0001104659-12-082511 Sample Contracts

Steven Cakebread c/o Pandora Media, Inc. Re: Transition Agreement Dear Steve:
Letter Agreement • December 7th, 2012 • Pandora Media, Inc. • Radio broadcasting stations • California

This letter agreement (this “Agreement”) sets forth the arrangement between you and Pandora Media, Inc. (the “Company”) regarding your transition from the Company.

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