January 29, 2010

By By Glenn Peoples, L.A.

Live Nation Entertainment paid out $6.5 million in merger bonuses, according to a Friday SEC filing. In connection with the merger, president and CEO Michael Rapino received $3 million in cash and executive chairman Irving Azoff received $2 million in cash.

Upon the completion of the merger, Live Nation's compensation committee recommended bonuses for Kathy Willard, executive VP and CEO ($1 million cash), and Michael Rowles, executive VP and general counsel ($500,000 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). Today?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.

Subscribe to Billboard magazine today!