Live Nation Entertainment, Inc. announced on September 30, 2026, that it has entered into an amended and restated employment agreement with President and Chief Executive Officer Michael Rapino. The agreement, which was unanimously approved by the Board of Directors (with Mr. Rapino abstaining), is effective as of October 1, 2026, and extends through December 31, 2031.
Under the new terms, Mr. Rapino will continue to serve as the Company's President and CEO and as a member of the Board. The agreement amends and supersedes his previous employment contract, though the existing agreement continues to govern his 2026 annual cash performance bonus and equity awards outstanding as of the Effective Date.
The compensation structure for 2027 and beyond is defined as follows:
- Base Salary: $3,000,000 annually.
- Cash Performance Bonus: A target of $17,000,000, based on adjusted operating income targets set by the Compensation Committee.
- Annual Performance Shares: Restricted shares with a target value of not less than $10,000,000, vesting 50% upon issuance and 50% one year later.
- Annual Time-Based RSU Award: Restricted stock units with a grant value of $15,000,000, vesting 20% annually over five years.
- Annual PSU Award: Performance share units with a target value of $15,000,000, tied to the Company's Total Shareholder Return (TSR) relative to the S&P 500. Payouts range from 0% to 200% of the target based on percentile rank.
- Upfront RSUs: On the Effective Date, Mr. Rapino received a grant of restricted stock units valued at $20,000,000, vesting 40%, 20%, 20%, 10%, and 10% over five years.
The agreement includes specific provisions regarding the acceleration of equity awards in the event of a change in control, termination without cause, death, or disability. It also details the terms for non-renewal of the contract at the end of the term, including the vesting of outstanding awards under specific conditions.
