UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Legg Mason, Inc.
-----------------------------------------------------------------------------
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
524901105
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(CUSIP Number)
Eric D. Schoenborn, Esquire 2600 One Commerce Square,
Philadelphia, PA 19103, (215) 564-8085
-----------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
January 16, 1998
-----------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|
Check the following box if a fee is being paid with the statement |_| (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ROBERT F. BOYD
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 13,687
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,687
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,687
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.05%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 202493.1
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BENEDICT E. CAPALDI
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 155,446
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
155,446
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
155,446
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.57%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LUZ E. CAREY
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 977
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
977
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
977
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.004%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ALEXANDER C. CUTLER
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 1,955
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,955
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,955
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.007%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JUDY L. DiMAIO
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 977
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
977
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
977
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.004%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAUL D. EHRLICHMAN
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 188,687
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
188,687
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
188,687
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.69%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EARL J. GASKINS
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 4,888
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,888
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,888
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.02%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
W. ANTHONY HITSCHLER
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 823,184
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
823,184
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
823,184
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.01%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DAVID F. HOFFMAN
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 63,547
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
63,547
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,547
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.23%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MICHAEL D. JAMISON
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 229,748
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
229,748
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
229,748
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.84%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SCOTT L. KUENSELL
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 69,413
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
69,413
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
69,413
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.25%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
-----------------------------------------------------------------------------
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PAUL R. LESUTIS
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 214,106
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
214,106
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,106
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.78%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CARL M. LINDBERG
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 255,167
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
255,167
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
255,167
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.93%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
HENRY F. OTTO
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 165,223
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
165,223
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
165,223
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.60%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WILLARD J. SCOTT
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 58,659
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
58,659
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,659
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.21%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
STEPHEN S. SMITH
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 433,100
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
433,100
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10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
433,100
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.58%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
STEVEN M. TONKOVICH
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 25,419
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
25,419
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,419
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.09%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 524901105
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EDWARD A. TRUMPBOUR
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 88,966
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
88,966
-----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
88,966
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.32%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Item 1. Security and Issuer.
This statement on Schedule 13D relates to the common stock, $0.10 par
value (the "Common Stock"), of Legg Mason, Inc., 100 Light Street, Baltimore,
Maryland 21202 (the "Company").
Item 2. Identity and Background.
The persons filing this statement are members of a group comprising all
former shareholders (each such person individually, a "Shareholder", and all
such persons collectively, the "Shareholders") of Brandywine Asset Management,
Inc., a Delaware corporation ("Brandywine"), who received shares of the Common
Stock in exchange for all of their outstanding shares of Brandywine common stock
(the "Brandywine Shares") (the "Share Exchange") following a merger of a
wholly-owned subsidiary of the Company into Brandywine pursuant to an Agreement
and Plan of Reorganization dated December 5, 1997 by and among Brandywine, LM
Acquisition Corp., the Company and the Shareholders (the "Merger Agreement").
Pursuant to the Merger Agreement, the Company has filed with the Securities and
Exchange Commission a shelf registration statement on Form S-3 pursuant to Rule
415 under the Securities Act of 1933, as amended (the "Registration Statement"),
covering the Common Stock received by the Shareholders in the Share Exchange. In
addition, pursuant to the terms of the Merger Agreement certain of the
Shareholders received options to purchase shares of the Common Stock (the
"Option Shares") in exchange for all of their options to purchase common stock
of Brandywine. The Shareholders are filing this statement as a result of an
Agreement between the Shareholders dated January 16, 1998 (the "Sales
Agreement") whereby each Shareholder agreed that until November 1, 1998 he/she
will restrict the sale of his/her Common Stock pursuant to the Registration
Statement to 15% of the Common Stock he/she received pursuant to the Share
Exchange, less the aggregate number of shares of Common Stock sold by such
Shareholder in one or more public offerings, whether or not pursuant to the
Registration Statement. The Option Shares are not subject to the Sales
Agreement.
The Shareholders listed below are all employees of Brandywine and all
correspondence should be forwarded to them at Brandywine's offices at Three
Christina Centre, Suite 1200, 201 North Walnut Street, Wilmington, Delaware
19801:
Luz E. Carey
Alexander C. Cutler
Judy L. DiMaio
Paul D. Ehrlichman
Earl J. Gaskins
W. Anthony Hitschler
David F. Hoffman
Michael D. Jamison
Scott L. Kuensell
Paul R. Lesutis
Carl M. Lindberg
Henry F. Otto
Willard J. Scott
Stephen S. Smith
Steven M. Tonkovich
Edward A. Trumpbour
The name and address of the remaining Shareholders is set forth below:
Robert F. Boyd
25 Denbeigh Hill
Baltimore, Maryland 21210
Benedict E. Capaldi
1709 Tuckerstown Road
Dresher, PA 19025
Mr. Boyd is a Principal of Investment Counselors of Maryland. Mr. Capaldi is a
Managing Director of Cowen & Co.
<PAGE>
None of the Shareholders has been convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors) during the last five
years, nor been a party to any civil proceeding of a judicial or administrative
body relating to a violation of federal or state securities laws during the last
five years. All Shareholders are citizens of the United States of America.
Item 3. Source and Amount of Funds and Other Consideration.
Not Applicable. All shares of Common Stock beneficially owned by the
Shareholders were acquired through the Share Exchange pursuant to the Merger
Agreement.
Item 4. Purpose of the Transaction.
The Shareholders acquired the Common Stock pursuant to the Share
Exchange as consideration for their sale of the Brandywine Shares.
The Shareholders intend to dispose of their Common Stock over time,
subject to the Sales Agreement.
Item 5. Interest in Securities of the Issuer.
As of the date hereof, the Shareholders as a group beneficially own
2,793,149* shares of Common Stock, or approximately 10.13%* of the outstanding
Common Stock.
- -----------------------------
*Includes 218,993 Option Shares.
<PAGE>
The beneficial ownership of Common Stock by each Shareholder is set
forth below (number of Option Shares included within total is set forth in
parenthesis):
Shareholder Total Shares
Robert F. Boyd 13,687
Benedict E. Capaldi 155,446
Luz E. Carey 977
Alexander C. Cutler 1,955
Judy L. DiMaio 977
Paul D. Ehrlichman 188,687
Earl J. Gaskins 4,888
W. Anthony Hitschler 823,184
David F. Hoffman 63,547 (38,128)
Michael D. Jamison 229,748 (50,838)
Scott L. Kuensell 69,413 (50,838)
Paul R. Lesutis 214,106
Carl M. Lindberg 255,167
Henry F. Otto 165,223
Willard J. Scott 58,659
Stephen S. Smith 433,100 (38,128)
Steven M. Tonkovich 25,419
Edward A. Trumpbour 88,966 (41,061)
Each Shareholder has sole voting and sole dispositive power over such shares,
subject to the Sales Agreement. As noted above, the Option Shares are not
subject to the Sales Agreement.
On January 16, 1998, the transactions contemplated by the Merger
Agreement were completed resulting in the grant of 2,574,156 shares of the
Common Stock to the Shareholders in exchange for all of their Brandywine Shares.
In addition, certain Shareholders received options to purchase a total of
218,993 Option Shares in exchange for their options to purchase common stock of
Brandywine.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Pursuant to the Sales Agreement, each Shareholder agreed that until
November 1, 1998 he/she will restrict the sale of his/her Common Stock pursuant
to the Registration Statement to 15% of the Common Stock he/she received
pursuant to the Share Exchange, less the aggregate number of shares of Common
Stock sold by such Shareholder in one or more public offerings, whether or not
pursuant to the Registration Statement.
Item 7. Material to Be Filed as Exhibits.
Exhibit 99.1 - Agreement between the Shareholders related to
restrictions on sales, dated January 16, 1998.
<PAGE>
Exhibit 99.2 - Agreement between the Shareholders regarding
joint filing of Schedule 13D (included in signature
page).
Exhibit 99.3 - Power of Attorney (included in signature page).
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 23, 1998 /s/ W. Anthony Hitschler
--------------------------
W. Anthony Hitschler
This statement is filed on behalf of the following persons who have
signed below on the date indicated, and by signing below each such person hereby
agrees that this statement is being filed on his/her behalf thereby making
him/her responsible for the completeness and accuracy of the information
concerning such person.
Each person whose signature appears below constitutes and appoints W.
Anthony Hitschler as his/her attorney-in-fact, with the power of substitution,
for him/her in any and all capacities to sign this statement on Schedule 13D and
any amendments hereto and to file the same, with exhibits and other documents in
connection herewith and therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that said attorney-
<PAGE>
in-fact, or his substitute or substitutes, may do or cause to be done by virtue
hereof.
Dated: January 23, 1998
/s/ Robert F. Boyd /s/ Benedict E. Capaldi
Robert F. Boyd Benedict E. Capaldi
/s/ Luz E. Carey /s/ Alexander C. Cutler
Luz E. Carey Alexander C. Cutler
/s/ Judy L. DiMaio /s/ Paul D. Ehrlichman
Judy L. DiMaio Paul D.Ehrlichman
/s/ Earl J. Gaskins /s/ David F. Hoffman
Earl J. Gaskins David F. Hoffman
/s/ Michael D. Jamison /s/ Scott L. Kuensell
Michael D. Jamison Scott L. Kuensell
/s/ Paul R. Lesutis /s/ Carl M. Lindberg
Paul R. Lesutis Carl M. Lindberg
/s/ Henry F. Otto /s/ Willard J. Scott
Henry F. Otto Willard J. Scott
/s/ Stephen S. Smith /s/ Steven M. Tonkovich
Stephen S. Smith Steven M. Tonkovich
/s/ Edward A. Trumpbour
Edward A. Trumpbour
Exhibit 99.1
Execution Copy
AGREEMENT
This Agreement is made and entered into as of the 16th day of
January, 1998, by and among the individuals named on the signature pages of this
Agreement (each a "Shareholder" and collectively, the "Shareholders").
WHEREAS, each of the Shareholders is a party to a certain
Agreement and Plan of Reorganization dated as of December 5, 1997 (the "Merger
Agreement") among Brandywine Asset Management, Inc., LM Acquisition Corp., Legg
Mason, Inc. ("Legg Mason") and the Shareholders; and
WHEREAS, pursuant to the Merger Agreement and the transactions
contemplated thereby, each of the Shareholders has received the number of shares
of common stock of Legg Mason (collectively, the "Shares"), set forth opposite
their respective names on Exhibit A attached hereto; and
WHEREAS, pursuant to Article 9 of the Merger Agreement, Legg
Mason has filed with the Securities and Exchange Commission a shelf registration
statement on Form S-3 pursuant to Rule 415 under the Securities Act of 1933, as
amended (the "Form S-3"); and
WHEREAS, pursuant to Section 9.9 of the Merger Agreement and
the Form S-3, between the date hereof and November 1, 1998 (the "Restricted
Period"), the Shareholders may not make sales of the Shares pursuant to the Form
S-3 in an aggregate amount in excess of fifteen percent (15%) of the total
number of Shares minus the total number of Shares sold by the Shareholders in
one or more underwritten public offerings (which underwritten public offerings
voluntarily may, but are not otherwise required by the Merger Agreement to, be
arranged by Legg Mason during the Restricted Period); and
WHEREAS, the Shareholders desire to enter into this Agreement,
which imposes certain restrictions and obligations on themselves in order to
ensure compliance by the Shareholders with the foregoing restrictions on the
sale of the Shares.
In consideration of the premises and the mutual terms,
conditions and other agreements set forth herein, intending to be legally bound,
the parties hereby agree as follows:
1. No Shareholder shall, directly or indirectly, absolutely or
conditionally, voluntarily or involuntarily, sell any of the Shares owned by
such Shareholder pursuant to the Form S-3 except in accordance with this
Agreement.
<PAGE>
2. During the Restricted Period, each Shareholder shall be
entitled to sell an aggregate number of Shares equal to fifteen percent (15%) of
the Shares set forth opposite such Shareholder's name on Exhibit A attached
hereto, less the aggregate number of Shares sold by such Shareholder in one or
more underwritten public offerings, whether or not pursuant to the Form S-3.
3. After the Restricted Period, each Shareholder shall be free
to sell such number of shares as he or she desires, each such sale to be made in
accordance with applicable law and consistent with each Shareholder's covenants
contained in Sections 9.4(b) and 9.4(c) of the Agreement and the intent
expressed in Section 2.8 of the Agreement.
4. If a Shareholder desires to sell Shares during the
Restricted Period, such Shareholder shall give written notice ("Notice") to each
other Shareholder, at the address set forth opposite each other Shareholder's
name on Exhibit B attached hereto, in substantially the form of Exhibit C
attached hereto. The Notice shall be given at least five business days prior to
the proposed sale. The Notice shall be delivered personally, mailed first class
or sent by overnight courier guaranteeing next-day delivery, and shall be deemed
to have been given (a) on the date given, if delivered personally or sent by
confirmed telefacsimile transmission, (b) five days after the date of deposit,
if mailed by first class mail and (c) one day after delivery to a courier, if
sent by overnight courier guaranteeing next-day delivery. Any Shareholder may
change the address for delivery of notices to it under this Agreement by
delivering notice of such change to the other Shareholders in accordance with
this Section 3.
5. Each Shareholder agrees to indemnify and hold the other
Shareholders harmless from any and all losses, direct, incidental, consequential
and punitive damages, costs and expenses (including, without limitation, court
costs and reasonable attorneys' fees) suffered or incurred by each of them
arising out of or resulting from any breach of this Agreement by such
Shareholder. In the event that any Shareholder (the "Indemnified Party") desires
to make a claim for indemnification against any other Shareholder (the
"Indemnifying Party"), the provisions of Section 11.5 of the Merger Agreement
relating to the giving of notice, the defense and settlement of any third party
claim and subrogation shall apply.
6. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware, without giving
effect to the choice of law provisions thereof.
<PAGE>
7. This Agreement shall inure to the benefit of, and be
binding upon, the parties hereto and their respective heirs, executors, legal
representatives and assigns.
8. This Agreement, together with Sections 9.4(b), 9.4(c) and
9.9 of the Agreement, represents the entire agreement and understanding of the
parties with reference to the transactions set forth herein.
9. This Agreement may be amended, modified or supplemented
only by a written instrument executed by each of the Shareholders.
10. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original copy and all of which
together shall be considered one and same agreement, and shall become a binding
agreement when one or more counterparts have been signed by each Shareholder and
delivered to the other Shareholders.
11. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof.
IN WITNESS WHEREOF, the parties have executed this Agreement,
all as of the day and year first above written.
/s/ Robert F. Boyd
Robert F. Boyd
/s/ Benedict E. Capaldi, Jr.
Benedict E. Capaldi, Jr.
<PAGE>
/s/ Luz E. Carey
Luz E. Carey
/s/ Alexander C. Cutler
Alexander C. Cutler
/s/ Judy L. Dimaio
Judy L. Dimaio
/s/ Paul D. Ehrlichman
Paul D. Ehrlichman
/s/ Eral J. Gaskins
Earl J. Gaskins
/s/ W. Anthony Hitschler
W. Anthony Hitschler
/s/ David F. Hoffman
David F. Hoffman
/s/ Michael D. Jamison
Michael D. Jamison
/s/ Scott L. Kuensell
Scott L. Kuensell
/s/ Paul R. Lesutis
Paul R. Lesutis
/s/ Carl M. Lindberg
Carl M. Lindberg
/s/ Henry F. Otto
Henry F. Otto
/s/ Willard J. Scott
Willard J. Scott
/s/ Stephen S. Smith
Stephen S. Smith
<PAGE>
/s/ Steven M. Tonkovich
Steven M. Tonkovich
/s/ Edward A. Trumpbour
Edward A. Trumpbour
<PAGE>
EXHIBIT A
Name Number of Shares
Robert F. Boyd 13,687
Benedict E. Capaldi 155,446
Luz E. Carey 977
Alexander C. Cutler 1,955
Judy L. DiMaio 977
Paul D. Ehrlichman 188,687
Earl J. Gaskins 4,888
W. Anthony Hitschler 823,184
David F. Hoffman 25,419
Michael D. Jamison 178,910
Scott L. Kuensell 18,575
Paul R. Lesutis 214,106
Carl M. Lindberg 255,167
Henry F. Otto 165,223
Willard J. Scott 58,659
Stephen S. Smith 394,972
Steven M. Tonkovich 25,419
Edward A. Trumpbour 47,905
---------
2,574,156
