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Rating:Legg Mason Is Paying Fetting What? Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 20, 2012

Legg Mason Is Paying Fetting What?

Reported by Tommy Fernandez

So, Legg Mason [profile] is paying Mark Fetting roughly $4 million to hit the road.

The fund firm announced last week that Fetting will be resigning from the firm, effective Oct. 1.

According to a filing with the U.S. Securities and Exchange Commission, Fetting will be entitled to a variety of benefits:

  • 111,548 unvested restricted shares held by Mr. Fetting will remain outstanding and eligible to vest,
  • $2,000,000 payable in equal installments over the fifteen (15) month period following October 31, 2012,
  • eighteen months of COBRA coverage at the Company’s expense for Fetting, his spouse and eligible dependents, and
  • up to $25,000 worth of outplacement services.

    All told, these benefits are expected to cost Legg Mason about $4 million, according to the SEC filing.

    However, there is a catch, Fetting has to refrain from what the filing defines as "Restricted Activity" to be eligible for these benefits.

    Such "Restricted Activity" includes: disclosing or misusing confidential information of the Company at any time; soliciting clients or customers of the Company to reduce, terminate or otherwise alter their business relationship with the Company for a period ending 15 months from October 1, 2012; and raiding employees or independent contractors.  

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