Form 4: Franklin Resources Executive Sells Shares for Tax

Franklin Resources EVP and General Counsel Thomas C. Merchant disposed of 8,091 shares of common stock to cover tax liabilities related to vesting.

Summary

• Thomas C. Merchant, Executive Vice President and General Counsel of Franklin Resources, Inc. (BEN), reported a transaction on December 1, 2025.
• The transaction involved the disposition of 8,091 shares of common stock, par value $.10, at a price of $22.54 per share.
• This disposition was coded as 'F', indicating payment of tax liability by withholding securities incident to the vesting of a security issued in accordance with Rule 16b-3.
• Following this transaction, Mr. Merchant beneficially owns 92,612 shares of common stock directly.
• Of the beneficially owned shares, 41,879 represent unvested restricted stock units.

Sentiment

Score: 5

Explanation: Neutral. The transaction is a routine tax-related disposition of shares upon vesting, not a discretionary sale indicating a change in sentiment towards the company.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Minimal direct impact on shareholders as this is a routine, non-discretionary transaction for tax purposes, not a signal of management's view on the company's future performance.

Key Dates

Recommendation

The transaction reported is a non-discretionary sale of shares to cover tax obligations upon the vesting of equity awards. This is a common and expected event for executives and does not reflect a change in the executive's or the company's outlook, nor does it signal any fundamental shift in the company's prospects. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

Franklin Resources, BEN, Form 4, Insider Transaction, Stock Sale, Tax Withholding, Executive Compensation, Thomas C Merchant