Legg Mason Inc. Non-Employee Director Restricted Stock Unit Grant Letter
This letter from Legg Mason Inc. notifies a non-employee director of their grant of Restricted Stock Units (RSUs) under the company's Non-Employee Director Equity Plan. The recipient receives a prospectus, a statement detailing the number of RSUs awarded (calculated based on a $125,000 value and the average stock price), and information about a cash payment for any fractional shares. The package also includes a current statement of the director's outstanding stock options. The letter outlines the grant details and provides contact information for further questions.
Exhibit 10.3
_________, __ , 200_
[Name]
[Address]
Dear M_. [_________]:
In connection with your [_____] grant of Restricted Stock Units, 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, your Legg Mason Restricted Stock Unit Statement, and the related fractional share distribution.
The number of Restricted Stock Units was determined by dividing $125,000 by the average price as specified below:
_/__/0_ High | $______ | ||
_/__/0_ Low | $______ | ||
Average | $______ | ||
# of Restricted Stock Units 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
