Document:

2013 Corporate Incentive Plan

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

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

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

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

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

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

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

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

 Exhibit 10.21 
 PANDORA MEDIA, INC. 
 2011 Equity Incentive Plan 

NOTICE OF PERFORMANCE-BASED STOCK OPTION GRANT (NSO) 
 Joseph Kennedy 
 You have been granted an option to purchase Common Stock of
Pandora Media, Inc. (the “Company”) as follows: 
  

			
	Date of Grant:	  	March 22, 2012
		
	Exercise Price per Share:	  	$10.63
		
	Total Number of Shares Granted:	  	800,000
		
	Total Exercise Price:	  	$8,504,000
		
	Type of Option:	  	Nonstatutory Stock Option
		
	Expiration Date:	  	March 22, 2022
		
	Vesting Commencement Date:	  	July 6, 2013
		
	Vesting/Exercise Schedule:	  	The Shares underlying this Option shall vest and become exercisable in accordance with the following schedule:
		
		  	No portion of the Performance Option shall vest unless, during any period starting on the Date of Grant, the 60-day trailing volume weighted average price of the Company’s
stock is equal to or greater than $21.00 (the “Performance Goal”) (as adjusted for any stock split after the Date of Grant).
		
		  	 •    If the Performance Goal is achieved for any such period starting on the Date of Grant, the
Performance Option will be subject to monthly vesting over four years from the Vesting Commencement Date, such that the first vesting date shall be August 6, 2013 (the “Initial Vest Date”), if you remain in Continuous Service Status
on each applicable vesting date.

  
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		  	 •    If the Performance Goal is achieved after the Initial Vest Date, then the option shall be
immediately vested to the extent the option would have been then vested if the vesting had begun on the Initial Vest Date.

		
		  	 •    If the Performance Goal is not achieved prior to the date that your Continuous Service Status
ceases for any reason, the Performance Option shall be forfeited in its entirety, notwithstanding anything to the contrary in your offer letter or any Company severance policy, plan or agreement.

		
		  	If the Performance Goal is not achieved on or before July 6, 2017, the Performance Option shall be forfeited in its entirety.
		
	Change of Control:	  	If the Performance Goal is achieved on or prior to the date of consummation of a Change of Control, or if the per share value received by the Company’s stockholders upon a
Change of Control (as defined in the Company’s equity incentive plan) is equal to or greater than $21.00 (as adjusted for any stock split after the Date of Grant), the Performance Option shall be subject to any applicable accelerated vesting
treatment for equity awards set forth in your offer letter or any other applicable Company policy, plan or agreement.
		
		  	However, if the Performance Goal is not achieved on or prior to the date of consummation of a Change of Control and the per share value received by the Company’s
stockholders on such Change of Control is less than $21.00 (as adjusted for any stock split after the Date of Grant), the Performance Option shall not be subject to any accelerated vesting treatment for equity awards set forth in your offer letter
or any other applicable Company policy, plan or agreement and shall be forfeited immediately prior to consummation of such Change in Control.
		
	Termination Period:	  	To the extent vested on the date of termination of your Continuous Service Status, this Option may

  
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		  	be exercised for three months after termination of Continuous Service Status except as set out in Section 5 of the Stock Option Agreement (but in no event later than the
Expiration Date). You are responsible for keeping track of these exercise periods following termination for any reason of your service relationship with the Company. The Company will not provide further notice of such periods.
		
	Transferability:	  	This Option may not be transferred.

 By accepting this Option, you agree that this Option is granted under and governed by the terms and
conditions of the Pandora Media, Inc. 2011 Equity Incentive Plan and the Stock Option Agreement attached hereto and incorporated by reference herein. 
 In addition, you agree and acknowledge that your rights to any Shares underlying the Option will be earned only as you provide services to the Company over time, that the grant of the Option is not as
consideration for services you rendered to the Company prior to your Vesting Commencement Date, and that nothing in this Notice or the attached documents confers upon you any right to continue your employment or consulting relationship with the
Company for any period of time, nor does it interfere in any way with your right or the Company’s right to terminate that relationship at any time, for any reason, with or without cause. 

 

							
		 		 	PANDORA MEDIA, INC.
				
	  
	 		 	By:	 	  

	Joseph Kennedy	 		 	Name:	 	
		 		 	Title:	 	

  
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 PANDORA MEDIA, INC. 

2011 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT (NSO) 
 1. Grant of Option.
Pandora Media, Inc., a Delaware corporation (the “Company”), hereby grants to Joseph Kennedy (“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. 2011 Equity Incentive 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 a
Nonstatutory Stock Option. 
 3. Exercise of Option. This Option shall be exercisable during its term in
accordance with the Vesting/Exercise Schedule set out in the Notice 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 Continuous Service Status, 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 a form of exercise notice (which may be
written or electronic, as determined by the Company) 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. The 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, 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. 

  
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 (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. 

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) if the Common Stock is listed on an
exchange or market, and if the Company is at such time permitting broker-assisted cashless 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) and in any event in accordance with applicable law; 
 (d) with respect to a Nonstatutory Option, such other method as may be approved by the Committee. 
 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

  
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three months 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. 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. 

  
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