FRAF Insider Filing: Warren Adds 50 Shares via Director Fees

Rhea-AI Filing Summary

Franklin Financial Services Corp. (FRAF) director Elliott G. Warren reported a non-derivative transaction on 09/22/2025 where he received 50 common shares in lieu of cash for part of his director fees at an effective price of $48.92 per share. After the transaction he beneficially owns 16,948 shares, which includes previously reported unvested restricted stock units and 114 shares acquired under the company's 2010 Dividend Reinvestment and Stock Purchase Plan. An additional 330 shares are held by his adult child living in the home, which the reporting person disclaims except for any pecuniary interest.

Positive

• Director alignment: 50 shares received as compensation convert director fees into equity, aligning interests with shareholders.
• Transparent reporting: Filing discloses unvested restricted stock units, DRIP participation (114 shares), and the nature of indirect holdings (330 shares).

Negative

• Limited material impact: The 50-share issuance is small and unlikely to affect investor valuation or market perception.
• Disclaimed shares: 330 shares held by an adult child are disclaimed, reducing reported direct beneficial ownership clarity.

Insights

Financial Analyst

TL;DR Director received equity in lieu of cash, modestly increasing his direct share count; transaction is routine and not material to valuation.

The 50-share issuance at $48.92 as director compensation aligns management and shareholders by converting fees into stock, preserving cash for the issuer. The reported total of 16,948 shares reflects existing holdings including unvested restricted stock units and 114 DRIP shares, indicating prior participation in equity incentive and reinvestment programs. The size of the issuance is small relative to typical float and therefore unlikely to move market perception or valuation on its own.

Corporate Governance Expert

TL;DR Share issuance for director fees is a common governance practice to align incentives; disclosure and disclaimer are appropriate.

Receiving shares instead of cash is a widely used mechanism to tie directors to long-term company performance. The filing discloses the nature of indirect ownership (330 shares held by an adult child) and includes the standard disclaimer, which clarifies beneficial ownership boundaries. The report appears complete for Section 16 requirements and was signed by power of attorney, following procedural norms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ELLIOTT G WARREN

(Last) (First) (Middle)

1500 NITTERHOUSE DRIVE

(Street)

CHAMBERSBURG PA 17201-6010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FRANKLIN FINANCIAL SERVICES CORP /PA/ [ FRAF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/22/2025		A		50(1)	A	$48.92	16,948(2)(3)	D
Common Stock								330	I	See Footnote(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were received in lieu of cash for a portion of the reporting person's director's fees.

2. Includes previously reported unvested restricted stock units.

3. Total shares includes 114 shares acquired pursuant to the issuer's 2010 Dividend Reinvestment and Stock Purchase Plan.

4. These shares are held by the reporting person's adult child living in the home. The reporting person disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

	/s/Amanda M. Ducey by Power of Attorney for G. Warren Elliott	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Elliott G. Warren report on Form 4 for FRAF?

He reported receiving 50 common shares on 09/22/2025 in lieu of cash for director fees at a price of $48.92, and beneficial ownership of 16,948 shares following the transaction.

Does the Form 4 show any derivative transactions for FRAF by Elliott G. Warren?

No. The filing lists only non-derivative common stock transactions; there are no derivative securities reported.

What portion of Warren's holdings came from the dividend reinvestment plan?

114 shares are reported as acquired pursuant to the issuer's 2010 Dividend Reinvestment and Stock Purchase Plan.

Are any shares held indirectly by Elliott G. Warren?

Yes. The filing notes 330 shares are held by his adult child living in the home, and Warren disclaims beneficial ownership except for any pecuniary interest.

When was the Form 4 signed and filed?

The signature on the filing is dated 09/24/2025 and executed by Amanda M. Ducey by power of attorney for G. Warren Elliott.