Document:

EX-10.1

 EXHIBIT 10.1 

S CORPORATION TERMINATION AND 

TAX SHARING AGREEMENT 

This S Corporation Termination and Tax Sharing Agreement, dated as of
            , 2016 (the “Agreement”), is made by and between FB Financial Corporation, a Tennessee corporation (the “Company”), and James W.
Ayers (the “Shareholder”). 
 RECITALS: 

A. The Company has elected to be an S corporation (the “S Election”) under Section 1362 of the Internal Revenue
Code of 1986, as amended (the “Code”). 
 B. The Company intends to conduct an initial public offering registered
under the Securities Act of 1933, as amended (the “Public Offering”). 
 C. Upon the consummation of the Public
Offering, the Company’s status as an S corporation will terminate. 
 D. The Shareholder is currently the only shareholder of the
Company, and will continue to be so until immediately before the consummation of the Public Offering. 
 E. In connection with the Public
Offering, the Company and the Shareholder desire to set forth their agreement that the Company shall bear the risk of any additional tax liability, as well as any related losses, costs and expenses, resulting from a final determination made by a
competent tax authority to the taxable income the Company reported as an S Corporation. 
 F. In addition, in connection with the Public
Offering, the Company and the Shareholder desire to set forth their agreement that in the event that a favorable tax adjustment with respect to one party corresponds to an unfavorable tax adjustment with respect to the other, the party enjoying the
favorable tax adjustment will indemnify the party suffering the unfavorable tax adjustment. 
 AGREEMENT: 

NOW, THEREFORE, for mutual consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Shareholder do
hereby covenant and agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following
terms, as used herein, have the following meanings: 
 “AAA” shall have the meaning assigned to that term by
Section 1368(e)(1) of the Code. 
 “Assumed Tax Rate” means, with respect to any tax period, the maximum
combined federal and state income tax rates applicable for such period, taking into account the deductibility of state income tax for federal income tax purposes, applicable to an individual resident in Tennessee. 

 “C Short Year” shall have the meaning set forth in
Section 1362(e)(1)(B) of the Code. 
 “Code” shall have the meaning set forth in Recital A. 

“Post-Termination Distribution” shall mean a cash distribution during the Post-Termination Transition Period as set forth in Section 1371(e) of the Code to the extent it does not exceed the AAA. 

“Post-Termination Transition Period” shall have the meaning set forth in Section 1377(b)(1) of the Code and shall
begin on the day after the last day of the Company’s S Short Year. 
 “Public Offering” shall have the meaning
set forth in Recital B. 
 “S Corporation” shall have the meaning set forth in Section 1361 of the Code. 

“S Corporation Taxable Income” shall mean, for periods beginning on or after the date the Company became an S
corporation and ending with the close of the last day of the S Short Year, the sum of (i) the Company’s items of separately stated income and gain (within the meaning of Section 1366(a)(1)(A) of the Code) reduced, to the extent
applicable, by the Company’s separately stated items of deduction and loss (within the meaning of Section 1366(a)(1)(A) of the Code) and (ii) the Company’s nonseparately computed net income (within the meaning of
Section 1366(a)(l)(B) of the Code). 
 “S Corporation Tax Year” means any taxable period during which the
Company had an S Election in effect, including the S Short Year. 
 “S Election” shall have the meaning set forth in
Recital A. 
 “S Short Year” shall have the meaning set forth in Section 1362(e)(1)(A) of the Code. 

“S Termination Year” shall have the meaning set forth in Section 1362(e)(4) of the Code. 

“Tax Proceeding” shall have the meaning set forth in Section 2.02. 

“Termination Date” shall mean the date on which the Company’s status as an S corporation is terminated by reason
of the consummation of the Public Offering. 
 “Treasury Regulations” means the regulations promulgated by the
United States Treasury Department under the Code. 

  
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 ARTICLE 2 

S CORPORATION TERMINATION AND TAX SHARING 

2.01 Termination of S Corporation Status. The Company’s status as an S corporation shall terminate pursuant to
Section 1362(d)(2) of the Code on the Termination Date. 
 2.02 Payments Related to Future Adjustments. In the event that any
final determination of an adjustment (by reason of an amended return, claim for refund, audit, judicial decision or otherwise, which determination occurs after the Termination Date (each, a “Tax Proceeding”)) results in an
increase in the taxable income of the Company for any year during which the Company qualified as an S Corporation, including the S Short Year, the Company shall distribute to the Shareholder within 30 days of such final determination, cash in an
amount equal to (i) the product of (A) the amount of increase in taxable income resulting from the adjustment and (B) the Assumed Tax Rate plus (ii) any interest and penalties imposed thereon. 

2.03 Liability for Taxes Incurred During the S Short Year and for Tax Periods Ending Prior to the Termination Date. The Shareholder
covenants and agrees that: (i) he has duly included (to the best of his knowledge), or will duly include, in his federal, state, and local income tax returns his respective allocable shares of all items of income, gain, loss, deduction, or
credit attributable to the S Short Year of the Company, (ii) such returns shall, to the extent required by applicable law, include his allocable share of S Corporation Taxable Income of the Company from all sources through and including the
close of business on the last day of the S Short Year of the Company, and (iii) he shall, to the extent required by applicable law, pay any and all taxes he is required to pay, as a result of being a shareholder of the Company, for all taxable
periods (or that portion of any period) during which the Company was an S Corporation. 
 2.04 Shareholder Indemnification for Tax
Liabilities. The Shareholder hereby indemnifies and holds the Company harmless from, against and in respect of any unpaid income tax liabilities of the Company (including interest and penalties imposed thereon) (i) which are attributable to
the S Short Year and the primary liability of the Shareholder, or (ii) which are incurred by the Company as a result of a final determination of an adjustment (by reason of a Tax Proceeding) to the taxable income of the Shareholder for any
period, including the S Short Year or thereafter, and which (in the case of this clause (ii)) are attributable to a decrease for any period in the Shareholder’s taxable income and a corresponding increase for any period in the taxable income of
the Company. 
 2.05 Company Indemnification for Tax Liabilities. The Company hereby indemnifies and agrees to hold the Shareholder
harmless from, against and in respect of income tax liabilities (including interest and penalties imposed thereon), if any, incurred by the Shareholder as a result of a final determination of an adjustment (by reason of a Tax Proceeding) to the
taxable income of the Company for any period ending after the Termination Date (including, without limitation, the C Short Year) which results in an increase for any period in the taxable income of the Shareholder. The Company shall distribute cash
in an amount equal to (i) the product of (A) the amount of such increase in the taxable income resulting from such final determination and (B) the Assumed Tax Rate, plus (ii) any interest and penalties imposed thereon. 

  
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 2.06 Payments. The Shareholder or the Company, as the case may be, shall make any payment
required under Sections 2.04 or 2.05 of this Agreement within 30 days after receipt of notice from the other party that a final determination of an adjustment (by reason of a Tax Proceeding) has occurred and a payment is due by such party to the
appropriate taxing authority. 
 2.07 Termination Payments to Shareholder. Immediately prior to or as soon as possible after the
Termination Date, the Company shall determine the amount of the AAA of the Company, and as soon as reasonably possible after the Termination Date shall distribute to the Shareholder an amount equal to such amount (the “Distribution
Amount”). For purposes of this Section 2.07, the AAA shall be determined by the Company in accordance with the Company’s books and records and consistent with Section 1368 of the Code and the Treasury Regulations
thereunder. 
 ARTICLE 3 

ALLOCATION OF INCOME 
 3.01
Short Taxable Years. The parties acknowledge that the taxable year in which the S corporation status of the Company is terminated will be an “S Termination Year” for tax purposes, as defined in Section 1362(e)(4) of the Code.
Pursuant to Section 1361(e)(1) of the Code, the S Termination Year of the Company shall be divided into two short taxable years: an “S Short Year” and a “C Short Year.” As defined in Section 1362(e)(1)(A) of the Code,
the S Short Year shall be that portion of the Company’s S Termination Year ending on the day immediately preceding the Termination Date. Pursuant to Section 1362(e)(1)(B) of the Code, that portion of the S Termination Year beginning on the
Termination Date and ending on the last day of the taxable year shall be the C Short Year of the Company. 
 3.02 Closing of the
Books. The Company and the Shareholder understand that for tax purposes (including for purposes of determining the Company’s S Corporation Taxable Income for its S Short Year) the Company will allocate its items of income, gain, loss,
deduction and credit for its calendar year between the S Short Year and the C Short Year based on a “closing of the books.” 

ARTICLE 4 
 TAX MATTERS

 4.01. Refunds. If the Company receives a refund of any income tax (including penalties and interest) for any period prior to
the Termination Date, or as to which it has previously been indemnified by the Shareholder, the Company shall pay an amount equal to such refund, within 30 days after receipt thereof, to the Shareholder on the last day of any applicable period to
which the refund relates. If the Shareholder receives a refund of any income tax (including penalties and interest) as to which it has previously been indemnified by the Company, he shall, within 30 days after receipt thereon, remit an amount equal
to such refund to the Company (for the avoidance of doubt, such refund shall be determined assuming the Shareholder’s only items of income, loss or deduction arise from the Company during the S Short Year). 

  
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 4.02. Notice and Tax Proceedings. 

(a) Any time that the Shareholder believes he may be entitled to a payment under this Agreement as a result of a Tax Proceeding he shall use
reasonable efforts to promptly notify the Company of such Proceeding. 
 (b) The Company will have the option to represent itself in any Tax
Proceeding, at its own expense and using advisors of the Company’s choice. 
 (c) The Shareholder shall cooperate fully with the
Company in any Tax Proceeding and shall have the right, but not the obligation, to participate in such Proceeding at his own expense. 
 (d)
Breach by the Shareholder of any of the provisions of this Section 4.01 will terminate the Company’s obligation to make payments to the Shareholder under Article 2 to the extent any such breach materially prejudices the result of any Tax
Proceeding. 
 4.03. Inconsistent Reporting. If the Shareholder hereafter reports an item on the Shareholder’s income tax return
in a manner materially inconsistent with the tax treatment reflected in the Schedule K-1 or other tax information provided to the Shareholder by the Company for a taxable period during which the Company had an S Election in effect, the Shareholder
shall notify the Company of such treatment before filing the Shareholder’s income tax return. If the Shareholder fails to notify the Company of such inconsistent reporting, the Shareholder shall be liable to the Company for any losses, costs or
expenses (including reasonable attorneys’ fees) arising from such inconsistent reporting, including an audit. 
 ARTICLE 5 

MISCELLANEOUS 
 5.01
Post-Termination Distributions. To the extent practicable and to the extent consistent with applicable law, payments or other distributions made to the Shareholder pursuant to Article 2 will be treated as Post-Termination Distributions for
U.S. federal income tax purposes and any correspondingly applicable state and/or local tax purposes. 
 5.02 Other Distributions. To
the extent that the Company’s tax return preparers determine that such payments or distributions cannot be properly treated as Post-Termination Distributions, then the amount of any distribution made to the Shareholder pursuant to Article 2
shall be increased by the amount of the Shareholder’s additional tax liability, if any, resulting from such payments or distributions, as reasonably determined by the Company’s tax return preparers, plus an amount equal to any additional
tax liability resulting from the payment pursuant to this Section 5.01, assuming that the Shareholder pays tax at the Assumed Tax Rate. 

5.03 Confidentiality. Each of the parties agrees that any information furnished pursuant to this Agreement is confidential and, except
as and to the extent required by law or otherwise during the course of an audit or contest or other administrative or legal proceeding, shall not be disclosed to any person or entity. 

  
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 5.04 Successors and Access to Information. This Agreement shall be binding upon and inure
to the benefit of any successor, heirs or personal representatives to any of the parties, by merger, acquisition of assets or stock in the Company or otherwise, to the same extent as if the successor, heir or personal representative had been an
original party to this Agreement or the Shareholder for the taxable period in question, and in such event, all references herein to a party shall refer instead to the successor, heir or personal representative of such party; provided, however, that
for purposes of calculating the tax liability to which any payments under this Agreement would relate, the original Shareholder’s tax liability shall be taken into account, but any payments in connection therewith shall be made to the
successor, heir or personal representative of the original Shareholder. 
 5.05 Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of Tennessee excluding (to the greatest extent permissible by law) any rule of law that would cause the application of the laws of any jurisdiction other than the State of Tennessee. 

5.06 Headings. The headings in this Agreement are for convenience only and shall not be deemed for any purpose to constitute a part or
to affect the interpretation of this Agreement. 
 5.07 Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, each of which will be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one counterpart. 

5.08 Electronic Transmission. Any facsimile or electronically transmitted copies hereof or signature hereon shall, for all purposes, be
deemed originals. 
 5.09 Notices. Any notice or communication required or permitted to be given under this Agreement shall be in
writing (including telecopy communication) and mailed, telecopied or delivered to the parties at the addresses specified in Schedule A or at such other address as one party may specify by notice to the other party. All such notices and
communications shall be effective when received. Any payment required to be made under this Agreement shall be mailed or delivered to the parties at the addresses specified in Schedule A or at such other address or account as one party may
specify by notice to the other party. 
 5.10 Severability. If any provision of this Agreement is held to be unenforceable for any
reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the parties to the maximum extent practicable. In any event, all other provisions of this Agreement shall be deemed valid, binding, and enforceable to
their full extent. 
 5.11 Effective Date and Survival. This Agreement shall be effective as of the consummation of the
Public Offering and shall remain in force and be binding so long as the applicable period of assessments (including extensions) remains unexpired for any taxes contemplated by this Agreement; provided, however, that if the Public Offering has not
been consummated on or before December 31, 2016, this Agreement will be void, having no force or effect. 

  
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 5.12 Successor Provisions. Any reference herein to any provisions of the Code or Treasury
Regulations shall be deemed to include any amendments or successor provisions thereto as appropriate. 
 5.13 Integration;
Amendments. Except as explicitly stated herein, this Agreement embodies the entire understanding between the parties relating to its subject matter and supersedes and terminates all prior agreements and understandings among the parties with
respect to such matters. No promises, covenants or representations of any kind, other than those expressly stated herein, have been made to induce any party to enter into this Agreement. This Agreement shall not be modified or terminated except by a
writing duly signed by each of the parties hereto, and no waiver of any provisions of this Agreement shall be effective unless in a writing duly signed by the party sought to be bound. 

5.14 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARISING OUT OF THIS AGREEMENT. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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
5.14. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this S Corporation Termination and Indemnification
Agreement on the date first set forth above. 
  

			
	COMPANY:
	
	 FB FINANCIAL CORPORATION,
 a
Tennessee corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SHAREHOLDER:
	
	  

	James W. Ayers

 SCHEDULE A 

Notices 
 To the Company: 

[                        ] 

[                        ] 

Attn: [        ] 
 Fax:
[            ] 
 With a copy to: 

[                        ] 

[                        ] 

Attn: [        ] 
 Fax:
[            ] 
 To the Shareholder: 

[                        ] 

[                        ] 

Attn: [        ] 
 Fax:
[            ] 
 With a copy to: 

[                        ] 

[                        ] 

Attn: [        ] 
 Fax:
[            ]EX-10.2

 EXHIBIT 10.2 
  

SHAREHOLDER’S AGREEMENT 

BY AND BETWEEN 
 FB
FINANCIAL CORPORATION 
 AND 

JAMES W. AYERS 
 DATED
AS OF                     , 2016 
  

 TABLE OF CONTENTS 

 

					
	 SECTION 1. DEFINITIONS
	  	 	1	  
	 1.1.      Drafting Conventions; No Construction Against
Drafter.
	  	 	1	  
	 1.2.      Defined Terms.
	  	 	2	  
		
	 SECTION 2. REPRESENTATIONS AND WARRANTIES
	  	 	4	  
	 2.1.      Representations and Warranties of the
Shareholder.
	  	 	4	  
	 2.2.      Representations and Warranties of Company.
	  	 	4	  
		
	 SECTION 3. BOARD MATTERS
	  	 	4	  
	 3.1.      Board of Directors.
	  	 	4	  
	 3.2.      Committees of the Board of Directors.
	  	 	6	  
	 3.3.      Additional Management Provisions.
	  	 	6	  
	 3.4.      Company.
	  	 	7	  
		
	 SECTION 4. MISCELLANEOUS PROVISIONS
	  	 	7	  
	 4.1.      Confidentiality.
	  	 	7	  
	 4.2.      Reliance.
	  	 	8	  
	 4.3.      Access to Agreement; Amendment and Waiver; Actions of the
Board.
	  	 	8	  
	 4.4.      Notices.
	  	 	8	  
	 4.5.      Counterparts.
	  	 	9	  
	 4.6.      Remedies; Severability.
	  	 	9	  
	 4.7.      Entire Agreement.
	  	 	9	  
	 4.8.      Termination.
	  	 	9	  
	 4.9.      Governing Law.
	  	 	9	  
	 4.10.    Successors and Assigns; Beneficiaries.
	  	 	9	  
	 4.11.    Consent to Jurisdiction; WAIVER OF JURY TRIAL.
	  	 	9	  
	 4.12.    Further Assurances.
	  	 	10	  
	 4.13.    Regulatory Matters.
	  	 	10	  
	 4.14.    Inconsistent Agreements.
	  	 	11	  
	 4.15.    Effectiveness of Agreement.
	  	 	11	  

 SHAREHOLDER’S AGREEMENT 

This SHAREHOLDER’S AGREEMENT (as the same may be amended, modified or supplemented from time to time, the “Agreement”)
is made as of [●], 2016 (the “Effective Time”) by and between FB Financial Corporation, a Tennessee corporation (the “Company”) and James W. Ayers (the “Shareholder”). 

RECITALS 
 WHEREAS, as of
the Effective Time, the Shareholder owns all of the outstanding shares of common stock, par value $1.00 per share (the “Common Stock”), of the Company; 

WHEREAS, the Company is proposing to consummate an initial public offering of its Common Stock (the “Initial Public
Offering”); 
 WHEREAS, as an incentive for the Shareholder to participate in and consummate the transactions contemplated by the
Initial Public Offering, the Company and the Shareholder desire to agree upon the respective rights and obligations after the date of completion of the Initial Public Offering (the “Closing Date”) with respect to the securities of
the Company now or hereafter outstanding and held by the Shareholder and certain corporate governance matters with respect to the Shareholder’s investment in the Company; and 

WHEREAS, the Board of Directors of Company (the “Board of Directors”) have approved this Agreement. 

NOW, THEREFORE, in consideration of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows: 
 SECTION 1.    DEFINITIONS 

1.1. Drafting Conventions; No Construction Against Drafter. 

(a) The headings in this Agreement are provided for convenience and do not affect its meaning. The words “include,”
“includes” and “including” are to be read as if they were followed by the phrase “without limitation.” Unless specified otherwise, any reference to an agreement means that agreement as amended or supplemented, subject
to any restrictions on amendment contained in such agreement. Unless specified otherwise, any reference to a statute or regulation means that statute or regulation as amended or supplemented from time to time and any corresponding provisions of
successor statutes or regulations. If any date specified in this Agreement as a date for taking action falls on a day that is not a business day, then that action may be taken on the next business day. Unless specified otherwise, the words
“party” and “parties” refer only to a party named in this Agreement or one who joins this Agreement as a party pursuant to the terms hereof. 

(b) The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent. If an
ambiguity or question of intent or 

 
interpretation arises, this Agreement is to be construed as if drafted jointly by the parties and there is to be no presumption or burden of proof or rule of strict construction favoring or
disfavoring any party because of the authorship of any provision of this Agreement. 
 1.2. Defined Terms. The following
capitalized terms, as used in this Agreement, shall have the meanings set forth below. 
 “Affiliate” means, with respect
to any Person, an “affiliate” as defined in Rule 405 of the rules and regulations promulgated under the Securities Act. 

“Agreement” shall have the meaning set forth in the Preamble. 

“beneficially own” shall have the meaning ascribed to such terms in Rule 13d-3 under the Exchange Act. 

“Board of Directors” shall have the meaning set forth in the Recitals. 

“Bylaws” shall mean Company’s amended and restated bylaws in effect as of the Closing Date, as amended from time to
time. 
 “Charter” shall mean Company’s amended and restated articles of incorporation in effect as of the Closing
Date, as amended from time to time. 
 “Closing Date” shall have the meaning set forth in the Recitals. 

“Common Stock” shall have the meaning set forth in the Recitals, together with any shares of stock or other securities issued
or issuable with respect thereto (whether by way of a stock dividend or stock split or in exchange for or in replacement or upon conversion of such shares or otherwise in connection with a combination of shares, recapitalization, merger,
consolidation or other corporate reorganization). 
 “Company” shall have the meaning set forth in the Preamble and shall
include any successor thereto. 
 “Director” shall mean a member of the Board of Directors. 

“Effective Time” shall have the meaning set forth in the Preamble. 

“Exchange Act” shall mean the Securities Exchange Act of 1934 and the rules and regulations thereunder. 

“Initial Public Offering” shall have the meaning set forth in the Recitals. 

“Law” means any applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order, decree,
ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a Governmental Authority and shall include, for the avoidance of any doubt, the Tennessee Business Corporation Act and the listing
or other standards of any applicable stock exchange 

  
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 “Necessary Action” shall mean, with respect to a specified result, all actions
(to the extent such actions are permitted by Law and, in the case of any action by Company that requires a vote or other action on the part of the Board of Directors, to the extent such action is consistent with the fiduciary duties that the Board
of Directors may have in such capacity) necessary or desirable to cause such result, including (i) attending meetings in person or by proxy for purposes of obtaining a quorum, (ii) voting or providing a written consent or proxy with
respect to Shares, (iii) causing the adoption of resolutions and amendments to the organizational documents of Company, (iv) executing agreements and instruments and (v) making, or causing to be made, with governmental, administrative
or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 
 “Permanent
Disability” shall mean the inability of the Shareholder, as reasonably determined by the Company, to perform the essential functions of his regular duties and responsibilities under this Agreement, with or without reasonable accommodation,
due to a medically determinable physical or mental illness which has lasted (or can reasonably be expected to last) for a period of twelve (12) consecutive months. At the request of Shareholder or his personal representative, the determination
by the Company that the Permanent Disability of Shareholder has occurred shall be certified by a physician mutually agreed upon by the Shareholder, or his personal representative, and the Company. 

“Person” shall mean an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization, government (or agency or political subdivision thereof) or any other entity or group (as defined in Section 13(d) of the Exchange Act). 

“Registration Rights Agreement” shall mean that certain Registration Rights Agreement dated as of
                         , 2016 by and between the Company and the Shareholder. 

“Removal Notice” shall have the meaning as set forth in Section 3.1(c)(i). 

“Securities Act” shall mean the Securities Act of 1933 and the rules and regulations thereunder. 

“Shareholder” shall have the meaning set forth in the Preamble. 

“Shareholder Designee” shall have the meaning as set forth in Section 3.1(a)(i). 

“Shares” shall mean, at any time, (i) Common Stock and (ii) any other equity securities now or hereafter issued by
Company, together with any options thereon and any other shares of stock or other securities issued or issuable with respect thereto (whether by way of a stock dividend, stock split or in exchange for or in replacement or upon conversion of such
shares or otherwise in connection with a combination of shares, recapitalization, merger, consolidation or other corporate reorganization). 

“Total Number of Directors” shall have the meaning as set forth in Section 3.1(a)(i). 

  
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 SECTION 2.    REPRESENTATIONS AND WARRANTIES 

2.1. Representations and Warranties of the Shareholder. The Shareholder hereby individually represents, warrants and covenants to
Company as follows: (a) the Shareholder has full legal capacity to enter into this Agreement and perform its obligations hereunder; (b) this Agreement constitutes the valid and binding obligation of the Shareholder enforceable against the
Shareholder in accordance with its terms; and (c) the execution, delivery and performance by the Shareholder of this Agreement does not and will not: (i) violate any Law, rules or regulations of the United States or any state or other
jurisdiction applicable to the Shareholder, or require the Shareholder to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii) constitute a breach of or default under any
material agreement to which the Shareholder is a party. 
 2.2. Representations and Warranties of Company. Company hereby
represents, warrants and covenants to the Shareholder as follows: (a) Company has full corporate power and authority to enter into this Agreement and perform its obligations hereunder; (b) this Agreement constitutes the valid and binding
obligation of Company enforceable against it in accordance with its terms; and (c) the execution, delivery and performance by Company of this Agreement does not and will not: (i) violate any Law, rules or regulations of the United States
or any state or other jurisdiction applicable to Company, or require Company to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii) result in a breach of, constitute a
default under, accelerate any obligation under or give rise to a right of termination of any indenture or loan or credit agreement or any other material agreement, contract, instrument, mortgage, lien, lease, permit, authorization, order, writ,
judgment, injunction, decree, determination or arbitration award to which Company is a party or by which the property of Company is bound or affected, or result in the creation or imposition of any mortgage, pledge, lien, security interest or other
charge or encumbrance on any of the assets or properties of Company. 
 SECTION 3.    BOARD MATTERS 

3.1. Board of Directors. Effective as of the Closing Date: 

(a) Rights to Designate. The Shareholder hereby agrees to vote, or cause to be voted, all of its Shares, at any annual or special
meeting, by written consent, or otherwise, and will take all Necessary Actions within the Shareholder’s control, and Company will take all Necessary Actions within its control, to cause the authorized number of directors on the Board of
Directors to be established and remain between 5 and 9, with such number approved pursuant to the Bylaws and Charter, and the Shareholder shall have the right, but not the obligation, to elect or appoint or cause to be elected or appointed to the
Board of Directors and cause to be continued in office: 
 (i) Equal to: (A) up to a majority of the total number of
directors comprising the Board of Directors (the “Total Number of Directors”), so long as the Shareholder beneficially owns, directly or indirectly, more than 50% of the then outstanding shares of Common Stock; (B) up to 40% of the
Total Number of 

  
 4 

 
Directors, in the event that the Shareholder beneficially owns, directly or indirectly, more than 40%, but less than or equal to 50%, of the then outstanding shares of Common Stock; (C) up to 30%
of the Total Number of Directors, in the event that the Shareholder beneficially owns, directly or indirectly, more than 30%, but less than or equal to 40%, of the then outstanding shares of Common Stock; (D) up to 20% of the Total Number of
Directors, in the event that the Shareholder beneficially owns, directly or indirectly, more than 20%, but less than or equal to 30%, of the then outstanding shares of Common Stock; (E) up to 10% of the Total Number of Directors, in the event that
the Shareholder beneficially owns, directly or indirectly, at least 5% of the then outstanding shares of Common Stock; and (F) no directors in the event that the Shareholder beneficially owns, directly or indirectly, less than 5% of the then
outstanding shares of Common Stock. For purposes of calculating the number of directors that the Shareholder is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the
nearest whole number (e.g., 1 1⁄4 Directors shall equate to two Directors) and any such calculations shall be made on a pro forma basis, including, for the
avoidance of doubt, taking into account any increase in the size of the Board of Directors. In the event that the Shareholders has nominated less than the total number of designees the Shareholder shall be entitled to nominate pursuant to this
Section 3.1(a), the Shareholder shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case, the Board of Directors shall take all Necessary Action to (x) increase the size of the Board
of Directors as required to enable the Shareholder to so nominate such additional designees and (y) designate such additional designees nominated by the Shareholder to fill such newly-created vacancies. Each such designee whom the Shareholder
shall actually nominate pursuant to this Section 3.1(a) and is thereafter elected to the Board of Directors to serve as a Director shall be referred to herein as a “Shareholder Designee”;

(ii) the chief executive officer of Company and its subsidiaries, who initially shall be Christopher T. Holmes, shall
serve on the Board of Directors of the Company; and 
 (iii) each additional designee shall be filled as provided in the
Charter and Bylaws. 
 Company shall cause the individuals designated in accordance with this Section 3.1(a) to be nominated for
election to the Board of Directors, shall solicit proxies in favor thereof, and at each meeting of the shareholders of Company at which directors of Company are to be elected, shall recommend that the shareholders of Company elect to the Board of
Directors each such individual nominated for election at such meeting. 
 (b) Initial Shareholder Designees. The initial
Shareholder Designees pursuant to the provisions of Section 3.1(a)(i) of this Agreement shall be the Shareholder, Orrin H. Ingram and Stuart C. McWhorter. Any remaining undesignated Shareholder Designees shall be designated by the Shareholder
at such time as they shall determine. 

  
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 (c) Removal and Replacement. 

(i) The Shareholder may remove a Shareholder Designee by sending a written notice to Company’s Secretary stating the
name of the designee to be removed from the Board of Directors (the “Removal Notice”) and, upon receipt of such notice by Company’s Secretary, such designee shall be deemed to have resigned from the Board of Directors (and such
a designee shall only be removed in such manner). 
 (ii) If at any time any Shareholder Designee ceases to serve on the
Board of Directors (whether due to death, disability, resignation, removal or otherwise), the Shareholder shall designate or nominate a successor to fill the vacancy created thereby on the terms and subject to the conditions of Section 3.1(a)
of this Agreement, and the Company will take all Necessary Actions within its control, to cause the designated successor to be elected to fill such vacancy. In the event that the Shareholder does not, pursuant to Section 3.1(a) of this
Agreement, have the right to designate an individual to fill such vacancy, then such vacancy shall be filled as provided in the Charter and the Bylaws. 

(d) Expenses. Each Director shall be entitled to reimbursement from Company for his or her
reasonable out-of-pocket expenses (including travel) incurred in attending any meeting of the Board of Directors or any committee thereof or governing body of any subsidiary of Company or any committee thereof. 

3.2. Committees of the Board of Directors. For so long as the Company qualifies as a “controlled company” under
applicable listing standards and subject to applicable Law, the Shareholder shall have the right, but not the obligation, to designate (a) a majority of the members of any Nominating and Corporate Governance Committee or similar committee of
the Board of Directors and (b) up to two members of any Compensation Committee or similar committee of the Board of Directors. In the event that the Company no longer qualifies as a “controlled company” under applicable listing
standards, the Shareholder shall continue to have the right to designate at least one member of each such committee of the Board of Directors for so long as permitted under applicable Law; provided, however, the Shareholder shall cease
to have such right to designate a committee member in the event that the Shareholder ceases to have the right to designate a Director pursuant to Section 3.1(a) of this Agreement. 

3.3. Additional Management Provisions. 

(a) The Shareholder and Company hereby agree, notwithstanding anything to the contrary in any other agreement or at law or in equity,
that, to the maximum extent permitted by Law, when the Shareholder takes any action under this Agreement to give or withhold its consent, the Shareholder shall have no duty (fiduciary or other) to consider the interests of

  
 6 

 
Company and may act exclusively in its own interest in its capacity as a Shareholder and shall have only the duty to act in good faith; provided, however, that the
foregoing shall in no way affect the obligations of the parties hereto to comply with the provisions of this Agreement. 
 (b) The
provisions of this Agreement shall be controlling if any such provisions or the operation thereof conflict with the provisions of Company’s Bylaws. Each of the parties covenants and agrees to take all Necessary Actions within its control to
ensure that the Charter and Bylaws do not, at any time, conflict with the provisions of this Agreement. 
 (c) For so long as Company
qualifies as a “controlled company” under the applicable listing standards then in effect, Company will elect to be a “controlled company” for purposes of such applicable listing standards, and will disclose in its annual meeting
proxy statement that it is a “controlled company” and the basis for that determination. Company and the Shareholder acknowledge and agree that, as of the date of this Agreement, Company is a “controlled company.” After Company
ceases to qualify as a “controlled company” under applicable listing standards then in effect, the Shareholder acknowledges that a sufficient number of their designees will be required to qualify as “independent directors” to
ensure that the Board of Directors complies with such applicable listing standards in the time periods required by the applicable listing standards then in effect, and shall discuss and use commercially reasonable efforts to agree upon appropriate
changes to their designees consistent with the foregoing. 
 3.4. Company. Company will not give effect to any action by
the Shareholder which is in contravention of this Section III. 
 SECTION 4.    MISCELLANEOUS PROVISIONS 

4.1. Confidentiality. The Shareholder agrees that it will keep confidential and will not disclose, divulge or use for any
purpose, other than to monitor its investment in Company and its subsidiaries, any confidential information obtained from the Company, unless such confidential information (a) is known or becomes known to the public in general (other than as a
result of a breach of any confidentiality obligation by the Shareholder or its Affiliates), (b) is or has been independently developed or conceived by the Shareholder without use of Company’s confidential information or (c) is or has
been made known or disclosed to the Shareholder by a third party (other than an Affiliate of the Shareholder) without a breach of any confidentiality obligations such third party may have to Company that is known to the Shareholder;
provided, that, the Shareholder may disclose confidential information (i) to its attorneys, accountants, consultants and other professional advisors to the extent necessary to obtain their services in connection with monitoring
its investment in the Company, (ii) to any prospective purchaser of any Shares from the Shareholder as long as such prospective purchaser agrees to be bound by the provisions of this Section 4.1 as if a Shareholder, (iii) to any
Affiliate, partner, member, limited partners, prospective partners or related investment fund of the Shareholder and their respective directors, employees, consultants and representatives, in each case in the ordinary course of business (provided
that the recipients of such confidential information are subject to a customary confidentiality and non-disclosure obligation), (iv) as may be reasonably determined by the Shareholder to be necessary in connection with the Shareholder’s
enforcement of its rights in connection with this Agreement or its investment in the Company and its 

  
 7 

 
subsidiaries, or (v) as may otherwise be required by Law or legal, judicial or regulatory process, provided that the Shareholder takes reasonable steps to
minimize the extent of any required disclosure described in this clause (v); and provided, further, that the acts and omissions of any Person to whom the Shareholder may disclose confidential information pursuant to clauses
(i) through (iii) of the preceding proviso shall be attributable to the Shareholder for purposes of determining Shareholder’s compliance with this Section 4.1. 

4.2. Reliance. Each covenant and agreement made by a party in this Agreement or in any certificate, instrument or other
document delivered pursuant to this Agreement is material, shall be deemed to have been relied upon by the other parties and shall remain operative and in full force and effect after the Closing Date regardless of any investigation. This Agreement
shall not be construed so as to confer any right or benefit upon any Person other than the parties hereto and their respective successors and permitted assigns. 

4.3. Access to Agreement; Amendment and Waiver; Actions of the Board. Any party may waive in writing any provision hereof
intended for its benefit, provided, that, in the case of any waiver by Company, such waiver is consented to in writing by the Shareholder. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate
as a waiver thereof. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to any party at law or in equity or otherwise. This Agreement may be amended with the prior written consent of the
Shareholder. 
 4.4 Notices. All notices, requests, demands and other communications provided for hereunder shall be in
writing and mailed (by first class registered or certified mail, postage prepaid), sent by express overnight courier service, or delivered to the applicable party at the respective address indicated below: 

If to Company: 
 FB
Financial Corporation 
 211 Commerce Street, Suite 300 

Nashville, TN 37201 
 Attn:
General Counsel 
 If to the Shareholder: 

James W. Ayers 
 [Address] 

All such notices, requests, demands and other communications shall, when mailed, telegraphed or sent, respectively, be effective (i) two
days after being deposited in the mail or (ii) one day after being deposited with the express overnight courier service, respectively, addressed as aforesaid. 

  
 8 

 4.5. Counterparts. This Agreement may be executed in two or more counterparts, and
delivered via facsimile, .pdf or other electronic transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. 

4.6. Remedies; Severability. It is specifically understood and agreed that any breach of the provisions of this Agreement
by any party will result in irreparable injury to the other parties, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other legal or equitable remedies which they may have, such other parties
may enforce their respective rights by actions for specific performance or injunctive relief (to the extent permitted at law or in equity). If any one or more of the provisions of this Agreement, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein are not to be in any way impaired thereby,
it being intended that all of the rights and privileges of the parties be enforceable to the fullest extent permitted by Law. 
 4.7.
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement as to the subject matter hereof and, together with the Registration Rights Agreement and the Charter, intended to be complete and
exclusive statement of the agreement and understanding of the parties with respect to that subject matter, and supersedes all prior agreements and undertakings among the parties hereto with regard to such subject matter. 

4.8. Termination. This Agreement shall terminate (a) if the Initial Public Offering is not consummated by December 31,
2016, or (b) on the earlier of (i) death or the Permanent Disability of the Shareholder or (ii) such date as the Shareholder, in the aggregate, holds less than 5% of the outstanding shares of Common Stock. 

4.9. Governing Law. This Agreement is to be construed and enforced in accordance with the laws of the State of Tennessee,
without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. 

4.10. Successors and Assigns; Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties
and the respective successors and assigns of the parties as contemplated herein, and shall also apply to any Common Stock acquired by the Shareholder after the date hereof; provided, that neither this Agreement nor any right
arising under this Agreement may be assigned by any party hereto without the prior written consent of the Shareholder, and any attempted assignment, without such consent, will be null and void. Any successor to Company by way of merger or otherwise
must specifically agree to be bound by the terms hereof as a condition of such succession. 
 4.11. Consent to Jurisdiction;
WAIVER OF JURY TRIAL. 
 (a) Each of the parties hereto irrevocably and unconditionally consents to the sole and exclusive
jurisdiction of the state and federal courts located in Nashville, Tennessee to resolve all disputes, claims or controversies arising out of or relating to this Agreement or any 

  
 9 

 
other agreement executed and delivered pursuant to or in connection with this Agreement or the negotiation, breach, validity, termination or performance hereof and thereof or the transactions
contemplated hereby and thereby and agrees that it will not bring any such action in any court other than the federal or state courts located in Nashville, Tennessee. Each party further irrevocably waives any objection to proceeding in such courts
based upon lack of personal jurisdiction or to the laying of venue in such courts and further irrevocably and unconditionally waives and agrees not to make a claim that such courts are an inconvenient forum. Each of the parties hereto hereby
consents to service of process by registered mail at the address to which notices are to be given as provided in Section 4.4 of this Agreement. Each of the parties hereto agrees that its or his submission to jurisdiction and its or his consent
to service of process by mail is made for the express benefit of the other parties hereto. The choice of forum set forth in this Section shall not be deemed to preclude the enforcement of any judgment of a Tennessee federal or state court, or the
taking of any action under this Agreement to enforce such a judgment, in any other appropriate jurisdiction. 
 (b) EACH PARTY TO THIS
AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED AND DELIVERED PURSUANT TO OR IN CONNECTION
HEREWITH OR THE NEGOTIATION, BREACH, VALIDITY, TERMINATION OR PERFORMANCE HEREOF AND THEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. FURTHER, (I) NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY SUCH ACTION AND (II) NO
PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT OR INSTRUMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH ABOVE IN THIS SECTION 4.11. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY
ENFORCED IN ALL INSTANCES. 
 4.12. Further Assurances. At any time or from time to time after the Closing Date, the
parties hereto agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence
or effectuate the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder. 
 4.13. Regulatory
Matters. Company shall and shall cause its subsidiaries to keep the Shareholder informed, on a current basis, of any events, discussions, notices or changes with respect to any criminal or regulatory investigation or action involving
Company or any of its subsidiaries, so that the Shareholder and his respective Affiliates will have the opportunity to take appropriate steps to avoid or mitigate any regulatory consequences to them that might arise from such investigation or
action. 

  
 10 

 4.14. Inconsistent Agreements. Neither Company nor the Shareholder shall enter into
any agreement or side letter with, or grant any proxy to, the Shareholder, Company or any other Person (whether or not such proxy, agreements or side letters are with holders of Common Shares that are not parties to this Agreement or otherwise) that
conflicts with the provisions of this Agreement or which would obligate such Person to breach any provision of this Agreement. 
 4.15.
Effectiveness of Agreement. Upon effectiveness of the registration statement relating to the Initial Public Offering, this Agreement shall thereupon be deemed to be in effect. However, to the extent such Initial Public Offering is
not consummated within 60 days following the effectiveness of the registration statement relating thereto, the provisions of this Agreement shall be without any force or effect. 

[SIGNATURE PAGE FOLLOWS] 

  
 11 

 IN WITNESS WHEREOF, the parties are signing this Shareholder’s Agreement as of the date
first set forth above. 
  

			
	COMPANY:
	
	FB FINANCIAL CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SHAREHOLDER:
	
	JAMES W. AYERS
		
	By:	 	  

 [Signature page to Shareholder’s Agreement]

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