos Closing Date and so long as Altria
maintains any equity or other similar or related financial interest in respect of Cronos or any successor thereto, the proceeds of any Borrowing shall not be used in contravention of the Controlled Substances Act or any related applicable anti-money
laundering law. 
 SECTION 4. Amendment to Section 6.01. Section 6.01 of the Revolving Credit Agreement is
hereby amended to add and include subclause (i) as follows: 
 (i) On and after the Cronos Closing Date and so long as
Altria maintains any equity or other similar or related financial interest in respect of Cronos or any successor thereto, any property of Altria, or any part thereof, has been seized by a Governmental Authority pursuant to the Civil Asset Forfeiture
Reform Act or other applicable law on the grounds that such property or any such portion thereof had been used to commit or facilitate the commission of a criminal offense by Altria or its affiliates under the Controlled Substances Act, as
determined by a court of competent jurisdiction by final and nonappealable judgment. 
 SECTION 5. Representations and Warranties of
Altria. Altria represents and warrants to the Lenders as of the date hereof and as of the Amendment Effective Date that: 
 (a) The
execution, delivery and performance of this Amendment are within Altria’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) Altria’s charter or
by-laws or (ii) in any material respect, any law, rule, regulation or order of any court or governmental agency or any contractual restriction binding on or affecting it. 

(b) This Amendment is a legal, valid and binding obligation of Altria enforceable against Altria in accordance with its terms, subject to the
effect of any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 SECTION 6.
Conditions to Effectiveness. This Amendment shall become effective (the “Amendment Effective Date”) upon the satisfaction of the following conditions precedent: (i) the occurrence of the Cronos Closing Date,
(ii) the receipt by the Administrative Agent of duly executed counterparts of this Amendment from Altria and Lenders constituting the Required Lenders (which may be delivered by telecopy or electronic transmission (such as a .pdf file)) and
(iii) the execution by the Administrative Agent of this Amendment. 

  
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 SECTION 7. Reference to and Effect on the Revolving Credit Agreement. 

(a) On and after the Amendment Effective Date, the Revolving Credit Agreement shall be, and be deemed to be, modified and amended in
accordance herewith and all the terms and conditions of this Amendment shall be deemed to be part of the terms and conditions of the Revolving Credit Agreement for any and all purposes and shall be binding on each party to the Revolving Credit
Agreement. Except as expressly modified and expressly amended by this Amendment, the Revolving Credit Agreement is in all respects ratified and confirmed, and all the terms, provisions and conditions thereof shall be and remain in full force and
effect. 
 (b) On and after the Amendment Effective Date, each reference in the Revolving Credit Agreement to “this Agreement,”
“hereunder,” “hereof” or words of like import referring to the Revolving Credit Agreement shall, unless the context otherwise requires, mean and be a reference to the Revolving Credit Agreement, as amended by this Amendment. 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender
under the Revolving Credit Agreement nor constitute a waiver of any provision of the Revolving Credit Agreement. 
 SECTION 8. Governing
Law. 
 This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 9. Execution in Counterparts. 

This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic transmission shall be
effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 10. Headings. The headings of this Amendment
are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
 [Signature page omitted.] 

  
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