This excerpt taken from the LYV DEF 14A filed Apr 4, 2007.
On May 1, 2006, we entered into an employment agreement with Charles Walker to serve as our President of North American Music. The initial term of the employment agreement was scheduled to end on May 1, 2008. Under the employment agreement, Mr. Walker (i) received an initial base salary of $450,000, subject to increases at the discretion of the Compensation Committee, but in no event less than 4% each year, (ii) was eligible to receive an annual cash performance bonus and (iii) participated in the Live Nation, Inc. Group Benefits Plan and other incentive compensation plans which are generally available to all of our employees.
The employment agreement (i) would have terminated upon Mr. Walkers death, (ii) could have been terminated by us (a) upon Mr. Walkers disability or (b) at any time without or for cause, subject to Mr. Walkers general right to cure and (iii) could have been terminated by Mr. Walker at any time for good reason, subject in some cases to our right to cure.
In January 2007, Mr. Walker resigned his employment with Live Nation to pursue other business opportunities and his employment agreement terminated. In connection with Mr. Walkers separation from Live Nation, he agreed to customary non-disclosure and non-solicitation provisions and to a general release of all claims against the company. In exchange, the Compensation Committee approved the acceleration of 20% of Mr. Walkers outstanding stock options, resulting in the immediate vesting of options to purchase a total of 40,000 shares of Live Nations common stock. Except for the acceleration of the 40,000 stock options, Mr. Walker did not receive any other compensation in connection with his resignation.