Martha Stewart made $5.4 million last year, more than double her 2007 pay of $2.1 million, according to her company’s proxy filing released Tuesday.
Stewart’s base salary of $900,000 remained unchanged and she got the same $495,000 bonus she did last year, appropriately at the low-end of what her contract requires, given MSO’s poor stock performance last year. So, most of her outsized pay came from $3.6 million in “other compensation,” which includes MSLO’s licence rental agreement with her. Here’s how that breaks down, according to the proxy:
Ms. Stewart’s 2008 other compensation of $3,594,136 consists of: (i) $3,250,000 in payments made to entities controlled by Ms. Stewart in connection with the Location Rental Agreement and Intellectual Asset Licensee Agreement, of which $2,000,000 was attributable to the period from September 2008 through August 2009, and $1,250,000 was paid as a make-whole for the prior annual period; (ii) a $100,000 annual non-accountable expense allowance; (iii) $193,066 of fees earned by Ms. Stewart as talent on our television show; (iv) $33,250 for the portion of personnel costs paid for by the Company for individuals performing work for Ms. Stewart for which the Company was not otherwise reimbursed; (v) $11,224 for personal use of the Company’s plane, calculated by aggregating the incremental cost for her personal flight; and (vi) $6,594 for life insurance premiums.
Martha seemingly earned more than any other executive at her company, with executive chairman Charles Koppelman in a close second with $3.95 million. Meanwhile, media president and co-CEO Wenda Harris Millard made $1.46 million, down slightly from the $1.49 million she earned last year.
[Hat tip to Women’s Wear Daily, who first reported Stewart’s additional earnings, for alerting us to the filing.]
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