Cramer's salary jumps to $1.3 million
TheStreet.com disclosed in an SEC filing Wednesday that co-founder Jim Cramer will be paid a base salary of $1.3 million this year, up 30 percent from 2007, with the salary increasing to $1.87 million by the year 2010.
Cramer will also receive 300,000 shares of restricted stock in the company. The stock options vest during the next five years.
In 2009, Cramer will be paid $1.56 million, a 20-percent increase from this year, according to the filing. His base salary will increase another 20 percent in 2010. He also gets six weeks paid vacation.
Last year, Cramer was paid a base salary of $1 million by TheStreet.com, up from the $750,000 base salary he received in 2006.
The filing states, “In addition, Mr. Cramer will receive a signing bonus in the amount of $100,000 and will be eligible for an annualized target bonus equal to 75% of salary based upon achievement of financial targets as determined by the Company.”
In addition, the filing states that Cramer would receive a payment equal to three times his salary if the company is sold, and he would have the right to terminate his employment agreement.
TheStreet.com compensation does not include what Cramer makes for hosting the CNBC show “Mad Money.”
Read the filing here.Â Cramer had been working without a contract since the beginning of the year.