On the heels of a dismal stock picking year, Jim Cramer will enjoy a 30 pay raise in 2008 to $1.3 million in salary, a 30% jump from 2007. Cramer will also claim 300,000 shares of restricted stock during the next 5 years (if TheStreet.com survives that long). Cramer will also command a 20% increase in 2009 and 2010.
The agreement comes after collapsed negotiations in which Cramer twice refused to accept "2 and 20" on his stock picks. Instead, he will enjoy bonuses of up to 75% of his base salary "based upon achievement of financial targets as determined by the Company.” These include:
- At least a 20% reduction in sexual harassment complaints by interns.
- A 10% reduction in his dollar equivalent spend in the "complimentary cafeteria."
- Never again to appear on "Arrested Development."
Cramer's Salary Jumps to $1.3 Million [Talking Biz News]