Michael Rapino's new contract doubles his target pay to $60 million a year. To max out the one piece tied to the stock market, Live Nation shares probably need to gain about 20% a year — roughly $290 by the end of 2029, up from about $170 now.

Live Nation disclosed the deal on Oct. 2. Rapino, 61, signed it Sept. 30, and it runs from Oct. 1, 2026, through Dec. 31, 2031, when he'll be 66. It replaces his 2022 agreement, which was set to run through 2027. The board approved it unanimously; Rapino abstained.

Add up the five annual pieces at target and you get $60 million a year, versus $30 million under the 2022 deal. There's also a $20 million signing grant. Over the five years, that's about $320 million at target.

The stock test is new. Under his past two contracts, Rapino earned big share grants when Live Nation's stock price cleared fixed dollar levels. Now the yearly performance-share grant is judged on how Live Nation's total shareholder return (TSR) ranks against every company in the S&P 500.