SEC Contract Filing

Filing Date: 2020-05-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>2
<FILENAME>lmexhibit10353312020.htm
<DESCRIPTION>EXHIBIT 10.35
<TEXT>
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<div><a name="s57a35cb6402c4c8b89d0830bea0ee776"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.35</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LEGG MASON, INC. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEFERRED CASH UNIT AWARD AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Legg Mason, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;) hereby grants to you (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Participant</font><font style="font-family:inherit;font-size:11pt;">&#8221;), an award (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Award</font><font style="font-family:inherit;font-size:11pt;">&#8221;) of deferred cash units (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">DCUs</font><font style="font-family:inherit;font-size:11pt;">&#8221;), upon and subject to the restrictions, terms and conditions set forth below. Each DCU will constitute a right to receive, upon and subject to vesting of such DCU, a cash payment as described herein. This document constitutes Participant&#8217;s &#8220;Award Notification&#8221;. By electronically accepting the Award, you are acknowledging your acceptance of the Award subject to the restrictions and upon the terms and conditions set forth in this Agreement The number of DCUs included in the Award shall be as set forth on the third party website pursuant to which this Award Notification is electronically delivered to Participant and in the books and records of the Company, which shall control, absent manifest error, in the event of a discrepancy. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GRANT DATE</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Grant Date for this Award shall for all purposes be May 15, 2020.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CUSTODY AND SETTLEMENT OF DCUS.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">DCUs subject to this Award shall be held solely on the books and records of the Company and shall remain as such until the DCUs have vested under Section 3 hereof. Participant may not receive or take possession of any cash represented by unvested DCUs subject to this Award. The Company shall not allow any transfers of DCUs subject to this Award. Upon the vesting of any DCUs subject to this Award pursuant to Section 3, the Company will issue to Participant a cash payment in settlement of the Award of one dollar for each vested DCU within thirty (30) days following such event (but subject to the provisions of Treasury Regulation Section 1.409A-3(d)), at which point each such vested DCU will terminate. The Company shall deliver the cash payment upon vesting of DCUs subject to this Award at the applicable time to Participant through the Company&#8217;s normal payroll processes and procedures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><