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Friday, July 22, 2005

Chip Gets Incentives

by: Theresa Sim

Legg Mason's directors have decided to reward the firm's founder, president, chief executive officer and chairman Raymond "Chip" Mason with a heap of options for executing the recent Citigroup Asset Management and Permal acquisitions.

Mason has the option to buy 500,000 options at $111.53 per share only if the stock reaches above $127.50 for 30 consecutive days within four years. Mason is also required to serve out another two years at the helm of the company, followed by two years of "agreed-upon ongoing services." Mason can use his options up to eight years after they're issued.  

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