-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JDkH/udQxdp+7jcNJFPKuORdyDlc28TK0QiXpQWpxeS21peF5rVf3kR0QFvlNkez vvF3g/Hh22pKx58Cv+a5BQ== 0000950159-98-000011.txt : 19980128 0000950159-98-000011.hdr.sgml : 19980128 ACCESSION NUMBER: 0000950159-98-000011 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19980126 SROS: NYSE GROUP MEMBERS: ALEXANDER C. CUTLER GROUP MEMBERS: BENEDICT E. CAPALDI GROUP MEMBERS: CARL M. LINDBERG GROUP MEMBERS: DAVID F. HOFFMAN GROUP MEMBERS: EARL J. GASKINS GROUP MEMBERS: EDWARD A. TRUMPBOUR GROUP MEMBERS: HENRY F. OTTO GROUP MEMBERS: HITSCHLER W ANTHONY GROUP MEMBERS: JUDY L. DIMAIO GROUP MEMBERS: LUZ E. CAREY GROUP MEMBERS: MICHAEL D. JAMISON GROUP MEMBERS: PAUL D. EHRLICHMAN GROUP MEMBERS: PAUL R. LESUTIS GROUP MEMBERS: ROBERT F. BOYD GROUP MEMBERS: SCOTT L. KUENSELL GROUP MEMBERS: STEPHEN S. SMITH GROUP MEMBERS: STEVEN M. TONKOVICH GROUP MEMBERS: WILLARD J. SCOTT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON INC CENTRAL INDEX KEY: 0000704051 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 521200960 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-34735 FILM NUMBER: 98512908 BUSINESS ADDRESS: STREET 1: 100 LIGHT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105390000 MAIL ADDRESS: STREET 1: 111 SOUTH CALVERT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HITSCHLER W ANTHONY CENTRAL INDEX KEY: 0001053640 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: THREE CHRISTINE CENTRE STREET 2: STE 1200 201 N WALNUT CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3026546162 MAIL ADDRESS: STREET 1: THREE CHRISTINE CENTRE STREET 2: STE 1200 201 N WALNUT ST CITY: WILMINGTON STATE: DE ZIP: 19801 SC 13D 1 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 ----------------------------------------------------------------------------- (Title of Class of Securities) 524901105 ----------------------------------------------------------------------------- (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). 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 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. SCHEDULE 13D CUSIP No. 524901105 ----------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON STEPHEN S. SMITH ----------------------------------------------------------------------------- 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 433,100 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------------------- 8 SHARED VOTING POWER 0 ----------------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 433,100 ----------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 433,100 ----------------------------------------------------------------------------- 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. SCHEDULE 13D CUSIP No. 524901105 ----------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON STEVEN M. TONKOVICH ----------------------------------------------------------------------------- 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. SCHEDULE 13D CUSIP No. 524901105 ----------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON EDWARD A. TRUMPBOUR ----------------------------------------------------------------------------- 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. 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. 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. 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. 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- 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 EX-99.1 2 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. 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. 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. /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 /s/ Steven M. Tonkovich Steven M. Tonkovich /s/ Edward A. Trumpbour Edward A. Trumpbour 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 -----END PRIVACY-ENHANCED MESSAGE-----