Document:

Representative Form of Investment Management Agreement

  
 Exhibit 10.12

 INVESTMENT MANAGEMENT AGREEMENT 
 This Agreement is made this      day of         , 200[  ] (the “Agreement”), by and between [Name of Adviser]
(the “Manager”), a [                    ] company, and
                     (the “Client”). 
 1. Appointment. Client hereby appoints Manager as an investment manager to manage such of Client’s assets as Client shall from time to time assign to it, the proceeds from the sale of such
assets, and the income attributable to such assets (the “Account”). Client shall promptly notify Manager in writing of any increase or reduction in the amount of the Account’s assets subject to Manager’s investment direction.

 2. Authority of Manager. Manager is authorized to supervise and direct the investment and reinvestment of the assets
in the Account, subject to such limitations as are contained in the Guidelines described in Section 3 of this Agreement, as they may be from time to time amended, and subject to Client’s right to direct the investment of the Account by
means of Instructions as described in Section 3 of this Agreement. Manager, as Client’s agent and attorney-in-fact with respect to the Account, when it deems appropriate and without prior consultation with Client, may: (a) buy, sell,
exchange, convert and otherwise invest or trade in any stocks, bonds, options, units and other securities, including money market instruments, whether the issuer is organized in the United States or outside the United States, at such times and in
such manner as Manager determines; (b) place orders for the execution of such securities transactions with or through such brokers, dealers or issuers as Manager may select, which brokers or dealers are entitled to receive compensation out of
the Account for their services; (c) execute any documentation as the Account’s agent and attorney-in-fact as Manager may deem necessary to facilitate any such investment or reinvestment; and (d) purchase, sell, exchange or convert
foreign currency in the spot or forward markets as agent or principal, at the market rate, as determined by Manager in its sole discretion. Manager, as Client’s agent and attorney-in-fact with respect to the Account, when it deems appropriate
and without prior consultation with Client, may engage external legal counsel to review trade-related documentation for bank loans and other over-the-counter instruments, and charge the Account for such costs. Manager may give a copy of this
Agreement to any broker, dealer or other party to a transaction, as evidence of its authority to act on the Account’s behalf. 

  
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 Manager is not
authorized to accept delivery of cash or securities for the Account or to establish or maintain custodial arrangements for the Account. Client shall choose a custodian (the “Custodian”) to hold physical custody of the Account. Client shall
direct the Custodian to segregate the assets in the Account and to invest and reinvest them in accordance with the directions transmitted by Manager and received by the Custodian. Such directions shall be given in writing, or given orally and
confirmed in writing promptly thereafter. Client shall not change the Custodian without giving Manager reasonable advance written notice of its intention to do so, together with the name and other relevant information with respect to the new
Custodian. Manager shall not be liable for any act or omission of the Custodian. 
 3. Guidelines and Instructions.
Attached hereto as Exhibit A is a statement of the investment objectives of Client together with a statement of any and all specific investment restrictions applicable to the investment of the Account (the “Guidelines”). Client
shall have the right at all times to modify the Guidelines or to give Manager instructions (“Instructions”) to buy, sell or retain any investment, but no modification of the Guidelines and no Instructions or modifications of Instructions
shall be binding upon Manager unless Manager has received written notice of them from an Authorized Person (as defined in Section 5(d)). Manager shall have a reasonable period to bring the Account into compliance with any changes to the
Guidelines. Manager shall be under no duty to make any investigation or inquiry as to any statement contained in any written Guidelines or Instruction given and, unless and until specifically advised otherwise, Manager may accept the same as
conclusive evidence of the truth and accuracy of the statements contained therein. The Guidelines and all Instructions, unless they expressly provide otherwise, shall continue to be effective until duly canceled by subsequent modifications duly
communicated to Manager in writing. 
 4. Fees. As full compensation for its services under this Agreement, Manager shall
be paid quarterly a fee equal to one-fourth of the annual rates specified in Exhibit B, based on the asset value of the Account as of the last day of each calendar quarter on which the New York Stock Exchange is open for trading (the
“Valuation Date”). The initial billing period will begin when this Agreement is signed by Client and accepted by Manager, and initial funding has been received by the Custodian (the “Inception Date”). The initial fee will be
pro-rated to cover the period from the Inception Date through the Valuation Date for that calendar quarter and will be based on the valuation as of that Valuation Date. Future quarterly fees will be calculated similarly in arrears. If Manager shall
serve for less than the whole of any quarter, its compensation shall be determined as provided above on the basis of the value of the assets in the Account as of the end of the date of termination and shall be payable on a pro rata basis for the
period of the quarter for which it served as Manager hereunder. Client shall direct the Custodian automatically to charge to the Account and pay directly to Manager all of Manager’s fees upon the Custodian’s receipt of an invoice from
Manager. 

  
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 5. Representations
and Warranties. Client hereby acknowledges, represents and warrants to, and agrees with Manager, as follows: 
 (a)
Client Assets. Client is the sole owner of all assets in the Account and (i) there are no restrictions on the transfer, sale or public distribution of any such assets and (ii) no option, lien, charge, security or encumbrance exists
over such assets, except as disclosed to Manager in writing. 
 (b) Authority. The Client has full authority and power to
engage Manager under the terms and conditions of this Agreement, and such engagement does not violate Client’s constituent documents, any other material agreement, order or judgment of any court or governmental authority, or any law applicable
to Client. Client further represents that all investments permitted herein are within its power to enter into and have been duly authorized. 
 (c) Form ADV. Client acknowledges receipt of Part II of Manager’s Form ADV. Notwithstanding anything to the contrary herein, if Client did not receive a copy of the Form ADV at least
forty-eight (48) hours prior to execution of this Agreement, Client shall have the right to terminate this Agreement without penalty within five (5) business days of the execution of this Agreement; provided, however, that Client shall be
at risk for any market fluctuations in the Account up to the time of such termination. 
 (d) Authorized Persons. Any
individual whose signature is affixed to this Agreement on Client’s behalf has full authority and power to execute this Agreement on Client’s behalf. Client represents that the officer specified on the attached Certification of Authorized
Persons (Exhibit C) is authorized to act for Client and to certify to Manager from time to time, by listing on, and delivering to Manager Exhibit C or a substantially similar form, those other persons who also are so authorized to act
on Client’s behalf (“Authorized Persons”). The Client shall promptly notify Manager in writing of any event that could reasonably be anticipated to affect any such individual’s authority under this Agreement. 

(e) Qualified Institutional Buyer. That it is a Qualified Institutional Buyer (“QIB”) as that term is defined under Rule
144A of the Securities Act of 1933.1 

 

	1	This section should be deleted if the client is not a QIB. 

  
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 (f) Notice of
Certain Events. Client will promptly notify Manager in writing of any occurrence that results, or threatens to result, in any representations by Client contained in this Agreement becoming inaccurate, false, misleading or incomplete. 

6. Non-Exclusive Agreement. Nothing in this Agreement shall be deemed to limit or restrict Manager’s right, or the right of
any of its officers, directors or employees, to engage in any other business or to devote time and attention to the management or other aspects of any business, whether of a similar or dissimilar nature, or to render investment advisory services or
services of any kind to any other corporation, firm, association or individual. Client understands that Manager provides investment advisory services to numerous other clients and accounts. Client also understands that Manager may give advice and
take action with respect to any of its other clients or for its own account which may differ from the timing or nature of action taken by Manager with respect to the Account. 
 Nothing in this Agreement shall impose upon Manager any obligation to purchase or sell or to recommend for purchase or sale, with respect to the Account, any security (including long and short positions)
which Manager, or its affiliates, or its or their shareholders, directors, officers or employees may purchase or sell for its or their own account(s) or for the account of any other client. Client acknowledges that Manager’s ability and that of
its affiliates to effect or recommend transactions may be restricted by applicable regulatory requirements in the United States and elsewhere or its or their internal policies designed to comply with such requirements. Consequently, there may be
periods when Manager may not initiate or recommend certain types of transactions in certain investments when Manager or its affiliates are performing services or when aggregated position limits have been reached, and Client will not be advised of
that fact. 
 7. Liability of Manager. Except as may otherwise be provided by law, Client specifically agrees that
Manager shall not be liable for: (a) any loss that Client may suffer by reason of any investment decision made or other action taken or omitted in good faith and with that degree of care, skill, prudence and diligence under the circumstances
then prevailing that a prudent person acting in a like capacity would use in the conduct of an enterprise of a like character and with like aims; (b) any loss, expense or other liability (including but not limited to attorneys’ fees)
incurred by Client or Manager arising from or in connection with Manager’s compliance with the Guidelines or Instructions believed by Manager to be accurate; (c) any act or failure to act by any broker or other person with whom Manager or
Client may deal in connection with the subject matter of this Agreement; or (d) any loss or failure or delay in performance of any obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond
Manager’s reasonable control, including, without limitation, acts of God, earthquakes, fires, floods, wars, terrorism, civil or military disturbances, sabotage, 

  
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epidemics, riots, interruptions, loss or malfunctions of utility, computer software or hardware, transportation or communication service, accidents, labor disputes, acts of civil or military
authority, governmental actions and inability to obtain labor, material, equipment or transportation. 
 8. Brokerage.
Where Manager places orders, or directs the placement of orders, for the purchase or sale of portfolio securities for the Account, in selecting brokers or dealers to execute such orders, Manager is expressly authorized to consider, among other
factors, the fact that a broker or dealer has furnished statistical, research or other information or services which enhance Manager’s investment research and portfolio management capability generally. It is further understood in accordance
with Section 28(e) of the Securities Exchange Act of 1934, as amended, that Manager may negotiate with and assign to a broker a commission which may exceed the commission which another broker would have charged for effecting the transaction if
Manager determines in good faith that the amount of commission charged was reasonable in relation to the value of brokerage and research services (as defined in Section 28(e)) provided by such broker, viewed in terms either of the Account or
Manager’s overall responsibilities to Manager’s discretionary accounts. 
 Nothing herein shall preclude the
aggregation or “bunching” of orders for the sale or purchase of portfolio securities in the Account with other accounts managed by Manager. With respect to the allocation of trades, Manager shall not favor any account over any other and
purchase or sale orders executed contemporaneously shall be allocated in a manner it deems equitable among the accounts involved. In some cases, prevailing trading activity may cause Manager to receive various execution prices on the entire volume
of any security sold for the accounts of its clients. In such cases, Manager may, but shall not be obligated to, average the various prices and charge or credit the Account with the average price, even though the effect of this aggregation of price
may sometimes work to the disadvantage of the Account. Client understands and acknowledges that Manager or its affiliates may, based upon such factors as Manager deems to be important, such as Manager’s or its affiliates’ respective
trading strategies or their respective accounts’ relative sizes or investment objectives or investment restrictions, restrict to certain accounts purchases and sales of securities acquired in initial public offerings, including those that trade
or are expected to trade at a premium in the secondary market. 
 In no event shall Manager be obligated to effect or place an
order for any transaction for Client which Manager believes would violate any applicable state or federal law, rule, or regulation, or of the regulations of any regulatory or self-regulatory body to which Manager or any of its affiliates is subject
to at the time of the proposed transaction. 

  
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 9. Confidential
Relationship. Each party agrees that all non-public confidential information concerning the other party which may become available to such party in connection with services, transactions or relationships contemplated in this Agreement shall at
all times be treated in strictest confidence and shall not be disclosed to third persons except as (a) may be required by law or regulatory authority, including but not limited to any subpoena, administrative, regulatory or judicial demand or
court order, (b) as otherwise set forth in this Agreement, or (c) upon the prior written approval of the other party to this Agreement. Client authorizes Manager (i) to include Client’s name in a representative or sample client
list prepared by Manager, provided Manager shall not disclose Client contact information or any information about Client’s holdings, and (ii) to use Manager’s investment experience with respect to the Account, or the Account’s
performance, in composite performance presentations, marketing materials, attribution analyses, statistical compilations, or other similar compilations or presentations, provided such use does not disclose Client’s identity except to the extent
permitted by Client. 
 10. Reports. Manager shall send to Client a written report of the Account as of the Valuation
Date of each calendar quarter. Such reports shall be submitted within a reasonable period following such Valuation Date. For the purposes of all reports made by Manager to Client, foreign securities denominated in foreign currencies will be valued
in United States dollars, unless otherwise agreed by Manager and Client. Client shall examine promptly each such report and any other report provided by Manager. To the extent permissible under applicable law, upon the expiration of the sixty
(60) day period immediately following the date of such report, or the termination of this Agreement as provided herein, if earlier, Manager shall be forever released and discharged from all liability and accountability to anyone with respect to
each such report, including, without limitation, all acts and omissions of Manager shown or reflected in each such report, except with respect to any acts or omissions as to which Client shall have filed written objections with Manager within such
sixty (60) day period. Nothing herein shall impair the right of Manager to a judicial settlement of any report rendered by it. 
 11. Valuation. In computing the asset value of the Account, if market quotations are readily available for securities listed on a securities exchange or on the NASDAQ National Market or NASDAQ
Small Cap Market, Manager shall value those securities at the last quoted sales price or the official closing price, respectively, on the Valuation Date, or, if there is no reported sale, within the range of the most recently quoted bid and ask
prices. Manager shall value over-the-counter securities within the range of the most recent bid and ask prices. If securities trade both in the over-the-counter market and on a stock exchange, Manager shall value them according to the broadest and
most representative market as determined by Manager. Any security for which a current market quotation cannot be established or a market event occurs that calls into question the reliability of current market quotations, or any other security or
asset, shall be valued in a manner determined in good faith by Manager to reflect its fair market value. 

  
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 12. Proxies and
Other Legal Notices. Decisions on proxy voting will be made by the Manager unless such decisions are expressly reserved by Client. Manager’s obligation to vote proxies shall be contingent upon (i) receipt of proxies from the Custodian
or Client in a timely manner, and (ii) the lack of any legal encumbrance to voting, including any securities lending or similar program. Manager shall not be expected or required to take any action with respect to legal proceedings (including,
without limitation, class action lawsuits, governmental or regulatory victim funds, and bankruptcy proceedings) involving securities presently or formerly held in the Account, or the issuers of such securities or related parties. 

13. Acknowledgment of Investment Risk. Notwithstanding any provision herein to the contrary, Client understands that the value of
investments made for the Account may go down as well as up and is not guaranteed. Client agrees that Manager has not made and is not making any guarantees, including without limitation a guarantee as to any specific level of performance of the
Account. Client further understands and acknowledges that investment decisions made on behalf of Client’s Account by Manager are subject to various market, currency, economic, and business risks as well as the risk that those investment
decision will not always be profitable. Client acknowledges that past performance results achieved by accounts supervised or managed by Manager are not indicative of the future performance of the Account. Client understands that securities, mutual
funds and other non-deposit investments are not deposits or other obligations of, or guaranteed by, Manager or any affiliate, are not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency, and are
subject to investment risk, including possible loss of principal amounts invested. 
 14. Termination; Survival. This
Agreement may be terminated by either party upon thirty (30) days’ written notice to the other party. Such termination will not, however, affect the liabilities or obligations of the parties under this Agreement arising from transactions
initiated prior to such termination. Sections 4, 7, 9, 10, 17, and 18 shall survive the termination of this Agreement. Upon any termination of this Agreement, Manager shall have no further obligations hereunder, provided that: (a) any liability
under this Agreement of one party to the other shall survive and remain in full force and effect, notwithstanding such termination, with respect to any claim or matter on which either of the parties has given the other written notice prior to such
termination (except that Manager may render to Client a statement of fees due Manager through the date of termination after such date), until such liability has been finally settled; (b) Manager retains the right to complete any transactions
open as of the termination date and to retain amounts in the Account sufficient to effect such completion; and (c) Manager shall be entitled to its fees and expenses, pro rated to the date of termination. Upon termination, it shall be
Client’s exclusive responsibility to issue instructions in writing regarding any assets in the Account. 

  
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 15. Assignment.
This Agreement may not be assigned (within the meaning of the Investment Advisers Act of 1940, as amended), in whole or in part, by Manager without the prior written consent of Client. Subject to the preceding sentence, Manager may delegate all or
part of its duties under this Agreement to any affiliate. 
 16. Communications. All reports and other communications
required hereunder to be in writing shall be delivered in person or sent by first-class mail postage prepaid, overnight courier, confirmed facsimile with original to follow or email with original to follow. 

If to Client: 

Attention:
                             
 If to Manager: 
 [Insert Name of Manager] 

c/o Franklin Templeton Institutional 
 Global Client Service Support 
 One Franklin Parkway, 960/3 

San Mateo, CA 94403 
 Fax: 650.312.4000 
 Email: GCSSBusinessSupport@frk.com 

With a Copy to: 

[                      
      ] 
 Either party to this Agreement may, by written notice given at any time, designate a
different address for the receipt of reports and other communications due hereunder. 

  
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 17. Governing Law;
Venue. This Agreement shall be governed by and construed and enforced in accordance with the laws of the United States and with the laws of the State of [California] [New York] without giving effect to the choice of law or conflict of law
provisions thereof. The parties hereby consent to jurisdiction and venue in the federal and state courts located in [the State of California] [New York County of the State of New York]. 

18. Entire Agreement; Modification. This Agreement: (a) sets forth the entire understanding of the parties with respect to
the subject matter hereof; (b) supercedes any and all previous agreements, understandings and communications, oral or written, regarding this subject matter; and (c) may not be modified, amended, or waived except by a specific written
instrument duly executed by the party against whom such modification, amendment, or waiver is sought to be enforced. In the event of any conflict or inconsistency with this Agreement and any instructions or investment guidelines that are not made
part of this Agreement or any investment policy statement, this Agreement will control. 
 19. Headings. The headings of
the sections of this Agreement are for convenience of reference only and will not affect the meaning or operation of this Agreement. As used herein, references in the singular shall, as and if appropriate, include the plural. 

20. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all
of which together will constitute one and the same instrument. 
 21. Severability. In the event that any provision of
this Agreement is deemed to be void, voidable, illegal, or invalid for any reason, such provision will be of no force and effect only to the extent that it is so declared void, voidable, illegal, or invalid. All of the provisions of this Agreement
not specifically found to be so deficient will remain in full force and effect. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their duly authorized officers to be effective as of the date first written above. 
  

			
	[NAME OF CLIENT]
		
	By:	 	  

	Name:	 	[Authorized officer]
	Title:	 	
	
	[NAME OF ADVISER]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
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 EXHIBIT A

 Statement of Investment Objectives 
 [To be provided by Client] 
 Statement of Client Account Restrictions 

[To be provided by Client] 

  
 Exhibit A

  
 EXHIBIT B

 FEE SCHEDULE 
 As compensation for managing the Account, Manager shall be paid as follows: 
 Investment
Management Fee: 
     % of the first
$             million assets 
     % of the next
$             million assets 
     % of the
balance of the assets 
 Administrative Fee: [delete section completely if not part of fees to be charged] 

    % of the entire account [include for variable schedule; delete for flat schedule] 

The minimum annual administrative fee for my Account shall be $            .

 Surcharge for non-US Dollar denominated assets: [delete section completely if not part of fees to be charged] 

    % of non-US Dollar denominated assets only 

  
 Exhibit B

  
 EXHIBIT C

 CERTIFICATION OF AUTHORIZED PERSONS 
 I certify, as the                             
(specify title; 
 e.g., general partner [of a partnership]; president, secretary [of a corporation]) that
the 
 following persons are “Authorized Persons” under the Agreement: 

 

					
	 NAME
	 	 TITLE
	 	 SPECIMEN SIGNATURE

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

 

			
	  

	Name of Legal Entity (Please Print)
		
	By:	 	  

		 	Signature
		
		 	  

		 	Name and Title (Please Print)

			
	
	Date:                     

  
 Exhibit CRepresentative Form of Notice of Restricted Stock Unit Award

  
 Exhibit 10.21

 FRANKLIN RESOURCES, INC. 
 2002 UNIVERSAL STOCK INCENTIVE PLAN 
 NOTICE OF RESTRICTED STOCK UNIT AWARD

Name:                     
                                  

Address:                     
                             
 In accordance with the Franklin Resources, Inc. 2002 Universal Stock Incentive Plan (the “2002 Plan”), as an incentive for increased efforts and successful achievements, Franklin Resources, Inc.
(the “Company”) has awarded Participant Restricted Stock Units (“Units”) (as defined in the 2002 Plan) over common stock of the Company subject to the terms and conditions of the accompanying Restricted Stock Unit Award Agreement
(the “Award Agreement”), this Notice of Restricted Stock Unit Award (the “Notice of Award” and together with the Award Agreement, the “Award”) and the 2002 Plan, as follows: 

 

					
	 Award Number
	  	  
	  	
			
	 Award Date
	  	  
	  	
			
	 Total Number of Units Awarded
	  	  
	  	

  

			
	 Vesting Schedule
	  	 
		  	
		  	

 For purposes of this Notice of Award and the Award Agreement, the term “vest” shall
mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company. 
 Participant acknowledges
and agrees that nothing in this Award nor in the 2002 Plan, which is incorporated herein by this reference, affects the Company’s, or a Subsidiary’s, right to terminate, or to change the terms of, Participant’s employment at any time,
with or without cause. 
 Participant acknowledges that, from time to time, the Company may be in a “Blackout Period”
and/or subject to applicable securities laws that could subject Participant to liability for engaging in any transaction involving the sale of the Company’s shares. Participant further acknowledges and agrees that, prior to the sale of any
shares acquired under this Award, it is Participant’s responsibility to determine whether or not such sale of shares will subject Participant to liability under insider trading rules or other applicable securities laws. 

  
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 Participant
understands that the Award is subject to Participant’s consent to access, and acknowledgement of having accessed, the 2002 Plan prospectus in connection with the Form S-8 registration statement for the 2002 Plan, any updates thereto, the 2002
Plan, the Award Agreement and this Notice of Award (collectively, the “2002 Plan Documents”) in electronic form through Connected on the Company’s Intranet. By signing below, Participant hereby: (i) consents to access electronic
copies (instead of receiving paper copies) of the 2002 Plan Documents via the Company’s Intranet; (ii) represents that Participant has access to the Company’s Intranet; (iii) acknowledges receipt of electronic copies, or that
Participant is already in possession of paper copies, of the 2002 Plan Documents and the Company’s most recent annual report to stockholders; (iv) acknowledges that Participant is familiar with and has accepted the Award subject to the
terms and provisions of the 2002 Plan Documents; and (v) consents to access and receive in the future electronic copies via the Company’s Intranet or otherwise of all documents made a part of, or incorporated by reference into, the 2002
Plan Documents in the future as well as any other reports, proxy statements and other communications distributed in the future to security holders of the Company generally. 
 Participant may receive, without charge, upon written or oral request, paper copies of any or all of the 2002 Plan Documents, documents incorporated by reference in the Form S-8 registration statement for
the 2002 Plan, and the Company’s most recent annual report to stockholders or any other documents described in the preceding paragraph by requesting them from Stock Administration at the Company, One Franklin Parkway, San Mateo, CA 94403-1906.
Telephone (650) 312-2000. Participant may also withdraw Participant’s consent to receive any or all documents electronically by notifying Stock Administration at the above address in writing. 

By accepting the Award, whether in electronic form or otherwise, Participant agrees that the Award is granted under and governed by the
terms and conditions of the 2002 Plan, this Notice of Award and the Award Agreement. 
  

	
	  

Notice for residents of the EU: This Notice of Award and accompanying documents do not constitute a prospectus prepared in accordance with the EU
Prospectus Directive 2003/71/EC (“the Directive”). The Company takes the position that the Units are not “transferable securities” as defined in Article 2(1)(a) of the Directive. Further, the employee pays no consideration to
acquire the shares of common stock of the Company under the Award. Accordingly, no prospectus or other document has been prepared and filed with the UK Financial Services Authority or any other regulator in the European Union in relation to the
offer of the Award and shares under the Award.
  

  
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 FRANKLIN RESOURCES,
INC. 
 2002 UNIVERSAL STOCK INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 This Restricted Stock Unit Award Agreement,
together with any Appendix(es) attached hereto (hereinafter, collectively, the “Agreement”), is made as of the Award Date set forth in the Notice of Restricted Stock Unit Award (the “Notice of Award”) between Franklin Resources,
Inc. (the “Company”) and the Participant named therein (“Participant”). 
 WITNESSETH: 

WHEREAS, the Board of Directors and stockholders of the Company have adopted the Franklin Resources, Inc. 2002 Universal Stock Incentive
Plan (the “2002 Plan”), authorizing the grant of Restricted Stock Units (as defined in the 2002 Plan) (“Units”) to eligible individuals as an incentive in connection with the performance of services for the Company and its
Subsidiaries, as defined in the 2002 Plan, which is incorporated herein by this reference (capitalized terms used but not defined in this Agreement have the same meaning as set forth in the 2002 Plan or the Notice of Award, as applicable); and

 WHEREAS, the Company recognizes the efforts of Participant on behalf of the Company and its Subsidiaries and desires to
motivate Participant in Participant’s work and provide an inducement to remain in the service of the Company and its Subsidiaries; and 
 WHEREAS, the Company has determined that it would be to the advantage and in the interest of the Company and its stockholders to award Units provided for in this Agreement and the Notice of Award to
Participant, subject to certain restrictions, as an incentive for increased efforts and successful achievements; 
 NOW,
THEREFORE, in consideration of the foregoing premises and of the mutual covenants herein contained, the parties hereto hereby agree as follows: 
 1. Restricted Stock Unit Award. The Company is issuing to Participant Units as set forth in the Notice of Award, subject to the rights of and limitations on Participant as owner thereof as set
forth in this Agreement. 
 2. Transfer Restriction. 

(a) Units may not be transferred by Participant in any manner other than by will or by the laws of descent and distribution.
Notwithstanding the foregoing, Participant may designate a beneficiary of Units in the event of Participant’s death on the beneficiary designation form provided by the Company. The terms of this Agreement shall be binding upon the executors,
administrators, heirs, successors and transferees of Participant. 
 (b) Participant acknowledges that, from time to time, the
Company may be in a “Blackout Period” and/or subject to applicable securities laws that could subject Participant to liability for engaging in any transaction involving the sale of the Company’s shares. Participant further
acknowledges and agrees that, prior to the sale of any shares acquired under this Award, it is Participant’s responsibility to determine whether or not such sale of shares will subject Participant to liability under insider trading rules or
other applicable securities laws. 

  
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 3. Vesting.

 (a) Units shall become vested in accordance with the Vesting Schedule in the Notice of Award so long as Participant maintains
a Continuous Status as an Employee of the Company or a Subsidiary. 
 (b) If Participant ceases to maintain a Continuous Status
as an Employee of the Company or any of its Subsidiaries for any reason other than death or disability (as described in subparagraph (c)), all Units to the extent not yet vested under subparagraph (a) on the date Participant ceases to be an
employee shall be forfeited by Participant without payment of any consideration to Participant therefor. Any Units so forfeited shall be canceled and any shares considered issuable pursuant to such Units, if applicable, shall be returned to the
status of authorized but unissued shares, to be held for future distributions under the Company’s 2002 Plan. 
 (c) If
Participant dies or in the event of termination of Participant’s Continuous Status as an Employee as a result of disability (as determined by the Board in accordance with the policies of the Company) while an employee of the Company or any of
its Subsidiaries, Units awarded hereunder shall become fully vested as of the date of death or termination of employment on account of such disability. Unless changed by the Board, “disability” means that Participant ceases to be an
employee on account of disability as a result of which Participant shall be eligible for payments under the Company’s long-term disability policy. 
 4. Vesting of Units and Issuance of Shares. Upon each vesting date, (i) one share of common stock (“Stock”) and (ii) an amount in cash equal to the cash dividends, if any, paid
with respect to such share between the Award Date and the vesting date shall be issuable for each Unit that vests on such date, subject to the terms and provisions of the 2002 Plan, the Notice of Award and this Agreement. Upon satisfaction of any
required tax or other withholding obligations as set forth in paragraph 6 of this Agreement, the shares of Stock and cash amount (if any) will be issued to Participant (as evidenced by the appropriate entry in the books of the Company or a duly
authorized transfer agent of the Company) as soon as practicable after the vesting date, but in any event, within the period ending on the later to occur of the date that is two and a half (2 1/2) months from the end of (i) Participant’s tax year
that includes the applicable vesting date, or (ii) the Company’s tax year that includes the applicable vesting date. Any fractional Unit remaining after all Units under this Award are fully vested shall be discarded and neither a
fractional share of Stock, nor any dividends issued with respect to such fractional share, shall be issued at vesting of the fractional Unit. Notwithstanding the above, the Company may, in its discretion, pay to Participant all or a portion of any
vested Units in cash in an amount equal to the shares of Stock, less any tax or other withholding obligations set forth in paragraph 6 of this Agreement. 
 5. Right to Shares. Except as otherwise determined by the Committee, in its discretion, and as provided in Section 4, Participant shall not have any right in, to or with respect to any of the
shares of Stock (including any voting rights or rights with respect to dividends paid on the Stock, including rights to dividend equivalent payments) issuable for a Unit under the Award until the Award is settled by the issuance of such shares of
Stock to Participant. 

  
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 6. Withholding of
Taxes. 
 (a) General. Participant is ultimately liable and responsible for all taxes owed by Participant in
connection with Units awarded, regardless of any action the Company or any of its Subsidiaries takes with respect to any tax withholding obligations that arise in connection with Units awarded. Neither the Company nor any of its Subsidiaries makes
any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of Units awarded or the subsequent sale of any of the shares of Stock. The Company and its Subsidiaries do not commit and are
under no obligation to structure the Award to reduce or eliminate Participant’s tax liability. 
 (b) Payment of
Withholding Taxes. Prior to any event in connection with Units awarded (e.g., vesting) that the Company determines may result in any tax withholding obligation, whether United States federal, state or local taxes or applicable foreign
taxes and including any employment tax obligation (the “Tax Withholding Obligation”), Participant must arrange for the satisfaction of such Tax Withholding Obligation in a manner acceptable to the Company, including by means of one of the
following methods: 
 (i) By Share Withholding. Unless the Company permits Participant to satisfy the Tax Withholding
Obligation by some other means in accordance with clause (iii) below, Participant authorizes the Company (in the exercise of its sole discretion) to withhold from those shares of Stock issuable to Participant the whole number of shares
sufficient to satisfy the Tax Withholding Obligation, provided that the Company shall withhold only the amount of shares necessary to satisfy the minimum applicable Tax Withholding Obligation. Share withholding will result in issuance of a lower
number of shares of Stock to Participant. Share withholding will generally be used to satisfy the tax liability of individuals subject to the short-swing profit restrictions of Section 16(b) of the Securities Exchange Act of 1934, as amended.

 (ii) By Sale of Shares. Unless the Company permits Participant to satisfy the Tax Withholding Obligation by some other
means in accordance with clause (iii) below, and provided that the terms of this clause (ii) do not violate Section 13(k) of the Securities Exchange Act of 1934, as amended, Participant’s acceptance of the Award constitutes
Participant’s instruction and authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s behalf a whole number of shares from those shares of Stock issuable to
Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the applicable Tax Withholding Obligation. Such shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting
date) or as soon thereafter as practicable. Participant will be responsible for all brokers’ fees and other costs of sale, and Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating
to any such sale. To the extent the proceeds of such sale exceed the Tax Withholding Obligation, the Company agrees to pay such excess in cash to Participant. Participant acknowledges that the Company or its designee is under no obligation to
arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Tax Withholding Obligation. Accordingly, Participant agrees to pay to the Company or any of its Subsidiaries as soon as
practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of shares described above. 
 (iii) By Check, Wire Transfer or Other Means. At any time not less than five (5) business days (or such fewer number of days as determined by the Committee or its designee) before any Tax
Withholding Obligation arises (e.g., a vesting date), Participant may request permission to satisfy the 

  
 3 

 
Tax Withholding Obligation by check, wire transfer or other means, by submitting such request, in writing, to the Company. If the Company approves Participant’s request, within five
(5) business days of the vesting date (or such fewer number of days as determined by the Committee or its designee) Participant must deliver to the Company the amount that the Company determines is sufficient to satisfy the Tax Withholding
Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the Company, or (z) such other means as specified from time to time by the Committee or its designee. 

7. Successors. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and assigns. Nothing contained in the 2002 Plan, the Notice of Award or this Agreement shall be interpreted as imposing any liability on the Company or the Committee in favor of Participant or any
purchaser or other transferee of Units or shares of Stock with respect to any loss, cost or expense which such Participant, purchaser or other transferee may incur in connection with, or arising out of any transaction involving, any Units or shares
of Stock subject to the 2002 Plan, the Notice of Award or this Agreement. 
 8. No Compensation Deferrals. None of the
2002 Plan, the Notice of Award and this Agreement are intended to provide for an elective deferral of compensation that would be subject to Section 409A (“Section 409A”) of the United States Internal Revenue Code of 1986, as amended.
The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the 2002 Plan, the Notice of Award and/or this Agreement to ensure that no awards (including, without
limitation, the Units) become subject to the requirements of Section 409A, provided, however, that the Company makes no representation that the Units are not subject to Section 409A nor makes any undertaking to preclude Section 409A
from applying to the Units. 
 9. Integration. The terms of the 2002 Plan, the Notice of Award and this Agreement are
intended by the Company and Participant to be the final expression of their agreement with respect to Units and may not be contradicted by evidence of any prior or contemporaneous agreement. The Company and Participant further intend that the 2002
Plan, the Notice of Award and this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any arbitration, judicial, administrative or other legal proceeding
involving the 2002 Plan, the Notice of Award or this Agreement. Accordingly, the 2002 Plan, the Notice of Award and this Agreement contain the entire understanding between the parties and supersede all prior oral, written and implied agreements,
understandings, commitments and practices among the parties. 
 10. Waivers. Any failure to enforce any terms or
conditions of the 2002 Plan, the Notice of Award or this Agreement by the Company or by Participant shall not be deemed a waiver of that term or condition, nor shall any waiver or relinquishment of any right or power for all or any other times.

 11. Severability of Provisions. If any provision of the 2002 Plan, the Notice of Award or this Agreement shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision thereof; and the 2002 Plan, the Notice of Award and this Agreement shall be construed and enforced as if none of them included such provision.

 12. Committee Decisions Conclusive. All decisions of the Committee arising under the 2002 Plan, the Notice of Award or
this Agreement shall be conclusive. 

  
 4 

  
 13. Mandatory
Arbitration. To the extent permitted by law, any dispute arising out of or relating to the 2002 Plan, the Notice of Award and this Agreement, including the meaning or interpretation thereof, shall be resolved solely by arbitration before an
arbitrator selected in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association. The location for the arbitration shall be in the county or comparable jurisdiction of Participant’s
employment. Judgment on the award rendered may be entered in any court having jurisdiction. Each party shall pay an equal share of the arbitrator’s fees, unless applicable law requires the Company to pay all or a greater share of the fees and
costs. All statutes of limitation which would otherwise be applicable shall apply to any arbitration proceeding under this paragraph. Neither Participant nor the Company will have the right to participate in a class, representative or collective
action, as a class representative, class member or an opt-in party, act as a private attorney general, or join or consolidate claims with claims of any other person or entity, with respect to any dispute arising out of or relating to the 2002
Plan, the Notice of Award and this Agreement. The provisions of this paragraph are intended by Participant and the Company to be exclusive for all purposes and applicable to any and all disputes arising out of or relating to the 2002 Plan, the
Notice of Award and this Agreement. The arbitrator who hears and decides any dispute shall have jurisdiction and authority only to award compensatory damages to make whole a person or entity sustaining foreseeable economic damages, and shall not
have jurisdiction and authority to make any other award of any type, including, without limitation, punitive damages, unforeseeable economic damage, damages for pain, suffering or emotional distress, or any other kind or form of damages, unless such
other award is available as a matter of law. The remedy, if any, awarded by the arbitrator shall be the sole and exclusive remedy for any dispute which is subject to arbitration under this paragraph. 

14. Delaware Law. The 2002 Plan, the Notice of Award and this Agreement shall be construed and enforced according to the laws of
the State of Delaware, without regard to its conflict of law provisions, to the extent not preempted by the federal laws of the United States of America. 
 15. Country Appendices. If Participant relocates to a country outside the United States: (i) any special terms and conditions that may apply to Units granted to Participants in such country
under Appendices to this Agreement will apply to Participant; or (ii) if Units have not been granted to Employees in such country under this Agreement, any other special terms and conditions, will apply to Participant, in each case to the
extent the Company determines that the application of such terms and conditions is necessary or advisable to comply with local law or facilitate the administration of the 2002 Plan, and provided the imposition of the term or condition will not
result in any adverse accounting expense with respect to the Units (unless the Company specifically determines to incur such expense). 
 16. Forfeiture Pursuant to Restatement of Financial Results. Notwithstanding anything in the Award to the contrary, in the event that (i) the Company issues a restatement of financial results
to correct a material error, (ii) the Committee determines, in good faith, that fraud or willful misconduct by the Participant was a significant contributing factor to the need to issue such restatement, and (iii) some or all of the Units
that were granted and/or shares of Stock and/or other property earned prior to such restatement by the Participant would not have been granted and/or earned, as applicable, based upon the restated financial results, the Participant shall immediately
return to the Company all shares of Stock and other property received with respect to those Units, including any cash dividends paid with respect to the Units or such shares of Stock, any pre-tax income derived from ownership and any gross proceeds
from disposition of such Stock and property, that would not have been granted and/or earned based upon the restated financial results (the “Repayment Obligation”), and all such Units shall immediately be forfeited. The Company shall be
able to enforce the Repayment Obligation by all legal means available, including, without limitation, by withholding such amount from other sums and property owed by the Company to the Participant. 

END OF AGREEMENT 

  
 5

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