Martha Stewart Living Omnimedia will pay founder Martha Stewart at least $2 million a year for the next three years. Stewart will also receive a $3 million payment for signing the contract
extension and could earn a bonus of up to $1.5 million for each of those years, per an SEC filing.
Stewart's 2008 pay package was valued at nearly $3.7 million, including a $900,000
salary and stock-option awards valued at $1.9 million. She also got $3.25 million under a separate license agreement. MSLO has posted operating losses for four out of the last five years, including
2008.
The new employment agreement covers most of Stewart's services as a performer and author, but excludes appearances on shows other than the "Martha Stewart Show." MSLO will
continue to provide Stewart with drivers and automobiles and pay for some security expenses, according to the SEC filing.
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