Martha Stewart Living Omnimedia (NYSE: MSO) has set the salaries of its two co-CEOs, Wenda Harris Millard and Robin Marino… According to an 8-K filing, the pair will receive base salaries of $650,000, with a target bonus of 100 percent of the base. The bonus can go as high as 150 percent if they exceed expectations. In addition, the two will receive fresh options grants and should they retire or be fired without good cause, they’ll be eligible for a lump sum payment equal to 18 months salary. Their current contract runs through December 31, 2011. Millard and Marino were made co-CEOs in June upon the departure of former CEO Susan Lyne.

At the same time, the company provided details of chairman Charles A. Koppelman compensation—he will receive a $900,000 base salary, with the same type of bonus targets.

• Industry Moves: MSLO CEO Lyne Steps Down; Millard and Marino Named Co-CEOs