Live Nation extends CEO Michael Rapino’s contract through Dec. 31, 2031

Live Nation locked in its longtime chief for another half-decade. In an 8-K filed Friday, the company said that on Sept. 30 it entered an amended and restated employment agreement with Michael Rapino under which he will continue as president and chief executive officer and as a board member. The new term runs from Oct. 1, 2026 through Dec. 31, 2031. The board approved the deal unanimously, with Rapino abstaining.

Target annual pay is framed as about 70% performance-based, 25% time-based equity, and 5% guaranteed salary. Rapino’s base salary stays at $3 million. Starting in 2027, his target annual cash bonus tied to adjusted operating income remains $17 million, and he keeps an annual performance share opportunity of at least $10 million in target value.

New annual equity from 2027 includes a $15 million time-based RSU grant that vests 20% a year over five years and a $15 million target performance share unit award (up to 200% of target) measured on Live Nation’s relative total shareholder return versus the S&P 500 over a three-year window. On the effective date he also received a $20 million upfront RSU grant that vests 40%, then 20%, 20%, 10%, and 10% over five anniversaries.

If Live Nation terminates him without cause or he leaves for good reason, the filing says he would receive a lump-sum cash payment equal to two times the sum of base salary, his most recent performance bonus, and the value of his most recently earned Annual Performance Shares, plus accelerated vesting of unvested equity (PSUs at target), subject to a release. The prior agreement still governs his 2026 cash bonus and 2026 performance equity, and treatment of awards outstanding as of the effective date.

Live Nation shares closed Friday near $168.77, up about 1.2% on the day and up roughly 16% year to date.

By the numbers

• Contract term: Oct. 1, 2026 – Dec. 31, 2031
• Base salary: $3,000,000
• Target annual cash bonus (from 2027): $17,000,000
• Annual Performance Shares target (from 2027): ≥$10,000,000
• Annual time-based RSUs (from 2027): $15,000,000
• Annual PSUs target (from 2027): $15,000,000 (max 200%)
• Upfront RSUs on effective date: $20,000,000

Sources

1. Live Nation Entertainment, Inc. Form 8-K, filed Oct. 2, 2026, accession 0001335258-26-000041
2. Live Nation Entertainment, Inc. Exhibit 10.1, Amended and Restated Employment Agreement (Rapino)

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