Exhibit 10.3
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
WHEREAS, Live Nation Worldwide, Inc. (formerly known as SFX Entertainment, Inc. d/b/a Clear
Channel Entertainment) (the Company) and Alan Ridgeway (the Employee) entered into an
Employment Agreement (the Agreement) on November 28, 2005, with an effective date of September
20, 2005.
WHEREAS, the parties desire to amend the Agreement as set forth in this First Amendment to
Employment Agreement (the First Amendment), to be effective as of August 8, 2006.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the parties hereto, the parties hereby agree as follows:
1. A new Section 3(j) is hereby added to the Agreement as follows:
"(j) Retention Bonus. The Company agrees to pay to the Employee One Million Dollars
($1,000,000) as a retention bonus (the Retention Bonus). This Retention Bonus will be
offset against any Performance Bonus(es) subsequently earned by the Employee under this
Agreement. If the Employee is still employed with the Company as of December 31, 2010 (the
Target Date), any remaining Retention Bonus that has not been so offset (Unearned Portion
of the Retention Bonus) shall be deemed earned by the Employee. If the Employees
employment is terminated before the Target Date, any remaining Unearned Portion of the
Retention Bonus shall be treated as follows: (i) if the Employee is terminated for Cause or
terminates without Good Reason, the Employee shall repay any Unearned Portion of the
Retention Bonus within ten (10) business days following termination; or (ii) if the Employee
is terminated (A) without Cause or (B) due to death or disability or if the Employee
terminates with Good Reason, the Employee shall be deemed to have earned any (otherwise)
Unearned Portion of the Retention Bonus. The Employee acknowledges that the Retention Bonus
shall be subject to withholding in accordance with the Companys ordinary payroll
practices.
2. This First Amendment represents the complete and total understanding of the parties with
respect to the content thereof, and cannot be modified or altered except if done so in writing,
executed by both parties.
3. This First Amendment shall in no way modify, alter, change or otherwise delete any
provision of the Agreement unless specifically done so by the terms of this First Amendment, and
all the remaining provisions of the Agreement shall remain in full force and effect.
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