Live Nation Extends CEO's Contract, Raises Salary
Michael Rapino will stay on with the live entertainment giant through 2017 earning a base salary of $2.3 million.
Live Nation has amended its employment contract with CEO Michael Rapino, extending its term through December 31, 2017 (from May 31, 2014) and raising Rapino's base salary to $2.3 million, effective January 1, 2013. The amendments were made Thursday and announced in an SEC filing on Friday.
While Rapino gets a new salary, his annual grant of 150,000 shares of restricted stock and the guaranteed salary increase of $100,000 will both be eliminated. In connection with the amended contract, Rapino was granted options to purchase 3.6 million shares of Live Nation common stock at an exercise price of $8.77 per share.
In March, Rapino received a total cash performance bonus of $4.8 million related to the 2011 fiscal year. His total compensation of $11.9 million for 2011 included a salary of $2 million, $2.7 million in stock awards and $2.4 million in options awards. His 2010 compensation of $15.9 million included a salary of just under $2 million and a merger bonus of $3 million, the latter related to merger of Live Nation and Ticketmaster.
- 'Lindsay' Recap: Lohan Attempts Career Comeback With Self-Proclaimed 'New Chapter'
- 'How I Met Your Mother': Cristin Milioti Debunks Morbid Finale Theory (Video)'
- Josh Duhamel to Co-Star in Vince Gilligan's 'Battle Creek'
- A Train, a Trestle and 60 Seconds to Escape: How 'Midnight Rider' Victim Sarah Jones Lost Her Life
- 'Divergent' Star Shailene Woodley: The Next Jennifer Lawrence?
- MOST SHARED
- MOST POPULAR