Ticketmaster CEO Nathan Hubbard recently signed a new employment contract with parent company Live Nation that will boost his base salary by 20 percent and pay him a $2 million “retention bonus.”
The new contract will expire on December 31, 2015, and includes an annual base salary of $750,000, up from about $626,000, according to documents filed with the Securities and Exchange Commission.
Hubbard’s total compensation in 2010 reportedly reached $5.7 million.
In addition to the raise and retention bonus, Hubbard will also receive a total of at least 200,000 shares of Live Nation stock, which will be parceled out in various amounts over the next two years. Live Nation stock trades under the symbol LYV, and 40,000 of the shares were granted to Hubbard on September 26 when the stock closed at $8.43 per share.
The 36-yeard Hubbard also is “eligible to receive an annual bonus targeted at 125% of his then-current base salary based on achievement of specific performance targets to be set and determined annually by the Company’s Compensation Committee in its sole and absolute discretion for each calendar year beginning in 2011,” the company said.
Based on those criteria, Hubbard’s annual bonus could pay him another $938,000.
Over the past year, Hubbard has aggressively sought to raise Ticketmaster’s profile by signing a ticketing deal with Walmart, launching a dynamic ticket pricing program, and ramping up the company’s social ticketing efforts through Facebook, among other initiatives.