Agreement and Plan of Merger and Reorganization (2018)Full Document 

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AGREEMENT AND PLAN OF MERGER AND REORGANIZATION

among

SIRIUS XM HOLDINGS INC.,

WHITE OAKS ACQUISITION CORP.,

and

PANDORA MEDIA, INC.

Dated as of September 23, 2018


TABLE OF CONTENTS

Page

ARTICLE I THE MERGER

1

Section 1.1.

The Restructuring 1

Section 1.2.

Closing 2

Section 1.3.

Effective Time 2

Section 1.4.

Effects of the Merger 3

Section 1.5.

Organizational Documents 4

Section 1.6.

Directors and Officers of the Surviving Corporation 5

Section 1.7.

Further Assurances 5

ARTICLE II Consideration

5

Section 2.1.

Effect on Capital Stock 5

Section 2.2.

Stock Certificates and Book-Entry Shares 7

Section 2.3.

Exchange of Company Common Stock 7

Section 2.4.

Fractional Shares 9

Section 2.5.

Certificates in Another Person’s Name 9

Section 2.6.

Lost Certificates 9

Section 2.7.

No Further Transfers 10

Section 2.8.

Company Stock Options and Other Stock-Based Awards 10

Section 2.9.

Certain Adjustments 13

Section 2.10.

Withholding 13

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY

13

Section 3.1.

Organization and Corporate Power 14

Section 3.2.

Capitalization 14

Section 3.3.

Authority 16

Section 3.4.

Consents and Approvals; No Conflicts 16

Section 3.5.

SEC Documents and Internal Controls 17

Section 3.6.

Financial Statements and Undisclosed Liabilities 18

Section 3.7.

Absence of Certain Changes or Events 19

Section 3.8.

Legal Proceedings 19

Section 3.9.

Compliance with Laws; Permits 19

Section 3.10.

Company Material Contracts 20

Section 3.11.

Company Benefit Plans 22

Section 3.12.

Labor Matters 24

Section 3.13.

Taxes 25

Section 3.14.

Intellectual Property and Privacy 27

Section 3.15.

Environmental Matters 28

Section 3.16.

Real Property 28

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Page

Section 3.17.

Insurance 29

Section 3.18.

Information Supplied 29

Section 3.19.

Transactions with Affiliates 29

Section 3.20.

Takeover Laws 29

Section 3.21.

Stockholder Vote Required 29

Section 3.22.

Brokers 29

Section 3.23.

Opinions of Financial Advisors 30

Section 3.24.

No Other Representations or Warranties 30

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB

30

Section 4.1.

Organization and Corporate Power 30

Section 4.2.

Parent Capitalization 31

Section 4.3.

Authority 32

Section 4.4.

Consents and Approvals; No Conflicts 32

Section 4.5.

SEC Documents 33

Section 4.6.

Financial Statements and Undisclosed Liabilities 34

Section 4.7.

Absence of Certain Changes or Events 34

Section 4.8.

Legal Proceedings 34

Section 4.9.

Taxes 35

Section 4.10.

Compliance with Laws 35

Section 4.11.

Information Supplied 35

Section 4.12.

Ownership of Company Common Stock 35

Section 4.13.

No Vote of Parent Stockholders 35

Section 4.14.

Brokers 35

Section 4.15.

No Other Representations or Warranties 35

ARTICLE V COVENANTS

36

Section 5.1.

Company Conduct of Business Prior to the Effective Time 36

Section 5.2.

Parent Conduct of Business Prior to the Effective Time 39

Section 5.3.

Access to Information 40

Section 5.4.

Preparation of the Form S-4 and the Proxy Statement 41

Section 5.5.

Go-Shop and No Solicitation by the Company 43

Section 5.6.

Reasonable Best Efforts 48

Section 5.7.

Notification of Certain Matters 50

Section 5.8.

Publicity 50

Section 5.9.

Indemnification 51

Section 5.10.

Employee Matters 52

Section 5.11.

Stock Exchange Listing 54

Section 5.12.

Section 16 Matters