Live Nation CEO Michael Rapino has signed a new 5-year contract extension with the live event giant and owner of Ticketmaster and Roc Nation, leaving him at the helm of the company until the end of 2027.
The deal includes a significant increase in compensation for Rapino, with an annual target payment of $30 million if the performance metrics are met (the actual number could be higher or lower depending on the company’s performance).
Rapino’s salary will remain unchanged from his last contract at $3 million per year, but the annual target bonus will be increased from $6 million per year under the previous deal to $17 million per year under the new deal. Beginning in 2023, Rapino will also be eligible for an annual restricted stock grant worth no less than $10 million. For both the RSUs and the cash bonus, performance stats are used to calculate the final payout. According to a copy of the contract filed with the SEC, the performance RSUs will be based on Live Nation’s stock price.
Rapino also gets a $6 million one-time signing bonus and some time-based RSUs. The new deal received unanimous approval from the Live Nation board, with Rapino abstaining, according to the filing.
The CEO joined Live Nation in 2005 and oversaw the merger with Ticketmaster in 2009. He last signed a contract in 2017.
Live Nation has had a revival year as live concerts and other events return to normal after the pandemic. In Q1 it recorded revenue of $1.8 billion, up from $290 million in the same quarter a year earlier. The number of fans attending events is still not quite back to 2019 levels, but pent-up demand is driving the company more per customer than before.