Legg Mason, Inc. Non-Employee Director Equity Grant Letter to [Name]
Legg Mason, Inc. is granting shares of its common stock to a non-employee director as part of its Non-Employee Director Equity Plan. The number of shares is based on a specified dollar amount divided by the average stock price, with any fractional shares paid in cash. The shares will be credited to the director's brokerage account as soon as possible. The package includes a prospectus, a statement of outstanding stock options, and contact information for questions.
Exhibit 10.2
_________, __ , 200_
[Name]
[Address]
Dear M_. [_________]:
In connection with your [_____] grant of shares of Legg Mason, Inc. common stock, enclosed please find a Prospectus for the Legg Mason Inc. Non-Employee Director Equity Plan, which includes a copy of the Plan as an exhibit, [the $50,000 that you elected to receive as part of the grant] and the related fractional share distribution. Your common stock will be credited to your brokerage account as soon as is practicable.
The number of shares of common stock granted was determined by dividing $[125,000] [75,000] by the average price as specified below:
_/__/0_ High | $______ | ||
_/__/0_ Low | $______ | ||
Average | $______ | ||
# of Shares Calculated |
| ||
Cash payment in lieu of fractional shares | $______ | ||
A current statement of your outstanding Legg Mason Stock Options is also included in this package.
If you should have any questions, please do not hesitate to call me at ###-###-####.
Regards,
Kendra P. Heyde
Vice President & Director, Compensation
