photo_cameraMichael Rapino
People
Live Nation Extends Michael Rapino Contract Through 2031
Live Nation Entertainment has extended the employment agreement of president and CEO Michael Rapino through the end of 2031,
The new agreement was signed on September 30 and took effect on October 1, replacing Rapino’s previous contract, which had been due to expire at the end of 2027.
Live Nation said the agreement was unanimously approved by its board, with Rapino abstaining from the vote.
Under the new terms, Rapino will continue to receive an annual base salary of $3 million. From 2027, he will also remain eligible for a target annual cash performance bonus of $17 million, linked to adjusted operating income targets set by Live Nation’s compensation committee.
Rapino will additionally continue to receive annual performance-based restricted shares with a target value of at least $10 million. Both the salary, cash bonus target and existing annual performance share opportunity remain unchanged from his previous agreement.
The new contract adds two further annual equity components from 2027: $15 million in time-based restricted stock units and $15 million in performance share units.
The time-based awards will vest over five years, while the performance share units will be measured over a three-year period against Live Nation’s total shareholder return relative to companies in the S&P 500. Depending on performance, the PSU awards can range from zero to 200% of the target amount.
According to Live Nation, Rapino’s target annual compensation under the new structure will be approximately 70% performance-based, 25% time-based equity and 5% guaranteed salary.
Rapino will also receive a one-time restricted stock unit award valued at $20 million in connection with the new agreement. The award will vest in stages through October 2031.
Rapino has served as Live Nation’s president and CEO since 2005 and has remained in the role since the company’s merger with Ticketmaster in 2010