Live Nation CEO Michael Rapino has signed a five-year contract renewal to serve as the CEO of Live Nation entertainment in a deal valued at $9 million a year plus stock, according to an SEC filing from today.
The agreement was signed Friday (Dec. 15) and has Rapino serving as president and chief executive of Live Nation from Nov. 1, 2017 to Dec. 31, 2022. Rapino will receive an annual base salary of $3 million and will be eligible to receive an annual cash bonus of 200 percent of his base salary equaling $6 milllion, paid during the calendar year in which the bonus was earned
For 2017, Rapino also received an additional $1 million bonus. He will also received 289,505 restricted shares of Live Nation common stock that vest over the term of his contract, as well as 700,000 performance shares, to vest and be settled in restricted shares of Live Nation common stock through Dec. 31, 2022.
If Rapino is terminated by Live Nation without “cause” or Mr. Rapino terminates his employment for “good reason,” he will receive a lump-sum cash payment equal to the sum of his base salary and his most recent performance bonus, multiplied by two, and the immediate acceleration of all unvested equity.
Rapino joined Live Nation in 2005 and had increased the company’s stock nearly four-fold, after a late 2005 initial public offering at $10.75, has grown the stock to $42.63 a share, as of market close Friday. He has led a number of high profile acquisitions in 2017 including the purchase of United Concerts in Salt Lake City, Bottlerock Festival in Napa, Blue Note Entertainment in Israel and today’s announcement of the formation of Mercury East Presents in New York with Michael Swier.