Document:

EX-10.45

 Exhibit 10.45 

FRANKLIN FINANCIAL NETWORK, INC. 

2007 OMNIBUS EQUITY INCENTIVE PLAN 

(formerly the 2007 Qualified-Nonqualified Stock Option Plan) 

COMES NOW, Franklin Financial Network, Inc., a Tennessee Corporation (the “Corporation”), this 23rd day of
April, 2013, to amend and restate the Franklin Financial Network, Inc. 2007 Omnibus Equity Incentive Plan (formerly known as the Franklin Financial Network, Inc. 2007 Qualified-Nonqualified Stock Option Plan) (the “Plan”) to be
effective June 1, 2012 
 WHEREAS, the Corporation previously established the Franklin Financial Network, Inc. 2007
Qualified-Nonqualified Stock Option Plan which awarded qualified and nonqualified stock options to key employees, directors and consultants in order to advance the interests of the Corporation and its subsidiaries, including Franklin Synergy Bank
and Banc Compliance Group, Inc., by stimulating the efforts of key employees, directors and consultants, increasing their desire to continue in their employment with or services to the Corporation and its subsidiaries, assisting the Corporation and
its subsidiaries in competing effectively with other enterprises for the services of its incorporators, new employees, directors, and others necessary for the continued improvement of operations, and attracting and retaining the best possible
personnel for service as employees, officers and directors of Corporation and its subsidiaries; 
 WHEREAS, the Corporation desires
to amend and restate the Plan (i) to offer additional forms of equity compensation; (ii) to change the Plan’s name to the Franklin Financial Network, Inc. 2007 Omnibus Equity Incentive Plan to reflect the increased variety of
permissible awards; (iii) to increase the number of authorized shares to 1,500,000; and (iv) to update the document for applicable changes in the law; 

NOW, THEREFORE, the Corporation hereby amends and restates the Plan, as follows: 

1. PURPOSE. 
 The purpose of the
Plan is to promote the interests of the Corporation and its stockholders by (i) attracting and retaining key officers, employees, and directors of, and consultants to, the Corporation and its Subsidiaries and Affiliates; (ii) motivating
such individuals by means of performance-related incentives to achieve long-range performance goals; (iii) enabling such individuals to participate in the long-term growth and financial success of the Corporation; (iv) encouraging
ownership of stock in the Corporation by such individuals; and (v) linking their compensation to the long-term interests of the Corporation and its stockholders. Toward this objective, the Committee may grant stock options, SAR, Stock Awards,
cash bonuses and other incentive awards to Employees of the Corporation and its Subsidiaries and Affiliates on the terms and subject to the conditions set forth in the Plan. In addition, this Plan is intended to enable the Corporation to effectively
attract, retain and reward Outside Directors by providing for grants of Outside Director Awards to Outside Directors. No Award under this Plan (or modification thereof) shall provide for deferral of compensation that does not comply with
Section 409A of the Code unless the Committee, at the time of grant, specifically provides that the Award is not intended to comply with Section 409A of the Code. Notwithstanding any provision of this Plan to the contrary, if one or more
of the payments or benefits received or to be received by a Participant pursuant to an Award would cause the Participant to incur any additional tax or interest under Section 409A of the Code, the Committee may reform such provision to maintain
to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A of the Code. 

  
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 2. DEFINITIONS. 

2.1 “Affiliate” means any entity (other than the Corporation and any Subsidiary) that is designated by the Board as a
participating employer under the Plan, provided that the Corporation directly or indirectly owns at least 20% of the combined voting power of all classes of stock of that entity or at least 20% of the ownership interests in that entity. 

2.2 “Award” means any form of Option, SAR, Stock Award, cash bonus or other incentive award granted under the Plan, whether
singly, in combination, or in tandem, to a Participant by the Committee pursuant to terms, conditions, restrictions and limitations, if any, as the Committee may establish by the Award Notice or otherwise. 

2.3 “Award Notice” means a written notice from the Corporation to a Participant that establishes the terms, conditions,
restrictions, and limitations applicable to an Award in addition to those established by the Plan and by the Committee’s exercise of its administrative powers. In the event of a conflict between the terms of the Plan and any Award Notice, the
terms of the Plan shall prevail. The Committee shall, subject to applicable law, determine the date an Award is deemed to be granted. The Committee or, except to the extent prohibited under applicable law, its delegate(s) may establish the terms of
agreements or other documents evidencing Awards under this Plan and may, but need not, require as a condition to any such agreement’s or document’s effectiveness that such agreement or document be executed by the Participant, including by
electronic signature or other electronic indication of acceptance, and that such Participant agree to such further terms and conditions as specified in such agreement or document. 

2.4 “Board” means the Board of Directors of the Corporation. 

2.5 “Cause” means the engaging by a Participant in illegal conduct that, in the sole discretion of the Committee, is
materially and demonstrably injurious to the Corporation unless otherwise defined in an agreement between Participant and the Corporation. 

2.6 “Change In Control” means the happening of any of the following: 

a. The Corporation has actual knowledge that any person or entity other than the Corporation, a subsidiary of the Corporation,
or any employee benefit plan sponsored by the Corporation or subsidiary has acquired the beneficial ownership (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 25% or more of the then outstanding Stock; 

b. A tender offer is made to acquire securities of the Corporation entitling the holders thereof to 25% or more of the voting
power to elect directors of the Corporation; 
 c. A solicitation subject to Rule 14a-l1 under the Exchange Act (or any
successor Rule) relating to the election or removal of 50% or more of the members of the Board shall be made by any person or entity other than the Corporation; 

d. Individuals who constitute the Board immediately prior to any meeting of shareholders (the “Incumbent Board”) have
ceased for any reason to constitute at least a majority thereof; 
 e. The shareholders of the Corporation shall approve a
merger, consolidation, share exchange, division or other reorganization of the Corporation as a result of which the shareholders of the Corporation immediately prior to such transaction shall not hold, directly or indirectly, immediately following
such transaction 51% or more of the voting power to elect directors of (i) the surviving or resulting corporation in the case of a merger or consolidation, (ii) the acquiring corporation, in the case of a share exchange, or (iii) each
surviving, resulting or acquiring corporation which, immediately following such transaction, in the case of a division, holds more than 15% of the consolidated assets of the Corporation immediately preceding such transaction; or 

  
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 f. The shareholders of the Corporation shall approve a complete liquidation and
dissolution of the Corporation or the sale or other disposition of all or substantially all of the assets of the Corporation other than to a wholly-owned subsidiary of the Corporation. 

Notwithstanding the occurrence of any of the foregoing, the Board may determine, if it deems it to be in the best interest of the Corporation
and consistent with a good faith interpretation of this Plan, that an event or events otherwise constituting a Change of Control shall not be so considered. Such determination shall be effective if it is made by the Board prior to the occurrence of
an event that otherwise would be or probably will lead to a Change in Control or after such event if made by the Board a majority of which is composed of all directors who were members of the Board immediately prior to the event that otherwise would
be or probably will lead to a Change in Control. Upon such determination, such event or events shall not be deemed to be a Change in Control for any purposes under this Plan. 

2.7 “Change In Control Price” means the highest closing price per share paid for the purchase of stock in a national
securities market during the ninety day period preceding the date the Change in Control occurs, or of no such market exists, the Fair Market Value. 

2.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

2.9 “Committee” means the Compensation Committee of the Board, or any other committee designated by the Board, authorized to
administer the Plan under Section 3 of this Plan. The Committee shall consist of not less than 2 members who shall be appointed by, and shall serve at the pleasure of, the Board. The directors appointed to serve on the Committee shall be: (i)
“independent” within the meaning of the listing standards of any securities exchange or automated quotation system upon which the Common Stock is listed or quoted; (ii) “non-employee directors” (within the meaning of Rule
16b-3(b)(3) under the Exchange Act); and (iii) “outside directors” (within the meaning of Code Section 162(m) and its related regulations). However, the mere fact that a Committee member fails to qualify under any of the
foregoing requirements shall not invalidate any Award made by the Committee if the Award is otherwise validly made under the Plan. 
 2.10
“Common Stock” means the $0.001 par value common stock of the Corporation, 
 2.11 “Corporation” means
Franklin Financial Network, Inc. or any successor. 
 2.12 “Consultant” shall mean any consultant to the Corporation or its
Subsidiaries or Affiliates. 
 2.13 “Covered Employee” means an individual who is, with respect to the Corporation, an
individual defined in Code Section 162(m)(3). 
 2.13 “Director” means an individual who is a member of the Board. 

2.14 “Disability” means an individual: (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 twelve (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 twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering employees or directors of the Corporation. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan
covering Employees or Directors of the Corporation provided that the definition of “disability” applied under such disability insurance program complies with the requirements of the preceding sentence. Upon the request of the plan
administrator, the Employee must submit proof to the plan administrator of the Social Security Administration’s or the provider’s determination. 

  
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 2.15 “Effective Date” is defined in Section 6. 

2.16 “Employee” means an employee or prospective employee of the Corporation, a Subsidiary or an Affiliate. 

2.17 “Exchange Act” means the Securities and Exchange Act of 1934, as amended from time to time. 

2.18 “Exercise Price” means the purchase price payable to purchase one Share upon the exercise of an Option or the price by
which the value of a SAR shall be determined upon exercise, pursuant to Section 2.30. 
 2.19 “Fair Market Value” means the
closing price of the shares of Stock on a national securities exchange on which it is principally traded on the day on which such value is to be determined or, if no shares were traded on such day, on the next preceding day on which shares of Stock
were traded, as reported by the National Quotation Bureau, Inc. or other national quotation service. If the shares are not traded on a national securities exchange but are traded in the over-the-counter market, Fair Market Value of Stock means the
closing “asked” price of the shares in the over-the-counter market on the day on which such value is to be determined or, if such “asked” price is not available, the last sales price on such day or, if no shares of Stock were
traded on such day, on the next preceding day on which shares of Stock were traded, as reported by the National Association of Securities Dealers Automated Quotation System (NASDAQ) or other national quotation service. If the Stock is traded neither
on a national securities exchange nor in the over-the-counter market, the Fair Market Value of Stock shall be determined based upon such factors as the Board or Committee, as applicable, shall reasonably deem appropriate, including without
limitation prices or values at which the Stock has most recently been issued to third parties or redeemed or purchased from shareholders, and which shall be in accordance with Treas. Reg. Section 1.409A-l(b)(5)(iv). 

2.20 “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. 
 2.21
“Incentive Stock Option” means an option to purchase Common Stock from the Corporation that is granted under Section 8 of the Plan and that is intended to meet the requirements of Section 422 of the Code or any successor
provision thereto. To the extent the aggregate Fair Market Value (determined at the time the Incentive Stock Option is granted) of the Common Stock with respect to which all Incentive Stock Options are exercisable for the first time by an Employee
during any calendar year (under all plans described in subsection (d) of Section 422 of the Code of the Employee’s employer corporation and its parent and Subsidiaries) exceeds $100,000, such Options shall be treated as Non-Qualified
Stock Options. 
 2.22 “Non-Qualified Stock Option” shall mean an option to purchase Common Stock from the
Corporation that is granted under Section 8 or 24 of the Plan and is not intended to be an Incentive Stock Option. 
 2.23
“Option” means an Incentive Stock Option or a Non-Qualified Stock Option. 
 2.24 “Outside Director”
means a member of the Board who is not an officer or employee of the Corporation or any Subsidiary or Affiliate of the Corporation. 

2.25 “Outside Director Award” means either a Director Option or a Director Stock Award or combination thereof awarded
to an Outside Director under Section 24. 

  
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 2.26 “Participant” means any individual to whom an Award has been granted by the
Committee under this Plan. 
 2.27 “Qualified Performance-Based Award” means (i) any Option or SAR granted under the
Plan, or (ii) any other Award that is intended to qualify for the Section 162(m) Exemption and is made subject to performance goals based on Qualified Performance Measures as set forth in Section 12. 

2.28 “Qualified Performance Measures” means 1 or more of the performance measures listed in Section 12.2 upon which
performance goals for certain Qualified Performance-Based Awards may be established by the Committee. 
 2.29 “Restricted
Stock” means a share of Common Stock subject to restrictions, as the Committee may determine in accordance with Plan Section 10. 

2.30 “SAR” is an Award that shall entitle the recipient to receive, with respect to each share of Common Stock encompassed by
the exercise of the SAR, a payment equal to the excess of the Fair Market Value on the date of exercise over the Fair Market Value on the date of grant. 

2.31 “Section 162(m)” means Section 162(m) of the Code and the regulations promulgated thereunder and any successor provision
thereto as in effect from time to time. 
 2.32 “Section 162(m) Cash Maximum” means $5,000,000. 

2.33 “Section 162(m) Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m) that
is set forth in Section 162(m)(4)(C) of the Code or any successor provision thereto. 
 2.34 “Section 16” means
Section 16 of the Exchange Act and the rules promulgated thereunder and any successor provision thereto as in effect from time to time. 

2.35 “Section 16 Insider” means a Participant who is subject to the reporting requirements of Section 16 as a result of
the Participant’s position with the Corporation. 
 2.36 “Stock Award” means an Award granted pursuant to
Section 10 in the form of shares of Common Stock or restricted shares of Common Stock. 
 2.37 “Subsidiary” means a
corporation or other business entity in which the Corporation directly or indirectly has an ownership interest of 50% or more, which shall include Franklin Synergy Bank and Banc Compliance Group, Inc. 

3. ADMINISTRATION. 
 The Plan shall
be administered by the Committee. The Committee shall have the discretionary authority to: (a) interpret the Plan; (b) establish any rules and regulations it deems necessary for the proper operation and administration of the Plan;
(c) select persons to become Participants and receive Awards under the Plan; (d) determine the form of an Award, whether an Option, SAR, Stock Award, cash bonus, or other incentive award established by the Committee, the number of shares
subject to the Award, all the terms, conditions, restrictions and limitations, if any, of an Award, including the time and conditions of exercise or vesting, and the terms of any Award Notice; (e) determine whether Awards should be granted
singly, in combination or in tandem; (f) grant waivers of Plan terms, conditions, restrictions and limitations; (g) accelerate the vesting, exercise or payment of an Award or the performance period of an Award in the event of a
Participant’s termination of employment or when that action or actions would be in the best interests of the Corporation; (h) establish such other types of Awards, besides those specifically enumerated in Section 2.2, which the
Committee determines 

  
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are consistent with the Plan’s purpose; and (i) take all other action it deems necessary or advisable for the proper operation or administration of the Plan. Subject to Section 21,
the Committee also shall have the authority to grant Awards in replacement of Awards previously granted under the Plan or any other executive compensation plan of the Corporation or a Subsidiary. All determinations of the Committee shall be made by
a majority of its members, and its determinations shall be final, binding and conclusive on all persons, including the Corporation and Participants. 

The Committee, in its discretion, may delegate its authority and duties under the Plan to the Chief Executive Officer or to other senior
officers of the Corporation under conditions and limitations the Committee may establish; however, only the Committee may select, grant, and establish the terms of Awards to Section 16 Insiders or Covered Employees. 

4. ELIGIBILITY. 
 Any Employee,
Director or Consultant shall be eligible to be designated a Participant; provided, however, that Non-Employee Directors shall only be eligible to receive Awards granted consistent with Section 24. 

5. NUMBER OF SHARES AVAILABLE. 

Subject to adjustment as provided in Section 16 of the Plan, the maximum number of shares of Common Stock that shall be available
for grant of Awards under the Plan (including incentive stock options) during its term shall not exceed 1,500,000 shares. Any shares of Common Stock related to Awards that are settled in cash in lieu of Common Stock shall be available again for
grant under the Plan. Similarly, any shares of Common Stock related to Awards that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of the related shares or are exchanged with the Committee’s permission for
Awards not involving Common Stock, shall be available again for grant under the Plan. Further, any shares of Common Stock that are used by a Participant for the full or partial payment to the Corporation of the purchase price of Common Stock upon
exercise of a stock option, or for withholding taxes due as a result of that exercise, shall again be available for Awards under the Plan. Notwithstanding any provision in the Plan to the contrary, and subject to adjustment as provided in
Section 16 hereof, no Participant may receive Options, SARs, or Stock Awards under the Plan during any one calendar year under the Plan in any calendar year that, taken together, relate to more than 200,000 shares of Common Stock. For
purposes of this limitation, forfeited, canceled or repriced shares granted to a Participant in any given calendar year shall continue to be counted against the maximum number of shares that may be granted to that Participant in that calendar year.
The shares of Common Stock available for issuance under the Plan may be authorized and unissued shares. 
 6. EFFECTIVE DATE; TERM. 

The Plan was originally effective April 9, 2007 (“Effective Date”), the date on which the Board of the Corporation approved the
Plan, and was properly approved of by stockholders within the subsequent twelve-month period. This amendment and restatement of the Plan shall effective June 1, 2012, subject to the approval of at least a majority vote of stockholders voting in
person or by proxy at a duly held stockholders’ meeting, or if the provisions of the corporate charter, by-laws or applicable state law prescribes a greater degree of stockholder approval for this action, the approval by the holders of that
percentage, at a duly held meeting of stockholders within one year following the effective date. No Options intended to be Incentive Stock Options may be granted after the tenth anniversary of the original Effective Date of the Plan. This Plan shall
remain in effect until terminated by action of the Board. 

  
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 7. PARTICIPATION. 

The Committee shall select, from time to time, Participants from those Employees and Consultants who, in the opinion of the Committee, can
further the Plan’s purposes. Once a Participant is selected, the Committee shall determine the type or types of Awards to be made to the Participant and shall establish in the related Award Notices the terms, conditions, restrictions and
limitations, if any, applicable to the Awards in addition to those set forth in the Plan and the administrative rules and regulations issued by the Committee. 

8. STOCK OPTIONS. 
 8.1
Grants. Awards may be granted in the form of Options. Options may be Incentive Stock Options, other tax-qualified stock options, or Non-Qualified Stock Options, or a combination of any of those. 

8.2 Terms and Conditions of Options. An Option shall be exercisable in whole or in such installments and at the times determined
by the Committee, The Committee also shall determine the performance or other conditions, if any, which must be satisfied before all or part of an Option may be exercised. The price at which Common Stock may be purchased upon exercise of a stock
option shall be established by the Committee, but such price shall not be less than 110% of the Fair Market Value of the Common Stock on the date the Option is granted in the case of Incentive Stock Options when the Employee to whom the option is to
be granted owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Corporation or of any of its Subsidiaries (a “Ten Percent Owner”), and in the case of all Options other than Incentive Stock
Options, not less than 100% of the Fair Market Value of the Common Stock on the date the Option is granted. Each Option shall expire not later than 10 years (or, in the case of an Incentive Stock Option granted to a Ten Percent Owner, not later than
5 years) from its date of grant. 
 8.3 Restrictions Relating to Incentive Stock Options. Incentive Stock Options shall,
in addition to being subject to all applicable terms, conditions, restrictions and limitations established by the Committee, comply with Section 422 of the Code. Accordingly, Incentive Stock Options may only be granted to Employees who are
employees of the Corporation or a Subsidiary, and the aggregate market value (determined at the time the option was granted) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during
any calendar year (under the Plan or any other plan of the Corporation or any of its Subsidiaries) shall not exceed $100,000 (or other limit required by the Code). Except with respect to Ten Percent Owners, each Incentive Stock Option shall expire
not later than 10 years from its date of grant. No Incentive Stock Option may be exercisable more than three (3) months after a Participant ceases to be an Employee. 

8.4 Additional Terms and Conditions. The Committee may, by way of the Award Notice or otherwise, establish other terms,
conditions, restrictions and limitations, if any, on any Option, provided they are not inconsistent with the Plan. Without limiting the generality of the foregoing, Options may provide for the automatic granting of new options (“reload
options”) at the time of exercise. 
 8.5 Exercise. The Committee shall determine the methods by which the Exercise
Price of an Option may be paid, the form of payment, including, without limitation, cash, shares of Common Stock, or other property (including “cashless exercise” arrangements, so long as they do not in any way conflict with the
requirements of applicable law), and the methods by which shares of Common Stock shall be delivered or deemed to be delivered by Participants. If, however, shares of Common Stock are used to pay the Exercise Price of an Option, those shares must
have been held by the Participant for at least 6 months (or any shorter or longer period necessary to avoid a charge to the Corporation’s earnings for financial reporting purposes). 

9. STOCK APPRECIATION RIGHTS. 

9.1 Grants. Awards may be granted in the form of SARs. The SAR may be granted in tandem with all or a portion of a related Option
under the Plan (“Tandem SARs”), or may be granted separately (“Freestanding SARs”). A Tandem SAR may be granted either at the time of the grant of the related Option or at any time thereafter during the term of the Option. In the
case of SARs granted in tandem with Options granted prior to the grant of the SARs, the appreciation in value is the difference between the option price of the related stock option and the Fair Market Value of the Common Stock on the date of
exercise. 

  
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 9.2 Terms and Conditions of Tandem SARs. A Tandem SAR
shall be exercisable to the extent, and only to the extent, that the related Option is exercisable, and the “exercise price” of that SAR (the base from which the value of the SAR is measured at its exercise) shall be the Exercise Price
under the related Option. If a related Option is exercised as to some or all of the shares of Common Stock covered by the Award, the related Tandem SAR, if any, shall be canceled automatically to the extent of the number of shares of Common Stock
covered by the Option exercise. Upon exercise of a Tandem SAR as to some or all of the shares of Common Stock covered by the Award, the related Option shall be canceled automatically to the extent of the number of shares of Common Stock covered by
the exercise. 
 9.3 Terms and Conditions of Freestanding SARs. Freestanding SARs shall be exercisable in whole or in the
installments and at the times determined by the Committee. Freestanding SARs shall have a term specified by the Committee, in no event to exceed 10 years. The Exercise Price of a Freestanding SAR shall also be determined by the Committee; however,
that price shall not be less than 100% of the Fair Market Value on the date of grant of the Freestanding SAR of the number of shares of Common Stock to which the Freestanding SAR relates. The Committee also shall determine the Qualified Performance
Measures or other conditions, if any, that must be satisfied before all or part of a Freestanding SAR may be exercised. 
 9.4
Deemed Exercise. The Committee may provide that an SAR shall be deemed to be exercised at the close of business on the scheduled expiration date of the affected SAR if at that time the SAR by its terms remains exercisable and, if so
exercised, would result in a payment to the holder of the SAR. 
 9.5 Additional Terms and Conditions. The Committee
may, by way of the Award Notice or otherwise, determine such other terms, conditions, restrictions and limitations, if any, of any SAR Award, provided they are not inconsistent with the Plan. 

 

	10.	RESTRICTED STOCK AWARDS. 

 10.1 Grants. Awards may be granted in the
form Restricted Stock. Restricted Stock Awards shall be awarded in such numbers and at such times during the term of the Plan as the Committee shall determine and shall be made in actual shares of Common Stock. 

10.2 Award Restrictions. Restricted Stock shall be subject to terms, conditions, restrictions, and limitations, if any, the
Committee deems appropriate including, without limitation, restrictions on transferability and continued employment of the Participant. The Committee also shall determine the Qualified Performance Measures or other conditions, if any, that must be
satisfied before all or part of the applicable restrictions lapse. The Committee may, at its discretion, waive all or any part of the restrictions applicable to any or all outstanding Restricted Stock Awards. 

10.3 Rights as Shareholder. During the period in which any restricted shares of Common Stock are subject to restrictions imposed
pursuant to Section 10.2, the Participant to whom restricted shares have been awarded shall generally have the rights and privileges of a stockholder as to such Common Stock,, including the right to receive dividends and the right to vote such
shares, subject to the following restrictions: (i) the Participant shall not be entitled to delivery of the stock certificate until the expiration of the restricted period and the fulfillment of any other restrictive conditions set forth in the
Award Notice with respect to such Common Stock; (ii) none of the Common Stock represented by the Award may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of during such restricted period or until after
the fulfillment of any such other restrictive conditions; and (iii) except as otherwise determined by the Committee at or after grant, all of the shares of Common Stock subject to the Award shall be forfeited and all rights of the Participant
to such Common Stock shall terminate, without further obligation on the part of the Corporation, unless the Participant remains in the continuous employment of the Corporation for the entire restricted period in relation to which such shares of
Common Stock were granted and unless any other restrictive conditions relating to the restricted Share Award are met. Unless otherwise provided in the applicable Award Notice, any shares of Common Stock, any other securities of the Corporation and
any other property (except for cash dividends) 

  
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distributed with respect to the Common Stock subject to restricted Stock Awards shall be subject to the same restrictions, terms and conditions as such Restricted Stock Award including the right
vote such Common Stock. Cash dividends with respect to the Common Stock subject to a Restricted Stock Award shall be currently paid to the Participant. 

10.4 Evidence of Award. Subject to Section 10.5, any Restricted Stock Award granted under the Plan shall be evidenced
by issuance of a stock certificate or certificates or, in the discretion of the Committee, through issuance of instructions to the Corporation’s transfer agent to issue the shares of Common Stock subject to the Award in book-entry
(uncertificated) form on the books and records of the transfer agent through the Direct Registration System (“DRS”) or any successor system. 

10.5 Delivery of Shares and Transfer Restrictions. Upon issuance of a certificate evidencing a Restricted Stock Award, such
certificate shall be held by the Corporation or any custodian appointed by the Corporation for the account of the Participant subject to the terms and conditions of the Plan, and shall bear such a legend setting forth the restrictions imposed
thereon as the Committee, in its discretion, may determine. Unless otherwise provided in the applicable Award Notice, the grantee shall have all rights of a stockholder with respect to the Restricted Stock. Upon the issuance of a Restricted Stock
Award in book entry form, the Corporation’s transfer agent shall be apprised of and shall duly note any restrictions such as those set forth above that are applicable to the restricted Stock Award. 

10.6 Termination of Restrictions. At the end of the restricted period and provided that any other restrictive conditions of the
restricted Share Award are met, or at such earlier time as otherwise determined by the Committee, all restrictions set forth in the Award Notice relating to the Restricted Stock Award or in the Plan shall lapse as to the restricted shares of Common
Stock subject thereto, and either: (i) a stock certificate for the appropriate number of shares of Common Stock, free of the restrictions and restricted stock legend, shall be delivered to the Participant or the Participant’s beneficiary
or estate, as the case may be; or (ii) in the event the Stock Award was evidenced in book entry form, the Corporation’s transfer agent shall be notified of the lapse and or termination of the restrictions and to remove all references
thereto in its books and records. 
 11. PLAN CASH BONUSES. 

While cash bonuses may be granted at any time outside this Plan, cash awards may also be granted in addition to other Awards granted under the
Plan and in addition to cash awards made outside of the Plan. Subject to the provisions of the Plan, the Committee shall have authority to determine the persons to whom cash bonuses under the Plan shall be granted and the amount, terms and
conditions of those cash bonuses. Notwithstanding anything to the contrary in this Plan, no Covered Employee shall be eligible to receive a cash bonus granted under the Plan in excess of the Section 162(m) Cash Maximum in any fiscal year; no
cash bonus shall be granted pursuant to this Plan to any Covered Employee unless the cash bonus constitutes a Qualified Performance-Based Award, and no cash bonus awarded pursuant to the Plan shall be paid later than
2 1⁄2 months after the end of the calendar year in which such bonus was earned. 

12. PERFORMANCE GOALS FOR CERTAIN SECTION 162(m) AWARDS. 

12.1 162(m) Exemption. Upon the Corporation’s designation as a “publicly held corporation” within the meaning of
Section 162(m)(2) of the Code, this Plan shall be operated to ensure that upon such designation all subsequent stock options and SARs granted hereunder to any Covered Employee qualify for the Section 162(m) Exemption. 

12.2 Qualified Performance-Based Awards. When granting any Award other than stock options or SARs, the Committee may designate
the Award as a Qualified Performance-Based Award, based upon a determination that the recipient is or may be a Covered Employee with respect to that Award, and the Committee wishes the Award to qualify for the Section 162(m) Exemption. If an
Award is so designated, the Committee shall establish performance goals for the Award within the time period prescribed by Section 162(m) 

  
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 of the Code based on one or more of the following Qualified Performance Measures, which may be expressed in terms
of Corporation-wide objectives or in terms of objectives that relate to the performance of a Subsidiary or a division, region, department or function within the Corporation or a Subsidiary: 

 

	 	(1)	return on capital, equity, or assets (including economic value created), 

  

	 	(2)	productivity or operating efficiencies, 

  

	 	(3)	cost improvements, 

  

	 	(4)	cash flow, 

  

	 	(5)	sales revenue growth, 

  

	 	(6)	net income, earnings per share, or earnings from operations, 

  

	 	(7)	quality, 

  

	 	(8)	customer satisfaction, 

  

	 	(9)	comparable store sales, 

  

	 	(10)	stock price or total shareholder return, 

  

	 	(11)	EBITDA or EBITDAR, 

  

	 	(12)	after tax operating income, 

  

	 	(13)	book value per Share, 

  

	 	(14)	debt reduction, 

  

	 	(15)	strategic business objectives, consisting of one or more objectives based on meeting specified cost targets, business expansion goals and goals relating to acquisitions or divestitures, or 

 

	 	(16)	any combination of the foregoing. 

 Each goal may be expressed on an absolute and/or relative basis, may be
based on or otherwise employ comparisons based on internal targets, the past performance of the Corporation or any Subsidiary, operating unit, business segment or division of the Corporation and/or the past or current performance of other companies,
and in the case of earnings-based measures, may use or employ comparisons relating to capital, shareholders’ equity and/or Common Stock outstanding, or to assets or net assets. The Committee may appropriately adjust any evaluation of
performance under criteria set forth in this Section 12.2 to exclude any of the following events that occurs during a performance period: (i) asset write-downs, (ii) litigation or claim judgments or settlements, (iii) the
effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) any extraordinary non-recurring items as described in
Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Corporation’s annual report to stockholders for the applicable year.
Measurement of the Corporation’s performance against the goals established by the Committee shall be objectively determinable, and to the extent goals are expressed in standard accounting terms, performance shall be measured according to
generally accepted accounting principles as in existence on the date on which the performance goals are established and without regard to any changes in those principles after that date. 

12.3 Performance Goal Conditions. Each Qualified Performance-Based Award (other than an Option or SAR) shall be earned, vested
and payable (as applicable) only upon the achievement of performance goals established by the Committee based upon one or more of the Qualified Performance Measures, together with the satisfaction of any other conditions, such as continued
employment, the Committee may determine to be appropriate; however, (i) the Committee may provide, either in connection with the grant of an Award or by later amendment, that achievement of the performance goals will be waived upon the death or
Disability of the Participant, and (ii) the provisions of Section 23 shall apply notwithstanding this sentence. 
 12.4
Certification of Goal Achievement. Any payment of a Qualified Performance-Based Award granted with performance goals shall be conditioned on the written certification of the Committee in each case that the performance goals and any other
material conditions were satisfied. Except as specifically provided in Section 12.3, no Qualified Performance-Based Award may be amended, nor may the Committee exercise any discretionary authority it may otherwise have under the Plan with
respect to a Qualified Performance-Based Award, in any manner to waive the achievement of the applicable performance goal based on Qualified Performance Measures or to increase the amount payable under, or the value of, the Award, or otherwise in a
manner that would cause the Qualified Performance-Based Award to cease to qualify for the Section 162(m) Exemption. 

  
 -10- 

 13. PAYMENT OF AWARDS. 

At the discretion of the Committee, payment of Awards may be made in cash, Common Stock, a combination of cash and Common Stock, or any other
form of property the Committee shall determine. In addition, payment of Awards may include terms, conditions, restrictions and limitations, if any, the Committee deems appropriate, including, in the case of Awards paid in the form of Common Stock,
restrictions on transfer and forfeiture provisions. 
 14. TERMINATION OF EMPLOYMENT. 

If a Participant’s employment with the Corporation or a Subsidiary or Affiliate terminates for Cause or for a reason other than death,
Disability, retirement, or any other approved reason, then, to the maximum extent allowed by applicable law, all unexercised, unvested, unearned, and unpaid Awards, including without limitation, Awards earned but not yet paid, shall be canceled or
forfeited, as the case may be, unless the Participant’s Award Notice provides otherwise. The Committee shall have the authority to promulgate rules and regulations to (i) determine what events constitute Disability, retirement or
termination for an approved reason for purposes of the Plan, and (ii) determine the treatment of a Participant under the Plan in the event of a Participant’s death, Disability, retirement or termination for an approved reason. 

15. NO ASSIGNMENT. 
 No Awards
(other than unrestricted Stock Awards) or any other payment under the Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment, pledge, or encumbrance;
however, the Committee may (but need not) permit other transfers where the Committee concludes that transferability (i) does not result in accelerated taxation, (ii) does not cause any option intended to be an incentive stock option to
fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any state or federal securities laws applicable to transferable Awards. During the lifetime of the Participant no Award
shall be payable to or exercisable by anyone other than the Participant to whom it was granted, other than (a) the duly appointed conservator or other lawfully designated representative of the Participant in the case of a permanent Disability
involving a mental incapacity or (b) the transferee in the case of an Award transferred in accordance with the preceding sentence. 
 16. CAPITAL
ADJUSTMENTS. 
 The number and price of shares of Common Stock covered by each Award and Outside Director Award and the total number
of shares of Common Stock that may be awarded under the Plan shall be proportionately adjusted to reflect any stock dividend, stock split or share combination of the Common Stock or any recapitalization of the Corporation. In the event of any
merger, consolidation, reorganization, liquidation or dissolution of the Corporation, or any exchange of shares involving the Common Stock, any Award or Outside Director Award granted under the Plan shall automatically be deemed to pertain to the
securities and other property to which a holder of the number of shares of Common Stock covered by the Award or Outside Director Award would have been entitled to receive in connection with any such event. The Committee shall have the sole
discretion to make all interpretations and determinations required under this section to the extent it deems equitable and appropriate. It is the intent of any such adjustment that the value of the Awards or Outside Director Awards held by the
Participants or Outside Directors, as the case may be, immediately following the change is the same as that value immediately prior to the change. 

  
 -11- 

 17. WITHHOLDING TAXES. 

The Corporation shall have the power and the right to deduct or withhold, or require a Participant to remit to the Corporation, an amount
sufficient to satisfy Federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of this Plan. With respect to withholding required upon any
taxable event, the Corporation may elect in its discretion, and Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by withholding or having the Corporation withhold shares
of Common Stock having a Fair Market Value on the date the tax is to be determined equal to (and shall not exceed) the minimum statutory total tax which could be imposed on the transaction. All elections by Participants shall be irrevocable, made in
writing, and signed by the Participant. 
 18. NONCOMPETITION; CONFIDENTIALITY. 

For purposes of this Section 18, “Corporation” shall include any Subsidiary or Affiliate employing the Participant. A
Participant will not, without the written consent of the Corporation, either during or after his or her employment by the Corporation, disclose to anyone or make use of any confidential information which he or she has acquired during his or her
employment relating to any of the business of the Corporation, except as such disclosure or use may be required in connection with his or her work as an employee of Corporation, or as demanded by a subpoena issued by a court of competent
jurisdiction, if the Participant gives notice of the demand to the Corporation as soon as reasonably possible after receipt of the subpoena. The confidential information of the Corporation includes, but is not limited to, all technology, recipes,
business systems and styles, customer lists and all other Corporation proprietary information not generally known to the public. During Participant’s employment by the Corporation, he or she will not, either as principal, agent, consultant,
employee or otherwise, engage in any work or other activity in competition with the Corporation in the field or fields in which he or she has worked for the Corporation. Unless the Award Notice specifies otherwise, a Participant shall forfeit all
rights under this Plan to any unexercised or unpaid Awards if, in the determination of the Committee, the Participant has violated the Agreement set forth in this Section 18, and in that event any further payment or other action with respect to
any Award shall be made or taken, if at all, in the sole discretion of the Committee. 
 19. REGULATORY APPROVALS AND LISTINGS. 

Notwithstanding anything contained in the Plan to the contrary, the Corporation shall have no obligation to issue or deliver certificates of
Common Stock evidencing Stock Awards or any other Award resulting in the payment of shares of Common Stock prior to (a) the obtaining of any approval from any governmental agency which the Corporation shall, in its sole discretion, determine to
be necessary or advisable, (b) the admission of the shares to quotation or listing on the automated quotation system or stock exchange on which the Common Stock may be listed, and (c) the completion of any registration or other
qualification of the shares under any State or Federal law or ruling of any governmental body that the Corporation shall, in its sole discretion, determine to be necessary or advisable. 

20. PLAN AMENDMENT. 
 Except as
provided in Section 23, the Board or the Committee may, at any time and from time to time, suspend, amend, modify, or terminate the Plan without shareholder approval; however, if an amendment to the Plan would, in the reasonable opinion of the
Board or the Committee, either (i) result in repricing stock options or otherwise increase the benefits accruing to Participants or Outside Directors, (ii) increase the number of shares of Common Stock issuable under the Plan, or
(iii) modify the requirements for eligibility, then that amendment shall be subject to shareholder approval; and, the Board or Committee may condition any amendment or modification on the approval of shareholders of the Corporation if that
approval is necessary or deemed advisable to (i) permit Awards to be exempt from liability under Section 16(b), (ii) to comply with the listing or other requirements of an automated quotation system or stock exchange, or (iii) to
satisfy any other tax, securities or other applicable laws, policies or regulations. 

  
 -12- 

 21. AWARD AMENDMENTS. 

Except as provided in Section 23, the Committee may amend, modify or terminate any outstanding Award or Outside Director Award without
approval of the Participant or Outside Director, as applicable; however: 
 a. except as otherwise provided in
Section 18, subject to the terms of the applicable Award Notice, an amendment, modification or termination shall not, without the Participant’s or Outside Director’s consent, as applicable, reduce or diminish the value of the Award or
Outside Director Award determined as if the Award or Outside Director Award had been exercised, vested, cashed in (at the spread value in the case of stock options or SARs) or otherwise settled on the date of that amendment or termination; 

b. the original term of any stock option or SAR may not be extended without the prior approval of the shareholders of the
Corporation; 
 c. except as otherwise provided in Section 16 of the Plan, the exercise price of any stock option or SAR
may not be reduced, directly or indirectly, without the prior approval of the shareholders of the Corporation; and 
 d. no
termination, amendment, or modification of the Plan shall adversely affect any Award or Outside Director Awards previously granted under the Plan, without the written consent of the affected Participant or Outside Director. 

22. GOVERNING LAW. 
 This Plan
shall be governed by and construed in accordance with the laws of the State of Tennessee, except as superseded by applicable Federal law. 
 23.
CHANGE IN CONTROL. 
 a. Change in Control Followed by Employment Termination. In the event that a Change in Control shall
occur and an Employee Participant’s employment shall terminate within twelve months after the Change in Control (except as provided in the next sentence), then (i) all unexercised Options (whether or not vested or then exercisable) shall
automatically become one hundred percent vested and exercisable immediately, (ii) no other terms, conditions, restrictions or limitations shall be imposed upon any of such Options after such date, and in no circumstance shall an Option be
forfeited on or after such date and (iii) all such Options shall be valued on the basis of the greater of the Change in Control Price or the Fair Market Value on the date of such termination, and such value shall promptly be paid to such
Participant in cash by the Corporation or its successor. The foregoing shall not apply if employment termination is due to (i) death, (ii) disability entitling the Participant to benefits under the Corporation’s or its
successor’s long-term disability plan, (iii) Cause or (iv) resignation (other than (A) resignation from a declined reassignment to a job that is not reasonably equivalent in responsibility or compensation or that is not in the
same geographic area, or (B) resignation within 30 days following a reduction in base pay). 
 b. Automatic Acceleration and
Cash-Out. Upon a Change in Control that results directly or indirectly in the Stock (or the stock of any successor to the Corporation received in exchange for Stock) ceasing to be publicly traded in a national securities market, (i) all
unexercised Options (whether or not vested) shall automatically become one hundred percent vested and exercisable immediately, (ii) no other terms, conditions, restrictions or limitations shall be imposed on any such Options after such date,
and in no circumstances shall an 

  
 -13- 

 
Option be forfeited on or after such date, and (iii) all such Options shall be valued on the basis of the Change in Control Price, and such value shall promptly be paid to the Participants
in cash by the Company or its successor. 
 c. Miscellaneous. Upon a Change in Control, no action, including, without limitation, the
amendment, suspension or termination of the Plan, shall be taken that would adversely affect the rights of any Participant or the operation of the Plan with respect to any Option to which a Participant may have become entitled hereunder on or prior
to the date of the Change in Control or to which such Participant may become entitled as a result of such Change in Control. 
 d. Section
16 Insiders. Notwithstanding anything to the contrary herein, any Participant who is subject to the reporting requirements of the Exchange Act with respect to the Corporation, who on the date of the Change in Control holds Options that have been
outstanding for a period of less than six months from their date of grant, shall not be paid the consideration described in Section 12(b) above until the first day next following the end of such six-month period. 

24. AWARDS TO OUTSIDE DIRECTORS. 

24.1 The Board may provide that all or a portion of an Outside Director’s annual retainer, meeting fees and/or other awards or
compensation as determined by the Board, be payable (either automatically or at the election of an Outside Director) in the form of Non-Qualified Stock Options, Restricted Stock, and/or Other Stock-Based Awards, including unrestricted Shares. The
Board shall determine the terms and conditions of any such Awards, including the terms and conditions which shall apply upon a termination of the Non-Employee Director’s service as a member of the Board, and shall have full power and authority
in its discretion to administer such Awards, subject to the terms of the Plan and applicable law. 
 24.2 The Board may also grant Awards to
Outside Directors pursuant to the terms of the Plan, including any Award described in Sections 8, 9 and 10 above. With respect to such Awards, all references in the Plan to the Committee shall be deemed to be references to the
Board. 
 25. NO RIGHT TO EMPLOYMENT OR PARTICIPATION. 

The grant of an Award under this Plan shall not confer any rights upon the Participant holding such Award other than such terms, and subject to
such conditions, as are specified in this Plan as being applicable to such type of Award (or to all Awards) or as are expressly set forth in the Award Notice or other document evidencing such Award. Participation in the Plan shall not give any
Participant any right to remain in the employ, or to serve as a director, of the Corporation or any Subsidiary or Affiliate, he Corporation or, in the case of employment with a Subsidiary or Affiliate, the Subsidiary or Affiliate, reserves the right
to terminate the employment of any Participant at any time. Further, the adoption of this Plan shall not be deemed to give any Employee or any other individual any right to be selected as a Participant or to be granted an Award. 

26. NO RIGHT, TITLE OR INTEREST IN CORPORATION ASSETS. 

The Plan is intended to constitute an “unfunded” plan for incentive compensation. No Participant shall have any rights as a
shareholder as a result of participation in the Plan until the date of issuance of a stock certificate in the Participant’s name, and, in the case of restricted shares of Common Stock, such rights are granted to the Participant under
Section 10.3 hereof. To the extent any person acquires a right to receive payments from the Corporation under the Plan, those rights shall be no greater than the rights of an unsecured creditor of the Corporation. In its sole discretion, the
Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or to make payments in lieu of, or with respect to, Plan awards. However, unless the Committee determines
otherwise with the express consent of the affected Participant, the existence of any such trusts or other arrangements is consistent with this “unfunded” status of the Plan. 

  
 -14- 

 26. SECURITIES LAWS. 

With respect to Section 16 Insiders, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or
its successors under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails so to comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 

27. REQUIRED WRITTEN REPRESENTATIONS. 

The Committee may require each person purchasing shares pursuant to a stock option or other award under the Plan to represent to and agree with
the Corporation in writing that the optionee or Participant is acquiring any shares of Common Stock without a view to their distribution. The certificates for shares may include any legend which the Committee deems appropriate to reflect any
restrictions on transfer. All certificates for shares of Common Stock or other securities delivered under the Plan shall be subject to stop transfer orders and other restrictions the Committee deems advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend or legends to be put on any certificates
to make appropriate reference to the applicable restrictions. Each Participant is responsible for fully complying with all applicable state and federal securities laws and rules and the Corporation assumes no responsibility for compliance with any
such laws or rules pertaining to a Participant’s resale of any shares of Common Stock acquired pursuant to this Plan. 
 28. NON-EXCLUSIVE
ARRANGEMENT. 
 Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements,
subject to shareholder approval if required; and those arrangements may be either generally applicable or applicable only in specific cases. 
 29.
LIMITS ON LIABILITY AND INDEMNIFICATION. 
 The members of the Committee and the Board shall not be liable to any employee or
other person with respect to any determination made under the Plan in a manner that is not inconsistent with their legal obligations as members of the Board. In addition to all other rights of indemnification they may have as directors or as members
of the Committee, the members of the Committee shall be indemnified by the Corporation against reasonable expenses, including attorneys’ fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or
in connection with any appeal therein, to which they or any of them may be a party because of any action taken or failure to act under or in connection with the Plan or any Award granted under it, and against all amounts paid by them in settlement
(provided the settlement is approved by independent legal counsel selected by the Corporation) or paid to them in satisfaction of a judgment in that action, suit or proceeding, except in relation to matters as to which it shall be adjudged in the
action, suit or proceeding that the Committee member is liable for negligence or misconduct in the performance of his or her duties. Within 60 days after institution of any action, suit or proceeding covered by this Section, the Committee member
must inform the Corporation in writing of the claim and offer the Corporation the opportunity, at its own expense, to handle and defend the matter. 
  

			
		  	FRANKLIN FINANCIAL NETWORK, INC.
		
		  	

  
 -15-EX-10.46

 EXHIBIT 10.46 

FRANKLIN FINANCIAL NETWORK, INC. 

2007 OMNIBUS EQUITY INCENTIVE PLAN 

AWARD AGREEMENT FOR INCENTIVE STOCK OPTIONS 

THIS INCENTIVE STOCK OPTION AGREEMENT (this “Agreement”) is made as of the     day of
            , 2013 (the “Date of Grant”), by and between Franklin Financial Network, Inc., a Tennessee corporation (“Corporation”) and
            ( the “Participant”) pursuant to the Franklin Financial Network, Inc. 2007 Omnibus Equity Incentive Plan (the “Plan”). 

WHEREAS, Corporation has adopted its 2007 Omnibus Equity Incentive Plan (the “Plan”); and 

WHEREAS, the committee chosen by Corporation to administer the Plan (the “Committee”) has determined that Participant is eligible to
receive an option to purchase shares of common stock of Corporation (“Stock”) under an incentive stock option and has determined that it is in the best interest of Corporation to grant the stock option documented herein to Participant.

 NOW, THEREFORE, in consideration of the foregoing, of the mutual promises hereinafter set forth and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 
 1. Grant
of Option. Corporation hereby grants to Participant the right to purchase
                    (            ) shares of Stock (the “Option Shares”) at a
price of ($13.00) per Option Share (the “Option Price”), in accordance with the terms of this Agreement and the Plan (the “Option”). The Committee, exercising good faith, has determined that the Option Price is equal to at least
one hundred percent (100%) of the fair market value of a share of Stock on the Date of Grant. The Option is intended by the parties hereto to be, and shall be treated as, an incentive stock option (as such term is defined under section 422 of
the Internal Revenue Code of 1986 (the “Code”)). 

 2. Termination of Option. 

(a) Termination Date. The Option and all rights hereunder with respect thereto, to the extent such rights shall not have been
previously exercised or otherwise terminated, shall terminate and become null and void on             , 2023 at 5:00 P.M. (the “Termination Date”). 

(b) Termination of Participant’s Employment. In the event of the termination of Participant’s employment by Corporation for
any reason other than Participant’s death, disability or retirement, the Option, to the extent not previously exercised, shall terminate and become void on the date occurring three months after Participant ceases to be an employee of
Corporation. Provided, however, notwithstanding any other provisions set forth herein or in the Plan, if Participant shall commit any act of malfeasance affecting Corporation or any affiliated corporation or is convicted of a felony or engages in
conduct that would warrant Participant’s discharge for cause as such is determined by the Committee in its sole discretion, any unexercised portion of the Option shall immediately terminate and become void. A transfer of Participant’s
employment between Corporation and any subsidiary of Corporation shall not be deemed to be a termination of Participant’s employment. 

(c) Death, Disability or Retirement. Upon termination of Participant’s employment by reason of Participant’s death, the Option
may be exercised, to the extent not previously exercised, by Participant’s estate or any distributee of the Option under Participant’s will or the applicable laws of descent and distribution until five years from date of death. Upon
termination of Participant’s employment by reason of disability (within the meaning of Section 22(e)(3) of the Code) or retirement, the Option may be exercised, to the extent not previously exercised, until the earlier of the Termination
Date or the date occurring one year from the date of termination of Participant’s employment. 
 3. Installment Exercise.
Subject to such further limitations as are provided herein, the Option shall become vested and exercisable in five (5) installments, Participant having the right hereunder to purchase from Corporation the following number of Option Shares upon
exercise of the Option, on and after the following dates, in cumulative fashion: 
 (a) on and after the first anniversary of the Date of
Grant, up to twenty percent (20%) (ignoring fractional shares) of the total number of Option Shares; 
 (b) on and after the second
anniversary of the Date of Grant, up to an additional twenty percent (20%) (ignoring fractional shares) of the total number of Option Shares; and 

(c) on and after the third anniversary of the Date of Grant, up to an additional twenty percent (20%) (ignoring fractional shares) of the
total number of Option Shares; and 
 (d) on and after the fourth anniversary of the Date of Grant, up to an additional twenty percent
(20%) (ignoring fractional shares) of the total number of Option Shares; and 

  
 2 

 (e) on and after the fifth anniversary of the Date of Grant, the remaining Option Shares. 

4. Exercise of Option. The Option, or any portion of the Option eligible to be exercised by the Participant and not previously
exercised, may be exercised at any time or times prior to the termination of the Option pursuant to the provisions hereof. The Option may be exercised only if compliance with all Federal and state securities laws can be effected and only by
(i) Participant’s completion, execution and delivery to Corporation of a notice of exercise and “investment letter” in the form attached hereto as Exhibit A, and (ii) Participant’s payment to Corporation of an
amount equal to the sum of the amount obtained by multiplying the Option Price by the number of Option Shares being purchased plus any withholding tax required by law as determined by Corporation. Payment shall be made by check payable to
Corporation or such other medium of payment as the Committee shall approve. Upon the exercise of the Option by Participant, or as soon thereafter as is practicable, Corporation shall issue and deliver to Participant a certificate or certificates
evidencing such number of Option Shares as Participant has so elected to purchase. Such certificate or certificates shall be registered in the name of Participant and shall bear any legend required by any Federal or state securities law or agreement
as Corporation shall determine. 
 5. Transferability of Option. The Option may not be transferred, assigned, pledged or
hypothecated (whether by operation of law or otherwise), except that the Option may be transferred upon the death of Participant as provided by Participant’s Will or the applicable laws of descent and distribution. The Option shall not be
subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option, or levy of attachment or similar process upon the Option not specifically permitted herein shall be
null and void and without effect. Any permitted transferee will be entitled to all of the rights of Participant with respect to the assigned portion of the Option, and such portion of the Option will continue to be subject to all of the then
existing terms, conditions and restrictions applicable to the Option, as set forth herein and in the Plan. 
 6. Adjustments. In the
event of the declaration of any stock dividend on the Stock or in the event of any reorganization, merger, consolidation, acquisition, separation, recapitalization, split-up, combination or exchange of shares of Stock, or like adjustment, the number
of shares of Stock and the class of shares of Stock available pursuant to the Option, and the Option Price, shall be adjusted proportionately as determined by the Committee, whose determination shall be conclusive. Notwithstanding the foregoing, in
the event of such a reorganization, merger, consolidation, acquisition, separation, recapitalization, split-up, combination or exchange of shares of stock, or like adjustment which results in substantially all the shares of the Stock of Corporation
being exchanged for, or converted into cash or other property, the Committee or Corporation shall have the right to terminate the Option as of the date of the exchange or conversion in which case the Option shall convert into the right to receive
such cash or property net of the Option Price of the Options. 

  
 3 

 7. Termination, Suspension or Amendment of Option. The Committee or Corporation may, at
any time, terminate, suspend or amend the Plan or this Agreement. 
 8. Registration of Underlying Securities. Notwithstanding the
foregoing, if the Company determines that issuance of Shares should be delayed pending registration under federal or state securities laws, the receipt of an opinion of counsel satisfactory to the Company that an appropriate exemption from such
registration is available, the listing or inclusion of the Shares on any securities exchange or an automated quotation system, or the consent or approval of any governmental regulatory body whose consent or approval is necessary in connection with
the issuance of such Shares, the Company may defer exercise of any Option granted hereunder until any of the events described in this sentence has occurred. Notwithstanding anything herein to the contrary, the Company shall be under no obligation to
issue any Shares to the extent the Committee determines that such issuance of Shares would be in violation of any applicable state or federal law. 

9. Participant’s Rights. The granting of the Option shall impose no obligation upon Participant to exercise such Option.
Participant shall have no equity interest in Corporation, nor shall Participant have any voting, dividend, liquidation or dissolution rights with respect to any capital stock of Corporation solely by reason of having the Option or having executed
this Agreement. Upon the issuance and delivery of a certificate for Option Shares after exercise of the Option, Participant shall have the rights of a shareholder with respect to such Option Shares and to receive all dividends or other distributions
paid or made with respect thereto. Nothing in this Agreement or the Plan shall confer upon Participant the right to continue in the employ of Corporation or affect any right which Corporation may have to terminate such employment at any time. 

10. Elimination of Fractional Shares. If this Agreement requires a computation of the number of shares of Stock subject to the Option,
and the number so computed is not a whole number of shares of Stock, such number of shares of Stock shall be rounded down to the next whole number. 

11. Shareholders’ Agreement. Participant agrees to execute any Shareholders’ Agreement which all other shareholders of
Corporation are subject prior to delivery of any Stock upon the exercise of the Option. All Stock delivered to Participant pursuant to the exercise of the Option shall be subject to any Shareholders’ Agreement previously entered into by
Participant relating to the Stock. 
 12. Incorporation of Plan by Reference. The Option is granted pursuant to the terms of the
Plan, a copy of which is attached hereto as Exhibit “B” and the terms of which are incorporated herein by reference. The Option shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe
the Plan and this Agreement, and its interpretations and determinations shall be conclusive and binding on the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. The
provisions of the Plan shall control in the event of any inconsistencies between this Agreement and the Plan. 

  
 4 

 13. Entire Agreement. This Agreement sets forth all of the promises, agreements,
conditions, understandings, warranties and representations between the parties hereto with respect to the Option and the Shares. This Agreement is an integration of any and all prior agreements or understandings, oral or written, with respect to the
Option and the Shares. 
 14. Notices. Any and all notices provided for herein shall be sufficient if in writing, and sent by hand
delivery or by certified or registered mail (return receipt requested and first class postage prepaid), in the case of Corporation, to its principal office, and, in the case of Participant, to Participant’s address as shown on
Corporation’s records. 
 15. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the
State of Tennessee. 
 16. Modifications. Except as otherwise provided herein, no change or modification of this Agreement shall be
valid unless the same is in writing and signed by the parties hereto. 
 17. Successors. This Agreement shall be binding on all
permitted successors and assigns of Participant including any estate, executors or administrators, trustees, or personal or legal representatives, and, in any such event all references herein to Participant shall, to the extent applicable, be deemed
to refer to and include such estate, executors or administrators, trustees or personal or legal representatives, as the case may be. 
 IN
WITNESS WHEREOF, Corporation and Participant have executed this Agreement as of the day and year first above written. 
  

			
	FRANKLIN FINANCIAL NETWORK, INC.
		
	By:	 	  

	Title:	 	  

	
	PARTICIPANT:
	
	  

	Signature of Participant
	
	  

	Printed Name of Participant

  
 5 

 EXHIBIT A 

NOTICE AND REQUEST OF EXERCISE 

OF OPTION TO PURCHASE 

SHARES OF STOCK 
 OF
FRANKLIN FINANCIAL NETWORK, INC. 
 The undersigned Participant in the 2007 Omnibus Equity Incentive Plan (the “Plan”) of
Franklin Financial Network, Inc., a Tennessee corporation (“Corporation”), does by this notice request that Corporation issue to the undersigned that number of shares of Stock specified below (the “Shares”) at the price per Share
specified below pursuant to the exercise of Participant’s Option under the Plan and the Incentive Stock Option Agreement (the “Agreement”) between the undersigned and Corporation. Simultaneously herewith, the undersigned delivers to
Corporation the purchase price for the Shares [i.e., that amount which is obtained by multiplying the number of the Shares by the price specified], by good check, in accordance with the Agreement. 

The undersigned hereby represents and warrants that the undersigned has read and understands the Plan and the Agreement and the terms and
conditions set forth therein under which the Shares are acquired, shall be held and may be disposed, and hereby ratifies and confirms such terms and conditions. The undersigned hereby represents and warrants that the undersigned is acquiring the
Shares for the undersigned’s own account (and not on behalf of any other persons) and without any present view to making a public offering or distribution of same and without any present intention of selling or otherwise transferring same at
any particular time or at any particular price or upon the occurrence of any particular event or circumstances (except as set forth in the Plan and the Agreement). 

The undersigned acknowledges and understands that in connection with the acquisition of the Shares by the undersigned: 

1. Corporation has informed the undersigned that the Shares are not registered under the Securities Act of 1933, as amended (the
“Act”), or any applicable state Blue Sky law or laws and that the Shares may not be transferred or otherwise disposed of unless the Shares are subsequently registered under the Act and the applicable state Blue Sky law or laws or an
exemption from such registration requirements is made available. 
 2. The undersigned has been informed that a legend referring to the
restrictions indicated herein on transferability and sale will be placed upon the certificate(s) evidencing the Shares, in addition to the legend referred to in the Agreement. 

3. The undersigned has received all information requested or otherwise deemed necessary by the undersigned to make an informed decision as to
the investment in Corporation, and has had the opportunity to ask questions of and receive answers from officers of Corporation. 
 4. The
undersigned acknowledges that the issuance of the Shares is subject to the execution by the undersigned of a Shareholders’ Agreement if required by Corporation. 

 If the undersigned is required to file a Form 144 with the Securities and Exchange Commission in
connection with sales of the Shares pursuant to Rule 144 under the Act, the undersigned will mail a copy of such Form to Corporation at the same time and each time the undersigned mails a copy to the Securities and Exchange Commission. 

 

									
		 		 		 		 	Very truly yours,
					
	A.	 	Date of Grant of Incentive Stock	 		 		 	
		 	Option:
                                         
   	 		 		 	  

		 		 		 		 	Signature
					
	B.	 	Number of Shares covered	 		 		 	
		 	by Agreement:                 	 		 		 	  

		 		 		 		 	Printed Name of Participant
					
	C.	 	Number of Shares of	 		 		 	
		 	Stock which may	 		 		 	RESIDENCE:
		 	be purchased at this	 		 		 	
		 	time:                                     
       	 		 		 	  

		 		 		 		 	Street
					
	D.	 	Number of Shares of	 		 		 	
		 	Stock to be	 		 		 	  

		 	actually purchased at this	 		 		 	City, State, Zip Code
		 	time:
                                         
   	 		 		 	Dated:
                                        ,
                
		 		 		 		 	
					
	E.	 	Option Price per Share:	 		 		 	
		 	$                	 		 		 	
					
	F.	 	Aggregate price to be paid	 		 		 	
		 	 for Shares actually
 purchased (D multiplied

by E): $                
	 		 		 	

  

			
	ACCEPTED:
	
	FRANKLIN FINANCIAL NETWORK, INC.
		
	By:	 	  

	Its:	 	  

  
 2

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