Former TheStreet CEO gets $1.1M severance package

Elizabeth DeMarse, who was bounced Tuesday as chief executive of TheStreet Inc., will get a severance package north of $1.1 million, the company revealed.

“It reflects the amount of the cash payment to which Ms. DeMarse would have been entitled under her existing amended and restated severance agreement with the company had she been terminated without cause,” the company said in a regulatory filing Thursday.

DeMarse will also receive accelerated vesting options to purchase 36,470 shares of stock and an extension for all of her unexercised options until Feb. 28, 2018. In addition, she gets 18 months of health care coverage, the filing showed.

Her departure has not lifted shares of the financial news outfit co-founded by CNBC’s “Mad Money” host Jim Cramer, who still holds about 10 percent of the stock.

Shares of TheStreet fell below $1 in Thursday afternoon trading. Its market value — which hit $1.7 billion in 1999, the year it went public — is less than $35 million.

Larry Kramer, a founder of Marketwatch who in mid-2015 left Gannett, where he was president and publisher of USA Today, was named interim CEO on Tuesday.

He had been TheStreet’s non-executive chairman, serving on the audit, nominating and corporate governance committees. He resigned from those committees when he took the CEO job but remains chairman.

Kramer is getting $35,833 a month, according to the filing, which amounts to just under $430,000 for a full year.