King Karen Matsushima 4

What Happened
Karen Matsushima, a director of Franklin Resources, Inc. (BEN), was granted a derivative award on 2026-02-03 equal to 7,592.593 shares at $27.00 per share, with a total reported value of $205,000. The transaction is reported as an Award/Grant (code A) and represents a deferred-compensation credit tied to Franklin Resources stock performance, not an open‑market purchase of common shares.

Key Details

• Transaction date: 2026-02-03; Form filed: 2026-02-04 (appears timely).
• Instrument: Derivative award (code A) — 7,592.593 “shares” @ $27.00 each = $205,000.
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes:
  • F4: Award represents a hypothetical investment account under the 2006 Directors Deferred Compensation Plan; payout is in cash (based on Franklin stock performance, including reinvested dividends) in substantially equal quarterly installments over 10 years beginning after director’s separation.
  • F2: Exercisable/expiration dates assume separation occurs in the February after the director’s 75th birthday.
  • F3: An expiration date of 01/20/2058 is noted.
  • F1: Not applicable.

Context
This is a director compensation-related derivative award (deferred compensation) that provides economic exposure tied to Franklin Resources’ stock performance but does not necessarily reflect immediate ownership of common shares or an open-market buy/sell. Such awards are routine forms of director pay and should be interpreted as compensation disclosures rather than direct insider purchases signaling a personal investment.