EXHIBIT 10.3
FIRST AMENDMENT
TO
EMPLOYMENT
AGREEMENT
This First Amendment to Employment
Agreement (this “First Amendment”) is entered into on
March 29, 2007 by and between Live Nation Worldwide, Inc.
(formerly known as SFX Entertainment, Inc.), a Delaware corporation
(the “Company”), and Michael G. Rowles (the
“Employee”).
WHEREAS, the parties have entered
into that certain Employment Agreement dated effective as of
March 13, 2006 (the “Original
Agreement”).
WHEREAS, the parties desire to amend
the Original Agreement as set forth below.
NOW, THEREFORE, in consideration of
the premises and agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties, intending to be legally bound,
agree as follows:
1. Section 1 of the Original
Agreement is hereby amended and restated in its entirety to read as
follows:
“The Employee’s term of
employment starts on the Effective Date of this Agreement and ends
on the close of business on December 31, 2009 (the
“Employment Period”). Beginning on January 1, 2010
and continuing for so long thereafter as the Employee is employed
hereunder, the Employment Period shall be automatically extended
day to day so that there will always be exactly one (1) year
remaining in the Employment Period, unless either party terminates
this Agreement in accordance with Section 7
below.”
2. The first sentence of
Section 3(a) of the Original Agreement is hereby amended and
restated in its entirety to read as follows:
“Effective January 1,
2007, the Company will pay the Employee an annual base salary of
$425,000.00.”
3. The first sentence of
Section 3(b) of the Original Agreement is hereby amended and
restated in its entirety to read as follows:
“The Employee will be eligible
for an annual performance bonus based upon the achievement of
(i) financial targets by the Company and/or any divisions
and/or business units thereof, and/or (ii) personal goals and
objectives related to the individual performance of the Employee,
in each case as set and determined in writing by the Chief
Executive Officer for each calendar year.”
4. The first sentence of
Section 7(c) of the Original Agreement is hereby amended and
restated in its entirety to read as follows:
“The Company may terminate the
Employee’s employment with the Company for any reason at any
time after December 31, 2009.”
5. The first sentence of
Section 7(e) of the Original Agreement is hereby amended and
restated in its entirety to read as follows:
“The Employee may provide
notice at any time after December 31, 2009 of his intent to
terminate his employment with the Company without
cause.”
6. Section 8(d) of the Original
Agreement is hereby amended and restated in its entirety to read as
follows:
“ Terminati
