Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of this 5th day of
April, 2016, and effective as the Effective Date, as defined in Paragraph 1.9 below, by and among PINNACLE BANK (the “Bank”), a Tennessee state bank; PINNACLE FINANCIAL PARTNERS, INC., a bank holding company incorporated under the laws of
the State of Tennessee (the “Company”) (collectively, the Bank and the Company are referred to hereinafter as the “Employer”), and E. Andrew Moats, a resident of the State of Tennessee (the “Executive”). 

RECITALS: 
 The Bank
desires to employ the Executive as an Executive Vice President and the Executive desires to accept such employment. 
 In consideration of
the above premises and the mutual agreements hereinafter set forth, the parties hereby agree as follows: 
 1. DEFINITIONS. Whenever used in
this Agreement, the following terms and their variant forms shall have the meaning set forth below: 
 1.1 “AGREEMENT” shall mean
this Agreement and any exhibits incorporated herein together with any amendments hereto made in the manner described in this Agreement. 

1.2 “AFFILIATE” shall mean any business entity which controls the Company, is controlled by the Company, or is under common control
with the Company. 
 1.3 “BUSINESS OF THE EMPLOYER” shall mean the business conducted by the Employer, which is the business of
commercial banking. 
 1.4 “CAUSE” shall mean: 

1.4.1 With respect to termination by the Employer: 

(a) a material breach of the terms of this Agreement by the Executive, including, without limitation, failure by the Executive to perform his
duties and responsibilities in the manner and to the extent required under this Agreement, and that remains uncured after the expiration of thirty (30) days following the delivery of written notice of such breach to the Executive by Employer.
Such notice shall (i) specifically identify the duties that the board of directors of either the Company or the Bank believes that the Executive has failed to perform, (ii) state the facts upon which such board of directors made such
determination, and (iii) be approved by a resolution passed by two-thirds (2/3) of the directors of such board then in office; 

(b) conduct by the Executive that amounts to fraud, dishonesty or willful misconduct in the performance of his duties and responsibilities
hereunder; 
 (c) arrest for, charge in relation to (by criminal information, indictment or otherwise), or conviction of the Executive
during the Term of this Agreement of a crime involving breach of trust or moral turpitude; 

  
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 (d) conduct by the Executive that amounts to gross and willful insubordination or inattention to
his duties and responsibilities hereunder; or 
 (e) conduct by the Executive that results in removal from his position as an officer or
executive of Employer pursuant to a written order by any regulatory agency with authority or jurisdiction over Employer. 
 1.4.2 With
respect to termination by the Executive: 
 (a) a material modification to the Executive’s job title(s) or position(s) of
responsibility or the scope of his authority or responsibilities under this Agreement without the Executive’s written consent; 
 (b)
an adverse change in supervision so that the Executive no longer reports to the person(s) or entity to whom he reported immediately after the Effective Date, which change in supervision is effected without the Executive’s written consent; 

(c) an adverse change in supervisory authority which change in supervisory authority is effected without the Executive’s written consent;

 (d) any change in the Executive’s office location such that the Executive is required to report regularly to a location that is
beyond a 25-mile radius from the Executive’s office location determined immediately after the Effective Date, which change in office location is effected without the Executive’s written consent; and 

(e) any material reduction in salary, bonus opportunity or other benefits provided for in Section 4 below from the level in effect
immediately prior to such reduction; 
 provided, that within 30 days following the initial occurrence of any of the conditions listed in
1.4.2(a) to (e) above, the Executive shall have provided notice to the Employer of the existence of such condition, and the Employer shall not have remedied the condition to the reasonable satisfaction of Executive within 30 days of receiving
such notice. 
 1.5 “CHANGE OF CONTROL” means any one of the following events: 

(a) the acquisition by any person or persons acting in concert of the then outstanding voting securities of either the Bank or the Company,
if, after the transaction, the acquiring person (or persons) owns, controls or holds with power to vote forty percent (40%) or more of any class of voting securities of either the Company or the Bank, as the case may be; 

(b) within any twelve-month period (beginning on or after the Effective Date) the persons who were directors of either the Bank or the Company
immediately before the beginning of such twelve-month period (the “Incumbent Directors”) shall cease to constitute at least a majority of such board of directors; provided that any director who was not a director as of the Effective Date
shall be deemed to be an Incumbent Director if that director were elected to such board of directors by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors; and
provided further that no director whose initial assumption of office is in connection with an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange Act of 1934)
relating to the election of directors shall be deemed to be an Incumbent Director; 

  
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 (c) a reorganization, merger or consolidation, with respect to which persons who were the
stockholders of the Bank or the Company, as the case may be, immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting power entitled to vote in
the election of directors of the reorganized, merged or consolidated Company’s then outstanding voting securities; or 
 (d) the sale,
transfer or assignment of all or substantially all of the assets of the Company and its subsidiaries to any third party. 
 1.6
“COMPANY INFORMATION” means Confidential Information and Trade Secrets. 
 1.7 “CONFIDENTIAL INFORMATION” means data and
information relating to the business of the Bank or the Company (which does not rise to the status of a Trade Secret) which is or has been disclosed to the Executive or of which the Executive became aware as a consequence of or through the
Executive’s relationship to the Employer and which has value to the Employer and is not generally known to its competitors. Confidential Information shall not include any data or information that has been voluntarily disclosed to the public by
the Employer (except where such public disclosure has been made by the Executive without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. 

1.8 “DISABILITY” shall mean the definition of Disability required by Section 409A of the Code. 

1.9 “EFFECTIVE DATE” shall mean the date the merger between the Company and Avenue Financial Holdings, Inc. is consummated. 

1.10 “TERM” shall mean that period of time commencing on the Effective Date and running until the third (3rd) anniversary of
the Effective Date. 
 1.11 “TRADE SECRETS” means information of the Bank or the Company including, but not limited to, technical
or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product plans or lists of actual or potential customers or suppliers which: 

(a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by,
other persons who can obtain economic value from its disclosure or use; and 
 (b) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy. 
 2. DUTIES. 

2.1 POSITION. The Executive is employed initially as an Executive Vice President of the Bank and, subject to the direction of the Board of
Directors of the Bank or its designees, shall perform and discharge well and faithfully the duties which may be assigned to him from time to time by the Bank in connection with the conduct of its business. 

  
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 2.2 FULL-TIME STATUS. In addition to the duties and responsibilities specifically assigned to the
Executive pursuant to Section 2.1 hereof, the Executive shall: 
 (a) devote substantially all of his time, energy and skill during
regular business hours to the performance of the duties of his employment (reasonable vacations and reasonable absences due to illness excepted) and faithfully and industriously perform such duties; 

(b) diligently follow and implement all reasonable and lawful management policies and decisions communicated to him by the board of directors
of either the Bank or the Company; and 
 (c) timely prepare and forward to the board of directors of either the Bank or the Company all
reports and accountings as may be requested of the Executive. 
 2.3 PERMITTED ACTIVITIES. The Executive shall devote his entire business
time, attention and energies to the Business of the Employer and shall not during the Term be engaged (whether or not during normal business hours) in any other business or professional activity, whether or not such activity is pursued for gain,
profit or other pecuniary advantage; but this shall not be construed as preventing the Executive from: 
 (a) investing his personal assets
in businesses which (subject to clause (b) below) are not in competition with the Business of the Employer and which will not require any services on the part of the Executive in their operation or affairs and in which his participation is
solely that of an investor; 
 (b) purchasing or otherwise acquiring an ownership interest in any entity provided that such interest shall
not result in him collectively owning beneficially at any time five percent (5%) or more of any entity or, to the extent applicable, five percent (5%) or more of the stock, capital or profits of any entity in competition with the Business
of the Employer; and 
 (c) participating in civic and professional affairs and organizations and conferences, preparing or publishing
papers or books or teaching so long as the Company’s and the Bank’s Chief Executive Officer approves of such activities prior to the Executive’s engaging in them. 

Notwithstanding the foregoing provisions of this Section 2.3, the Executive may provide services to any entity and may engage in such
additional investment activities to the extent such services and such additional investment activities have been expressly approved in writing by the board of directors of either the Bank or the Company. 

3. TERM AND TERMINATION. 
 3.1
TERM. This Agreement shall remain in effect for the Term. 
 3.2 TERMINATION. During the Term, the employment of the Executive under this
Agreement may be terminated only as follows: 
 3.2.1 By the Employer: 

(a) For Cause, upon written notice to the Executive pursuant to Section 1.4.1 hereof, where the notice has been approved by a resolution
passed by two-thirds of the directors of either the Bank or the Company then in office; 

  
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 (b) Without Cause at any time, provided that the Bank or the Company shall give the Executive
thirty (30) days’ prior written notice of its intent to terminate Executive’s employment, in which event the Employer shall be required to continue to pay Executive’s then current base salary for the remainder of the Term as a
severance benefit in accordance with Employer’s normal payroll practices; or 
 (c) Upon the Disability of Executive at any time,
provided that the Employer shall give the Executive thirty (30) days’ prior written notice of its intent to terminate Executive’s Employment, in which event, the Employer shall be required to continue to pay Executive’s then
current base salary for a period of six (6) months or until the Executive begins receiving payments under the Employer’s long-term disability policy, whichever occurs first. 

3.2.2 By the Executive: 
 (a)
For Cause, in which event the Employer shall be required to continue to pay Executive’s then current base salary for the remainder of the Term as a severance benefit in accordance with the Employer’s normal payroll practices; or 

(b) Without Cause or upon the Disability of the Executive, provided that the Executive shall give the Employer sixty (60) days’
prior written notice of his intent to terminate. 
 3.2.3 At any time upon mutual, written agreement of the parties. 

3.2.4 Notwithstanding anything in this Agreement to the contrary, the Term shall end automatically upon the Executive’s death. 

3.3 CHANGE OF CONTROL. If, within twelve (12) months following a Change of Control, the Employer terminates the Executive’s
employment with the Employer under this Agreement without Cause or the Executive terminates his employment with the Employer under this Agreement for Cause, the Executive, or in the event of his subsequent death, his designated beneficiaries or his
estate, as the case may be, shall receive, as liquidated damages, in lieu of all other claims, a severance payment equal to two (2) times the Executive’s then current Base Salary and target bonus amount for the year in which the
Executive’s employment terminates, to be paid in full on the last day of the month following the date of termination. 
 If it shall be
determined that any payment or benefit (within the meaning of Code Section 280G(b)(2)) to the Executive or for the Executive’s benefit paid or payable or distributed or distributable (including, but not limited to, the acceleration of the
time for the vesting or payment of such benefit or payment) pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, the Executive’s employment with the Employer or a Change of Control within the meaning of
Code Section 280G (a “Payment” or “Payments”), would be subject to the excise tax imposed by Code § 4999 (the “Excise Tax”), (i) then the Payments shall be reduced (but not below zero) to the extent
necessary that no portion thereof shall be subject to the excise tax imposed by Code § 4999 (the “Section 4999 Limit”), but only if (ii) the net amount of such Payment, as so reduced, is greater than or equal to the net amount of
such Payment if such reduction were not made and had the Executive paid such Excise Tax. 

  
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 Unless the Executive shall have given prior written notice specifying a different order to the
Bank and the Company to effectuate the limitations described in the immediately preceding paragraph, the Employer shall reduce or eliminate the Payments by first reducing or eliminating those Payments or benefit which are not payable in cash and
then by reducing or eliminating cash Payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time. Any notice given by the Executive pursuant to the preceding sentence shall take precedent
over the provisions of any other plan, arrangement or agreement governing the Executive’s rights and entitlements to any benefits or compensation. 

3.4 EFFECT OF TERMINATION. Upon termination of the Executive’s employment hereunder, the Employer shall have no further obligations to the
Executive or the Executive’s estate with respect to this Agreement, except for the payment of salary and bonus amounts, if any, accrued pursuant to Sections 4.1 and 4.2 hereof and unpaid as of the effective date of the termination of employment
and payments set forth in Sections 3.2.1(b) or (c); Section 3.2.2(a); and/or Section 3.3; as applicable. Nothing contained herein shall limit or impinge upon any other rights or remedies of the Employer or the Executive under any other
agreement or plan to which the Executive is a party or of which the Executive is a beneficiary. 
 3.5 SECTION 409A MATTERS. It is intended
that (i) each payment or installment of payments provided under this Agreement is a separate “payment” for purposes of Code Section 409A and (ii) that the payments satisfy, to the greatest extent possible, the exemptions
from the application of Code Section 409A, including those provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two year exception), and 1.409A-1(b)(9)(v) (regarding
reimbursements and other separation pay). Notwithstanding anything to the contrary in this Agreement, if the Employer determines (i) that on the date of Executive’s separation from service or at such other time that the Employer determines
to be relevant, the Executive is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Employer and (ii) that any payments to be provided to the Executive pursuant to this Agreement are or
may become subject to the additional tax under Code Section 409A(a)(1)(B) or any other taxes or penalties imposed under Code Section 409A (“Section 409A Taxes”) if provided at the time otherwise required under this Agreement,
then such payments shall be delayed until the date that is six (6) months after the date of the Executive’s separation from service with the Employer, or such shorter period that, as determined by the Employer, is sufficient to avoid the
imposition of Section 409A Taxes. Any payments delayed pursuant to this Section 3.5 shall be made in a lump sum on the first day of the seventh month following the Executive’s separation from service, or such earlier date that, as
determined by the Employer, is sufficient to avoid the imposition of any Section 409A Taxes 
 4. COMPENSATION. The Executive shall
receive the following salary and benefits during the Term, except as otherwise provided below: 
 4.1 BASE SALARY. During the Term, the
Executive shall be compensated at a base rate of $250,000 per year (the “Base Salary”). The obligation for payment of Base Salary shall be apportioned between the Company and the Bank as they may agree from time to time in their sole
discretion. The Executive’s Base Salary shall be reviewed by the Human Resources and Compensation Committee of the board of directors of the Bank and the Company at least annually, 

  
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and the Executive shall be entitled to receive annually an increase in such amount, if any, as may be determined by the Human Resources and Compensation Committee of the board of directors of the
Bank and the Company based on its evaluation of Executive’s performance. Base Salary shall be payable in accordance with the Employer’s normal payroll practices. 

4.2 INCENTIVE COMPENSATION. The Executive shall be entitled to annual bonus compensation, if any, as determined by the Human Resources and
Compensation Committee of the board of directors of the Company or the Bank pursuant to any incentive compensation program as may be adopted from time to time by the Company or the Bank. 

4.3 BUSINESS EXPENSES; MEMBERSHIPS. The Employer specifically agrees to reimburse the Executive for: 

(a) reasonable and necessary business (including travel) expenses incurred by him in the performance of his duties hereunder, as approved by
the board of directors of either the Bank or the Company; and 
 (b) beginning as of the Effective Date, the dues and business related
expenditures, including initiation fees, associated with membership in a single civic association as selected by the Executive and in professional associations which are commensurate with his position; provided, however, that the Executive shall, as
a condition of reimbursement, submit verification of the nature and amount of such expenses in accordance with reimbursement policies from time to time adopted by the Employer and in sufficient detail to comply with rules and regulations promulgated
by the Internal Revenue Service. 
 4.4 PERSONAL DAYS. On a non-cumulative basis, the Executive shall be entitled to thirty
(30) personal days in each successive twelve-month period during the Term, during which his compensation shall be paid in full. 
 4.5
BENEFITS. In addition to the benefits specifically described in this Agreement, the Executive shall be entitled to such benefits as may be available from time to time to executives of the Bank similarly situated to the Executive. All such benefits
shall be awarded and administered in accordance with the Bank’s standard policies and practices. Such benefits may include, by way of example only, profit-sharing plans, retirement or investment funds, dental, health, life and disability
insurance benefits and such other benefits as the Bank deems appropriate. 
 4.6 WITHHOLDING. The Employer may deduct from each payment of
compensation hereunder all amounts required to be deducted and withheld in accordance with applicable federal and state income, FICA and other withholding requirements. 

5. COMPANY INFORMATION. 
 5.1
OWNERSHIP OF COMPANY INFORMATION. All Company Information received or developed by the Executive while employed by the Employer will remain the sole and exclusive property of the Employer. 

5.2 OBLIGATIONS OF THE EXECUTIVE. The Executive agrees: 

(a) to hold Company Information in strictest confidence; 

  
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 (b) not to use, duplicate, reproduce, distribute, disclose or otherwise disseminate Company
Information or any physical embodiments of Company Information; and 
 (c) in any event, not to take any action causing or fail to take any
action necessary in order to prevent any Company Information from losing its character or ceasing to qualify as Confidential Information or a Trade Secret. 

In the event that the Executive is required by law to disclose any Company Information, the Executive will not make such disclosure unless
(and then only to the extent that) the Executive has been advised by independent legal counsel that such disclosure is required by law and then only after prior written notice is given to the Employer when the Executive becomes aware that such
disclosure has been requested and is required by law. This Section 5 shall survive for a period of twelve (12) months following termination of this Agreement for any reason with respect to Confidential Information, and shall survive
termination of this Agreement for any reason for so long as is permitted by applicable law, with respect to Trade Secrets. 
 5.3 DELIVERY
UPON REQUEST OR TERMINATION. Upon request by the Employer, and in any event upon termination of his employment with the Employer, the Executive will promptly deliver to the Employer all property belonging to the Employer, including, without
limitation, all Company Information then in his possession or control. The Executive agrees that the covenants contained in Section 5 of this Agreement are of the essence of this Agreement; that the covenants are reasonable and necessary to
protect the business, interests and properties of the Employer. 
 6. NONCOMPETITION AND NONSOLICITATION. The Executive acknowledges that
the services to be rendered by the Executive to the Employer are of a special and unique character. The Executive agrees that, in consideration of the benefits provided for herein and his continued employment, the Executive will not, for a period of
time commencing on the Effective Date and running until the third (3rd) anniversary of the Effective Date, either on the Executive’s own account or for any other person or entity,
directly or indirectly, within the Nashville-Davidson-Murfreesboro-Columbia, TN Combined Statistical Area, (i) engage, whether as principal, agent, investor, representative, shareholder, officer, employee, consultant or otherwise, with or
without remuneration in any form, in any activity or business venture that is competitive with the Business of the Employer, (ii) solicit or endeavor to solicit away from the Employer any person who was, during any portion of the
Executive’s employment with the Employer, a director, officer, employee, agent or consultant of the Employer, whether or not such person would commit a breach of such person’s contract of employment by reason of leaving the service of the
Employer, or (iii) service, solicit or endeavor to solicit away any of the clients or customers of the Employer. 
 The Employer’s obligation to
make payments or provide for any benefits under this Agreement will cease upon a violation by Executive of the preceding provisions of this Section 6. The Executive acknowledges that the Employer may be severely and irreparably damaged in the
event the Executive violates the provisions of this Section 6, and that the extent of the damage may be difficult or impossible to determine. Therefore, the Executive agrees that, in addition to the remedies provided above, the Employer will be
entitled to equitable relief, including a preliminary as well as a permanent injunction (without the necessity of posting a bond). The Executive’s agreement as set forth in this Section 6 will continue during the Term of this Agreement and
will survive the termination of this Agreement and/or the termination of the Executive’s employment with the Employer, whether or not such termination is voluntary or is the result of termination of the

  
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Executive by the Employer with or without Cause, and will continue during the Term of this Agreement; provided, however, that the Executive’s obligations hereunder shall not extend beyond
the third (3rd) anniversary of the Effective Date. 
 Executive acknowledges that he is also a
party to that certain Amended and Restated Employment Agreement dated as of August 20, 2014 by and between Executive and Avenue Financial Holdings, Inc. (the “Employment Agreement”) pursuant to which he has agreed to restrictions on
his ability to compete with Avenue Financial Holdings, Inc. or solicit, among others, Avenue Financial Holdings, Inc.’s customers and employees. The parties hereto agree that the Employment Agreement shall be terminated as of the Effective
Date. Notwithstanding the termination of the Employment Agreement as of the Effective Date, Executive further acknowledges that the restrictions on his ability to compete with Avenue Financial Holdings, Inc. or solicit, among others, Avenue
Financial Holdings, Inc.’s customers and employees contained in the Employment Agreement shall survive the termination of the Employment Agreement for a period of time commencing on the Effective Date and running until the third
(3rd) anniversary of the Effective Date, and such restrictions are in addition to those contained herein, may be more restrictive than those contained herein and that the Employer, as successor to Avenue Financial Holdings, Inc. shall be
entitled to the protections afforded under both this Agreement and the Employment Agreement. 
 If any restriction in this Section 6 is adjudicated to
exceed the time, geographic, service or other limitations permitted by applicable law in the applicable jurisdiction, then the Executive agrees that such may be modified and narrowed, either by a court or the Employer, to the maximum time,
geographic, service or other limitations permitted by applicable law, so as to preserve and protect the Employer’s legitimate business interest, without negating or impairing any other restrictions or undertaking set forth in this Agreement.

 7. SEVERABILITY. The parties agree that each of the provisions included in this Agreement is separate, distinct and severable from the
other provisions of this Agreement and that the invalidity or unenforceability of any Agreement provision shall not affect the validity or enforceability of any other provision of this Agreement. Further, if any provision of this Agreement is ruled
invalid or unenforceable by a court of competent jurisdiction because of a conflict between the provision and any applicable law or public policy, the provision shall be redrawn to make the provision consistent with and valid and enforceable under
the law or public policy. 
 8. NO SET-OFF BY THE EXECUTIVE. The existence of any claim, demand, action or cause of action by the Executive
against the Employer, or any Affiliate of the Employer, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Employer of any of its rights hereunder. 

  
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 9. NOTICE. All notices and other communications required or permitted under this Agreement shall
be in writing and, if mailed by prepaid first-class mail or certified mail, return receipt requested, shall be deemed to have been received on the earlier of the date shown on the receipt or three (3) business days after the postmarked date
thereof. In addition, notices hereunder may be delivered by hand or overnight courier, in which event the notice shall be deemed effective when delivered. All notices and other communications under this Agreement shall be given to the parties hereto
at the following addresses: 
 (i) If to the Employer, to it at: 

Hugh M. Queener 
 Chief
Administrative Officer 
 150 Third Avenue South, Suite 900 

Nashville, Tennessee 37201 
 (ii)
If to the Executive, to him at the most recent mailing address of the Executive that the Employer has on record. 
 Either party may notify the other in
writing in the event of a change in the address for such notice. 
 10. ASSIGNMENT. Neither party hereto may assign or delegate this
Agreement or any of its rights and obligations hereunder without the written consent of the other party to this Agreement. 
 11. WAIVER. A
waiver by one party to this Agreement of any breach of this Agreement by the other party to this Agreement shall not be effective unless in writing, and no waiver shall operate or be construed as a waiver of the same or another breach on a
subsequent occasion. 
 12. ARBITRATION. Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall
be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered by the arbitrator may be entered only in a state court of Tennessee or the federal
district court for the Middle District of Tennessee. The Employer and the Executive agree to share equally the fees and expenses associated with the arbitration proceedings. 

13. ATTORNEYS’ FEES. In the event that the parties have complied with this Agreement with respect to arbitration of disputes and
litigation ensues between the parties concerning the enforcement of an arbitration award, the party prevailing in such litigation shall be entitled to receive from the other party all reasonable costs and expenses, including without limitation
attorneys’ fees, incurred by the prevailing party in connection with such litigation, and the other party shall pay such costs and expenses to the prevailing party promptly upon demand by the prevailing party. 

14. APPLICABLE LAW. This Agreement shall be construed and enforced under and in accordance with the laws of the State of Tennessee. 

15. INTERPRETATION. Words importing any gender include all genders. Words importing the singular form shall include the plural and vice versa.
The terms “herein”, “hereunder”, “hereby”, “hereto”, “hereof” and any similar terms refer to this Agreement. Any captions, titles or headings preceding the text of any article, section or subsection
herein are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction or effect. 

16. ENTIRE AGREEMENT. This Agreement embodies the entire and final agreement of the parties on the subject matter stated in this Agreement. No
amendment or modification of this Agreement shall be valid or binding upon the Employer or the Executive unless made in writing and signed by both parties. Except as set forth in Section 6 hereof with respect to the survival of the
non-competition and non-solicitation provisions of the Employment 

  
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Agreement, which shall continue to be in full force and effect from the Effective Date until the third (3rd) anniversary of the Effective
Date, all prior understandings and agreements relating to the subject matter of this Agreement, including the Employment Agreement, are hereby expressly terminated and superseded as of the Effective Date. 

17. RIGHTS OF THIRD PARTIES. Nothing herein expressed is intended to or shall be construed to confer upon or give to any person, firm or other
entity, other than the parties hereto and their permitted assigns, any rights or remedies under or by reason of this Agreement. 
 18.
BINDING AGREEMENT. This Agreement shall inure to the benefit of and be binding upon the Executive, his heirs and personal representatives, and the Bank and the Company and their respective successors and permitted assigns. 

19. SURVIVAL. The obligations of the Executive pursuant to Section 5 and Section 6 shall survive the termination of the employment
of the Executive hereunder for the period designated under each of those respective sections. 
 20. JOINT AND SEVERAL. The obligations of
the Bank and the Company to the Executive hereunder shall be joint and several. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the Employer and the Executive have executed and delivered this Agreement as
of the date first shown above. 
  

			
	THE EMPLOYER:
	
	PINNACLE BANK
		
	By:	 	 /s/ Hugh Queener

	Print Name:	 	Hugh Queener
	Title:	 	Chief Administrative Officer
	
	PINNACLE FINANCIAL PARTNERS, INC.
		
	By:	 	 /s/ Hugh Queener

	Print Name:	 	Hugh Queener
	Title:	 	Chief Administrative Officer
	
	THE EXECUTIVE:
	
	 /s/ E. Andrew Moats

	E. Andrew Moats

  
 12EX-10.4

 Exhibit 10.4 

Execution Copy 
 VOTING
AGREEMENT 
 THIS VOTING AGREEMENT is dated as of January 28, 2016 (this “Agreement”), by and between Pinnacle
Financial Partners, Inc., a Tennessee corporation (“Acquiror”), and
                             (the “Shareholder”). Capitalized terms used and not
defined herein have the respective meanings ascribed to them in the Merger Agreement (as defined below). 
 WHEREAS, concurrently with the
execution of this Agreement, Avenue Financial Holdings, Inc., a Tennessee corporation (the “Company”) and Acquiror are entering into that certain Agreement and Plan of Merger (as such agreement may be subsequently amended or
modified, the “Merger Agreement”), which provides for, among other things, (i) the merger of the Company with and into Acquiror (the “Merger”) and (ii) the conversion of the Company’s outstanding
common stock into the right to receive the Merger Consideration; 
 WHEREAS, as of the date hereof, the Shareholder beneficially owns and
has sole voting power with respect to the shares of common stock of the Company set forth on Schedule I hereto (such shares, the “Owned Shares”; the Owned Shares, together with any other voting or equity securities of the
Company hereafter acquired by the Shareholder prior to the termination of this Agreement, being referred to herein collectively as the “Shares”); and 

WHEREAS, it is a material inducement of the willingness of Acquiror to enter into the Merger Agreement that the Shareholder deliver this
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to
be legally bound hereby, the parties hereto hereby agree as follows: 
 ARTICLE I 

CAPACITY; VOTING; PROXY 

1.1 Shareholder Capacity. The Shareholder does not make any agreement or understanding herein in the Shareholder’s capacity as a
director or officer of the Company or its Subsidiary. The Shareholder executes this Agreement solely in his, her or its capacity as a beneficial owner of the Shares and nothing herein (a) shall limit or affect any actions or omissions taken by
the Shareholder or any designee of the Shareholder in his or her capacity as an officer or director of the Company or its Subsidiary, including in exercising rights under the Merger Agreement, as applicable, and no such actions or omissions shall be
deemed a breach of this Agreement or (b) shall be construed to prohibit, limit or restrict the Shareholder from exercising the Shareholder’s fiduciary duties as an officer or director to the Company or its shareholders, as applicable. 

1.2 Voting Agreement. The Shareholder hereby irrevocably and unconditionally agrees that during the term of this Agreement as specified
in Section 3.2 below, at any meeting of the shareholders of the Company, however called, or any adjournment thereof, in which the Shareholder is entitled to vote, consent or give any other approval, the Shareholder shall: 

(a) appear at each such meeting in person or by proxy; and 

 (b) vote (or cause to be voted), in person or by proxy, all of the Shares that
are beneficially owned by the Shareholder or as to which the Shareholder has, directly or indirectly, the sole right to vote or direct the voting, (i) in favor of the adoption and approval of the Merger Agreement and the transactions
contemplated thereby (including any amendments or modifications of the terms thereof approved by the board of directors of the Company and adopted in accordance with the terms thereof); (ii) in favor of any proposal to adjourn or postpone such
meeting, if necessary, to solicit additional proxies to approve the Merger Agreement; (iii) against any action or agreement that is reasonably likely to result in a breach in any material respect of any covenant, representation or warranty or
any other obligation or agreement of the Company under the Merger Agreement or of the Shareholder under this Agreement; and (iv) against any Acquisition Proposal or any other action, agreement or transaction that is intended, or could
reasonably be expected, to impede, interfere or be inconsistent with, delay, postpone, discourage or materially and adversely affect the consummation of the transactions contemplated by the Merger Agreement or this Agreement. 

The Shareholder further agrees not to vote or execute any written consent to rescind or amend in any manner any prior vote or written consent, as a
shareholder of the Company, to approve or adopt the Merger Agreement unless this Agreement shall have been terminated in accordance with Section 3.2 below. 

1.3 Irrevocable Proxy. Subject to the last sentence of this Section 1.3, to the extent permitted by applicable law
(including, without limitation, the Bank Holding Company Act of 1956, as amended and the Change in Bank Control Act), the Shareholder, by execution of this Agreement, does hereby constitute and appoint Acquiror, or any nominee of Acquiror, with full
power of substitution and resubstitution, as the Shareholder’s irrevocable proxy and attorney-in-fact, to the full extent of the Shareholder’s rights with
respect to the Shares, to vote the Shares in the manner, and only upon the matters, described in Section 1.2 hereof, in the event the Shareholder fails to comply with its obligations under such section at any meeting of the shareholders
of the Company, and at any adjournment or postponement thereof, and in connection with any action of the shareholders of the Company taken by written consent. THE SHAREHOLDER INTENDS THIS PROXY TO BE IRREVOCABLE AND COUPLED WITH AN INTEREST AND WILL
TAKE SUCH FURTHER ACTION AND EXECUTE SUCH OTHER INSTRUMENTS AS MAY BE NECESSARY TO EFFECTUATE THE INTENT OF THIS PROXY AND HEREBY REVOKES ANY PROXY PREVIOUSLY GRANTED BY THE SHAREHOLDER WITH RESPECT TO HIS, HER OR ITS SHARES. The proxy granted
pursuant to this Section 1.3 shall automatically terminate as specified in Section 3.2. 
 1.4 No
Solicitation. From and after the date hereof until the termination of this Agreement pursuant to Section 3.2 hereof, the Shareholder, in his, her or its capacity as a shareholder of the Company (but not in his or her capacity as a
director or officer of the Company, as applicable), shall not, nor shall the Shareholder authorize any partner, officer, director, advisor or representative of, the Shareholder or any of his, her or its Affiliates to (and, to the extent applicable
to the Shareholder, the Shareholder shall use commercially reasonable 

  
 2 

 
best efforts to prohibit any of his, her or its representatives or Affiliates to), (a) initiate, solicit, induce or knowingly encourage, or knowingly take any action to facilitate the making
of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b) participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford
access, to any person (other than Acquiror or its Affiliates) any information or data with respect to the Company or any Subsidiary thereof or otherwise relating to an Acquisition Proposal, (c) enter into any agreement, agreement in principle,
letter of intent, memorandum of understanding or similar arrangement with respect to an Acquisition Proposal, (d) solicit proxies with respect to an Acquisition Proposal or otherwise encourage or assist any party in taking or planning any
action that would compete with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, or (e) initiate a shareholders’ vote or action by written
consent of the Company’s shareholders with respect to an Acquisition Proposal. 
 ARTICLE II. 

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER 

The Shareholder hereby represents and warrants to Acquiror as follows: 

2.1 Authority Relative To This Agreement. The Shareholder has all necessary legal capacity, power and authority to execute and deliver
this Agreement, to perform his, her or its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Shareholder and constitutes a legal, valid and legally
binding obligation of the Shareholder, enforceable against the Shareholder in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws
affecting creditors’ rights generally or by general principles governing the availability of equitable remedies. 
 2.2 No
Conflict. 
 (a) The execution and delivery of this Agreement by the Shareholder does not, and the performance by the
Shareholder of the Shareholder’s obligations hereunder and the consummation by the Shareholder of the transactions contemplated hereby shall not, (i) conflict with or violate any agreement, arrangement, order, judgment or decree to which
the Shareholder is a party or by which the Shareholder is, or the Shares are, bound or affected, (ii) to the best of the Shareholder’s knowledge, conflict with or violate any law, rule, or regulation applicable to the Shareholder, or
(iii) result in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in
the creation of a lien or encumbrance on any of the Shares pursuant to any note, bond, mortgage, indenture, contract, agreement or other instrument or obligation to which the Shareholder is a party or by which the Shareholder is bound or affected,
except for any such conflicts, violations, breaches, defaults, rights or other occurrences which would not interfere with, prevent or delay the performance by the Shareholder of his, her or its obligations under this Agreement. 

  
 3 

 (b) The execution and delivery of this Agreement by the Shareholder does not, and
the performance of this Agreement by the Shareholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity except where the failure to obtain such consents, approvals,
authorizations or permits, or to make such filings or notifications, would not interfere with, prevent or delay the performance by the Shareholder of his, her or its obligations under this Agreement. 

2.3 Title To The Shares. As of the date hereof, the Shareholder is the record and beneficial owner of, or is the trustee of a trust
that is the record holder of, and whose beneficiaries are the beneficial owners of, and has good title to, all of the Shares, and the Shares are owned free and clear of any liens, security interests, claims, pledges, options, rights of first
refusal, agreements, limitations on the Shareholder’s voting rights, charges and other encumbrances. The Shares do not include shares of the Company’s common stock over which the Shareholder exercises control in a fiduciary capacity for
any other person or entity that is not an Affiliate of the Shareholder, and no representation by the Shareholder is made with respect thereto. The Shareholder has not appointed or granted any proxy, which appointment or grant is still effective,
with respect to the Shares. The Shareholder has the right to vote the Shares, and none of the Shares are subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the Shares, except as contemplated by
this Agreement. 
 ARTICLE III. 

MISCELLANEOUS 
 3.1 No
Transfers. While this Agreement is in effect, the Shareholder agrees not to, directly or indirectly, sell, transfer, pledge, assign or otherwise dispose of, or enter into any contract, option, commitment or other arrangement or understanding
with respect to the sale, transfer, pledge, assignment or other disposition of, any of the Shares, except the following transfers shall be permitted: (a) transfers by will or operation of law, in which case this Agreement shall bind the
transferee, (b) transfers pursuant to any pledge agreement, subject to the pledgee agreeing in writing (in form and substance reasonably satisfactory to Acquiror and a copy of which shall be provided to Acquiror prior to the Shareholder
entering into such agreement), prior to such transfer, to be bound by the terms of this Agreement, (c) transfers in connection with estate and tax planning purposes, including transfers to relatives, trusts and charitable organizations, subject
to each transferee agreeing in writing (in form and substance reasonably satisfactory to Acquiror and a copy of which shall be provided to Acquiror prior to the Shareholder entering into such agreement), prior to such transfer, to be bound by the
terms of this Agreement, and (d) such transfers as Acquiror may otherwise permit in its sole discretion. Any transfer or other disposition in violation of the terms of this Section 3.1 shall be null and void. 

3.2 Term of Agreement; Termination. The terms of this Agreement shall commence on the date hereof. This Agreement may be terminated at
any time prior to the consummation of the transactions contemplated by the Merger Agreement by the written agreement of the parties hereto; provided, however, that Acquiror shall be under no duty or obligation to so terminate this
Agreement, and that this Agreement shall be automatically terminated upon the earlier to occur 

  
 4 

 
of (a) the Effective Time, or (b) the termination of the Merger Agreement. Upon such termination, neither party to this Agreement shall have any further obligations or liabilities
hereunder; provided, however, that such termination shall not relieve either party from its liability for any breach of this Agreement prior to such termination. 

3.3 Additional Shares. If, after the date hereof, the Shareholder acquires the right to vote any additional shares of the capital stock
of the Company, including, without limitation, as a result of the issuance of any shares of restricted stock upon the lapsing of any forfeiture restrictions, upon exercise of any option or warrant to acquire shares of the capital stock of the
Company or through any stock dividend or stock split, the provisions of this Agreement applicable to the Shares shall be applicable to such additional shares as if such additional shares had been Shares as of the date hereof without action by any
person immediately upon the acquisition by the Shareholder of such additional shares. 
 3.4 Further Assurances. From time to time,
at Acquiror’s request and without further consideration, the Shareholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to effect the actions and consummate the
transaction contemplated by this Agreement. The shareholder further agrees not to commence or participate in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against
Acquiror or the Company or any of their respective successors relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the Merger. 

3.5 Specific Performance; Remedies; Attorneys’ Fees. The parties hereto agree that irreparable damage would occur in the event any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that, prior
to the termination of this Agreement pursuant to Section 3.2, Acquiror shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of the terms and provisions of
this Agreement, without proof of actual damages (and the Shareholder will not seek, and agrees to waive any requirement for, the securing or posting of a bond in connection with Acquiror’s seeking or obtaining such remedy), this being in
addition to any other remedy to which Acquiror is entitled at law or in equity. 
 3.6 Remedies Cumulative. All rights, powers and
remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any thereof by either party shall not preclude the simultaneous or later exercise of any
other such right, power or remedy by such party. 
 3.7 Entire Agreement. This Agreement constitutes the entire agreement between
Acquiror and the Shareholder with respect to the voting of the Shares in connection with the Merger and supersedes all prior agreements and understandings, both written and oral, between Acquiror and the Shareholder with respect thereto. 

3.8 Amendment and Waiver. This Agreement may not be amended, supplemented or altered, and no provisions hereof may be modified or
waived, except by an instrument in writing 

  
 5 

 
signed by the parties hereto. No waiver of any of the provisions hereof by either party shall be deemed a waiver of any other provision hereof by such party, nor shall any such waiver be deemed a
continuing waiver of any provision hereof by such party. The waiver of or failure to insist upon strict compliance with any condition or provision hereof shall not operate as a waiver of, or estoppel with respect to, any subsequent or other waiver
or failure. 
 3.9 Assignment. Except as provided in Section 3.1, neither this Agreement nor any of the rights, interests
or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise by either party hereto without the prior written consent of the other party, and any such assignment without such prior written
consent shall be null and void. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. 

3.10 Severability. If any term or provision of this Agreement is found invalid, illegal or unenforceable in any respect, by any court
of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other terms or provisions of this Agreement and the parties shall use their reasonable best efforts to substitute a valid, legal and enforceable
provision which, insofar as practical, will achieve the economic, business and other purposes of such invalid, illegal or unenforceable term. 

3.11 Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Tennessee without giving effect to any choice or conflict of law provision or rule (whether of the State of Tennessee or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State of
Tennessee. Each of the parties to this Agreement (a) consents to submit itself to the personal jurisdiction of any state or federal court sitting in Nashville, Tennessee in any action or proceeding arising out of or relating to this Agreement
or any of the transactions contemplated by this Agreement, (b) agrees that all claims in respect of such action or proceeding may be heard and determined in any such court, (c) agrees that it shall not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court, and (d) agrees not to bring any action or proceeding arising out of or relating to this Agreement or any of the transactions contemplated by this Agreement in any
other court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of the other party with respect thereto.
Either party hereto may make service on the other party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in Section 3.13. Nothing in this
Section 3.11, however, shall affect the right of either party to serve legal process in any other manner permitted by law. 

3.12 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL
RIGHT TO TRIAL BY JURY IN AN ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE

  
 6 

 
PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF THE OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.12. 
 3.13
Notices. All notices, requests, demands, claims and other communications hereunder shall be in writing and shall be given and shall be deemed to have been duly given if delivered personally (notice deemed given upon receipt), sent by
electronic transmission (including by fax) (notice deemed given upon confirmation of receipt), sent by a nationally recognized overnight courier service such as Federal Express (notice deemed given upon receipt of proof of delivery) or mailed by
registered or certified mail, return receipt requested (notice deemed given upon receipt) to the respective parties at the following addresses (or at such other address for either party as shall be specified in a notice given in accordance with this
Section 3.13): 
  

					
	If to Acquiror:	 	 Pinnacle Financial Partners, Inc.
 150 Third
Avenue South, Suite 900
 Nashville, Tennessee 37201
 Attn: M.
Terry Turner
 Facsimile: (615) 744-3770
	 	
			
	with a copy to:	 	 Bass, Berry & Sims PLC

150 Third Avenue South, Suite 2800

Nashville, Tennessee 37201
 Attn: Bob F. Thompson

Facsimile: (615) 742-2762
	 	
			
	If to the Shareholder:	 	 	 	
		 	 c/o Avenue Financial Holdings, Inc.
 110 10th
Avenue South, Suite 400
 Nashville, Tennessee 37203
 Attn:
Ronald L. Samuels

Facsimile:                        
                    
	 	
			
	with a copy to:	 	 Bradley Arant Boult Cummings LLP

1600 Division Street, Suite 700
 Nashville, Tennessee 37203

Attn: John W. Titus
 Facsimile: (615) 252-6341
	 	

  
 7 

 3.14 Disclosure. The shareholder hereby authorizes the Company and Acquiror to publish and
disclose in any announcement or disclosure required by the SEC and in the Proxy Statement/Prospectus the Shareholder’s identity and ownership of the Shares and the nature of the Shareholder’s obligations under this Agreement. 

3.15 Counterparts and Signature. This Agreement may be executed in two counterparts, each of which shall be deemed an original but both
of which together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties hereto and delivered to the other party, it being understood that the parties need not sign the
same counterpart. This Agreement may be executed and delivered by facsimile transmission. 
 [Remainder of Page Intentionally Left Blank]

  
 8 

 IN WITNESS WHEREOF, the Shareholder and Acquiror have caused this Agreement to be duly executed
as of the date first written above. 
  

			
	ACQUIROR:
	
	PINNACLE FINANCIAL PARTNERS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		 	

 
	
	
	SHAREHOLDER:
	
	   

	

 Schedule I 

             shares of Common Stock

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