Document:

Exhibit 10.22 -- Amendment to the Legg Mason Wood Walker, Incorporated

 Exhibit 10.22 
 AMENDMENT TO THE 
 LEGG MASON WOOD WALKER, INCORPORATED 
 PRIVATE CLIENT GROUP DEFERRED COMPENSATION PLAN 
 WHEREAS, the Board of Directors (the “Board.”) of Legg Mason Wood Walker, Incorporated (the “Company,”) previously adopted the Legg Mason Wood Walker, Incorporated Private Client Group Deferred Compensation Plan (as amended from
time to time) (the “Plan”); and 
 WHEREAS, in connection with the transactions contemplated by the Transaction Agreement,
dated as of June 23, 2005, (the “Transaction Agreement”) by and between Citigroup Inc. and Legg Mason, Inc. (“Legg Mason”), the Board desires to amend the Plan, in accordance with Section 18 thereof, to
(1) provide, contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for the accelerated vesting of that portion of the account of each financial advisor who is a PC/CM Continuing Business Employee (as
defined in the Transaction Agreement), that is scheduled to vest on or before December 31, 2006, (ii) provide that, contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for purposes of the Plan,
the employment of each financial advisor who is a PC/CM Continuing Business Employee will terminate as of the Closing Date (as defined in the Transaction Agreement), and (iii) assign, effective as of November 15, 2005, of all of the
Company’s rights, duties and obligations under the Plan to Legg Mason & Co., LLC. 
 NOW, THEREFORE, effective as of
November 15, 2005, the Plan is hereby amended as follows: 
 1. The Plan is hereby renamed the “Legg Mason & Co., LLC
Private Client Group Deferred Compensation Plan.” 
 2. The first paragraph of the Plan is hereby deleted in its entirety and the
following is substituted therefor: 
 RECITALS 
 This document constitutes the Legg Mason &Co., LLC Private Client Group Deferred Compensation Plan (the “Plan”), formerly known as the Legg Mason Wood Walker Incorporated Private Client Group Deferred
Compensation Plan. In connection with the transactions contemplated by the Transaction Agreement, the Board of Directors of Legg Mason Wood Walker has approved certain amendments to the Plan, effective as of November 15, 2005, to
(i) provide, contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for the accelerated vesting of that portion of the account of each Financial Advisor who is a PC/CM Continuing Business Employee, that
is scheduled to vest on or before December 31, 2006, (ii) provided that, contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for purposes of the Plan, the employment of each Financial
Advisor who is a PC/CM Continuing Business Employee shall terminate as of the Closing Date and (iii) assign all of its rights, duties and obligations under the Plan to Legg Mason & Co. 
  

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 3. Section 1 of the Plan is hereby amended by adding the following at the end thereof: 
 Notwithstanding the foregoing, since April 15, 2002 no new deferrals have been made to any Financial Advisor Account. As a result of,
and subject to, the consummation of the transactions contemplated by the Transaction Agreement, for purposes of the Plan, the employment of each Financial Advisor who is a PC/CM Continuing Business Employee shall terminate as of the Closing Date.
After the consummation of the transaction contemplated by the Transaction Agreement, all outstanding Financial Advisor Accounts of each Financial Advisor who is a PC/CM Continuing Business Employees shall be distributed in accordance with the terms
and conditions of the Plan. 
 4. The following definition is hereby added to Section 2 of the Plan:  
 “Closing Date” has the meaning set forth in the Transaction Agreement. 
 5. The definition of “Committee” in Section 2(b) of the Plan is hereby amended by deleting the section in its entirety and replacing it
with the following: 
 “Committee” means the Compensation Committee of the Board of Directors of LMI or any
successor committee designated by such committee. 
 6. The definition of “Company” in Section 2(c) of the Plan is hereby
deleted in its entirety and the following is substituted therefor: 
 “Company” means Legg Mason Wood Walker;
provided, however, that effective as of November 15, 2005, all of Legg Mason Wood Walker’s rights, duties and obligations under the Plan shall be assumed by Legg Mason & Co. 
 7. The following definition is hereby added to Section 2 of the Plan:  
 “Legg Mason & Co” means Legg Mason & Co., LLC. 
 8. The following definition is hereby added to Section 2 of the Plan:  
 “Legg Mason Wood Walker” means Legg Mason Wood Walker, Incorporated. 
 9. The following definition is hereby added to Section 2 of the Plan: 
 “PC/CM Continuing Business Employee” has the meaning set forth in the Transaction Agreement. 
 10. The following definition is hereby added to Section 2 of the Plan: 
 “Plan” has the meaning set forth in the Recitals hereto. 
  

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 11. The following definition is hereby added to Section 2 of the Plan: 
 “Transaction Agreement” means the Transaction Agreement, dated as of June 23, 2005, by and between LMI and Citigroup
Inc. 
 12. Section 3 of the Plan is hereby amended by adding the following sentence at the end thereof: 
 Notwithstanding the foregoing, effective as of April 15, 2002, no new Financial Advisors shall be eligible to participate in the Plan
with respect to the 2002 Plan Year or any subsequent Plan Year. 
 13. Section 4 of the Plan is hereby amended by adding the following
sentence at the end thereof: 
 Notwithstanding anything in this Plan to the contrary, effective as of April 15, 2002, no
additional deferrals shall be made to any Financial Advisor’s Account. 
 14. Section 9(f) of the Plan is hereby amended by adding
the following paragraph at the end thereof: 
 Notwithstanding the foregoing, contingent upon the consummation of the
transactions contemplated by the Transaction Agreement, for purposes of determining the amount of any distribution payable to a Financial Advisor who is a PC/CM Continuing Business Employee, the amount of such FA’s Account that is scheduled to
vest on or before December 31, 2006, shall be deemed to be fully vested as of the Closing Date. Such Financial Advisor’s Account shall be distributed in accordance with the terms and conditions of the Plan. As a result of, and subject to,
the consummation of the transactions contemplated by the Transaction Agreement, for purposes of the Plan, the employment of each Financial Advisors who is a PC/CM Continuing Business Employee shall terminate as of the Closing Date. Accordingly,
contingent upon the consummation of the transactions contemplated by the Transaction Agreement, with respect to any portion of such Financial Advisor’s Account that is scheduled to vest on or after January 1, 2007, the unvested portion of
such Financial Advisor Account shall be forfeited in its entirety without any payment therefor. 
 IN WITNESS WHEREOF, the Company has duly
executed and delivered this Amendment as of the date first above written. 
  

			
	LEGG MASON WOOD WALKER, INCORPORATED
		
	By:	 	 /s/ Charles J. Daley, Jr.

	Name:	 	Charles J. Daley, Jr.
	Title:	 	Senior Vice President, CFO & Treasurer

  

 3Exhibit 10.24 -- Amendment to the Legg Mason Wood Walker, Incorporated

 Exhibit 10.24 
 AMENDMENT TO THE 
 LEGG MASON WOOD WALKER, INCORPORATED 
 FINANCIAL ADVISOR RETENTION PLAN 
 WHEREAS, the Board of Directors (the “Board”) of Legg Mason Wood Walker, Incorporated (the “Company”) previously adopted the Legg Mason Wood Walker, Incorporated Financial Advisor Retention Plan, (as amended from time to
time) (the “Plan”); and 
 WHEREAS, in connection with the transactions contemplated by the Transaction Agreement, dated as of
June 23, 2005, (the “Transaction Agreement”) by and between Citigroup Inc. and Legg Mason, Inc. (“Legg Mason”), the Board desires to amend the Plan, in accordance with Section 20 thereof, to
(i) provide, contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for the accelerated vesting of that portion of the retention bonus credited to the account of each financial advisor who is a PC/CM
Continuing Business Employee (as defined in the Transaction Agreement), that is scheduled to vest on or before December 31, 2006, (ii) provide that, contingent upon the consummation of the transactions contemplated by the Transaction
Agreement, for purposes of the Plan, the employment of each financial advisor who is a PC/CM Continuing Business Employee will terminate as of the Closing Date (as defined in the Transaction Agreement), (iii) assign, effective as of
November 15, 2005, of all of the Company’s rights, duties and obligations under the Plan to Legg Mason & Co., LLC, and (iv) provide that, effective as of the Closing Date, the Plan shall terminate and all vested accounts
thereunder shall be paid out as soon as practicable. 
 NOW, THEREFORE, effective as of November 15, 2005, the Plan is hereby amended as
follows: 
 1. Section 1 of the Plan is hereby amended by adding the following at the end thereof: 
 In connection with the transactions contemplated by the Transaction Agreement, the Board of Directors of the Company has approved certain
amendments to the Plan, effective as of November 15, 2005, to (i) provide, contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for the accelerated vesting of that portion of the Retention Bonus
credited to the Account of each Financial Advisor who is a PC/CM Continuing Business Employee, that is scheduled to vest on or before December 31, 2006, (ii) provide, contingent upon the consummation of the transactions contemplated by the
Transaction Agreement, that, for purposes of the Plan, the employment of each Financial Advisor who is a PC/CM Continuing Business Employee shall terminate as of the Closing Date and (iii) assign all of the Company’s rights, duties and
obligations under the Plan to Legg Mason & Co. The Plan shall terminate following the payment of all outstanding Accounts of each Financial Advisor who is a PC/CM Continuing Business Employee hereunder. 
 2. The following definition is hereby added to Section 2 of the Plan:  
 “Closing Date” has the meaning set forth in the Transaction Agreement. 
  

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 3. The definition of “Committee” in Section 2(b) of the Plan is hereby amended by deleting
the section in its entirety and replacing it with the following: 
 “Committee” means the Compensation Committee of the Board
of Directors of Legg Mason, Inc, or any successor committee designated by such committee. 
 4. The definition of “Company” in
Section 2(c) of the Plan is hereby deleted in its entirety and the following is substituted therefor: 
 “Company” means Legg Mason Wood Walker, Incorporated; provided, however, that effective as of November 15, 2005, all of Legg Mason Wood Walker’s rights, duties and obligations under the Plan shall be
assumed by Legg Mason & Co. 
 5. The following definition is hereby added to Section 2 of the Plan: 
 “Legg Mason & Co means Legg Mason & Co., LLC. 
 6. The following definition is hereby added to Section 2 of the Plan: 
 “PC/CM Continuing Business Employee” has the meaning set forth in the Transaction Agreement. 
 7. The following definition is hereby added to Section 2 of the Plan: 
 “Transaction Agreement” means the Transaction Agreement, dated as of June 23, 2005, by and between Legg Mason, Inc.
and Citigroup Inc. 
 8. Section 7(a) of the Plan is hereby amended by adding the following paragraph at the end thereof: 
 Contingent upon the consummation of the transactions contemplated by the Transaction Agreement, for purposes of determining the amount of
any distribution payable to any Financial Advisor who is a PC/CM Continuing Business Employee, the amount of the Financial Advisor’s Retention Bonuses credited to the Financial Advisor’s Account that is scheduled to vest on or before
December 31, 2006, shall be fully vested as of the Closing Date. Such Financial Advisor’s Account shall be distributed in accordance with the terms and conditions of the Plan. As a result of, and subject to, the consummation of the
transactions contemplated by the Transaction Agreement, for purposes of the Plan, the employment of each Financial Advisor who is a PC/CM Continuing Business Employee shall terminate as of the Closing Date. Accordingly, contingent upon the
consummation of the transactions contemplated by the Transaction Agreement, with respect to any portion of such Financial Advisor’s Retention Bonuses credited to such Financial Advisor’s Account that is scheduled to vest on or after
January 1, 2007, the unvested portion of such Financial Advisor Account shall be forfeited in its entirety without any payment therefor. 
  

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 9. Section 8 of the Plan is hereby amended by adding the following subsection (e) at the end
thereof: 
 Notwithstanding the foregoing, with respect to any amounts payable pursuant to the last paragraph of
Section 7(a), payments shall be made as soon as practicable. 
 10. Section 20 of the Plan is hereby amended by adding the
following sentence at the end thereof: 
 Effective as of the Closing Date, the Plan shall be terminated and all vested
Accounts shall be paid out as soon as practicable. 
 IN WITNESS WHEREOF, the Company has duly executed and delivered this Amendment as of
the date first above written. 
  

			
	LEGG MASON WOOD WALKER, INCORPORATED
		
	By:	 	 /s/ Charles J. Daley, Jr.

	Name:	 	Charles J. Daley, Jr.
	Title:	 	Senior Vice President, CFO & Treasurer

  

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