On July 31, 2020, pursuant to the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of February 17, 2020, by and among Legg Mason, Inc., Franklin Resources, Inc. (“Franklin”) and Alpha Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of Franklin, Merger Sub merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation (the “Surviving Corporation”). Effective as of immediately following the Effective Time, Matthew Nicholls was appointed as Chief Executive Officer of the Surviving Corporation.