2.43%XLF 15.10 
10.30%QQQQ 31.32 0.63%
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NEW YORK - The chief financial officer of investment manager Legg Mason Inc. exercised options for 15,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.
| LM | 19.12 |  0.12 |
In a Form 4 filed with the SEC, Charles J. Daley Jr. reported exercising the options on Monday for $35.27 apiece and then selling 2,500 shares on the same day for $52.77 to $53.11 apiece. Daley also surrendered 9,831 shares back to the company for $53.81 apiece.
Insiders can surrender shares as a way to cover either taxes or the cost of exercising options.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Legg Mason is based in Baltimore.
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