Cramer has signed a lucrative new employment contract with TheStreet.com (TSCM), the financial web site that he co-founded. According to a filing with the SEC, Cramer will be paid $1.3 million this year, $1.56 million next year and $1.872 million in 2010. He also gets a $100,000 signing bonus - think of it as mad money - and will be eligible for a bonus of 75% of his salary. He also gets 300,000 restricted stock units that vest over five years. And he gets six weeks of vacation.
In 2007, his base salary was $1 million.
The deal allows Cramer to continue to write his column for New York magazine; neither does it prevent him from doing his TV show or writing books. Under the agreement, Cramer is supposed to write for TheStreet.com and the company’s other sites at least 12 times a week.
So let’s do a little math. If Cramer works 46 weeks a year, and writes 12 times a week, that would be 552 posts a a year. That’s about $2,355 a post. Meanwhile, if Cramer hit his full 2008 bonus, his total compensation for this year, including the signing bonus, would be $2.375 million. That is about 15% of the company’s 2007 pre-tax profits.
Nice work if you can get it.