X0306 4 2017-04-20 0001230276 Pandora Media, Inc. P 0001522489 Westergren Timothy PANDORA MEDIA, INC. 2101 WEBSTER STREET #1650 OAKLAND CA 94612 1 1 CEO & Founder Common Stock 2017-04-20 4 A 0 230000 0 A 1516704 D Common Stock 119464 I By The Mandawa Trust Common Stock (Right To Purchase) 11.48 2017-04-20 4 A 0 403000 11.48 A 2027-04-20 Common Stock 403000 403000 D 25% of the RSUs vest on 2/15/2018 and thereafter 1/16th of the RSUs vest quarterly. The option grant will vest over a total of four years with 25% vesting on 2/15/2018 and thereafter 1/48th of the total number of shares vesting monthly. /s/ Jeremy Liegl, Attorney-in-Fact 2017-04-24