EX-10.48



 Exhibit 10.48 

Meyer-Chatfield Compensation Advisors 
  

 
 Nothing in this document should be construed as
tax, legal, or accounting advice. MCCA does not practice law or accounting. This document is intended to assist your legal counsel in documenting your specific arrangement and is provided solely for that purpose. It is not a form to be signed, nor
is it to be construed as legal advice. 
  
  

IMPORTANT NOTICE ABOUT THE PRACTICE OF LAW AND ACCOUNTING 

The Financial Accounting Standards Board ratified Emerging Issues Task Force issues No. 06-4 on September 20, 2006 implementing the accounting
treatment of Endorsement Split Dollar Agreements. Beginning January 1, 2008 institutions maintaining a life insurance policy subsequent to the Executive’s retirement that allocates all or a portion of the death proceeds to the
Executive’s beneficiary or estate must recognize the cost of the insurance during post-retirement periods in accordance with FASB Statement No. 106. 

The Treasury Department has issued final regulations implementing the requirements of Section 409A which apply to nonqualified deferred compensation
arrangements. Documentary compliance with Code Section 409A is required by December 31, 2008. 
 The attached Agreement is intended to
facilitate discussion between you and your legal and/or tax advisor. MCCA strongly recommends that you seek review by outside counsel before executing this amendment. 

  
 1 








 FRANKLIN SYNERGY BANK 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

THIS AGREEMENT (the “Agreement”) is made and entered into this 20 day of AUGUST, 2012, by and between Franklin Synergy Bank
(the “Bank”) and [ILLEGIBLE] a current employee of the Bank (hereinafter referred to as the “Executive”). 

INTRODUCTION 
 WHEREAS,
Executive is an officer or other highly paid employee of the Bank; 
 WHEREAS, the Bank has purchased a life insurance policy (hereinafter
referred to as the “Insurance Policy”), with MIDLAND AND NEW YORK LIFE hereinafter referred to as the “Insurer”), on the life of the Executive; 

WHEREAS, the Bank desires to induce Executive to continue to utilize Executive’s best efforts on behalf of the Bank by its premium
payment on the Insurance Policy; and 
 WHEREAS, the Bank is the sole owner of the Insurance Policy and elects to endorse a portion of the
death benefit of the Insurance Policy to Executive. 
 NOW, THEREFORE, in consideration of the mutual undertakings set forth in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Executive agree as follows: 
  

	1.	Ownership 

  

	 	1.1.	Ownership of Insurance Policy. The Bank is the sole owner of the Insurance Policy and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of the remaining death proceeds
of the Insurance Policy after payment of the Executive Death Benefit as defined and provided for in this Agreement. The Bank shall at all times be entitled to the Policy cash surrender value, as that term is defined in the Insurance Policy, less any
Insurance Policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable Insurance Policy surrender charges. The cash surrender value shall be determined as of the date of the surrender of the Insurance
Policy or death of the Executive, as the case may be. 

  

	 	1.2.	Right to Insurance Policy. Notwithstanding any provision hereof to the contrary, the Bank shall have the right to sell or surrender the Insurance Policy without terminating this Agreement, provided (i) the
Bank replaces the Insurance Policy with a comparable life insurance policy or arrangement that provides the benefit provided under this Agreement and (ii) the Bank and the Executive (who will not unreasonably withhold his signature) execute a
new Split Dollar Policy Endorsement for said comparable coverage arrangement, at which time all references to “Insurance Policy” hereunder shall refer to such replacement coverage arrangement. Without limitation, the Insurance Policy at
all times shall be the exclusive property of the Bank, and shall be subject to the claims of the Bank’s creditors. 

  

	2.	Payment of Premium. The Bank may pay each premium on the Insurance Policy, if applicable, to the Insurer on or before the due date of such premium or within the grace period allowed by the Insurance Policy for
the payment of such premium. 

  

	3.	 Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for
the Executive’s age multiplied by the amount of current life 



  
 2 









	 	
insurance protection payable to the Executive’s beneficiary. The “life insurance premium factor” is the minimum amount required to be imputed under Treasury Regulation §
1.61-22(d)(3)(ii), or any subsequent applicable authority. The Bank shall impute the economic benefit to the Executive on an annual basis by adding the economic benefit to the Executive’s Form W-2, or, if applicable, Form 1099.


  

	4.	Bank’s Interests. Upon the death of Executive, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest and the
receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under this Agreement. The Bank’s Policy Interest shall be an amount equal to all death benefits due under the Insurance Policy less those explicitly
provided to the Executive’s designated beneficiary. The Bank’s Policy Interest shall be reduced by any amount borrowed against the Insurance Policy by Bank. 


 

	5.	Executive’s Interests. 

  

	 	5.1.	Executive’s Death Benefit. The Executive’s Death Benefit under this Agreement shall be the lessor of i) seventy percent (70%) of the Executive’s current base salary on the date of death or ii)
one hundred percent (100%) of the net-amount-at risk portion of the life insurance proceeds paid by the Insurer. The “net-amount-at-risk portion” shall mean the total proceeds payable at death less the cash surrender value of the
Insurance Policy. 

  

	 	5.2.	Termination of Employment. This Agreement shall not provide a death benefit to the Executive’s Beneficiary if the Executive is not employed by the Bank on his date of death. 


 

	6.	Beneficiary 

  

	 	6.1.	Beneficiary Designation. The Executive shall have the limited right to designate and change the direct and contingent beneficiaries (collectively, the “Beneficiary”) of the Executive Death Benefit. The
Executive’s Beneficiary designation shall be made in writing and delivered to the Bank in a form acceptable to the Insurer and Bank. Executive’s designated Beneficiary may be amended by the Executive from time to time during the term of
this Agreement. Upon the acceptance by the Bank of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Bank shall be entitled to rely on the last Beneficiary Designation Form filed by the
Executive and accepted by the Bank prior to the Executive’s death. 

  

	 	6.2.	Beneficiary Acknowledgement. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Bank or its designated agent.


  

	 	6.3.	Facility of Payment. If the Bank determines in its discretion that a benefit is to be paid to a minor, to a person incapable of handling the disposition of that person’s property, the Bank may direct payment
of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deep appropriate prior
to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such
payment amount. 

  

	 	6.4.	No Beneficiary Designation. If the Executive dies without a valid designation of Beneficiary, or if all designated Beneficiaries predecease the Executive, then the Executive’s surviving spouse shall be the
designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made payable to the personal representative of the Executive’s estate. 


  
 3 









	7.	Death Claims. 

  

	 	7.1.	Benefit Paid by Insurance Carrier. The benefit payable to Executive’s Beneficiaries shall be paid solely by the Insurer from the proceeds of the Insurance Policy on the life of the Insured. In no event shall
the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the
Insurance Policy for any reason, neither Executive nor any Beneficiary shall be entitled to a death benefit. 

  

	 	7.2.	Suicide or Misstatement. The amount of the benefit payable to Executive’s Beneficiaries may be reduced or eliminated if Executive fails or refuses to take a physical examination, to truthfully and completely
supply such information or complete any forms as may be required by the Bank or the Insurer, or otherwise fails to cooperate with the requests of the Bank or the Insurer, or if Executive dies under circumstances such that the Insurance Policy does
not pay a full death benefit, e.g., in the case of suicide within two years after a respective Insurance Policy date. 

  

	8.	Termination of Agreement. 

  

	 	8.1.	Termination Events. This Agreement may be terminated at any time by written agreement between the Bank and the Executive, and shall automatically terminate on the occurrence of any of the following events prior
to the death of the Executive: 

  

	 	(a)	Termination of the employment of Executive prior to age 65; or 

  

	 	(b)	Bankruptcy, receivership or dissolution of the Bank. 

  

	 	8.2.	Rights Upon Termination. If this Agreement is terminated pursuant to this Section 8, the Executive shall forfeit all rights hereunder to the Insurance Policy or the right to designate a Beneficiary and Bank
at its sole discretion may retain or terminate the Insurance Policy. 

  

	 	8.3.	Amendments. This Agreement may be amended or terminated solely by a written agreement signed by the Bank and by the Executive. 


 

	9.	Insurance Company Not a Party. The Insurer shall not be deemed a party to this Agreement for any purpose nor in any way responsible for its validity; shall not be obligated to inquire as to the distribution of
any monies payable or paid by it under the Insurance Policy; and shall be fully discharged from any and all liability under the terms of the Insurance Policy upon payment or other performance of its obligations in accordance with the terms of the
Insurance Policy, The Insurer shall not be bound by or be deemed to have notice of the provisions of this Agreement. 

  

	10.	Administration 

  

	 	10.1.	Plan Administrator. This Split Dollar Agreement shall be administered by a Plan Administrator, which shall consist of the Bank’s board of directors or such committee as the board shall appoint. The Executive
may be a member of the Administrator. 

  

	 	10.2.	Plan Administrator Duties. The Plan Administrator shall have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this
Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with this Agreement. 

  

	 	10.3.	Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of this
Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement. 


  
 4 









	 	10.4.	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator, and those to whom management and operation responsibilities of the plan have been delegated,
against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Split Dollar Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members.


  

	 	10.5.	Information. To enable the Administrator to perform its functions, the Bank shall supply full and timely information to the Administrator on all matters relating to the date and circumstances of the retirement,
death, or Termination of Employment of the Executive and such other pertinent information as the Administrator may reasonably require. 

  

	11.	Claims and Review Procedure 

  

	 	11.1.	Written Claim. A person who believes that he or she being denied a benefit to which he or she is entitled under this Agreement (hereinafter referred to as a “Claimant”) may file a written request for
such benefit with the Plan Administrator, setting forth his or her claim. The request must be addressed to the Bank at its then principal place of business. 

  

	 	11.2.	Timing of Response. Upon receipt of a claim, the Plan Administrator shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such
period. The Plan Administrator may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the claim is denied in whole or in part, the Plan Administrator shall adopt a written opinion, using language
calculated to be understood by the Claimant, setting forth: 

  

	 	(a)	The specific reason or reasons for such denial; 

  

	 	(b)	The specific reference to pertinent provisions of this Agreement on which such denial is based; 

  

	 	(c)	A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; 


 

	 	(d)	Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and 

  

	 	(e)	The time limits for requesting a review under Section 11.3 and for review under Section 11.4 hereof. 

  

	 	11.3.	Request for Review. With sixty (60) days after the receipt by the Claimant of the written opinion described in Section 11.2, the Claimant may request in writing that the determination of the Plan
Administrator be reviewed. Such request must be addressed to the Bank at its then principal place of business. The Claimant or his or her duly authorized representative may, but need not, review the pertinent documents and submit issues and comments
in writing for consideration by the Plan Administrator. If the Claimant does not request a review of the Plan Administrator’s determination within such sixty (60) day period, he or she shall be barred and estopped from challenging the Plan
Administrator’s determination. 

  

	 	11.4.	 Review of Decision. The Plan Administrator will review its determination within sixty (60) days after receipt of a request for review. After
considering all materials presented by the Claimant, the 



  
 5 









	 	
Plan Administrator will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific
references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Plan Administrator will so notify the Claimant and will render the
decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. 

  

	12.	Binding Effect. This Agreement shall bind the Executive and the Bank and their respective heirs, beneficiaries, survivors, executors, administrators, representatives, successors, transferees and assigns, and any
Insurance Policy Beneficiary. 

  

	13.	No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to
discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 


 

	14.	Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BANK AND EXECUTIVE HEREBY IRREVOCABLY AND EXPRESSLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER
BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THE ACTIONS OF THE BANK IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF. EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  

	15.	Entire Agreement; Oral Agreements Ineffective. This Agreement constitutes the entire and final agreement between the Bank and Executive as to the subject matter hereof and may not be contradicted by evidence of
prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. 

  

	16.	No Third Party Beneficiaries. The benefits of this Agreement shall not inure to any third party. This Agreement shall not be construed as creating any rights, claims, or causes of action against Bank or any of
its officers, directors, agents, or employees in favor of any person or entity other than Executive. 

  

	17.	Severability. If any one or more of the provisions hereof is declared invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired, and that invalidity, illegality, or unenforceability in one jurisdiction shall not affect the validity, legality, or enforceability of the remaining provisions hereof. 


 

	18.	 Governing Law; Venue; Service of Process. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TENNESSEE. THIS AGREEMENT HAS BEEN ENTERED INTO IN WILLIAMSON COUNTY, TENNESSEE, AND IS PERFORMABLE FOR ALL PURPOSES IN WILLIAMSON COUNTY, TENNESSEE. THE PARTIES HEREBY AGREE THAT ANY LAWSUIT, ACTION, OR PROCEEDING THAT IS BROUGHT (WHETHER IN
CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED THEREBY, OR THE ACTIONS OF THE BANK IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT OF ANY OF THIS AGREEMENT SHALL BE BROUGHT IN A STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION LOCATED IN WILLIAMSON COUNTY, TENNESSEE. EXECUTIVE HEREBY 



  
 6 









	 	
IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, (B) WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH LAWSUIT,
ACTION, OR PROCEEDING BROUGHT IN ANY SUCH COURT, AND (C) FURTHER WAIVES ANY CLAIM THAT IT MAY NOW OR HEREAFTER HAVE THAT ANY SUCH COURT IS AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREE THAT SERVICE OF PROCESS UPON IT MAY BE MADE BY
CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED AT THE ADDRESS FOR NOTICES CONTAINED IN THE SIGNATURE PAGE OF THIS AGREEMENT. 

  

	19.	Notices. Any notice, consent or demand required or permitted to be given under the provisions of this Agreement by one party to another shall be in writing, shall be signed by the party giving or making the same,
and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified mail, postage prepaid, to such party, addressed to his or her last known address as shown on the records of the Bank.
The date of such mailing shall be deemed the date of such mailed notice, consent or demand. 

 IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first written above. 
  

									
	FRANKLIN SYNERGY BANK:	 		 	EXECUTIVE:
					
	By:	 		 		 	By:	 	
		 	  
	 		 		 	  

					
	Print Name:	 	  
	 		 	Print Name:	 	  

					
	Title:	 	  
	 		 	Address:	 	  

					
		 		 		 		 	  



  
 7 








 FRANKLIN SYNERGY BANK 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

BENEFICIARY DESIGNATION FORM 
  

							
	Executive:	 	  
	  		  	


							
				
	Social Security Number:	 	  
	  		  	

 Definitions: 

Primary Beneficiary means the person(s) who will receive the Benefits in the event of the Executive’s death. Proceeds will be divided in equal
shares if multiple primary beneficiaries are named, unless otherwise indicated. If percentages are listed, the total must equal 100%. 
 Contingent
Beneficiary means the person(s) who will receive the Benefits if the primary beneficiary is not living at the time of the Executive’s death. 

Trust as Beneficiary Designation can be done by using the following written statement: “To [name of trustee], trustee of the [name of trust],
under a trust agreement dated [date of trust].” 
  

									
	 Primary Beneficiary
	  	 DOB
	  	 Social Security #
	  	 Address
	  	 % of Proceeds

					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
	 Contingent Beneficiary
	  	 DOB
	  	 Social Security #
	  	 Address
	  	 % of Proceeds

					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  


 The undersigned Executive acknowledges that the Bank is providing this Death Benefit subject to the terms and conditions of
the Agreement entered into with the Executive; only to the extent that the Death Benefit is actually paid by the Insurer, and that the Bank is also entitled to separate benefits in the Policy. 

 

					
	  
	 		 	  

	Executive’s Signature	 		 	Date

  

	
	Acknowledged Receipt by the Bank:
	
	
	  

	Officer


  
 8 








 FRANKLIN SYNERGY –BANK 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

SCHEDULE OF POLICIES 
  

					
		  	Executive:	  	  

		
	Insurer:	  	  

		
	Policy Number:	  	  

		
	Insurer:	  	  

		
	Policy Number:	  	  

		
	Insurer:	  	  

		
	Policy Number:	  	  



  
 9