Franklin Resources, Inc. announced the grant of one-time special retention awards to its core leadership team to ensure stability and align executive compensation with the company's strategic focus on its private markets and alternative investment platforms. The awards consist of significant equity grants and performance-based carried interest incentives.
Key Details
- Special Equity Awards: CEO Jennifer M. Johnson and three Co-Presidents each received a special equity award with a grant date fair value of approximately $15 million.
- Award Structure: The awards are comprised of 50% performance stock units (PSUs) with a three-year performance period and 50% time-based restricted stock units (RSUs) with a five-year cliff vesting period, vesting in August 2031.
- Carry Incentives: The CEO and Executive Chairman, Gregory E. Johnson, also received carried interest allocations tied to the performance of certain flagship private markets and alternative strategy funds, which are 100% at-risk and vest over five years.