Just to follow up with some more practical pricing info. When I cover events as a hired gun, the rates range from $50-100/hour depending on equipment used, expected number of shots and other criteria. All photos remain with whoever did the hiring and I have no rights to them, though some will allow me to use a limited number strictly for portfolio purposes if I ask.

On stock sites the usage that you are being approached about can pull in anywhere from several hundred to thousands of dollars per shot. The differences being which site it is, the specific details of intended usage, and the credentials of the photographer in a few cases.

If you decide to go ahead with this, you will need to determine which approach to pricing is best for you. It could also be in your interest to provide pricing for the usages they have requested and also limited usage for promotion of the specific event at a lower rate of course. Without knowing anything about the person who contacted you there is no way to determine if they are not fully aware of what they have specified for rights, or if they are trying to take advantage of your lack of knowledge as two rather extreme possibilities.