Alongside this morning's announcement of a new joint venture with Bowery Ballroom founders to launch the New York-centric promotion and live event booking firm Mercury East Presents, an SEC filing by LiveNation has revealed that President/CEO Michael Rapino has just inked a five-year contract renewal to stay with the company that will see him potentially earning $9 million a year, plus vested stock, through 2022.
Rapino first joined LiveNation in 2005, and around that time the company launched its initial public offering at $10.75, and as of market close last week, LiveNation's stock value sits at $42.63 a share — a four-fold increase under his leadership.
Rapino's renewed contract, which will remain in effect until Dec. 31, 2022, promises 289,505 shares of common stock, 700,000 shares of performance equity, and a base salary of $3 million per year with eligibility for a performance-based bonus of $6 million. He will also receive an additional one-time bonus of $1 million for 2017, thanks in part to his securing several high-profile acquisitions including the purchase of the Napa, Calif.-based BottleRock Festival, Israel's Blue Note Entertainment, and today's Mercury East Presents launch.
Should Rapino be terminated by LiveNation "without cause" or if he terminates his own employment "for good reason" at any point during the contract period, 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.
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