Live Nation Entertainment, Inc. — Form 8-K

Live Nation amended CEO Michael Rapino's employment agreement, extending his term from December 31, 2027 to December 31, 2031. The new deal provides: base salary $3M annually; target performance bonus $17M annually (0-120% payout based on Adjusted Operating Income); upfront restricted stock units worth $20M (vesting 40/20/20/10/10 over 5 years); annual time-based RSUs worth $15M (vesting 20% per year over 5 years, 2027-2031); annual performance share units worth $15M at target (vesting based on relative TSR vs. S&P 500, 2027-2031). Upon termination without cause or for good reason, Rapino receives 2x base plus target bonus as cash severance, 2x annual performance shares value, plus 36 months of $5K/month health continuation and full acceleration of unvested equity. No material changes to restrictive covenants or indemnification provisions.