Written by S. Monteban    Saturday, 30 January 2010 07:10   
Live Nation Bonuses Dished Out - Michael Rapino, Irving Azoff Gifted With Over 3.6 Million Euro Post Merger with Ticketmaster

altGlenn Peoples from The Hollywood Reporter is reporting that Live Nation Entertainment graced over €4.5 million in bonuses post-merger with Ticketmaster. This was according to a Friday SEC filing. President and CEO Michael Rapino was prized with a €2.2 million cash bonus and executive chairman Irving Azoff received €1.4 million in hard cash.

After the merger deal was inked and papers signed, the compensation committee of Live Nation's also wrote in bonuses for Kathy Willard, executive VP and CEO (€700.000 cash), and Michael Rowles, executive VP and general counsel (€360.000 cash).
Rapino's post-closing employment agreement allows for the $3 million bonus as well as a grant of 350,000 restricted shares of the combined company (subject to certain conditions). Friday's SEC filing did not mention the stock grant. Azoff's employment agreement calls for a $2 million bonus to be paid within three business days following the completion of the merger.

From the report found here.

Live Nation Entertainment, Inc. - LYV Filed: January 29, 2010 (period: January 25, 2010) Report of unscheduled material events or corporate changes.

Transaction Bonuses

  • Following the completion of the Merger, pursuant to the Rapino Agreement, Live Nation paid Mr. Rapino a $3,000,000 cash bonus in connection with the Merger.
  • Following the completion of the Merger, pursuant to the Azoff Ticketmaster Agreement, Ticketmaster LLC paid Mr. Azoff a $2,000,000 cash bonus in connection with the Merger.
  • Following the completion of the Merger, acting upon the recommendation of the Compensation Committee, Live Nation paid Ms. Kathy Willard, Live Nation’s Executive Vice President and Chief Financial Officer, and Mr. Michael Rowles, Live Nation’s Executive Vice President and General Counsel, cash bonuses in connection with the Merger in the amounts of $1,000,000 and $500,000, respectively.


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