Live Nation’s stock has dropped roughly 80 per cent over the past year, from close to $15 a share to nearly $3 a share now. But that didn’t deter the concert promoter from giving CEO Michael Rapino nearly a $550,000 raise as part of his new employment agreement.
The other terms of his original agreement, inked in 2007, remain the same except Rapino got two million stock options, which will vest over the next five years.
The terms of his golden parachute were also sweetened. Now instead of just receiving three times his most recent salary and bonus if he’s terminated, he gets a payout equal to his most recent salary and bonus multiplied by either the number of years left on his contract or three, whichever number is greater. So, if he were to be fired this year (say after the Department of Justice thwarts the company’s attempted merger with Ticketmaster), he would get a nice chunk of change.
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