Legg Mason Form 4 / Thomas C Merchant ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Merchant Thomas C

(Last)

(First)

(Middle)

LEGG MASON, INC.

100 INTERNATIONAL DRIVE

(Street)

BALTIMORE

21202

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LEGG MASON, INC. [ LM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Exec VP & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/31/2020		D		92,269.63	D	⁽¹⁾	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to buy)	$37.64	07/31/2020		D			15,006	⁽²⁾	05/15/2025	Common Stock	15,006	⁽³⁾	0	D
Stock Options (Right to buy)	$31.24	07/31/2020		D			7,111	⁽⁴⁾	05/13/2024	Common Stock	7,111	⁽³⁾	0	D
Phantom Stock Units	⁽⁵⁾	07/31/2020		D			1,584.18	⁽⁶⁾	⁽⁶⁾	Common Stock	1,584.18	⁽⁷⁾	0	D

Explanation of Responses:

1. These shares were disposed of pursuant to the Agreement and Plan of Merger dated as of February 17, 2020 among the issuer, Alpha Sub, Inc. and Franklin Resources, Inc. in exchange for $50 per share on the effective date of the merger.

2. Employee stock options vest serially over four years and commencing on May 31, 2018.

3. This option was terminated and cancelled as of immediately prior to the effective time of the merger and converted into the right to receive a lump sum cash payment in an amount equal to (A) the number of shares of the issuer's Common Stock underlying such option as of immediately prior to the effective time, multiplied by (B) an amount equal to (x) $50, minus (y) the exercise price of such option, net of any taxes withheld pursuant to the merger agreement

4. Employee stock options vest serially over four years and commencing on May 31, 2017.

5. 1-for-1

6. Phantom Stock Units acquired pursuant to and under conditions of the Legg Mason & Co., LLC Deferred Compensation/Phantom Stock Plan, as amended. See Exhibit 10.4 of the Form 10-K for the fiscal year ended March 31, 2009.

7. The Legg Mason & Co., LLC Deferred Compensation/Phantom Stock Plan ("Plan") has been amended to provide that units previously delineated in common stock of the issuer will be equitably adjusted into the number of units delineated in common stock of Franklin Resources, Inc. based on the $50 per share merger consideration, and all distributions under the Plan will be made in cash.

Remarks:

	Melissa A. Warren, Attorney-in-fact for Thomas C. Merchant	08/04/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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Legg Mason (LMHA) Form 4LEGG MASON / Thomas C Merchant ownership change