Live Nation has amended its employment contract with CEO Michael Rapino, extending its term through December 31, 2017 (from May 31, 2014) and raising Rapino’s base salary to $2.3 million, effective January 1, 2013. The amendments were made Thursday and announced in an SEC filing on Friday.

While Rapino gets a new salary, his annual grant of 150,000 shares of restricted stock and the guaranteed salary increase of $100,000 will both be eliminated. In connection with the amended contract, Rapino was granted options to purchase 3.6 million shares of Live Nation common stock at an exercise price of $8.77 per share.

In March, Rapino received a total cash performance bonus of $4.8 million related to the 2011 fiscal year. His total compensation of $11.9 million for 2011 included a salary of $2 million, $2.7 million in stock awards and $2.4 million in options awards. His 2010 compensation of $15.9 million included a salary of just under $2 million and a merger bonus of $3 million, the latter related to merger of Live Nation and Ticketmaster. [Billboard.biz]