Document:

EX-10.14

 Exhibit 10.14 

 
  
 ELEVENTH SUPPLEMENTAL INDENTURE 
 Dated as of August 16, 2012

 Among 
 LIVE NATION ENTERTAINMENT, INC., 
 HARD EVENTS LLC 

The Existing Guarantors Party Hereto 
 And 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

 

 THIS ELEVENTH SUPPLEMENTAL INDENTURE (this “Eleventh Supplemental
Indenture”), entered into as of August 16, 2012, among LIVE NATION ENTERTAINMENT, INC., a Delaware corporation (the “Issuer”), the guarantors listed in Appendix I attached hereto (the “Existing
Guarantors”), HARD EVENTS LLC, a California limited liability company (the “New Guarantor,” and together with the Existing Guarantors, the “Guarantors”), and THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Issuer, the Existing Guarantors and the Trustee are parties to an Indenture, dated as of July 28, 2008, as supplemented
by the First Supplemental Indenture, dated as of August 20, 2008, the Second Supplemental Indenture, dated as of April 30, 2009, the Third Supplemental Indenture, dated as of July 23, 2009, the Fourth Supplemental Indenture, dated as
of January 25, 2010, the Fifth Supplemental Indenture, dated as of April 30, 2010, the Sixth Supplemental Indenture, dated as of May 6, 2010, the Seventh Supplemental Indenture, dated as of February 14, 2011, the Eighth
Supplemental Indenture, dated as of August 4, 2011, the Ninth Supplemental Indenture, dated as of January 4, 2012 and the Tenth Supplemental Indenture, dated as of February 28, 2012 (as so supplemented, the
“Indenture”), relating to the Issuer’s 10.75% Senior Notes due 2016 (the “Notes”); 

WHEREAS, Section 4.13 of the Indenture requires the Issuer to cause each Domestic Subsidiary that is not a Guarantor under the Notes
but becomes a guarantor under a Credit Facility to execute and deliver to the Trustee a supplemental indenture pursuant to which such Domestic Subsidiary shall unconditionally guarantee all of the Issuer’s obligations under the Indenture and
the Notes; 
 WHEREAS, the Issuer desires to amend the Notes pursuant to Section 9.01 of the Indenture to reflect the
addition of the New Guarantor; 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Issuer, the Guarantors and the
Trustee can execute this Eleventh Supplemental Indenture without the consent of holders; 
 WHEREAS, all things necessary have
been done to make this Eleventh Supplemental Indenture, when executed and delivered by the Issuer and the Guarantors, the legal, valid and binding agreement of the Issuer and the Guarantors, in accordance with its terms; and 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to
this Eleventh Supplemental Indenture hereby agree as follows: 
 ARTICLE I 

Section 1.1 Capitalized Terms. Capitalized terms used herein and not otherwise defined herein are used as defined in the
Indenture. 
 Section 1.2 Agreement to Guarantee. The New Guarantor hereby agrees to guarantee the Issuer’s
obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture. From and after the date hereof, the New Guarantor shall be a Guarantor for all purposes under the Indenture and the Notes. 

Section 1.3 Incorporation of Terms of Indenture. The obligations of the New Guarantor under the Guarantee shall be governed
in all respects by the terms of the Indenture and shall constitute a Guarantee thereunder. The New Guarantor shall be bound by the terms of the Indenture as they relate to the Guarantee. 

  
 1 

 Section 1.4 Amendment of the Notes. Any corresponding provisions reflected in
the Notes shall also be deemed amended in conformity herewith. 
 Section 1.5 Effectiveness of Amendments. This
Eleventh Supplemental Indenture shall be effective upon execution hereof by the Issuer, the Guarantors and the Trustee. 

Section 1.6 Interpretation; Severability. The Indenture shall be modified and amended in accordance with this Eleventh
Supplemental Indenture, and all the terms and conditions of both shall be read together as though they constitute one instrument, except that, in case of conflict, the provisions of this Eleventh Supplemental Indenture will control. The Indenture,
as modified and amended by this Eleventh Supplemental Indenture, is hereby ratified and confirmed in all respects and shall bind every holder of Notes. In case of conflict between the terms and conditions contained in the Notes and those contained
in the Indenture, as modified and amended by this Eleventh Supplemental Indenture, the provisions of the Indenture, as modified by this Eleventh Supplemental Indenture, shall control. In case any provision in this Eleventh Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.7 Governing Law. This Eleventh Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. 

Section 1.8 Counterparts. This Eleventh Supplemental Indenture may be signed in various counterparts which together will
constitute one and the same instrument. 
 Section 1.9 Effect of Headings. The Section headings herein are for
convenience only and shall not effect the construction hereof. 
 Section 1.10 Trustee. The recitals contained
herein are made by the Issuer and the Guarantors, and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Eleventh Supplemental
Indenture. All rights, protections, privileges, indemnities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or
omitted by the Trustee under this Eleventh Supplemental Indenture. 
 [Signature Pages Follow] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture to
be duly executed as of the date first above written. 
  

			
	LIVE NATION ENTERTAINMENT, INC.,
	as Issuer
		
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	Executive Vice President,
		 	General Counsel and Secretary

  

			
	HARD EVENTS LLC,
	as New Guarantor
		
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	Executive Vice President,
		 	General Counsel and Secretary

  
 Signature
Page to Eleventh Supplemental Indenture 

 
			
	LN ACQUISITION HOLDCO LLC
		
	By:	 	LIVE NATION ENTERTAINMENT, INC.,
		 	its sole member
		
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	Executive Vice President, General Counsel
		 	and Secretary

  

			
	CONNECTICUT PERFORMING ARTS
PARTNERS
		
	By:	 	NOC, INC., a general partner
		
	By:	 	 /s/ Kathy Willard

	Name:	 	Kathy Willard
	Title:	 	Executive Vice President

  

			
	By:	 	 CONNECTICUT AMPHITHEATER DEVELOPMENT CORPORATION,
 a general partner

		
	By:	 	 /s/ Kathy Willard

	Name:	 	Kathy Willard
	Title:	 	Executive Vice President

  

			
	 NEW YORK THEATER, LLC

		
	By:	 	LIVE NATION ENTERTAINMENT, INC.,
		 	its sole member

  

			
	 By:
	 	 /s/ Michael Rowles

	 Name:
	 	Michael Rowles
	 Title:
	 	Executive Vice President, General Counsel
		 	and Secretary

  
 Signature
Page to Eleventh Supplemental Indenture 

 
	
	 BILL GRAHAM ENTERPRISES, INC.

	 CELLAR DOOR VENUES, INC.

	 COBB’S COMEDY INC.

	 CONNECTICUT AMPHITHEATER DEVELOPMENT CORPORATION

	 CONNECTICUT PERFORMING ARTS, INC.

	 EVENING STAR PRODUCTIONS, INC.

	 EVENTINVENTORY.COM, INC.

	 EVENT MERCHANDISING INC.

	 FILLMORE THEATRICAL SERVICES

	 FLMG HOLDINGS CORP.

	 HOB MARINA CITY, INC.

	 HOUSE OF BLUES SAN DIEGO, LLC

	 IAC PARTNER MARKETING, INC.

	 LIVE NATION LGTOURS (USA), LLC

	 LIVE NATION MARKETING, INC.

	 LIVE NATION MTOURS (USA), INC.

	 LIVE NATION TOURING (USA), INC.

	 LIVE NATION UTOURS (USA), INC.

	 LIVE NATION WORLDWIDE, INC.

	 MICROFLEX 2001 LLC

	 NETTICKETS.COM, INC.

	 NOC, INC.

	 OPENSEATS, INC.

	 PREMIUM INVENTORY, INC.

	 SHORELINE AMPHITHEATRE, LTD.

	 SHOW ME TICKETS, LLC

	 THE V.I.P. TOUR COMPANY

	 TICKETMASTER ADVANCE TICKETS, L.L.C.

	 TICKETMASTER CHINA VENTURES, L.L.C.

	 TICKETMASTER EDCS LLC

	 TICKETMASTER-INDIANA, L.L.C.

	 TICKETMASTER L.L.C.

	 TICKETMASTER MULTIMEDIA HOLDINGS LLC

	 TICKETMASTER NEW VENTURES HOLDINGS, INC.

	 TICKETSNOW.COM, INC.

	 TICKETWEB, LLC

	 TM VISTA INC.

	 TNA TOUR II (USA) INC.

	 TNOW ENTERTAINMENT GROUP, INC.

  

			
	By:	 	 /s/ Kathy Willard

	Name:	 	Kathy Willard
	Title:	 	Executive Vice President

  
 Signature
Page to Eleventh Supplemental Indenture 

 
	
	 HOB BOARDWALK, INC.

	 HOB CHICAGO, INC.

	 HOB ENTERTAINMENT, LLC

	 HOB PUNCH LINE S.F. CORP.

	 HOUSE OF BLUES ANAHEIM RESTAURANT CORP.

	 HOUSE OF BLUES CLEVELAND, LLC

	 HOUSE OF BLUES CONCERTS, INC.

	 HOUSE OF BLUES DALLAS RESTAURANT CORP.

	 HOUSE OF BLUES HOUSTON RESTAURANT CORP.

	 HOUSE OF BLUES LAS VEGAS RESTAURANT CORP.

	 HOUSE OF BLUES LOS ANGELES RESTAURANT CORP.

	 HOUSE OF BLUES MYRTLE BEACH RESTAURANT CORP.

	 HOUSE OF BLUES NEW ORLEANS RESTAURANT CORP.

	 HOUSE OF BLUES ORLANDO RESTAURANT CORP.

	 HOUSE OF BLUES RESTAURANT HOLDING CORP.

	 HOUSE OF BLUES SAN DIEGO RESTAURANT CORP.

	 LIVE NATION CHICAGO, INC.

	 LIVE NATION CONCERTS, INC.

	 LIVE NATION MID-ATLANTIC, INC.

  

			
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	President

  

			
	LIVE NATION MERCHANDISE, INC.
	LIVE NATION TICKETING, LLC
	LIVE NATION VENTURES, INC.
		
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	Executive Vice President, General Counsel and Secretary

  

	
	LIVE NATION BOGART, LLC
	 LIVE NATION – HAYMON VENTURES, LLC

	 LIVE NATION STUDIOS, LLC

	 MICHIGAN LICENSES, LLC

	 MUSICTODAY, LLC

	 WILTERN RENAISSANCE LLC

  

			
	By:	 	LIVE NATION WORLDWIDE, INC.,
		 	its sole member
		
	By:	 	 /s/ Kathy Willard

	Name:	 	Kathy Willard
	Title:	 	Executive Vice President

  

  
 Signature
Page to Eleventh Supplemental Indenture 

 
	
	 AZOFF PROMOTIONS LLC

	 CAREER ARTIST MANAGEMENT LLC

	 ENTERTAINERS ART GALLERY LLC

	 FRONT LINE BCC LLC

	 FRONT LINE MANAGEMENT GROUP, INC.

	 ILA MANAGEMENT, INC.

	 MORRIS ARTISTS MANAGEMENT LLC

	 VECTOR MANAGEMENT LLC

	 VECTOR WEST, LLC

	 VIP NATION, INC.

  

			
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	Vice President and Assistant Secretary

  

			
	FEA MERCHANDISE INC.
	SPALDING ENTERTAINMENT, LLC
		
	By:	 	 /s/ Michael Rowles

	Name:	 	Michael Rowles
	Title:	 	Vice President and Assistant Secretary

  
 Signature
Page to Eleventh Supplemental Indenture 

 
					
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A.,
	as Trustee
		
	By:	 	 /s/ Lawrence M. Kush

		 	Name:	 	Lawrence M. Kusch
		 	Title:	 	Vice President

  
 Signature Page to
Eleventh Supplemental Indenture 

 APPENDIX I 

Existing Guarantors 
  

	
	 FLMG HOLDINGS CORP.,

	
	 IAC PARTNER MARKETING, INC.,

	
	 MICROFLEX 2001 LLC,

	
	 TICKETMASTER ADVANCE TICKETS, L.L.C.,

	
	 TICKETMASTER CHINA VENTURES, L.L.C.,

	
	 TICKETMASTER EDCS LLC,

	
	 TICKETMASTER L.L.C.,

	
	 TICKETMASTER MULTIMEDIA HOLDINGS LLC,

	
	 TICKETMASTER NEW VENTURES HOLDINGS, INC.,

	
	 TICKETMASTER-INDIANA, L.L.C.,

	
	 TM VISTA INC.,

	
	 EVENTINVENTORY.COM, INC.,

	
	 NETTICKETS.COM, INC.,

	
	 OPENSEATS, INC.,

	
	 PREMIUM INVENTORY, INC.,

	
	 SHOW ME TICKETS, LLC,

	
	 THE V.I.P. TOUR COMPANY,

	
	 TICKETSNOW.COM, INC.,

	
	 TNOW ENTERTAINMENT GROUP, INC.,

	
	 TICKETWEB, LLC,

	
	 FRONT LINE MANAGEMENT GROUP, INC.,

	
	 AZOFF PROMOTIONS LLC,

	
	 CAREER ARTIST MANAGEMENT LLC,

  
 Appendix I

 
	
	 FRONT LINE BCC LLC,

	
	 ILA MANAGEMENT, INC.,

	
	 ENTERTAINERS ART GALLERY LLC,

	
	 FEA MERCHANDISE INC.,

	
	 MORRIS ARTISTS MANAGEMENT LLC,

	
	 SPALDING ENTERTAINMENT, LLC,

	
	 VECTOR MANAGEMENT LLC,

	
	 VECTOR WEST, LLC,

	
	 VIP NATION, INC.,

	
	 BILL GRAHAM ENTERPRISES, INC.,

	
	 CELLAR DOOR VENUES, INC.,

	
	 COBB’S COMEDY INC.,

	
	 CONNECTICUT AMPHITHEATER DEVELOPMENT CORPORATION,

	
	 CONNECTICUT PERFORMING ARTS, INC.,

	
	 CONNECTICUT PERFORMING ARTS PARTNERS,

	
	 EVENING STAR PRODUCTIONS, INC.,

	
	 EVENT MERCHANDISING INC.,

	
	 FILLMORE THEATRICAL SERVICES,

	
	 HOB BOARDWALK, INC.,

	
	 HOB CHICAGO, INC.,

	
	 HOB ENTERTAINMENT, LLC,

	
	 HOB MARINA CITY, INC.,

	
	 HOB PUNCH LINE S.F. CORP.

	
	 HOUSE OF BLUES ANAHEIM RESTAURANT CORP.,

	
	 HOUSE OF BLUES CLEVELAND, LLC,

  
 Appendix I

 
	
	HOUSE OF BLUES CONCERTS, INC.,
	
	 HOUSE OF BLUES DALLAS RESTAURANT CORP.,

	
	 HOUSE OF BLUES HOUSTON RESTAURANT CORP.,

	
	 HOUSE OF BLUES LAS VEGAS RESTAURANT CORP.,

	
	 HOUSE OF BLUES LOS ANGELES RESTAURANT CORP.,

	
	 HOUSE OF BLUES MYRTLE BEACH RESTAURANT CORP.,

	
	 HOUSE OF BLUES NEW ORLEANS RESTAURANT CORP.,

	
	 HOUSE OF BLUES ORLANDO RESTAURANT CORP.,

	
	 HOUSE OF BLUES RESTAURANT HOLDING CORP.,

	
	 HOUSE OF BLUES SAN DIEGO, LLC,

	
	 HOUSE OF BLUES SAN DIEGO RESTAURANT CORP.,

	
	 LIVE NATION BOGART, LLC

	
	 LIVE NATION CHICAGO, INC.

	
	 LIVE NATION CONCERTS, INC.

	
	 LIVE NATION – HAYMON VENTURES, LLC

	
	 LIVE NATION LGTOURS (USA), LLC,

	
	 LIVE NATION MARKETING, INC.,

	
	 LIVE NATION MERCHANDISE, INC.,

	
	 LIVE NATION MID-ATLANTIC, INC.,

	
	 LIVE NATION MTOURS (USA), INC.,

	
	 LIVE NATION STUDIOS, LLC,

	
	 LIVE NATION TICKETING, LLC,

  
 Appendix I

 
	
	LIVE NATION TOURING (USA), INC.,
	
	 LIVE NATION UTOURS (USA), INC.,

	
	 LIVE NATION VENTURES, INC.,

	
	 LIVE NATION WORLDWIDE, INC.,

	
	 LN ACQUISITION HOLDCO LLC,

	
	 MICHIGAN LICENSES, LLC,

	
	 MUSICTODAY, LLC,

	
	 NEW YORK THEATER, LLC,

	
	 NOC, INC.,

	
	 SHORELINE AMPHITHEATRE, LTD.,

	
	 TNA TOUR II (USA) INC.,

	
	 WILTERN RENAISSANCE LLC

  
 Appendix IEX-10.29

 Exhibit 10.29 
 FIRST AMENDMENT 
 TO 

EMPLOYMENT AGREEMENT 
 This First Amendment to Employment Agreement (this “First Amendment”) is effective December 27, 2012 (the “Effective Date”) by and between Live Nation Entertainment, Inc., a
Delaware corporation (the “Company”), and Michael Rapino (the “Executive”). 
 WHEREAS, the parties entered
into an Employment Agreement dated October 21, 2009, as amended by an acknowledgment dated April 6, 2010 (collectively, the “Original Agreement”). 
 WHEREAS, the parties desire to amend and renew the Original Agreement in order to continue their employment relationship as set forth below. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants included in this First 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. The first sentence of Section 2 (“Term”) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 

“The renewed period of employment of the Executive by the Company under this Agreement (the “Employment Period”) shall
commence on the Effective Date and shall have a term expiring on December 31, 2017.” 
 2. Section 5(a)
(“Base Salary”) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 

“Effective January 1, 2013 and continuing through the end of the Employment Period, the Company shall pay the Executive a base
salary of $2,300,000 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 (but no less frequently than monthly).” 
 3. Effective June 1, 2014, the second and third sentences of Section 5(e) (“Expenses and Reimbursements”) of the Original Agreement are hereby amended and restated in their
entirety to read as follows: 
 “In addition, during the Employment Period, the Executive shall be entitled to an
automobile allowance of $60,000 per year, to cover the Executive’s lease of an automobile appropriate to his position and related costs, which allowance shall be payable in cash in approximately equal installments no less frequently than
monthly, less appropriate payroll deductions and all required withholdings.” 

 4. A new sentence shall be added to the end of Section 5(i)(i) (“Restricted
Shares Associated with Corporate Financial Performance”) of the Original Agreement to read as follows: 

“Notwithstanding the foregoing, effective June 1, 2014, the annual restricted stock grants referenced in this
Section 5(i)(i) shall cease, such that the last grant made hereunder shall be the grant the Company is required to make within the first 90 days of 2014 (in respect of performance during calendar year 2014).” 

5. A new sentence shall be added to the end of Section 5(i)(ii) (“Restricted Shares Associated with Management
Objectives”) of the Original Agreement to read as follows: 
 “Notwithstanding the foregoing, effective
June 1, 2014, the annual restricted stock grants referenced in this Section 5(i)(ii) shall cease, such that the last grant made hereunder shall be the grant the Company is required to make within the first 90 days of 2014 (in respect of
performance during calendar year 2014).” 
 6. Effective June 1, 2014, the last sentence of Section 5(i)(iii)
(“Restricted Shares Associated with Closing of Merger”) of the Original Agreement, regarding acceleration upon a Change of Control, is hereby deleted. 
 7. Effective June 1, 2014, the last clause of Section 5(i)(v) (“Continuation Option Grant”) of the Original Agreement, which reads “and (E) shall vest in full upon a
Change of Control occurring subsequent to the Merger, but will not vest as a result of the Merger,” is hereby deleted. 

8. A new subsection (vi) shall be added to the end of Section 5(i) (“Equity Incentive Awards”) of the Original
Agreement to read as follows: 
 “(vi) First Amendment Option Grant. The Executive acknowledges that, in connection
with the negotiation and anticipated execution of the First Amendment to this Agreement, on December 10, 2012 the Executive was granted 3,600,000 options to purchase shares of common voting stock of the Company, which vest ratably in equal
installments on the first, second, third, fourth and fifth anniversaries of the grant date, subject to the terms of this First Amendment (the “First Amendment Option Grant”).” 

9. Effective June 1, 2014, the first sentence of Section 6(d) (“Good Reason”) of the Original Agreement is
hereby amended to delete the semi-colon through the remainder of the sentence (related to required notice upon a Change of Control). 
 10. Effective June 1, 2014, Section 6(d)(vii) (“Good Reason”) of the Original Agreement is hereby deleted in its entirety. 

  
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 11. The first sentence of the first paragraph of Section 8 (“Compensation Upon
Termination or During Disability”) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “In the event the Executive is disabled or his employment terminates during the Employment Period, the Company shall provide the Executive with the payments and benefits set forth below; provided,
however, that any obligation of the Company to the Executive under Section 8(a), other than for the Final Compensation, is expressly conditioned upon the Executive signing, returning to the Company within 30 days after the Company’s
delivery of the Separation Schedule (as defined below, which Separation Schedule must be provided by the Company to the Executive within 10 days of the termination of employment) (or, only to the extent required by applicable law, 45 days following
the Date of Termination), and not revoking, a release of claims substantially in the form attached hereto as Exhibit A (the “Executive Release of Claims”).” 

12. The last sentence of Section 8(a)(i) (“Termination by Company Without Cause or by Executive for Good Reason”)
of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “The pro-rated Performance
Bonus and pro-rated Exceptional Performance Bonus components of the Final Compensation, if any, shall be calculated by multiplying the Performance and Exceptional Performance Bonuses (if any) paid to the Executive (or still owed to the Executive)
for the first full calendar year prior to the year in which such termination occurs by a fraction, the numerator of which is the number of days that the Executive was employed during the year in which the termination occurs and the denominator of
which is 365, and, subject to Section 8(e), including without limitation, Sections 8(e)(iii) and (iv), the resulting amount shall be paid on the 60th day after the Date of Termination.” 

13. Effective June 1, 2014, Section 8(a)(ii) (“Termination by Company Without Cause or by Executive for Good
Reason”) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “provided the Executive signs, returns and does not revoke the Executive Release of Claims as set forth above, 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 (or still owed to the Executive) for the first full calendar year prior to the year in which such termination
occurs, multiplied by two, subject to Section 8(e), including, without limitation, Sections 8(e)(iii) and (iv), and such payment shall be made on the 60th day after the Date of Termination.” 
 14. Section 8(a)(iv) (“Termination by Company Without Cause or by Executive for Good Reason”) of the Original Agreement is hereby amended and restated in its entirety to read as
follows: 
 “provided the Executive signs and returns the Executive Release of Claims as set forth above, the Company shall
accelerate the vesting and lapsing of restrictions on all unvested or restricted equity awards awarded to the Executive prior to the Date of Termination except for the First Amendment Option Grant, and all such awards, except for the First Amendment
Option Grant, shall remain exercisable for the full life of such awards (determined without regard to the Executive’s termination of employment). With respect to the First Amendment Option Grant, provided the Executive signs and returns the
Executive Release of Claims as set forth above, the 

  
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Company shall accelerate only the vesting of any unvested stock options on the Date of Termination that would have vested in the two-year period immediately following Date of Termination, which
shall remain exercisable for the full life of the First Amendment Option Grant.” 
 15. The second sentence of
Section 8(c) (“Disability”) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “In the event the Executive’s employment is terminated for Disability pursuant to Section 6(b), the Company shall (i) pay to the Executive the Final Compensation at the time and in the
manner set forth in Section 8(a)(i) hereof, (ii) pay to the Executive a lump-sum cash payment equal to the sum of one year of the Executive’s Base Salary plus the total Performance Bonus and Exceptional Performance Bonus as calculated
pursuant to Section 8(a)(ii), which payment shall be made on the 60th day after the Date of Termination, and (iii) accelerate the vesting and lapsing of restrictions on all unvested or restricted equity awards awarded to the Executive,
which shall remain exercisable for a period of one year from the actual Date of Termination (or, if earlier, until the date immediately preceding the date of termination or expiration of any applicable stock options).” 

16. Section 8(d) (“Death”) of the Original Agreement is hereby amended and restated in its entirety to read as
follows: 
 “If the Executive’s employment is terminated by his death, the Company shall (i) pay the Final
Compensation to the Executive’s beneficiary, legal representatives or estate, as the case may be, at the time and in the manner set forth in Section 8(a)(i) hereof, (ii) pay to the Executive’s beneficiary, legal representatives
or estate, as the case may be, a lump-sum cash payment equal to the sum of one year of the Executive’s Base Salary plus the total Performance Bonus and Exceptional Performance Bonus as calculated pursuant to Section 8(a)(ii), which payment
shall be made on the 60th day after the Date of Termination, and (iii) accelerate the vesting and lapsing of restrictions on all unvested or restricted equity awards awarded to the Executive which shall remain exercisable for a period of one
year from the actual Date of Termination (or, if earlier, until the date immediately preceding the date of termination or expiration of any applicable stock options). The Company shall have no further obligation to the Executive upon such
termination of employment.” 
 17. Effective June 1, 2014, Section 9 (“Gross-Up Payment”) and
all references thereto in the Original Agreement are hereby deleted. 
 18. Effective June 1, 2014, the following new
Section 9 (“Section 280G”) is hereby inserted into the Original Agreement: 
 (a) Excess
Parachute Payment Limitation. Notwithstanding anything contained herein to the contrary, any payment or benefit received or to be received by the Executive in connection with a “change in control event” that would constitute a
“parachute payment” (each within the meaning of Code Section 280G), whether payable pursuant to the terms of this Agreement or any other plan, arrangements or agreement 

  
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with the Company (collectively, the “Total Payments”), shall be reduced to the least extent necessary, if any, so that no portion of the Total Payments shall be subject to the excise
tax imposed by Code Section 4999, but only if, by reason of such reduction, the Net After-Tax Benefit (as defined below) received by the Executive as a result of such reduction will exceed the Net After-Tax Benefit that would have been received
by the Executive if no such reduction was made. If excise taxes may apply to the Total Payments, the foregoing determination will be made by a nationally recognized accounting firm (the “Accounting Firm”) selected by the Executive and
reasonably acceptable to the Company. The Executive will direct the Accounting Firm to submit any such determinations and detailed supporting calculations to both the Executive and the Company at least 15 days prior to the payment of any amount that
would, absent the reduction contemplated by this Section 9, constitute an “excess parachute payment” (within the meaning of Code Section 280G). 

(b) Order of Reduction. If the Accounting Firm determines that a reduction in payments is required by this
Section 9, first non-cash benefits that are not equity-related shall be reduced, then equity vesting acceleration and next new equity grants shall be reduced, followed by a reduction of cash payments, including, without limitation, the
severance contemplated by Section 8(a)(ii) above, beginning with payments that would be made last in time, in all cases, (i) if and to the extent not already provided, accelerated, granted or paid, as applicable, prior to the date of such
reduction, (ii) only to the least extent necessary so that no portion thereof shall be subject to the excise tax imposed by Code Section 4999, (iii) in a manner that results in the best economic benefit to the Executive and
(iv) to the extent economically equivalent, in a pro rata manner, and the Company shall pay or provide such reduced amounts to the Executive in accordance with the applicable terms of the controlling agreement. 

(c) Cooperation; Expenses. If applicable, the Company and the Executive will each provide the Accounting Firm, as
reasonably requested by the Accounting Firm, access to and copies of any books, records and documents in their respective possessions, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the
determinations and calculations contemplated by this Section 9. The fees and expenses of the Accounting Firm for its services in connection with the determinations and calculations contemplated by this Section 9 will be borne by the
Company. 
 (d) Net After-Tax Benefit. “Net After-Tax Benefit” means (i) the Total Payments
that the Executive becomes entitled to receive from the Company which would constitute “parachute payments” within the meaning of Code Section 280G, less (ii) the amount of all federal, state and local income and employment taxes
payable with respect to the Total Payments, calculated at the maximum applicable marginal income tax rate, less (iii) the amount of excise taxes imposed with respect to the Total Payments under Code Section 4999. 

(e) Additional 280G Payments. If the Executive receives reduced payments by reason of this Section 9 and it is
established pursuant to a final determination of the court or an Internal Revenue Service proceeding that the Executive could have received a 

  
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greater amount without resulting in an excise tax, then the Company shall promptly thereafter pay the Executive the aggregate additional amount which could have been paid without resulting in an
excise tax as soon as practicable. 
 19. The Original Agreement is and shall continue to be in full force and effect, except as
amended by this First 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 First Amendment.

 20. Any and all defined terms which are not explicitly defined herein shall have the meaning ascribed to them in the Original
Agreement. 
 21. This First 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 First 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. 
 [Remainder of Page Intentionally Left Blank] 

  
 -6-

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

			
		 	THE EXECUTIVE
		
	Date: December 27, 2012	 	 /s/ Michael Rapino

		 	Michael Rapino

  

							
		 		 	LIVE NATION ENTERTAINMENT, INC.
				
	Date: December 27, 2012	 		 	By:	 	/s/ Michael G. Rowles
		 		 	Name:	 	Michael G. Rowles
		 		 	Title:	 	Executive Vice President and General Counsel

 [Signature Page to First Amendment] 

  
 -7-

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