Live Nation Extends CEO's Contract, Raises Salary
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.