David Callaway, the new chief executive officer of TheStreet.com, will receive a base annual salary of $500,000, according to a Securities and Exchange Commission filing on Friday.
Callaway, who has been editor in chief of USA Today for the past four years, was named CEO on Thursday. He will start in early July.
Callaway is also eligible to receive a bonus of up to 50 percent of his salary, according to the filing. His is also receiving an option to purchase 1 million shares of TheStreet stock, with one-third of those shares vesting after his first year at he company and the rest vesting during the next two years.
The new CEO would receive $500,000 in salary if the company decided to terminate him without cause, according to his contract. In addition, Callaway would be prevented from competing with the company for a period of six months after his termination date or soliciting its employees, clients or vendors for a period of one year after his termination date.
The former CEO, Elisabeth DeMarse, received a base salary of $480,000.
TheStreet’s shares fell 2 cents to $1.23 on Friday. The company has been struggling to remain profitable and show revenue growth.
