Form 4: Franklin Resources CEO Boosts Stake with Share Acquisitions

Franklin Resources CEO Jennifer M. Johnson acquired over 414,000 shares, including vesting restricted stock units following achieved performance criteria.

Summary

• Jennifer M. Johnson, Chief Executive Officer and Director of Franklin Resources Inc. [BEN], reported significant share acquisitions.
• Acquired 306,552 shares of Common Stock at $22.59 per share on November 4, 2025.
• Acquired an additional 108,262 shares of Common Stock on November 4, 2025, which are restricted stock units scheduled to vest on December 1, 2025.
• The vesting of these 108,262 shares is due to the Issuer's Compensation Committee certifying that performance criteria for the fiscal year ended September 30, 2025, were achieved.
• Following these transactions, direct beneficial ownership stands at 3,371,787.0046 shares.
• Indirect beneficial ownership includes shares held in a 401(k) plan (2,642.5854 shares as of October 10, 2025), a Business Limited Partnership (2,637,700 shares), and a Venture Limited Partnership (216,900 shares).
• An additional 595,649 shares are held by children or as trustee for children, with beneficial ownership disclaimed by the reporting person.
• Remaining unvested restricted stock unit awards total 587,199 shares, excluding those vesting on December 1, 2025.

Sentiment

Score: 8

Explanation: The filing indicates strong insider confidence through significant share acquisitions and the achievement of performance targets leading to RSU vesting, which are positive signals for investors.

Positives

• CEO Jennifer M. Johnson increased her direct beneficial ownership by 414,814 shares, signaling strong confidence in the company.
• The company's Compensation Committee certified that performance criteria for the fiscal year ended September 30, 2025, were achieved, leading to the vesting of restricted stock units.

Future Outlook

The achievement of performance criteria for the fiscal year ended September 30, 2025, and the scheduled vesting of restricted stock units on December 1, 2025, indicate positive forward momentum based on past performance and management's continued alignment with company success.

Management Comments

• During prior three years, the Reporting Person was granted certain restricted stock units subject to vesting over a three-year period based upon satisfaction of certain performance criteria.
• On November 4, 2025, the Issuer's Compensation Committee certified that certain performance criteria with respect to the Issuer's fiscal year ended September 30, 2025 were achieved, and therefore the amount of shares reported in Column 4 are scheduled to vest on December 1, 2025.

Industry Context

This Form 4 filing primarily details insider transactions and does not provide broader industry context or trends. It reflects an individual executive's investment activity and compensation outcomes within the asset management sector, which can be a signal of confidence in the company's position within its industry.

Related Party Transactions

• Indirect ownership of 2,637,700 shares through a Business Limited Partnership under the control of the Reporting Person.
• Indirect ownership of 595,649 shares held by the Reporting Person's children or by the Reporting Person as trustee for her children, with beneficial ownership disclaimed by the Reporting Person.
• Indirect ownership of 216,900 shares through a Venture Limited Partnership for the benefit of the Reporting Person, and owned in part by irrevocable trusts for the benefit of the Reporting Person's children, with beneficial ownership disclaimed for the children's trusts.

Stakeholder Impact

• Shareholders: Increased insider ownership by the CEO may signal confidence in the company's future, potentially boosting investor sentiment.
• Employees: The achievement of performance criteria for executive compensation could reflect positively on overall company performance and goal attainment.

Next Steps

• Vesting of 108,262 restricted stock units on December 1, 2025.

Key Dates

Recommendation

The significant increase in direct beneficial ownership by the CEO, coupled with the successful achievement of performance criteria leading to RSU vesting, indicates strong insider confidence in Franklin Resources' future prospects and operational performance. This insider buying activity is generally viewed as a positive signal by seasoned investors, suggesting that management believes the stock is undervalued or expects future growth.

Keywords

Franklin Resources, BEN, Jennifer M. Johnson, Insider Trading, Form 4, Share Acquisition, Restricted Stock Units, CEO, Investment Management, Asset Management