Live Nation Entertainment, Inc.

Our executive compensation program traditionally consists of the following components:

We believe that these components function together to provide a strong compensation program that enables us to attract and retain top talent while simultaneously aligning the interests of our executive officers with those of our stockholders. The Compensation Committee has not adopted a formal policy or practice for the allocation of (i) base salary versus incentive compensation, (ii) cash bonuses versus equity compensation, or (iii) equity grants amongst

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various award types. Rather, the committee seeks to flexibly tailor each executive’s total compensation package to include these various components in a manner designed to motivate and retain most effectively that particular executive officer, while still aligning the executive officer’s interests with those of our stockholders. For these reasons, the Compensation Committee takes into consideration industry standards and informal reviews of compensation paid to executive officers of our competitors or others in similar industries, but it does not currently rely on formal benchmarking or peer group analysis in determining our compensation programs other than for the limited purpose of obtaining a reference point to gauge the reasonableness of the company’s compensation levels for our named executive officers.

Base Salary

We believe that competitive levels of cash compensation, together with equity and other long-term incentive programs, are necessary for the motivation and retention of executive officers. Base salaries provide executives with a predictable level of monthly income and help achieve the compensation program’s objectives by attracting and retaining strong talent. The employment agreements set the base salaries of the named executive officers, with annual adjustments, if any, being made upon the approval of the Compensation Committee in its discretion. No named executive officer has an employment agreement providing for automatic or minimum annual salary increases.

Base salaries for executive officers are typically established at the time the employment agreements are entered into or amended and are based on negotiations with the executives and on the Compensation Committee’s assessments of the salaries necessary and appropriate to recruit and/or retain the individual executives for their particular positions. These assessments include informal reviews of compensation paid to executives of comparable companies and competitors of ours. In establishing the base salaries of our executive officers, the members of the Compensation Committee also bring to bear their own judgment about business need and executive performances as they relate to appropriate compensation levels.

For further discussion of the base salaries of the named executive officers, see “Named Executive Officer Employment Agreements & Other Compensation Information” beginning on page 55.

Cash Performance Bonuses

Annual cash bonus eligibility is traditionally provided to each of the named executive officers to reward the achievement of corporate, departmental and/or individual accomplishments and to tie compensation to performance, each in keeping with our compensation philosophy. Our named executive officers’ cash performance bonus opportunity is set forth in each of their respective employment agreements, and such payments are currently not made under or pursuant to any other plan of the company, including without limitation the company’s stock incentive plan.

In March 2026, the Compensation Committee reviewed the named executive officers’ performance during 2025 and awarded cash performance bonuses to each of the named executive officers based on the achievement ofpre-established targets, which were based on our achievement of Adjusted Operating Income targets on apro-forma, constant-currency basis for four of our five named executive officers, and on achievement of strategic performance objectives for Mr. Capo. In general, annual cash bonus eligibility for the named executive officers’ key reports was also based on Adjusted Operating Income in order to encourage a coordinated approach to managing the company consistent with our compensation philosophy.

We believe that Adjusted Operating Income is one of the most important indicators of company performance and one of the primary metrics on which the company’s performance is evaluated by financial analysts and the investment community generally. Internally, we review Adjusted Operating Income on apro-forma and constant-currency basis to evaluate the performance of our operating segments, and believe that this metric assists investors by allowing them to evaluate changes in the operating results of our businesses separate fromnon-operational factors that affect net income, thus providing insights into both operations and the other factors that affect reported results.

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In March 2026 each named executive officer was awarded a cash performance bonus in respect of performance in 2025 as follows:

Michael Rapino. Under the terms of his employment agreement, Mr. Rapino is eligible to receive an annual cash performance bonus with a target amount equal to $17,000,000 during the calendar year in which the bonus was earned based on the achievement of performance targets established by the Compensation Committee (with a range to be established for achievement above or below such targets). Mr. Rapino’s cash bonus eligibility for 2025 was based on the achievement of a company Adjusted Operating Income target. In February 2025, the Compensation Committee set for Mr. Rapino a target cash performance bonus of $17,000,000, based on the achievement of $2,300 million of company Adjusted Operating Income for the year, with the actual bonus to range between $15,300,000 and $18,700,000 for achievement of between 90% and 110% of such performance target, scaled based on straight-line interpolation.

In March 2026, the Compensation Committee determined that the company had achieved 102% of its Adjusted Operating Income performance target on apro-forma, constant-currency basis. Accordingly, the Compensation Committee awarded Mr. Rapino a cash performance bonus of $17,372,522 for 2025, representing the bonus amount due for attainment of 102% of targeted Adjusted Operating Income for the year.

Joe Berchtold. Under the terms of his employment agreement, Mr. Berchtold is eligible to receive an annual cash performance bonus with a target equal to 200% of his base salary based on the achievement of performance targets established by the Compensation Committee. Mr. Berchtold’s cash bonus eligibility for 2025 was based on the achievement of a company Adjusted Operating Income target. In February 2025, the Compensation Committee set a target cash performance bonus of $4,000,000 for Mr. Berchtold, based on the achievement of $2,300 million of company Adjusted Operating Income for the year, with the actual bonus to range between $3,600,000 and $4,400,000 for achievement of between 90% and 110% of such performance target, scaled based on straight-line interpolation.

In March 2026, the Compensation Committee determined that the company had achieved 102% of its Adjusted Operating Income performance target on apro-forma, constant-currency basis. As a result, the Compensation Committee awarded Mr. Berchtold a cash performance bonus of $4,087,652 for 2025, representing the bonus amount due for attainment of 102% of targeted Adjusted Operating Income for the year.

Brian Capo. Mr. Capo is eligible to receive an annual cash performance bonus with a target equal to 50% of his base salary based on the achievement of performance targets established by the Compensation Committee. Mr. Capo’s cash bonus eligibility for 2025 was based on the achievement of specific strategic objectives (each given an equal 1/3 weighting), which were to make three critical hires in focus areas of the finance organization, hold an international finance leadership conference to discuss current areas of focus for the company’s finance organization, and implement repeatable processes to strengthen the predictability of the finance organization’s current focus areas. In February 2025, the Compensation Committee set a target cash performance bonus of $237,500 for Mr. Capo, based on the achievement of these specific strategic objectives, with the actual bonus to range between $0 and $237,500 for achievement of between 0% and 100% of such specific strategic objectives, scaled based on straight-line interpolation.

In March 2026, the Compensation Committee determined that Mr. Capo had achieved 100% of such specific strategic objectives. For the first strategic objective, he was deemed to have fully met the goal due to the hiring of a director of international tax, two directors of income tax accounting, and two managers in the internal controls group. For the second strategic objective, he was deemed to have fully met the goal due to having organized and held a March 2025 conference attended by the global division heads of finance to discuss focus areas for the company’s finance organization, Oracle cloud implementation, and new accounting literature. For the third strategic goal, he was deemed to have fully met the goal due to (1) for tax, enhancements in the income tax process, including performance and enhancement of additional controls surrounding income tax payables and return to accrual adjustments, and (2) for internal controls, holding weekly meetings with outside auditors to identify and solve issues early, refining processes for proper onboarding of systems/companies, and monitoring of higher risk systems/control executions to work alongside the control owners as they execute to prevent execution issues. As a result, the Compensation Committee awarded Mr. Capo a cash performance bonus of $237,500 for 2025, representing 100% of his targeted cash bonus for the year.

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John Hopmans. Under the terms of his employment agreement, Mr. Hopmans is eligible to receive an annual cash performance bonus with a target equal to 100% of his base salary based on the achievement of performance targets established by the Compensation Committee. Mr. Hopmans’ cash bonus eligibility for 2025 was based on the achievement of a company Adjusted Operating Income target. In February 2025, the Compensation Committee set a target cash performance bonus of $1,500,000 for Mr. Hopmans, based on the achievement of $2,300 million of company Adjusted Operating Income for the year, with the actual bonus to range between $1,350,000 and $1,500,000 for achievement of between 90% and 100% of such performance target, scaled based on straight-line interpolation.

In March 2026, the Compensation Committee determined that the company had achieved 102% of its Adjusted Operating Income performance target on apro-forma, constant-currency basis. As a result, the Compensation Committee awarded Mr. Hopmans a cash performance bonus of $1,500,000 for 2025, representing 100% of his targeted cash bonus for the year.

Michael Rowles. Under the terms of his employment agreement, Mr. Rowles is eligible to receive an annual cash performance bonus with a target equal to 150% of his base salary based on the achievement of performance targets established by the Compensation Committee. Mr. Rowles’ cash bonus eligibility for 2025 was based on the achievement of a company Adjusted Operating Income target. In February 2025, the Compensation Committee set a target cash performance bonus of $1,650,000 for Mr. Rowles, based on the achievement of $2,300 million of company Adjusted Operating Income for the year, with the actual bonus to range between $1,485,000 and $1,650,000 for achievement of between 90% and 100% of such performance target, scaled based on straight-line interpolation.

In March 2026, the Compensation Committee determined that the company had achieved 102% of its Adjusted Operating Income performance target on apro-forma, constant-currency basis. As a result, the Compensation Committee awarded Mr. Rowles a cash performance bonus of $1,650,000 for 2025, representing 100% of his targeted cash bonus for the year.

Long-Term Equity Incentive Awards

Overview

From time to time, we grant long-term equity incentive awards to the named executive officers in an effort to reward long-term performance, to promote retention, to allow them to participate in our long-term growth and profitability, and to align their interests with those of our stockholders, each in keeping with our compensation philosophy. All long-term equity awards to named executive officers are granted under our stock incentive plans and approved by the Compensation Committee.

The Compensation Committee administers the stock incentive plans, including approving award recipients, setting the exercise price, if any, of awards, fixing all other terms and conditions of awards and interpreting the provisions of the stock incentive plans. The following equity awards, among others, may be granted under the stock incentive plans:

Long-Term Equity Awards in 2025

Michael Rapino. Pursuant to the terms of his employment agreement, Mr. Rapino is eligible to receive an annual performance-based equity incentive award with a target value of not less than $10 million, based on the attainment of strategic performance targets established annually by the Compensation Committee.

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In February 2024, the Compensation Committee set a target value of $10 million for this award for 2024, and established three classes of strategic goals pertaining to leadership development (40%), sustainability (30%), and strategy and regulatory (30%), all of which were considered important achievements to drive long-term success for the company. These strategic performance goals are set through a comprehensive process involving the Compensation Committee and Mr. Rapino, with input from other members of management, to advance critical objectives for the company that can’t be readily measured through financial metrics. The committee assesses Mr. Rapino’s progress toward these goals periodically during the year. The leadership development goal involved, among other things, mentoring of executives, coaching programs, School of Live programs, leadership programs, and hiring for critical roles. The sustainability goal involved, among other things, expansion and enhancement of employee benefits programs, holding regular staff town halls around the globe, and continuing to advance workforce representation. The strategy and regulatory goal involved, among other things, engaging legislators on venue and workforce initiatives, and engaging relevant entities in legal matters. The Committee additionally met with Mr. Rapino prior toyear-end to discuss and evaluate his progress toward these goals.

On February 26, 2025, the committee determined that Mr. Rapino had attained 100% on each of the leadership development, sustainability, and strategy and regulatory goals for an overall attainment of 100%. Specifically, (1) for the leadership development goal, he met each of the five objectively-measured deliverables set by the committee, (2) for the sustainability goal, he met each of the four objectively-measured deliverables set the the committee, and (3) for the strategy and regulatory goal, he met each of the three objectively-measured deliverables set by the committee. As a result he was issued 66,140 shares of restricted common stock (having a value equal to $10,000,368 based on the average closing price for the ten trading days preceding such issuance, per the terms of his employment agreement), with 50% of such shares vested on the issuance thereof and the remaining 50% vested on February 26, 2026. Notwithstanding that it was made in respect of 2024 performance, this grant is considered compensation in respect of 2025 under the SEC’s rules as the restricted common stock was issued in 2025, and thus is included in the Summary Compensation Table below for 2025.

Joe Berchtold. Mr. Berchtold was not granted equity awards in 2025.

Brian Capo. On February 26, 2025, as part of a broader set of grants made to certain of our executive officers and other key employees, Mr. Capo was granted 3,288 shares of restricted common stock. The shares of restricted stock have vesting as follows: (i) if the company achieved $2,300 million or more of Adjusted Operating Income in 2025, then 50% of such shares would vest on each of March 31, 2026 and March 31, 2027, (ii) if the company achieved less than $2,070 million in Adjusted Operating Income in 2025, then all of such shares would be forfeited, and (iii) if the company achieved at least $2,070 million but less than $2,300 million in Adjusted Operating Income in 2025, then a percentage of such shares would vest in accordance with a straight-line scale, withone-half vesting on each of March 31, 2026 and March 31, 2027 (with any remaining portion of the shares forfeited). The vesting of the shares of restricted stock are subject to Mr. Capo’s continued employment with the company.

In March 2026, the Compensation Committee determined that the company had achieved 102% of its Adjusted Operating Income performance target on apro-forma, constant-currency basis. As a result, 1,644 of these shares vested on March 31, 2026 and the remaining 1,644 shares will vest on March 31, 2027, subject to Mr. Capo’s continued employment with the company.

John Hopmans. Mr. Hopmans was not granted equity awards in 2025.

Michael Rowles. Mr. Rowles was not granted equity awards in 2025.

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Timing of Equity Grants

The company does not currently utilize stock options as part of its compensation program. For all types of awards, the Compensation Committee currently does not utilize formal guidelines regarding the timing of equity award grants.

However, in the event that material

non-public

information becomes known to the Compensation Committee prior to granting an equity award, the Compensation Committee will take the existence of such information into consideration and make an assessment in its business judgment whether to delay the grant of any proposed equity award in order to avoid any impropriety.

In 2025, the company did

not time

the disclosure of material

non-public

information for the purpose of affecting the value of executive compensation.

Clawback Policy

In September 2023, the Board of Directors approved a policy for the recovery or erroneously awarded compensation, or “clawback” policy, applicable to executive officers. The policy implements the incentive-based compensation recovery provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 as required under the NYSE’s listing standards, and requires recovery of incentive-based compensation received by current or former executive officers during the three fiscal years preceding the date it is determined that our company is required to prepare an accounting restatement, including to correct an error that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The amount required to be recovered is the excess of the amount of incentive-based compensation received over the amount that otherwise would have been received had it been determined based on the restated financial measure.

Use of

Non-Overlapping

Performance Metrics

With his 2022 employment agreement renewal, our Chief Executive Officer’s incentive/performance-based compensation was designed to utilize

disparate/non-overlapping

performance metrics in order for such compensation to be realized. Annual cash bonus opportunity is based on Adjusted Operating Income, vesting of the

one-time

award of performance shares is based on attainment of stock price targets, and vesting of the annual performance-based equity incentive award is based on strategic performance goals set each year by the Compensation Committee. As noted above, in February 2025, the Compensation Committee formally determined to utilize

disparate/non-overlapping

performance metrics for short-term and long-term incentive compensation for all executive officers, and for 2025 no executive officer had identical/overlapping performance metrics for determining these compensation elements.

Employee Benefits and Other Perquisites

The named executive officers are eligible to participate in our group benefits plan, which is generally available to all full-time employees in the United States and which includes medical, vision, dental, company-paid life and accidental death or dismemberment, supplemental life and accidental death or dismemberment and short- and long-term disability insurance, flexible spending accounts (health and dependent care) or a health savings account and an employee assistance program. Additionally, our employees are entitled to paid vacation, sick leave and holidays. We believe that our commitment to provide the above benefits recognizes that the health and well-being of our employees contribute directly to a productive and successful work life that enhances results for us and our stockholders.

In addition to the employee benefits discussed above, the named executive officers receive certain perquisites and personal benefits, as appropriate to their particular circumstances, which are not generally available to all our employees. In 2025:

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recommendations provided by independent security consultants. These assessments have identified bona fide security risks associated with Mr. Rapino’s role as a senior executive of a public company, including threats to the safety of Mr. Rapino and his family. Based on these findings, the company has implemented appropriate risk mitigation strategies, including security measures at company-related events and elsewhere. The company’s internal security evaluations have been validated by an independent third-party security consulting firm, which has assisted in the design, coordination, and deployment of these measures. Although the company does not consider these security-related expenses to be personal benefits—given that they arise directly from Mr. Rapino’s position and responsibilities—applicable disclosure regulations require that such costs be reported as perquisites. In addition, Mr. Rapino received a company contribution under a 401(k) savings plan and certain other minor benefits.

Pursuant to his employment agreement, our Chief Executive Officer is permitted to use private aircraft paid for by the company for personal travel for up to a maximum of one hundred twenty-five hours per year, with the value of such usage to be reported as a perquisite, with the perquisite amount based on the aggregate incremental cost to the company.

For perquisite disclosure purposes, we determine the aggregate incremental cost to the company of the named executive officers’ personal flights for our fractionally-owned aircraft by calculating the average variable aircraft operating costs per hour for each type of requested aircraft, which includes the hourly rate, fuel, landing fees, and other miscellaneous expenses. The calculated average variable operating cost per hour for each aircraft requested is multiplied by the total number of personal flight hours. For our aircraft membership program, we determine the average cost per hour based on the total amounts invoiced divided by the total actual hours flown. This average is multiplied by the number of personal flight hours.

We are a live entertainment company, and from time to time our directors and certain employees, including the named executive officers, receive complimentary tickets to live events that are produced and/or promoted by us. Regular attendance at our events is integrally and directly related to the performance of the named executive officers’ duties, and we therefore do not consider their receipt of these tickets, or reimbursement for associated travel or other related expenses, to constitute a perquisite. To the extent the named executive officers are accompanied to such events by family or friends, however, the incremental costs to us associated with those guests’ attendance are deemed to be perquisites.

For further discussion of the above perquisites, see “Executive Compensation Tables—2025 Summary Compensation Table” below.

401(k) Savings Plan

We maintain a 401(k) Savings Plan for all U.S.-based employees, including named executive officers, as a source of retirement income. Generally, our full-time employees that are at least 21 years of age are eligible to participate in the plan immediately upon hire, and our part-time, seasonal and temporary employees that are at least 21 years of age are eligible to participate in the plan upon completing one year of service and a minimum of 1,000 hours of service. We currently match 50% of the employee’s first 5% of pay contributed to the plan up to IRS limits, which contributions vest 50% after the employee’s second full year of service and 50% after the third full year of service, after which all matching contributions are fully vested at the time they are made. Our named executive officers receive contribution matches on the same terms and conditions as our other U.S. employees. Fidelity Investments is the independent plan trustee. As of December 31, 2025, participants had the ability to direct contributions into specified mutual funds within

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the Fidelity family of funds, as well as other outside investment vehicles. Currently, our common stock is not an investment option under the plan. We believe that offering our employees, including our named executive officers, this additional vehicle for saving and generating earnings on their savings in a

tax-deferred

manner provides a valuable benefit that helps us to retain top talent.

Tax and Accounting Considerations

Tax Considerations

Section 162(m) of the Internal Revenue Code, as amended, places a limit of $1 million on the amount of compensation we may deduct for federal income tax purposes in any one year with respect to our Chief Executive Officer, Chief Financial Officer and the next three most highly compensated officers, who are referred to as the Covered Persons. While the tax impact of any compensation arrangement is one factor to be considered in determining appropriate compensation, such impact is evaluated in light of the Compensation Committee’s overall compensation philosophy and objectives. For these and other reasons, including preservation of flexibility in compensating the named executive officers in a manner designed to promote varying corporate goals, the Compensation Committee did not, during 2025, limit executive compensation to that which is deductible under Section 162(m) of the Internal Revenue Code and has not adopted a policy requiring all compensation to be structured in this manner.

The Compensation Committee also endeavors to structure executive officers’ compensation in a manner that is either compliant with, or exempt from the application of, Internal Revenue Code Section 409A, which provisions may impose significant additional taxes on

non-conforming,

nonqualified deferred compensation (including certain equity awards, severance, incentive compensation, traditional deferred compensation and other payments). Again, the tax impact of any compensation arrangement is one factor to be considered in determining appropriate compensation, and such impact is evaluated in light of the Compensation Committee’s overall compensation philosophy and objectives.

Accounting Considerations

The Compensation Committee, when advised by management, also considers the accounting implications of significant compensation decisions, especially in connection with decisions that relate to equity compensation awards. As accounting standards change, we may revise certain programs to appropriately align accounting expenses of our equity awards with our overall executive compensation philosophy and objectives, but will consider any changes in light of our overall compensation philosophy.

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