Document:

EX-10.1

EXHIBIT 10.1

SECOND AMENDMENT

TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Second Amendment to Amended and Restated Employment Agreement (this “Second Amendment”)
is entered into effective as of January 1, 2009 (the “Second Amendment Effective Date”) by and
between Live Nation Worldwide, Inc., a Delaware corporation (the “Company”), and Michael Rapino
(the “Executive”).

WHEREAS, the parties entered into that certain Amended and Restated Employment Agreement dated
effective as of January 1, 2007, as amended by that certain Amendment to Amended and Restated
Employment Agreement dated effective as of December 31, 2008 (collectively, the “Original
Agreement”).

WHEREAS, the parties desire to amend the Original Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and agreements included in this
Second Amendment and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

1. Section 2 (“Term”) of the Original Agreement is amended and restated in its
entirety to read as follows:

“The period of employment of the Executive by the Company under this Second Amendment (the
“Employment Period”) shall commence on the Second Amendment Effective Date and shall have a term of
five years expiring on December 31, 2013. The Employment Period may be sooner terminated by either
party in accordance with Section 6 of this Agreement.”

2. Section 5(a) (“Base Salary”) of the Original Agreement is amended as follows:

The first two sentences of Section 5(a) are amended and restated in their entirety to read as
follows:

“Effective as of the Second Amendment Effective Date and continuing during the Employment
Period, the Company shall pay to the Executive a base salary at a rate of not less than $1,500,000
per year (“Base Salary”), less appropriate payroll deductions and all required withholdings. The
Executive’s Base Salary shall be paid in approximately equal installments in accordance with the
Company’s customary payroll practices as they may be amended from time to time and prorated for any
partial pay periods.”

The last two sentences of Section 5(a) are amended and restated in their entirety to read as
follows:

“The Base Salary will be increased by a minimum of $50,000 per year on January 1st in each of
2010-2013. The Executive will receive a payment, no later than the second regular payday after
execution of this Second Amendment, equal to the difference between the Base Salary paid to the
Executive during 2009 prior to the execution of this Second Amendment and Base Salary the Executive
is entitled to receive for 2009 from the Second Amendment Effective Date through the execution of
this Second Amendment.”

3. Section 5(c) of the Original Agreement is retitled “Exceptional Performance Bonus”
and such section is amended and restated in its entirety to read as follows:

“In addition to Base Salary and the Performance Bonus, the Executive shall be eligible to
receive an additional annual cash bonus with a target amount equal to 100% of his then-current Base
Salary (the “Exceptional Performance Bonus”). The Exceptional Performance Bonus shall be based
upon the Executive’s achievement of superior performance in a given calendar year, and shall be
based on targets and objectives established by the Compensation Committee in its discretion in each
calendar year and, if earned (as determined by the Compensation Committee), paid by March 15 of the
following calendar year. The parties hereto will use their reasonable best efforts to facilitate
the payment of the Exceptional Performance Bonus on a basis that is consistent with such payments
qualifying for the performance-based compensation exception under Section 162(m) of the Code. The
Executive will receive the Exceptional Performance Bonus for which he is entitled for each year in
which he was employed by the Company, even if the Executive is not employed on the actual date on
which the Exceptional Performance Bonus is paid or payable for such year.”

4. A new Section 5(h)(iv) (“Accelerated Vesting of Outstanding Equity Awards”) of the
Original Agreement is added to the end of Section 5(h) as follows:

“Immediately upon the closing of the transactions contemplated by that certain Agreement and
Plan of Merger dated as of February 10, 2009 by and among Ticketmaster Entertainment, Inc., the
Company and Merger Sub (the “Merger”), the vesting and lapsing of restrictions on any and all
unvested equity awards then held by the Executive (including, without limitation, the restricted
stock granted to the Executive), other than the Continuation Option Grant provided for in Section
5(h)(v) below, shall accelerate and such equity awards shall become immediately exercisable and
free of restrictions.”

5. A new Section 5(h)(v) (“Continuation Option Grant”) is added to the end of Section
5(h) of the Original Agreement as follows:

“On March 17, 2009, the Compensation Committee granted to the Executive options to purchase
2,000,000 shares of Live Nation, Inc. common stock (the “Continuation Option Grant”). The
Continuation Option Grant: (i) was made in accordance with the terms and conditions set forth in
the Company’s Amended and Restated 2005 Stock Incentive Plan; (ii) has a strike price equal to the
closing price of Live Nation, Inc.’s common stock listed on the New York Stock Exchange on the date
of the grant; (iii) vests in equal tranches of 20% on the first through fifth anniversaries of the
date of the grant, subject to the Executive’s continued employment with the Company; provided,
however, that in the event the Company has not, at least six months prior to the expiration of the
Employment Period, offered to renew the Executive’s employment on terms and conditions no less
favorable than provided for herein (including, without limitation, with respect to salary, bonus,
employment period and annual equity grants) and the Executive’s employment terminates at the end of
the Employment Period, the final tranche of 20% shall vest upon the expiration of the Employment
Period, subject to the Executive’s continued employment through the end of the Employment Period;
(iv) shall vest in full upon the Executive’s termination as described in Section 8(a) below; and
(v) shall vest in full upon a Change in Control occurring subsequent to the Merger, but will not
vest as a result of the Merger.”

6. Section 8(a) (“Termination by Company Without Cause or by Executive for Good
Reason”) of the Original Agreement is amended as follows:

Section 8(a)(ii) is amended and restated in its entirety to read as follows:

	 	 	 	“(ii) provided the Executive signs and returns a timely and effective Executive
Release of Claims, the Company shall pay to the Executive a lump-sum cash payment equal
to the sum of the Executive’s then-current Base Salary plus the total Performance Bonus
and Exceptional Performance Bonus amounts paid to the Executive for the calendar year
prior to the year in which such termination occurs, multiplied by the greater of (i)
the remainder of the Employment Period or (ii) three years; subject to Section 8(e),
including, without limitation, Section 8(e)(ii), such payment shall be made as soon as
practicable following the Date of Termination, but in no event later than 60 days after
the Date of Termination.”

Section 8(a)(iv) is amended and restated in its entirety to read as follows:

	 	 	 	“(iv) provided the Executive signs and returns a timely and effective Executive
Release of Claims, the Company shall accelerate the vesting and lapsing of restrictions
on all unvested equity awards awarded to the Executive prior to the Date of
Termination, and all such awards shall remain exercisable for the full life of such
awards.”

Section 8(a)(v) is deleted in its entirety.

7. The following sentence shall be added to the end of Section 8(e)(v) (“Code Section 409A
Compliance”) of the Original Agreement as follows:

“To the extent applicable, each of the exceptions to Section 409A’s prohibition on
acceleration of payments of deferred compensation provided under Treasury Regulation 1.409A-3(j)(4)
shall be permitted under this Agreement. In addition, to the extent that any amounts are
reimbursed to the Executive pursuant to Section 5(d) or above and such reimbursements are
determined to constitute taxable compensation to the Executive, such amounts shall be reimbursed
promptly, but in no event later than December 31st of the year following the year in which any such
expense is incurred. The amount of any such expenses reimbursed in one year shall not affect the
amount eligible for reimbursement in any subsequent year and the Executive’s right to reimbursement
of any such expenses shall not be subject to liquidation or exchange for any other benefit.”

8. The Original Agreement is and shall continue to be in full force and effect, except as
amended by this Second Amendment, and except that all references in the Original Agreement to the
“Agreement” or words of like import referring to the Original Agreement shall mean the Original
Agreement as amended by this Second Amendment.

9. Any and all defined terms which are not explicitly defined herein shall have the meanings
ascribed to them in the Original Agreement.

10. This Second Amendment may be signed in counterpart originals, which collectively shall
have the same legal effect as if all signatures appeared on the same physical document. This
Second Amendment may be signed and exchanged by electronic or facsimile transmission, with the same
legal effect as if the signatures had appeared in original handwriting on the same physical
document.

IN WITNESS WHEREOF, the parties have duly executed and delivered this Second Amendment
effective as of the date first written above.

THE EXECUTIVE

	 	 	 
	Date: April 21, 2009
	 	/s/ Michael Rapino

	 
	 	 

	 	 	Michael Rapino

LIVE NATION WORLDWIDE, INC.

	 	 	 	 	 
	Date: April 21, 2009	 	By: /s/ Kathy Willard

	 	 	 

	 	 	Name:

	 	Kathy Willard
	 	 	
 
	 	 

	 	 	Title: Executive Vice President and Chief Financial

Officer

[Signature Page to Second Amendment]EX-10.2

EXHIBIT 10.2

SECOND AMENDMENT

TO

EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement (this “Second Amendment”) is dated effective the
1st day of March, 2009 (the “Effective Date”) by and between Live Nation Worldwide, Inc., a
Delaware corporation (“Live Nation”), and Jason Garner (the “Employee”).

WHEREAS, the parties entered into that certain Employment Agreement dated March 18, 2008, as
amended by that certain Amendment to Employment Agreement dated effective as of December 31, 2008
(collectively, the “Original Agreement”).

WHEREAS, the parties desire to amend the Original Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and agreements included in this
Second Amendment and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

1. Section 1 of the Original Agreement is hereby amended and restated in its entirety to read
as follows:

“The Employee’s term of employment starts effective as of March 1, 2009 and ends on the close
of business on February 28, 2013 (the “Term”), unless terminated earlier pursuant to the terms set
forth in Section 7 below.”

2. The first sentence of Section 2 of the Original Agreement is hereby amended and restated in
its entirety to read as follows:

“The Employee’s title is Chief Executive Officer, Global Music, as such title may be amended
during the Term upon the mutual agreement of the parties.”

3. Section 3(a) of the Original Agreement is hereby amended and restated in its entirety to
read as follows:

“Effective as of March 1, 2009, Live Nation will pay the Employee an annual gross base salary
of $850,000, less appropriate payroll deductions. Effective March 1, 2010, the Employee’s annual
gross base salary will increase to $900,000, less appropriate payroll deductions. Effective March
1, 2011, the Employee’s annual gross base salary will increase to $950,000, less appropriate
payroll deductions. Effective March 1, 2012, the Employee’s annual gross base salary will increase
to $1,000,000, less appropriate payroll deductions. All payments of base salary will be made in
regular installments in accordance with Live Nation’s payroll practices, prorated monthly or weekly
where appropriate.”

4. Section 3(b) of the Original Agreement is hereby amended and restated in its entirety to
read as follows:

“For each calendar year of this Agreement beginning in 2009, the Employee will be eligible to
receive a performance bonus (a “Performance Bonus”) of up to 200% of his then-current base salary
based on the achievement of performance targets to be set and determined annually by Live Nation in
its sole and absolute discretion. The Performance Bonus, if any, shall be paid in one lump sum in
the year following the year in which such Performance Bonus was earned.”

5. Section 3(c) of the Original Agreement is hereby renamed “Signing Bonus/Retention Bonus”
and such section is hereby amended and restated in its entirety to read as follows:

“Live Nation shall pay to the Employee, no later than the next regular payday after the
execution of this Second Amendment, $250,000 as a signing bonus. The Employee acknowledges that
the signing bonus shall be subject to withholding in accordance with Live Nation’s ordinary payroll
practices.

Live Nation shall pay to the Employee, no later than the next regular payday after the
execution of this Second Amendment, $1,000,000 as a retention bonus (the “Retention Bonus”). The
Retention Bonus will be offset against any Performance Bonus(es) subsequently earned by the
Employee under this Agreement. If the Employee is still employed with Live Nation as of February
28, 2013 (the “Target Date”), any remaining Retention Bonus that has not been so offset (“Unearned
Portion of the Retention Bonus”) shall be deemed earned by the Employee. If the Employee’s
employment is terminated before the Target Date, any remaining Unearned Portion of the Retention
Bonus shall be treated as follows: (i) if the Employee is terminated for Cause or terminates
without Good Reason, the Employee shall repay an Unearned Portion of the Retention Bonus within ten
business days following such termination; or (ii) if the Employee is terminated (A) without Cause
or (B) due to death or disability or if the Employee terminates with Good Reason, the Employee
shall be deemed to have earned any otherwise Unearned Portion of the Retention Bonus. The Employee
acknowledges that the Retention Bonus shall be subject to withholding in accordance with Live
Nation’s ordinary payroll practices.”

6. A new Section 3(g) of the Original Agreement is hereby added as follows:

“Live Nation will, within 90 days of the date that the stockholders of Live Nation, Inc.
approve either an amendment to the Live Nation, Inc. 2005 Stock Incentive Plan adding additional
shares to such plan or a new equity incentive plan, recommend to the Compensation Committee of the
Board of Directors of Live Nation, Inc. (the “Committee”) that the Employee be granted stock
options to purchase 400,000 shares of Live Nation, Inc. common stock. Such stock option grant
shall: (i) be made in the sole and absolute discretion of the Committee; (ii) be made under the
terms and conditions set forth in the applicable equity incentive plan and stock option agreement
under which they are issued; and (iii) have a strike price equal to the closing price of Live
Nation, Inc.’s common stock listed on the New York Stock Exchange on the date of the grant (or such
other principal stock exchange on which such shares may be traded on the date of grant or, if Live
Nation’s common stock are not so traded, at the fair market value of a share of Live Nation stock
on the date of grant, as determined by the Committee).”

7. The second sentence of Section 8(d) of the Original Agreement is hereby amended and
restated in its entirety to read as follows:

“In addition, if the Employee signs a general release of claims no later than 60 days
following such termination in a form and manner satisfactory to Live Nation, then, subject to
Section 8(g), within 90 days after such termination, Live Nation will (i) pay to the Employee a
lump-sum amount, less appropriate withholdings, equal to the Employee’s then-current annual base
salary multiplied by three and (ii) accelerate the vesting and lapsing of restrictions on all
unvested equity awards awarded to the Employee prior to the date of termination.”

8. The Original Agreement is and shall continue to be in full force and effect, except as
amended by this Second Amendment, and except that all references in the Original Agreement to the
“Agreement” or words of like import referring to the Original Agreement shall mean the Original
Agreement as amended by this Second Amendment.

9. Any and all defined terms which are not explicitly defined herein shall have the meaning
ascribed to them in the Original Agreement.

10. This Second Amendment may be signed in counterpart originals, which collectively shall
have the same legal effect as if all signatures appeared on the same physical document. This
Second Amendment may be signed and exchanged by electronic or facsimile transmission, with the same
legal effect as if the signatures had appeared in original handwriting on the same physical
document.

IN WITNESS WHEREOF, the parties have duly executed and delivered this Second Amendment
effective as of the date first written above.

THE EMPLOYEE

	 	 	 	 	 
	Date: April 21, 2009
	 	/s/ Jason Garner

	 	

	 	 	 

	 	 	Jason Garner

	 	

	 	 	LIVE NATION WORLDWIDE, INC.

	Date: April 21, 2009
	 	By:

	 	/s/Michael Rapino
	 
	 	
 
	 	 

Name: Michael Rapino Title: President and Chief Executive Officer

[Signature Page to Second Amendment]

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