Item 5. Other Information
Item 5. Other Information
(a) On May 5, 2022, Live Nation entered into an employment agreement with Brian Capo effective as of January 1, 2022 (the “Capo Agreement”) to serve as Live Nation’s Chief Accounting Officer. The term of the Capo Agreement ends on December 31, 2026. After that date, unless earlier terminated, Mr. Capo’s employment with Live Nation will be on an at-will basis. Mr. Capo’s existing employment agreement was extinguished upon execution of the Capo Agreement.
Under the Capo Agreement, Mr. Capo will receive a base salary of $425,000 per year, and will be eligible to receive annual salary increases at the discretion of the Compensation Committee. Mr. Capo is eligible to receive an annual cash performance bonus with a target equal to 50% of his base salary, with such bonus based 50% on Live Nation achieving its adjusted operating income target for the applicable year, and 50% on the achievement of specific performance targets to be established annually.
If Mr. Capo is terminated by Live Nation without cause or Mr. Capo terminates his employment for good reason, subject to Mr. Capo’s execution of a general release of claims, he will receive a cash payment equal to nine months of his base salary.
The Capo Agreement also contains customary non-disclosure, non-solicitation and non-disparagement provisions. The description of the Capo Agreement set forth above is qualified in its entirety by the Capo Agreement attached as Exhibit 10.1 to this Quarterly Report on Form 10-Q and incorporated herein by reference.
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Item 6. Exhibits
Exhibit Description Incorporated by Reference Filed
Herewith
Exhibit
No. Form File No. Exhibit No. Filing Date
10.1 §
Employment Agreement, effective January 1, 2022, between Live Nation Worldwide, Inc. and Brian Capo.
X
31.1 Certification of Chief Executive Officer.
X
31.2 Certification of Chief Financial Officer.
X
32.1 Section 1350 Certification of Chief Executive Officer.
X
32.2 Section 1350 Certification of Chief Financial Officer.
X
101.INS XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. X
101.SCH XBRL Taxonomy Schema Document. X
101.CAL XBRL Taxonomy Calculation Linkbase Document. X
101.DEF XBRL Taxonomy Definition Linkbase Document. X
101.LAB XBRL Taxonomy Label Linkbase Document. X
101.PRE XBRL Taxonomy Presentation Linkbase Document. X
104 Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) X
§ Management contract or compensatory plan or arrangement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 5, 2022.
LIVE NATION ENTERTAINMENT, INC.
By: /s/ Brian Capo
Brian Capo
Chief Accounting Officer (Duly Authorized Officer)
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.