Document:

EX-10.16

 EXHIBIT 10.16 

WARRANT AGREEMENT 
 The
following conditions and provisions shall be applicable to the Warrants to purchase Common Stock of Franklin Financial Network, Inc. (the “Company”) issued on             , 2007:

 Section 1. Exercise of Warrants. 

(a) This Warrant may be exercised by surrendering it, at the corporate office of the Company, with the subscription form set forth herein or on
the back of the Warrant Certificate duly executed, and by paying in full the Warrant Price for each share of Common Stock as to which the Warrant is exercised. 

(b) As soon as practicable after the exercise of the Warrant, the Company shall issue to or upon the order of the holder of such Warrant a
certificate or certificates for the number of shares of Common Stock to which he is entitled, registered in such person’s name, and if the Warrant shall not have been exercised in full, a new Warrant for the number of shares as to which the
Warrant shall not have been exercised. 
 (c) All shares of Common Stock issued upon the exercise of a Warrant shall be validly issued upon
payment of the Warrant Price for each full share of Common Stock as to which the Warrant is exercised. 
 (d) Each person in whose name any
such certificate for shares of Common Stock is issued shall be deemed for all purposes to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the
date of delivery of such certificate, except that, if the date of such surrender and payment is the date when the stock transfer books of the Company are closed, such persons shall be deemed to have become the holder of such shares at the close of
business on the next succeeding date on which the stock transfer books are opened. 
 (e) All shares of Common Stock issued upon the exercise
of a Warrant shall bear a restrictive legend substantially as follows: 
 THIS WARRANT HAS BEEN ISSUED UNDER AN EXEMPTION FROM REGISTRATION UNDER THE
FEDERAL SECURITIES ACT OF 1933 AND UNDER THE SECURITIES ACTS OF CERTAIN STATES. THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THIS WARRANT MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
REGISTRATION, OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION, UNDER THE SECURITIES ACT OF 1933. FURTHERMORE, NO OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS TO TAKE PLACE WITHOUT THE PRIOR WRITTEN APPROVAL OF COUNSEL OF THE ISSUER, OR
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933. THIS WARRANT IS NOT A BANK ACCOUNT AND IS NOT FDIC INSURED. 

 Section 2. Warrant Price. This Warrant shall entitle the bearer to purchase from the Company the
number of shares of Common Stock stated herein at the price of $12.00 per share (the “Warrant Price”). 
 Section 3. Duration of
Warrant. 
 (a) Expiration. This Warrant may be exercised, subject to the provisions of
sub-section (b), below, at any time prior to 5:00 p.m., Franklin, Tennessee, local time, on             , 2012, upon compliance with the provisions
of Section 1, above, and upon payment of the Warrant Price as set forth in Section 2, above. 
 (b) Redemption by Company.
Anything herein to the contrary notwithstanding, in the event the Common Stock of the Company is to be registered under the Securities Act of 1933 or is traded on a national securities exchange at $15.00 or more for
forty-five (45) consecutive days, the Company may redeem the Warrants at any time thereafter with not less than thirty (30) days’ written notice to the holder of such Warrant, in whole or in
part, at a redemption price of $1.00 per Warrant Share; provided, however, that the holder of this Warrant may exercise this Warrant, in whole or in part, during such thirty (30) day period. 

(c) Expiration Date. The “Expiration Date” shall be as indicated above unless redeemed by the Company pursuant to sub-section (b) above, on not less than thirty (30) days notice, in which event the Expiration Date shall be five o’clock, p.m., Franklin, Tennessee, local time, on the 30th day following notice
thereof (or in the event such day is a Saturday, Sunday, or legal holiday, on the next business day thereafter), or in the event that such notice period is greater than thirty (30) days the Expiration Date shall be that date given in such
notice, not to exceed one hundred eighty (180) days. Each Warrant not exercised on or before the Expiration Date shall become void and all rights thereunder and all rights in respective thereof shall cease at the close of business on the
Expiration Date, subject only to payment of the redemption price. 
 Section 4. Adjustments. 

(a) Stock Dividends and Split-ups. If after the issuance of this Warrant, and subject to the
provisions of sub-section (g), below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, then on
the day following the date fixed for the determination of holders of Common Stock entitled to receive such stock dividend or split-up, the number of shares issuable on exercise of this Warrant shall be increased in proportion to such increase in
outstanding shares and the then applicable Warrant Price shall be correspondingly decreased. 
 (b) Aggregation of Shares. If after
the issuance of this Warrant, and subject to the provisions of sub-section (g), below, the number of outstanding shares of Common Stock is decreased by a combination or reclassification of shares of Common
Stock then, after the combination or reclassification, the number of shares issuable on exercise of such Warrant shall be decreased in proportion to such decrease in outstanding shares and the then applicable Warrant Price shall be correspondingly
increased. 

  
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 (c) Special Stock Dividends. If after the issuance of this Warrant any class of Capital
Stock of the Company (other than Common Stock) is issued by way of a stock dividend on outstanding Common Stock, then, commencing with the day following the date fixed for the determination of holders of Common Stock entitled to receive such stock
dividend, in addition to any share of Common Stock receivable upon exercise of the Warrants, the Warrant holders shall, upon such exercise of the Warrants, be entitled to receive, as nearly as practicable, the same number of shares of dividend
stock, plus any shares issued upon any subsequent change, replacement, subdivisions, or combination thereof to which the holders would have been entitled had their Warrants been exercised immediately prior to such dividend. No adjustment in the
Warrant Price shall be made merely by virtue of the happening of any event specified in this sub-section (c). 

(d) Reorganization, etc. If after the issuance of this Warrant there is any capital reorganization, redemption, or reclassification of
the Common Stock of the Company, or consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets to another corporation shall be effected, then, as a condition of such reorganization,
redemption, reclassification, consolidation, merger, or sale, lawful and fair provision shall be made whereby the Warrant holders shall thereafter have the right to purchase and receive upon the basis and upon the terms and conditions specified in
the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, such shares of stock, securities, or assets as may be issued or payable
with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented by the Warrants had
such reorganization, reclassification, consolidation, merger, or sale not taken place, and in any such case appropriate provision shall be made with respect to the rights and interests of the Warrant holders to the end that the provisions hereof
(including, without limitation, provisions for adjustment of the Warrant Price and of the number of shares purchasable upon the exercise of the Warrants) shall thereafter be applicable, as nearly as may be in relation to any share of stock,
securities, or assets thereafter deliverable upon the exercise hereof. The Company shall not effect any such consolidation, merger, or sale unless prior to the consummation thereof the successor corporation (if other than the Company) resulting from
such consolidation or merger, or the corporation purchasing such assets, shall assume by written instrument executed and delivered to the Company the obligation to deliver to the Warrant holders such shares of stock, securities or assets as, in
accordance with the foregoing provisions, such holders may be entitled to purchase. 
 (e) Notice of Changes in Warrant. Upon any
adjustment of the Warrant Price or the number of shares issuable on exercise of a Warrant, then and in each such case the Company shall give written notice thereof to each holder of a Warrant (at the name and address as set forth on the books and
records of the Company), which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. 

  
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 (f) Other Notices. In case at any time: 

(i) the Company shall pay any dividends payable in stock upon its Common Stock or make any distribution (other than regular
cash dividends) to the holders of its Common Stock; 
 (ii) the Company shall offer for subscription pro rata to the holders
of its Common Stock any additional shares of stock of any class by other rights; 
 (iii) there shall be any capital
reorganization, redemption, or reclassification of the capital stock of the Company, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation; or 

(iv) there shall be a voluntary or involuntary dissolution, liquidation, or winding up of the Company. 

then, in any one or more of such cases, the Company shall give written notice in the manner set forth in sub-section
(e) of the date on which (A) the books of the Company shall close or a record shall be taken for such dividend, distribution, or subscription rights, or (B) such reorganization, redemption, reclassification, consolidation, merger,
sale, dissolution, liquidation, or winding up shall take place, as the case may be. Such notice shall also specify the date as of which the holders of Common Stock of record shall participate in such dividend, distribution, or subscription rights,
or shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reorganization, redemption, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding up, as the case may be. Such
notice shall be given and published at least 10 days prior to the action in question and not less than 10 days prior to the record date or the date on which the Company’s transfer books are closed in respect thereto. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of any of the matters set forth in the foregoing sub-sections (i) to (iv), both inclusive. 

(g) Limitation on Fractions. Anything in sub-sections (a) or (b), above, to the contrary
notwithstanding, upon the issuance of the Warrants cumulative adjustments in the number of shares issuable on exercise of Warrants shall be made only to the nearest multiple of one whole share, i.e., fractional shares shall be disregarded and
fractions of one-half of a share, or more, shall be treated as being one full share. 
 (h) Form
of Warrant. The form of Warrant need not be changed because of any change pursuant to this Article, and Warrants issued after such change may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this agreement. However, the Company may at any time in its sole discretion (which shall be conclusive) make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof;
and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

  
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 (i) The Company may, without the consent of the holders of the Warrants, make changes in the
Warrant that are required to cure any ambiguity or to correct any defective or inconsistent provision or clerical omission or mistake in the Warrant, add to the covenants and agreements that the Company is required to observe, or result in the
surrender of any right or power reserved to or conferred upon the Company in the Warrant, but which changes do not or will not adversely affect, alter or change the rights, privileges, or immunities of the holders of Warrants. 

Section 5. Provisions Relating to Rights of Holders of Warrants. 

(a) This Warrant does not entitle the holder hereof to any of the rights of a shareholder of the Company. 

(b) If this Warrant is lost, stolen, mutilated or destroyed, the Company, on such terms as to indemnity or otherwise as it, in its discretion
may impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), will issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. 

(c) The Company shall reserve and keep available at all times a number of its authorized but unissued shares of Common Stock that will be
sufficient to permit the exercise in full of this and all other outstanding Warrants. 
 Section 6. Transfer and Exchange of Warrants.

 (a) This Warrant has not been registered with the Securities and Exchange Commission or under the securities laws of any state. The
Warrant Stock to be issued upon the exercise of the Warrants is not anticipated to be registered under the Securities Act of 1933 or under the laws of any state. The holder of this Warrant, by its acceptance thereof, represents that the Warrant and
any Warrant Stock issued pursuant hereto have been acquired for investment and not with a view to or for resale in connection with the distribution hereof. No disposition of the Warrant or any Warrant Stock issued pursuant hereto may be made in the
absence of an effective registration statement under the Securities Act of 1933 or an opinion of counsel satisfactory to the Company to the effect that such disposition is in compliance with the Securities Act. 

(b) In compliance with sub-section (a), above, one or more Warrants may be surrendered to the Company
for exchange and, upon cancellation thereof, the Company shall deliver and exchange therefor one or more new Warrants, as requested by the holder of the cancelled Warrant or Warrants for the same aggregate number of shares as were evidenced by the
Warrant or Warrants so cancelled; subject, however, to the provisions that the Company may, as a requirement to said exchange, demand and require that the holder represent that the Warrant or Warrants, and any Warrant Stock to be issued pursuant
thereto, have been acquired for investment and not with a view to or for resale in connection with the distribution thereof. 

  
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 Section 7. Notice. 

(a) Any notice or demand to be given or made by the holder of this Warrant to the Company shall be sufficiently given or made if sent by mail, first-class or registered, postage prepaid, addressed to the Company at its principal office as set forth on the cover of this Warrant. 

(b) Any notice or demand to be given or made by the Company to or on the holder of this Warrant shall be sufficiently given or made if sent by
mail, first-class or registered, postage prepaid, addressed to such holder at the address contained in the corporate records of the Company. 

Section 8. Validity and Interpretation. The validity, interpretation and performance pursuant to this Warrant shall be governed by the law of the
State of Tennessee. 
 Dated as of             , 2007. 

 

			
	FRANKLIN FINANCIAL NETWORK, INC.
		
	By:	 	 
	Title:	 	

  
 6 

 SUBSCRIPTION FORM 

To Be Executed By The Registered Holder 
 To Exercise Warrants

 TO: FRANKLIN FINANCIAL NETWORK, INC. 
 The
undersigned registered holder hereby irrevocably elects to exercise this Warrant to purchase             Shares of Common Stock covered hereby, and requests that a certificate or
certificates for such Shares be issued in the name of: 
  
  

(Name) 
  

 
 (Address) 

 
  
  

 
 (Taxpayer Identification Number) 

and be delivered
to                                        
                                         
                                         
                                         
                       

(Name) 

at                         
                                         
                                         
                                         
                                         
                         

(Address) 
 and, if such number of shares shall
not be all the Common Stock evidenced by this Warrant, that a new Warrant for the balance of such Shares be registered in the name of and delivered to, the registered holder at the address stated below. 

Dated:
                                         
                                         
                          Signature:
                                         
                                

 
  

(Address) 
  

 
 (Taxpayer Identification Number) 

  
 7 

 Certificate No.              

FRANKLIN FINANCIAL NETWORK, INC. 

FRANKLIN, TENNESSEE 

Warrant to Purchase 

Common Stock 
 LEGEND: THIS WARRANT HAS
BEEN ISSUED UNDER AN EXEMPTION FROM REGISTRATION UNDER THE FEDERAL SECURITIES ACT OF 1933 AND UNDER THE SECURITIES ACTS OF CERTAIN STATES. THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THIS WARRANT MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION, OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION, UNDER THE SECURITIES ACT OF 1933. FURTHERMORE, NO OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS TO TAKE PLACE WITHOUT THE
PRIOR WRITTEN APPROVAL OF COUNSEL OF THE ISSUER, OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933. THIS WARRANT IS NOT A BANK ACCOUNT AND IS NOT FDIC INSURED. 

Void after 5:00 p.m. Local Time, Franklin, Tennessee,             , 2012 (“Expiration
Date”). 
 FRANKLIN FINANCIAL NETWORK, INC. (the “Company”), a Tennessee corporation, certifies and agrees that, for value
received,                                        
is entitled to purchase from the Company             shares of the Common Stock, $            par value per share, of the Company
(the number and character of such shares being subject to adjustment as provided in the Warrant Agreement, which is available from the Company) at a purchase price (the “Warrant Price”) of $12.00 per share. The Warrant Holder is entitled
to purchase such Warrant Shares, in whole or in part, at any time before the Expiration Date. 

Dated:             , 2007 

 

					
	  
	  		  	  

	President	  		  	Secretary

 SUBSCRIPTION FORM 

To be Executed by the Registered Holder 
 To Exercise Warrants

 TO:   FRANKLIN FINANCIAL NETWORK, INC. 

The undersigned registered holder hereby irrevocably elects to exercise this Warrant to Purchase
            Shares of Common Stock covered hereby, and requests that a certificate or certificates for such Shares be issued in the name of: 

 
  

(Name) 
  

 
 (Address) 

 
  
  

 
 (Taxpayer Identification Number) 

and be delivered
to                                        
                                         
                                         
                                         
                       

(Name) 

at                         
                                         
                                         
                                         
                                         
                         

(Address) 
 and, if such number of shares shall
not be all the Common Stock evidenced by this Warrant, that a new Warrant for the balance of such Shares be registered in the name of and delivered to, the registered holder at the address stated below. 

Dated:
                                         
                                         
                                      Signature:
                                         
                        
  

 
 (Address) 

 
  

(Taxpayer Identification Number)EX-10.17

 Exhibit 10.17 

FRANKLIN SYNERGY BANK 

EMPLOYMENT AGREEMENT 

RICHARD E. HERRINGTON 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made as of the 29th day of
January, 2014, between Franklin Synergy Bank, a Tennessee banking corporation (the “Bank”) and Richard E. Herrington (“Executive”). 

WHEREAS, the Executive is currently serving as the President and Chief Executive Officer of Franklin Synergy Bank; 

WHEREAS, the Executive and the Bank desire to enter into an Employment Agreement to formalize the terms and conditions of the Executive’s
employment with the Bank, which Employment Agreement supersedes all previous Employment Agreements entered into between the Bank and Executive, 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings made herein, the Bank and the Executive, each intending to be
legally bound, hereby agree as follows: 
 1. Position. The Executive shall be employed as the President and Chief Executive Officer,
and shall perform such duties as may be assigned to the Executive from time to time by the Board of Directors of the Bank or as may be set forth in the bylaws of the Bank (“Bylaws”), as the same may be amended from time to time. The
Executive’s employment will be on a full time basis at the Bank’s offices located in Franklin, Tennessee, subject to such travel as may be required from time to time to perform Executive’s duties. The Executive further agrees to
devote his full time and attention to the business of the Bank and to perform such duties as may be required of him to the best of his abilities, and will not accept any other employment while employed by the Bank without the prior written consent
of the Bank. 
 2. Term of Employment. Subject to the terms and conditions hereof, the term of this Agreement shall commence on the
Effective Date and shall continue for two (2) years. The term of this Agreement will automatically renew each day after the Effective Date for one additional day so that the term of the Agreement shall always be two (2) years unless
(i) terminated by the Employer and replaced by a mutually agreed upon arrangement; or (ii) the Board of Directors provides written notice of non-renewal to Executive; or (iii) Executive provides written notice of non-renewal to Bank.
Each party shall negotiate in good faith the terms and conditions for any replacement of this Agreement. 
 3. Compensation. The Bank
shall pay to the Executive compensation for his services during the Term of Employment as follows: 
 (a) The Executive shall
be paid a base salary of Three Hundred Twenty-one Thousand, Nine Hundred Eighty-four ($321,984.00) Dollars per annum. The Executive’s base salary shall be reviewed at least annually. Such review shall be conducted by the Board of Directors or
by the Board Personnel Committee and they may increase, but not decrease salary below the Executive’s original base salary of Three Hundred Twenty-one Thousand, Nine Hundred Eighty-four ($321,984.00) Dollars. The salary shall be paid in
accordance with the payroll policies of the Bank. 

  
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 (b) The Executive shall be entitled to reimbursement for all proper business
expenses incurred by him with respect to the business of the Bank, in the same manner and to the same extent as such expenses are reimbursed to other officers of the Bank. 

(c) The Executive shall be eligible to receive discretionary annual cash incentive/bonus payments as authorized by the Board of
Directors or the Board Personnel Committee. Executive shall also be entitled to participate in equity compensation plans as may be approved by the shareholders of the Bank in such amounts, and pursuant to such terms, as shall be authorized by the
Board of Directors in its discretion. 
 4. Benefits. The Executive shall be entitled to receive benefits, including vacation time and
insurance benefits, in accordance with the benefit policies developed for the Bank and approved by the Board of Directors. 
 5.
Disability or Disabled. If, during the Term of Employment, the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months or (ii) is by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank, the Bank may terminate the employment of the
Executive hereunder upon written notice to the Executive. In such event, the Executive shall not be entitled to any further payments or benefits under this Agreement other than payments under any disability policy which the Bank may obtain for the
benefit of its officers generally and salary accruing up to the date of termination. 
 6. Termination for Cause. The Bank may
terminate the Executive’s employment for Cause, upon written notice to the Executive which notice shall specify the reason for termination. In the event of termination for Cause, the Executive shall not be entitled to any farther payment of
benefits under the Agreement other than salary accruing up to the date of termination. For purposes of the Agreement, “Cause” shall mean: (i) the willful or repeated failure by the Executive to perform his duties hereunder or failure
to abide by the policies set forth in the Employee Handbook, after at least one warning in writing from the Bank identifying any such failure occurring not less than forty-five (45) days prior to the date notice of termination is given by the
Bank pursuant to this section; (ii) the willful misconduct of the Executive in the performance of his duties hereunder; (iii) conviction of a crime (other than a minor traffic violation); (iv) use of alcohol or other drugs which
interferes with the performance by the Executive of Executive’s duties; (v) excessive absenteeism, other than for illness, after at least one warning in writing from the Bank; (vi) the unauthorized disclosure or use of any
confidential information or proprietary data of the Bank, its parent, its subsidiaries or its affiliates; (vii) the happening of any event or existence of any circumstances which would prevent the Executive from serving as an officer of the
Bank under the Tennessee or applicable Federal banking regulations; (viii) Executive’s conduct that brings public discredit on, or injures the reputation of, Bank, in Bank’s reasonable opinion. 

  
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 7. Termination Without Cause. The Board of Directors may, at its discretion, terminate
Executive’s duties and responsibilities as President and Chief Executive Officer. Such action shall require a majority vote of the entire Board of Directors and shall be effective immediately upon delivery to Executive of written notice of this
action by the Board of Directors, or at such other time as may be agreed upon by both parties to this Agreement. Except as provided in Section 10 and Section 11 of this Agreement, following such termination of this contract, all rights,
obligations and duties of both parties relative to this Agreement shall cease and no benefits shall be payable under this Agreement. 
 8.
Voluntary Resignation. The Executive may resign from his employment with the Bank hereunder at any time during the Term for any reason upon thirty (30) days prior written notice. Except as provided in Section 9, Section 10 and
Section 11 of this Agreement, upon resignation the Executive shall not be entitled to any additional compensation for the time after which she ceases to be employed by the Bank, and shall not be entitled to any of the other benefits provided
hereunder. 
 9. Voluntary Resignation with Good Reason. The Executive may resign from his employment with the Bank hereunder with
Good Reason. For purposes of this Agreement, a voluntary resignation by the Executive shall be considered a voluntary resignation with Good Reason if the conditions stated in both clauses (x) and (y) are satisfied – 

(x) a voluntary resignation by the Executive shall be considered a voluntary resignation with Good Reason if any of the
following occur without the Executive’s advance written consent, and the term Good Reason shall mean the occurrence of any of the following without the Executive’s advance written consent – 

(1) a material diminution of the Executive’s base salary, 

(2) a material diminution of the Executive’s authority, duties, or responsibilities, 

(3) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive is required to
report, including a requirement that the Executive report to a corporate officer or employee instead of reporting directly to the board of directors, 

(4) a material change in the geographic location at which the Executive must perform services, or 

(5) any other action or inaction that constitutes a material breach by the Bank of this Agreement. 

  
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 (y) the Executive must give notice to the Bank of the existence of one or more of
the conditions described in clause (x) within 90 days after the initial existence of the condition, and the Bank shall have 30 days thereafter to remedy the condition. In addition, the Executive’s voluntary resignation because of the
existence of one or more of the conditions described in clause (x) must occur within eighteen (18) months after the initial existence of the condition. 

10. Payment upon Termination Without Cause or Voluntary Resignation with Good Reason. In the event of a Termination Without Cause as
defined above in Section 7 or a Voluntary Resignation for Good Reason as defined above in Section 9, Executive shall be entitled to receive payments equal to two (2) times his then current base salary plus two (2) times his three
(3) year average cash incentive payments. Payments made under this Section 10 shall be made monthly in accordance with the Bank’s normal payroll schedule. In addition, all unvested Stock Option Grants, Restricted Stock Awards or other
equity granted to the Executive shall become fully vested as of the date of termination regardless of the vesting schedule associated with such equity grants. 

11. Change in Control. 

(a) Upon the occurrence of a “Change in Control” (as herein defined), followed at any time during the term of this
Agreement by the involuntary termination of Executive’s employment, other than for “Cause” as defined in Section 6 hereof, or, as permitted below, upon Executive’s voluntary termination of employment within twelve
(12) months prior to a Change in Control or twenty four (24) months following a Change in Control, Executive shall become entitled to receive the payments provided for under paragraph 11(c) below. Upon the occurrence of a Change in
Control, Executive shall have the right to elect to voluntarily terminate his employment within twelve (12) months prior to a Change in Control or twenty four (24) months following a Change in Control, following any demotion, loss of
title, office or significant authority, reduction in annual compensation or benefits, or relocation of his principal place of employment by more than thirty (30) miles from its location immediately prior to the Change in Control. 

(b) A “Change in Control” shall mean: 

(i) A reorganization, merger, consolidation or sale of all or substantially all of the assets of the Bank, or any similar
transaction, in any case in which the shareholders of the Bank’s parent company (Franklin Financial Network, Inc.) prior to such transaction hold less than a majority of the voting power of the resulting entity; or 

(ii) Individuals who constitute the Incumbent Board (as herein defined) of the Bank cease for any reason to constitute a
majority thereof. For these purposes, “Incumbent Board” means the Board of Directors of the Bank on the date hereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a voting of a
majority of the directors comprising the Incumbent Board, or whose nomination for election by members or shareholders was approved by the same nominating committee serving under an Incumbent Board, shall be considered as though he were a member of
the Incumbent Board. 

  
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 (c) In the event the conditions of paragraph 9(a) above are satisfied, Executive
shall be entitled to receive payments equal to two (2) times his then current base salary plus two (2) times his three (3) year average cash incentive payments. However, in no event shall any payments provided for hereunder constitute
an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended or any successor thereto. In order to avoid such a result, the benefits provided for hereunder will be reduced, if necessary, to an
amount which is One ($1.00) Dollar less than an amount equal to three (3) times Executive’s “base amount” as determined in accordance with such Section 280G. In addition to the foregoing, Executive shall be entitled to
receive from the Bank, or its successor, hospital, health, medical and life insurance on the terms and at the cost to Executive as Executive was receiving such benefits upon the date of his termination. The Bank’s obligation to continue such
insurance benefits will be for a period of two (2) years. Payments made under this Section 10 shall be made monthly in accordance with the Bank’s normal payroll schedule. 

(d) In addition, all unvested Stock Option Grants, Restricted Stock Awards or other equity granted to the Executive shall
become fully vested as of the date of termination regardless of the vesting schedule associated with such equity grants. 
 12.
Retirement. Upon the Executive’s retirement, all unvested Stock Option Grants, Restricted Stock Awards or other equity granted to the Executive shall become fully vested as of the date of termination regardless of the vesting schedule
associated with such equity grants. 
 13. Waiver of Breach. The waiver by any party hereto of a breach of any provision of this
Agreement shall not operate nor be construed as a waiver of any subsequent breach, nor shall any waiver of any provision of this Agreement in any instance shall be deemed to be a waiver of any other provision in any other instance. 

14. Representation by Counsel. The Executive represents and warrants to the Bank that he has been advised to retain legal counsel in
connection with the preparation, negotiation and execution of the Agreement. 
 15. Governing Law, Venue, and Waiver of Right to Jury
Trial. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Tennessee, except to the extent preempted by the laws of the United States of America. The Executive and the Bank agree that the
exclusive venue for resolution of any disputes regarding or arising out of this Agreement or the Executive’s employment with the Bank shall be the state and federal courts located in Williamson County, Tennessee. The Executive and the Bank
further agree to waive any right to a jury trial with respect to any disputes regarding or arising out of this Agreement or the Executive’s employment with the Bank. The Executive and the Bank each acknowledge and agree that this selection of
venue and waiver of the right to a jury trial is knowingly, freely, and voluntarily given, is made after opportunity to consult with counsel of their choosing about this Agreement and its provisions, and is in the best interests of each party
hereto. 

  
 5 

 16. Entire Agreement; Amendment. This Agreement sets forth the entire understanding of the
parties hereto with respect to its subject matter and supersedes all prior agreements, negotiations and understandings, written or oral, with respect to matters covered hereby. The amendments or termination of this Agreement may be made only in a
writing executed by the Bank and the Executives, and no amendment or termination of the Agreement shall be effective unless and until made in such a writing. 

17. Assignment. This Agreement is personal to the Executive and the Executive may not assign any of his rights or duties hereunder, but
this Agreement shall be enforceable by the Executive’s legal representatives, executors or administrators. By an assumption agreement in form and substance satisfactory to the Executive, the Bank shall require any successor (whether direct or
indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Bank to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be
required to perform this Agreement had no succession occurred. 
 18. Severability. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and together
shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Bank has caused this Agreement to be signed by its duly authorized
officer, and the Executive has executed this Agreement, as of the day and year first written above. 
  

							
	EXECUTIVE:	  		 	FRANKLIN SYNERGY BANK
				
	 /s/ Richard E. Herrington
	  		 	By:	 	 /s/ Sally P. Kimble

	RICHARD E. HERRINGTON	  		 	SALLY P. KIMBLE
		  		 	Its: EXECUTIVE VICE PRESIDENT
		  		 	AND CHIEF FINANCIAL OFFICER

  
 6

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