Legg Mason awarded more than 300,000 shares of restricted common stock spread among six executives as part of a retention program at the Baltimore-based money manager that is undergoing a shakeup at the top.
The shares, according to filings Wednesday with the Securities and Exchange Commission, were awarded on Monday, the day before CEO and chairman Mark R. Fetting announced he was stepping down on Oct. 1.
Based on the closing price of Legg's stock on Monday, the shares had a value of $7.81 million. They've since risen to $8.16 million based on Wednesday's closing price of $26.62 a share.
Joseph A. Sullivan, who will be filling in as CEO until Fetting's replacement is found, was awarded 116,234 shares. W. Allen Reed, who will serve as interim chairman, received 20,000 shares.
The documents did not list a vesting schedule of this restricted stock, or how long the executives must wait before they can sell the shares.