Putting an end to a series of stop-gap two-month employment contracts, TheStreet.com (NSDQ: TSCM) has signed its most famous employee — and founder — to a three-year employment deal filed today with the SEC. For his service, Jim Cramer will receive an annual salary of $1,300,000, $1,560,000 and $1,872,000 over the next three years, as well as a $100,000 signing bonus. The agreement looks fairly boilerplate. He’s eligible for bonuses of up to 75 percent of his salary, and he’s not to do work for other online financial pubs (he lives under the same rules as the rest of us in that regard). This prohibition extends 18 months past his employment at the firm. The contract gives him an out, as Cramer can cancel the deal on any January 15th, provided he gives at least 60 days notice. The signing essentially renews TheStreet’s visibility on CNBC as well, given Cramer’s high profile there. According to a recent filing, Cramer owned about 6 percent of the company through his vehicle By Cramer Partners, LLC, a stake that’s worth about $16 million. He’s got a lot of money, but anything he did to weaken the site would cause him a solid financial hit. Filing.
Staci adds: Our understanding is the delay was driven more by Cramer’s personal circumstances than any professional issues with TheStreet.