SEC Contract Filing

Filing Date: 2017-08-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>lyv-2017630xex101.htm
<DESCRIPTION>EMPLOYMENT AND COMPENSATION ARRANGEMENT
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<div><a name="sA60DF33554B3B6B6A966C2882DD3AFF7"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 10.1</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIRD AMENDMENT</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TO</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONFIRMATION OF EMPLOYMENT AND COMPENSATION ARRANGEMENT</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Third Amendment to Confirmation of Employment and Compensation Arrangement (this &#8220;Third Amendment&#8221;) is effective January 1, 2017 (the &#8220;Effective Date&#8221;) by and between Live Nation Worldwide, Inc., a Delaware corporation (&#8220;Live Nation&#8221;), and Brian J. Capo.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the parties entered into a Confirmation of Employment and Compensation Arrangement dated December 17, 2007, which was amended effective December 31, 2008, and amended effective October 22, 2009 (collectively, the &#8220;Original Agreement&#8221;).</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the parties desire to amend the Original Agreement as set forth below.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the mutual covenants and agreements included in this Third 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:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1.&#160;&#160;&#160;&#160;Section 3 of the Original Agreement is hereby amended and restated in its entirety to read as follows:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;Effective January 1, 2017, your annual gross base salary will be $335,000 per year, less appropriate payroll deductions and all required withholdings for taxes. You are only eligible for increases in base salary at the sole and absolute discretion of Live Nation. All payments of base salary will be made in installments in accordance with Live Nation&#8217;s regular payroll practices as in effect from time to time and prorated for any partial pay period of employment. Currently, pay dates are on the 15</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;and last day of each month.&#8221;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2.&#160;&#160;&#160;&#160;Section 5 of the Original Agreement is hereby amended and restated in its entirety to read as follows:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;Effective January 1, 2017 and for the remainder of the Term, in addition to your base salary, </font><font style="font-family:inherit;font-size:11pt;color:#0d0d0d;">you will be eligible for an annual performance bonus (the &#8220;Performance Bonus&#8221;) to be paid by March 31 of the following year, in an amount up to 40% of your then current base salary. Payment of the Performance Bonus shall be contingent upon Live Nation achieving its target Adjusted Operating Income (&#8220;AOI) for the company as a whole for the relevant year (as calculated and determined by Live Nation in its sole and absolute discretion). If and only if the target AOI is achieved, then 50% of the Performance Bonus will be based upon the achievement of