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Rating:Farewell Package for a Legg Mason Bigwig Includes $3.9 Million in Cash Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, December 27, 2010

Farewell Package for a Legg Mason Bigwig Includes $3.9 Million in Cash

Reported by Armie Margaret Lee

As reported Monday last week, David Odenath is leaving his post as head of Americas at Legg Mason at yearend to pursue other opportunities.

In an SEC filing On December 23, Legg Mason revealed the contents of a severance and release of claims letter that the Baltimore-based mutual fund firm and Odenath inked on December 17. [SEC filing]

Here's an excerpt from the filing:
Under that letter, which may be revoked by Mr. Odenath within 7 days as provided by law, in return for a release of claims against the Company and in settlement of amounts due to Mr. Odenath under the terms of an offer letter dated August 29, 2008 between the Company and Mr. Odenath, Mr. Odenath will receive (i) accelerated vesting of the 38,262 shares of restricted stock and 141,644 stock options with an exercise price of $14.81 that constitute the remaining unvested portion of the initial equity awards Mr. Odenath received in October 2008, and (ii) a cash payment of $3,936,000. The letter also provides for certain rights, including a health care subsidy, and contains various restrictive covenants, including covenants relating to non-solicitation of clients and employees, confidentiality and cooperation.
Because of the severance and release of claims letter, Legg Mason will accrue about $6.7 million in incremental charges (net of compensation charges previously accrued) during the quarter ended December 31.  

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