Live Nation CEO Michael Rapino signed a five year contract renewal to serve as the CEO of Live Nation Entertainment in a deal valued at $9 million per year plus stock, according to an SEC filing from today and reported by Billboard.
The agreement, signed on Friday, December 15, says Rapino will serve as president and chief executive from November 1, 2017 through December 31, 2022. Rapino will receive an annual base salary of $3 million. In addition, he will be eligible to receive an annual cash bonus of 200 percent of his base salary ($6 milllion), paid during the calendar year in which the bonus was earned.
For 2017, Rapino received a $1 million bonus, 289,505 restricted shares of LN common stock that vest over the term of his contract, and 700,000 performance shares to vest and be settled in restricted shares of LN common stock through 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’s bio on Live Nation’s website credits him in leading “the transformation of Live Nation into the number one live music brand in the world with operations in more than 40 countries and annual revenue exceeding $8 billion”.
Rapino joined Live Nation in 2005 and had increased the company’s stock from $10.75 in late 2005 to $42.63 a share as of market close Friday. He led a number of acquisitions this year 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.
Earlier this year, Rapino made headlines when his comments that Ticketmaster’s fees are “not defendable” and that the company needs a “simpler more artist friendly policy/rule to meet the reality of today” were made public as part of an order rejecting a motion to seal or redact files being entered into evidence in Live Nation’s ongoing lawsuit with Songkick.