Document:

EX-10.1 STOCK PURCHASE AGREEMENT

EXHIBIT 10.1

PINNACLE FINANCIAL PARTNERS, INC.

STOCK PURCHASE AGREEMENT

Dated as of July 17, 2008

To Each of the Purchasers Listed in the Signature Page:

Ladies and Gentlemen:

     The undersigned, Pinnacle Financial Partners, Inc., a Tennessee corporation (the
“Corporation”), hereby agrees with you as follows:

     1. AUTHORIZATION; SALE AND PURCHASE OF SHARES

     1.1 Authorization of Shares. The Corporation has duly authorized the issuance and sale
of up to an aggregate of 1,000,000 shares (the “Shares”) of common stock, $1.00 par value of the
Corporation (the “Common Stock”), As applicable, the Shares are sometimes referred to herein as the
“Securities”.

     1.2 Sale and Purchase of the Shares. Subject to the terms and conditions herein
provided, the Corporation hereby agrees to sell to the purchasers listed in the Signature Page,
attached hereto (each, a “Purchaser” and collectively the “Purchasers”), and each Purchaser,
severally and not jointly, agrees to purchase from the Corporation, at the Closing provided for in
Section 2 hereof, up to that number of Shares specified opposite its name in the Signature Page.
The per share purchase price for the Securities shall be equal to the price per share as reflected
on the Signature Pages hereof. Each Purchaser’s obligations hereunder are several and not joint
obligations, and no Purchaser shall have any liability to any person or entity for the performance
or nonperformance by any other Purchaser hereunder. Each Purchaser understands and acknowledges
that it has made its own review of the investment merits and risks of the Securities.

     1.3 On the date hereof, the Corporation and each Purchaser are entering into that certain
Registration Rights Agreement, between the Corporation and each Purchaser, in the form of Exhibit A
hereto, which provides the Purchasers with certain registration rights with respect to the Shares
being purchased hereunder (the “Registration Rights Agreement”, together with this Agreement, and
each of the other agreements entered into by the parties hereto in connection with the transactions
contemplated by this Agreement (collectively, the “Transaction Documents”).

     2. THE CLOSING.

     2.1 Time and Place of the Closing. Subject to Section 3 hereof, payment of the
purchase price for and delivery of the Shares shall be made at the offices of Bass, Berry & Sims

 

 

PLC, 315 Deaderick Street, Suite 2700, Nashville, TN 37238, or at such other place or in such other
manner as may be agreed upon by the Corporation and the Purchasers, at 9:00 a.m., Nashville time,
on July 22, 2008, or at such other time or date as the Purchasers and the Corporation may mutually
determine (such date and time of payment and delivery being herein called the “Closing Date”).

     2.2 Delivery of and Payment for the Shares. At the Closing, the Corporation shall
instruct the Corporation’s transfer agent to deliver to each Purchaser, at such address(es) as
designated on its Signature Page, certificates evidencing the Securities to be purchased by it (as
indicated opposite such Purchaser’s name on the Signature Page hereto), dated the Closing Date and
bearing appropriate legends as hereinafter provided for, and registered on the books and records of
the Corporation in such Purchaser’s name or its nominee, against payment in full on the Closing
Date of the aggregate purchase price therefor by wire transfer of immediately available funds for
credit to such account as the Corporation shall direct in writing prior to the Closing Date.

     3. CONDITIONS TO CLOSING

     3.1 Conditions to the Purchasers’ Obligations. The obligations of each Purchaser
hereunder are subject to the accuracy, as of the date hereof and on the Closing Date, of the
representations and warranties of the Corporation contained herein, except to the extent any such
representation or warranty expressly speaks as of an earlier date, and to the performance by the
Corporation of its obligations hereunder and to each of the following additional terms and
conditions:

          (a) The Corporation will have furnished to the Purchasers a certificate, dated the Closing
Date, executed on behalf of the Corporation by each of the President and Chief Executive Officer
and the Chief Financial Officer of the Corporation, stating that:

               (i) The representations and warranties of the Corporation in Section 4.1 hereof shall be true
and correct as of the Closing Date, except to the extent any such representation or warranty
expressly speaks as of an earlier date, in which case such representation or warranty shall be true
and correct as of such earlier date; and

               (ii) the Corporation shall have complied in all material respects with

all its agreements contained herein; and

               (iii) Such officers have carefully examined the Disclosure Materials (as defined in Section
4.1(e) hereof) and, in their opinion, as of their respective dates (except to the extent superseded
by statements in later-filed documents comprising part of the Disclosure Materials), and as of the
Closing Date, the Disclosure Materials do not contain any untrue statement of a material fact nor
omit to state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading;

          (b) From the date hereof to the Closing Date, there shall not have been any event or series of
events, change, occurrence or development or a state of circumstances or facts (including any
events, changes, occurrences, developments, state of circumstances or facts existing prior to the
date hereof but which become known during the period from the date hereof

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to the Closing Date), that, individually or in the aggregate, has had, or would reasonably be
expected to have, a Material Adverse Effect (as defined in Section 4.1(g) hereof).

          (c) Any authorizations, consents, commitments, agreements, orders or approvals of, or
declarations or filings with, or expirations of waiting periods imposed by any federal, state or
local court or governmental or regulatory agency or authority or applicable stock exchange or
trading market (any such court, agency, authority, exchange or market, a “Governmental Authority”)
required for the consummation of the Transactions, as defined herein, shall have been obtained or
filed or shall have occurred and any such orders shall have become final, non-appealable orders.

          (d) The Corporation shall have executed and delivered to such Purchaser each of the
Transaction Documents.

          (e) Bass, Berry & Sims PLC, counsel to the Corporation, shall have furnished to the Purchasers
its written opinion, substantially in the form of Exhibit B, addressed to the Purchasers and dated
the Closing Date.

     3.2 Conditions to the Corporation’s Obligations. The obligations of the Corporation
hereunder are subject to the accuracy, as of the date hereof and as of the Closing Date, of the
representations and warranties of each Purchaser contained herein and to the performance by each
Purchaser of its obligations hereunder and to each of the following additional terms and
conditions:

          (a) The Purchasers shall have received any and all necessary approvals from all Governmental
Authorities necessary for the purchase by the Purchasers of the Shares as the case may be, pursuant
to this Agreement, and any and all applicable waiting periods upon which such approvals are
conditioned shall have expired; and

          (b) Such Purchaser shall have executed each of the Transaction Documents of which it is a
party and delivered the same to the Corporation.

     4. REPRESENTATIONS AND WARRANTIES

     4.1 Representations, Warranties and Agreements of the Corporation. The Corporation
represents and warrants to, and agrees with each Purchaser that as of the date hereof:

          (a) The authorized capital stock of the Corporation consists of 90,000,000 shares of Common
Stock, $1.00 par value, of which 22,587,680 shares of Common Stock are outstanding as of the date
of this Agreement and 10,000,000 shares of preferred stock, $1.00 par value, of which no shares are
outstanding as of the date of this Agreement.

          (b) Since December 31, 2007, the Corporation and each Subsidiary have filed all material
reports, registrations and statements, together with any required amendments thereto, that it was
required to file with the Board of Governors of the Federal Reserve System (the “Federal Reserve”),
the Securities and Exchange Commission (the “SEC”), the Office of the Comptroller of the Currency
(the “OCC”), and any other applicable federal or state securities or banking authorities, except
where the failure to file any such report, registration or statement

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would not reasonably be expected to have a Material Adverse Effect (as defined below). All such
reports and statements filed with any such regulatory body or authority are collectively referred
to herein as the “Corporation Reports”. As of their respective dates, the Corporation Reports
complied as to form in all material respects with all the rules and regulations promulgated by the
Federal Reserve, the OCC and any other applicable foreign, federal or state securities or banking
authorities, as the case may be.

          (c) Except as previously disclosed in writing to the Purchasers, since December 31, 2007, no
change has occurred and no circumstances exist (including any changes, occurrences, circumstances
or facts existing prior to December 31, 2007 but which become known on or after December 31, 2007)
that is not disclosed in the Disclosure Materials (as defined below) which, individually or in the
aggregate,has had or would reasonably be expected to have a Material Adverse Effect.

          (d) The Corporation and each Subsidiary have all permits, licenses, authorizations, orders and
approvals of, and have made all filings, applications and registrations with, any governmental
entities that are required in order to carry on their business as presently conducted and that are
material to the business of the Corporation or its Subsidiaries, except where the failure to have
such permits, licenses, authorizations, orders and approvals or the failure to make such filings,
applications and registrations would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect; and all such permits, licenses, certificates of authority,
orders and approvals are in full force and effect and, to the knowledge of the Corporation, no
suspension or cancellation of any of them is threatened, and all such filings, applications and
registrations are current.

          (e) The Corporation has furnished to each Purchaser or otherwise made available a copy of each
of the following: (i) the Corporation’s Annual Report on Form 10-K for the year ended December 31,
2007, as filed with the SEC; (ii) the Corporation’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2008; (iii) the Corporation’s proxy statement for its Annual Meeting of
Stockholders held on April 15, 2008, as filed with the SEC on March 14, 2008; and (iv) the
Corporation’s Current Reports on Form 8-K filed with the SEC since December 31, 2007, pursuant to
the reporting requirements of the Securities and Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder (the “Exchange Act”), (items (i) through (iv) collectively,
the “Disclosure Materials”), which Disclosure Materials include, among other things, audited
consolidated financial statements of the Corporation for its fiscal years ended December 31, 2005,
2006 and 2007. As of the date hereof and as of the Closing Date, each of the documents comprising a
part of the Disclosure Materials, when such documents are considered together as a whole, did not
contain or will not contain any untrue statement of material fact or omitted to state or will not
omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

          (f) Based upon the representations and warranties of each Purchaser contained herein, the
Corporation is not required by applicable law or regulation in connection with the offer, sale and
delivery of the Securities to the Purchasers in the manner contemplated by this Agreement to
register the Securities under the Securities Act of 1933, as amended (the “Securities Act”), or any
state securities laws.

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          (g) The Corporation and the Corporation’s wholly-owned Subsidiaries, (i) have been duly
incorporated or organized and are validly existing in good standing under the laws of their
respective jurisdictions of incorporation or organization, (ii) are duly qualified to do business
and are in good standing as foreign corporations or organizations in each jurisdiction in which
their respective ownership or lease of property or the conduct of their respective businesses
requires such qualification, except where the failure to be so qualified would not reasonably be
expected to result in any material adverse change in the condition, financial or otherwise, or in
the earnings, business affairs or business prospects of the Corporation and its Subsidiaries (taken
as a whole), or which would not reasonably be expected to materially and adversely affect the
assets or properties of the Corporation and its Subsidiaries (taken as a whole), or which would not
reasonably be expected to materially and adversely affect the ability of the Corporation to perform
its obligations under the Transaction Documents (individually or in the aggregate, a “Material
Adverse Effect”, except that the mere filing of any action, claim, suit or order relating to any
actual or threatened litigation involving the Corporation, its Subsidiaries or any of its employees
after the date of this Agreement (rather than the actual facts and circumstances underlying such
action, claim, suit or order) shall not be deemed a “Material Adverse Effect”); and (iii) have all
corporate power and authority necessary to own or hold their respective properties and to conduct
the businesses in which they are currently engaged.

          (h) All of the issued shares of capital stock of the Corporation have been duly and validly
authorized and issued, are fully paid and non-assessable and no such shares were issued in
violation of the preemptive or similar rights of any security holder of the Corporation. No person
has any preemptive or similar statutory or contractual right to purchase any shares of capital
stock of the Corporation. Except as disclosed in the Disclosure Materials and for the 2,827,451
shares of Common Stock reserved for issuance under the Corporation’s equity compensation or other
employee benefit or compensation plans, arrangements, or agreements, there are no outstanding
warrants, options or other rights to subscribe for or purchase any of the Corporation’s capital
stock and no restrictions upon the voting or transfer of any capital stock of the Corporation
pursuant to the Corporation’s charter or bylaws or any agreement or other instrument to which the
Corporation is a party or by which the Corporation is bound.

          (i) The Securities have been duly authorized by the Corporation and, when issued and delivered
by the Corporation against payment therefor in the manner contemplated by this Agreement, will be
validly issued, fully paid and non-assessable, free from all taxes, liens and charges with respect
to the issue thereof, and the issuance of the Securities will not obligate the Corporation to issue
shares of capital stock to any person.

          (j) This Agreement has been duly authorized, executed and delivered by the Corporation and
constitutes a valid and legally binding agreement of the Corporation enforceable against the
Corporation in accordance with its terms, subject to the effects of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, and general equitable principles (whether considered in a proceeding in equity or at
law).

          (k) The execution, delivery and performance of this Agreement, the issuance and sale of the
Securities in the manner contemplated hereby, and the consummation of the transactions contemplated
herein (collectively, the “Transactions”), will not (i) conflict with or constitute a violation of,
or default (with the passage of time or the delivery of notice) under, (A) any bond, debenture,
note or other evidence of indebtedness, or any agreement, lease, franchise,

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license, permit, contract, indenture, mortgage, deed of trust, loan agreement, joint venture or
other agreement or instrument to which the Corporation or any of its Subsidiaries is a party or by
which it or any of its Subsidiaries or their property is bound, where such conflict, violation or
default would reasonably be expected to have a Material Adverse Effect, or (B) to the knowledge of
the Corporation, any law, administrative regulation, ordinance or judgment, order or decree of any
court or governmental agency, arbitration panel or authority binding upon the Corporation or any of
its Subsidiaries or any of their property, where such conflict, violation or default would
reasonably be expected to have a Material Adverse Effect, or (ii) violate any of the provisions of
the Charter, as amended, or By-laws, as amended, of the Corporation; and no consent, approval,
authorization or order of, or filing or registration with any such person (including, without
limitation, any such court or governmental agency or body) is required for the consummation of the
Transactions by the Corporation, except such as may be required under state securities laws or
Regulation D under the Securities Act, or required by The Nasdaq Stock Market.

          (l) The audited consolidated financial statements (including the related notes) included or
incorporated in the Disclosure Materials present fairly, in all material respects, the financial
condition and results of operations of the Corporation and its Subsidiaries, at the dates and for
the periods indicated, and have been prepared in conformity with U.S. generally accepted accounting
principles (“GAAP”) applied on a consistent basis throughout the periods involved.

          (m) Except as disclosed in the Disclosure Materials or as previously disclosed to the
Purchasers, there is no action, suit or proceeding before or by any court or governmental agency or
body or any labor dispute now pending or, to the knowledge of the Corporation, threatened against
the Corporation or its Subsidiaries, which would reasonably be expected to have a Material Adverse
Effect. To the best knowledge of the Corporation, all pending legal, arbitral or governmental
proceedings or investigations to which the Corporation or its Subsidiaries are a party or have been
threatened, or of which any of their assets or properties is the subject which are not described in
the Disclosure Materials, including ordinary routine litigation incidental to the business of the
Corporation or its Subsidiaries, are, considered in the aggregate, not material to the Corporation
and its Subsidiaries.

          (n) No temporary restraining order, preliminary or permanent injunction or other order issued
by any court of competent jurisdiction or other legal restraint or prohibition preventing the
consummation of the Transactions is in effect.

          (o) Except as disclosed in the Disclosure Materials, neither the Corporation nor any
subsidiary has engaged in conduct that it knew to be a violation of any applicable law or
contractual obligation relating to the recruitment, hiring, extension of offers of employment,
retention or solicitation of any current employee of the Corporation or any subsidiary where such
conduct would reasonably be expected to have a Material Adverse Effect. To the knowledge of the
Corporation, no executive officer is, or is expected to be, in violation of any material term of
any employment contract, confidentiality, disclosure or proprietary information agreement or
non-competition agreement, or any other contract or agreement or any restrictive covenant where
such violation would reasonably be expected to have a Material Adverse Effect, and to the knowledge
of the Corporation the continued employment of each such executive officer does not subject the
Corporation or any of its subsidiaries to any material liability with respect to any of the
foregoing matters.

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          (p) No broker’s, finder’s, investment banker’s or similar fee or commission has been paid or
will be payable by the Corporation with respect to, or for any services rendered to the Corporation
ancillary to, the offer, issue and sale of the Securities contemplated by this Agreement.

          (q) Except as set forth in the Disclosure Materials, the Corporation does not own or control,
directly or indirectly, any Significant Subsidiary as defined in SEC Regulation S-X. For the
purposes of this Agreement, the term “Subsidiary” shall mean any: (a) firm, corporation,
partnership, limited liability company, trust or other entity (a “Person”) of which the Corporation
owns (i) at least 5% of the outstanding voting capital stock (or other outstanding voting shares of
beneficial interest), or (ii) at least a majority of the partnership, membership, joint venture or
similar interests; (b) partnership in which the Company is a general partner; or (c) limited
liability company in which the Corporation is the manager or the managing member. Except for
short-term investments, the Corporation does not own any shares of stock or any other equity or
long-term debt securities of any corporation or have any equity interest in any firm, partnership,
limited liability company, joint venture, association or other entity except as set forth in the
Disclosure Materials.

          (r) All material agreements to which the Corporation and its Subsidiaries is a party and which
are required to have been filed by the Corporation pursuant to SEC Regulation S-K have been filed
by the Corporation with the SEC pursuant to the requirements of the Securities Act or the Exchange
Act, as applicable. Except for such agreements that have expired or terminated in accordance with
their terms prior to the date hereof, each such agreement is in full force and effect and is
binding on the Corporation and/or its Subsidiaries, as applicable, and, to the knowledge of the
Corporation, is binding upon such other parties, in each case in accordance with its terms, and
neither the Corporation, any of its Subsidiaries nor, to the knowledge of the Corporation, any
other party thereto, is in breach of or default under any such agreement, which breach or default
would reasonably be expected to have a Material Adverse Effect. Neither the Corporation, nor any of
its Subsidiaries, has received any written notice regarding the termination of any such agreements.

          (s) Each of the Corporation and its Subsidiaries has filed on a timely basis all material
federal, state, local and foreign income and franchise tax returns required to be filed by it
through the date hereof or had properly requested extension thereof and has paid all material taxes
shown as due thereon, and any related material assessments, fines or penalties. Each of the
Corporation and its Subsidiaries has made reasonably adequate charges, accruals and reserves in the
applicable financial statements referred to in this Section 4.1(s) in respect of all federal,
state, local and foreign income and franchise taxes for all periods as to which the tax liability
of the Corporation and its Subsidiaries has not been finally determined. The Corporation has no
knowledge of a material tax deficiency which has been or is reasonably likely to be asserted or
threatened against it or any of its Subsidiaries.

          (t) To its knowledge, the Corporation and its Subsidiaries are in compliance with all
applicable laws, rules, regulations, orders, decrees and judgments applicable to it, including,
without limitation, all applicable local, state and federal environmental laws and regulations and
the provisions of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley Act”) and the
applicable federal and state banking laws, rules and regulations, together with the Sarbanes-Oxley
Act, the “Applicable Laws”); except where failure to be so in compliance would not have a Material
Adverse Effect. Neither the Corporation nor any of its Subsidiaries has

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received any notice of purported or actual non-compliance with Applicable Laws nor, except to the
extent it would not individually or in the aggregate reasonably be expected to have a Material
Adverse Effect, any notice of any material, actual or proposed changes in the existing Applicable
Laws. Neither the Corporation nor any of its Subsidiaries has received any communication from any
Governmental Authority (i) threatening to revoke any permit, license, franchise, certificate of
authority or other governmental authorization, or (ii) threatening or contemplating revocation or
limitation of, or which would have the effect of revoking or limiting, FDIC deposit insurance.

          (u) To its knowledge, the Corporation’s Common Stock is in compliance with all the
requirements of Nasdaq Stock Market for continued listing of the Common Stock thereon.
Furthermore, the Corporation has taken no action designed to, or likely to have the effect of
terminating the registration of the Common Stock under the Exchange Act or de-listing the Common
Stock from Nasdaq, nor has the Corporation received any notification that the SEC is contemplating
terminating such registration or listing.

          (v) To its knowledge, the operations of the Corporation and its Subsidiaries are and have been
conducted, in all material respects, at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Corporation or any of its Subsidiaries with respect to the Money Laundering Laws is
pending or, to the knowledge of the Corporation, threatened.

          (w) Neither the Corporation nor any of its Subsidiaries nor, to the knowledge of the
Corporation, any director, officer, agent, employee or affiliate of the Corporation or any of its
Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”); and the Corporation will not intentionally
directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity, for the
purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

          (x) Each of the Corporation and its Subsidiaries has good and marketable title to all
properties and assets reflected as owned by it in the financial statements and in the Disclosure
Materials and that it otherwise purports to own, and such properties and assets are not subject to
any lien, mortgage, pledge, or security interest except (i) those, if any, securing debt reflected
in the financial statements included in the Disclosure Materials, or (ii) those which are not
material in amount or do not adversely affect the use made and intended to be made of such property
by the Corporation or its Subsidiaries. Each of the Corporation and its Subsidiaries holds its
leased properties under valid and binding leases, with such exceptions as would not reasonably be
expected to have a Material Adverse Effect. Except as disclosed in the Disclosure Materials, each
of the Corporation and its Subsidiaries owns or leases all such properties as are necessary to its
operations as now conducted.

          (y) Each of the Corporation and its Subsidiaries maintains insurance (issued by insurers of
recognized financial responsibility) of the types, against such losses and in the

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amounts, with such insurers and subject to deductibles and exclusions as are customary in the
Corporation’s and its Subsidiaries’ industry and otherwise reasonably prudent, including, without
limitation, insurance covering all real and personal property owned or leased by the Corporation
and its Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks
customarily insured against by similarly situated companies, all of which insurance is in full
force and effect.

          (z) KPMG LLP, who will express their opinion with respect to the audited financial statements
and schedules to be included as a part of the Registration Statement prior to the filing of the
Registration Statement, are independent public accountants as required by the Securities Act, and
the rules and regulations of the SEC thereunder.

          (aa) The Corporation has satisfied the conditions for use of Form S-3 as set forth in the
General Instructions to such Form.

          (bb) The Corporation is not and, after giving effect to the offering and sale of the
Securities as contemplated in this Agreement will not be an “investment company” as defined in the
Investment Company Act of 1940, as amended.

          (cc) The Corporation has not taken, directly or indirectly, any action designed to or that
would constitute or that might reasonably be expected to cause or result in, under the Exchange Act
or otherwise, stabilization or manipulation of the price of any security of the Corporation to
facilitate the sale or resale of the Securities.

          (dd) As of December 31, 2007, the Corporation and its Subsidiaries meet or exceed the
standards necessary to be considered “adequately capitalized” under the FDIC’s regulatory framework
for prompt corrective action.

          (ee) None of the Corporation, its Subsidiaries, any of their affiliates, and any Person acting
on their behalf has, directly or indirectly, made any offers or sales of the Securities or
solicited any offers to buy the Securities, under circumstances that would require registration of
the Securities under the Securities Act. None of the Corporation, its Subsidiaries, any of their
affiliates, and any Person acting on their behalf has, directly or indirectly, made any offers or
sales of any security or solicited any offers to buy any security under circumstances that would
cause this offering of the Securities to be integrated with prior offerings by the Corporation for
purposes of the Securities Act or any applicable stockholder approval provisions, including,
without limitation, under the rules and regulations of any exchange or automated quotation system
on which any of the securities of the Corporation are listed or designated. None of the
Corporation, its Subsidiaries, their affiliates and any Person acting on their behalf will take any
action or steps referred to in the preceding sentence that would require registration of any of the
Securities under the Securities Act.

          (ff) Except as disclosed in the Disclosure Materials or as is exempt from such disclosure
under applicable SEC regulations, none of the officers, directors or employees of the Corporation
is presently a party to any transaction with the Corporation or any of its Subsidiaries (other than
for ordinary course services as employees, officers or directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments to or from any such
officer, director or employee or, to the knowledge of the Corporation, any

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corporation, partnership, trust or other entity in which any such officer, director, or employee
has a substantial interest or is an officer, director, trustee or partner.

          (gg) There is no transaction, arrangement, or other relationship between the

Corporation and an unconsolidated or other off balance sheet entity that is required to be
disclosed by the Corporation in its Exchange Act filings and is not so disclosed or that otherwise
would be reasonably likely to have a Material Adverse Effect.

     4.2 Representations and Warranties and Agreements of the Purchasers. Each Purchaser
severally and not jointly, represents and warrants to, and agrees with the Corporation that, as of
the date hereof:

          (a) Such Purchaser has full power and authority to enter into this Agreement and this
Agreement constitutes a valid and legally binding obligation of such Purchaser, enforceable against
such Purchaser in accordance with its terms, subject to the effects of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditor’s rights
generally, and general equitable principles (whether considered in a proceeding in equity or at
law).

          (b) If the Purchaser is a corporation, partnership, limited liability company, trust, or other
entity, it represents that: (i) it is duly organized, validly existing and in good standing in its
jurisdiction of incorporation or organization and has all the requisite power and authority to
purchase the Securities as provided herein, and (ii) such investment has been duly authorized by
all necessary action on behalf of the Purchaser.

          (c) If the Purchaser is purchasing the Securities in a representative or fiduciary capacity,
the representations and warranties contained herein (and in any other written statement or document
delivered to the Corporation in connection herewith) shall be deemed to have been made on behalf of
the person or persons for whom such Securities are being purchased.

          (d) Such Purchaser is purchasing the Securities for Purchaser’s own account and not with a
view to or for sale in connection with any distribution thereof in a transaction that would violate
or cause a violation of the Securities Act or the securities laws of any state or any other
applicable jurisdiction. The Purchaser has no present intention of selling the Securities, granting
any participation interest in the Securities or otherwise distributing the Securities, in each case
in violation of the Securities Act. If the Purchaser is an entity, the Purchaser has not been
organized solely for the purpose of acquiring the Securities. Purchaser is not a broker dealer
registered with the SEC under the Exchange Act or an entity engaged in a business that would
require it to be so registered.

          (e) Such Purchaser is an “accredited investor” as defined in Rule 501(a) promulgated under the
Securities Act and understands and agrees that the offer and sale of the Securities to Purchasers
hereunder have not been registered under the Securities Act or any state securities law in reliance
on the availability of an exemption from such registration requirements based on the accuracy of
the Purchaser’s representations in this Section 4.2.

          (f) In the normal course of such Purchaser’s business or affairs, Purchaser invests in or
purchases securities similar to the Securities and has such knowledge and

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experience in financial and business matters as to be capable of evaluating the merits and risks of
purchasing the Securities. Purchaser has received and has carefully reviewed the Disclosure
Materials and understands the information contained therein. Purchaser understands that the
Disclosure Materials contain certain “forward-looking” information regarding the Corporation and
its business, and that the Corporation’s ability to predict results or the actual effect of future
plans or strategies is inherently uncertain. Purchaser has had access to such financial and other
information concerning the Corporation and its Subsidiaries as Purchaser deemed necessary or
desirable in making a decision to purchase the Securities, including an opportunity to ask
questions and receive answers from officers of the Corporation and to obtain additional information
(to the extent the Corporation possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify the accuracy of any information furnished to Purchaser or to
which Purchaser had access.

          (g) Such Purchaser is not relying on the Corporation or any of its affiliates with respect to
an analysis or consideration of the terms of or economic considerations relating to an investment
in the Securities. In regard to such considerations and analysis, the Purchaser has relied on the
advice of, or has consulted with, only his, her or its own advisors, other than those advisors of
the undersigned affiliated with the Corporation or any of its affiliates.

          (h) Such Purchaser acknowledges and is aware that there are substantial restrictions on the
transferability of the Securities. Purchaser understands that the Securities have not been
registered under the Securities Act and are “restricted securities” within the meaning of Rule 144
and may not be sold, transferred, or otherwise disposed of without registration under the
Securities Act or an exemption therefrom. Furthermore, Purchaser acknowledges that each certificate
evidencing the Securities purchased hereunder will bear a legend substantially to the effect set
forth below, and each Purchaser covenants that, except to the extent such restrictions are waived
by the Corporation, such Purchaser shall not transfer the shares represented by any such
certificate without complying with the restrictions on transfer described in the legend endorsed on
such certificate:

     THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED ABSENT AN
EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH
ACT, OR UNLESS THE CORPORATION HAS RECEIVED AN OPINION OF COUNSEL, SATISFACTORY TO THE CORPORATION
AND ITS COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT SUCH REGISTRATION IS NOT REQUIRED.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

     Purchaser understands that except as provided in the Registration Rights Agreement, Purchaser
has no right to require that the Securities be registered under the Securities Act.

     If the Securities become eligible for sale pursuant to Rule 144(b)(1) or any similar or
successor provision, the Corporation shall within seven days, upon the request of the holder of
such Securities pursuant to this Agreement, remove the legend set forth in Section 4.2(h) from the
certificates for such Securities. In addition, if in connection with any transfer a holder of the
Securities pursuant to this Agreement delivers to the Corporation an opinion of counsel which (to

11

 

the Corporation’s reasonable satisfaction) is knowledgeable in securities law matters to the effect
that no subsequent transfer of such Securities shall require registration under the Securities Act,
then the Corporation promptly upon such contemplated transfer shall deliver new certificates for
such Securities which do not bear the Securities Act legend set forth in Section 4.2(h).

          (i) Each Purchaser represents and warrants that it is not required to obtain, prepare or file
any authorization, approval, consent, filing or registration with any federal Governmental
Authority in order to consummate the Transactions at the Closing Date.

          (j) The Purchaser did not learn of the investment in the Securities by means of any formal
general or public solicitation or general advertising or publicly disseminated advertisements or
sales literature, including (i) any advertisement, articles, notices or other communication
published in any newspaper, magazine or similar media, or broadcast over television or radio, or
(ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of
communications.

12

 

     5. ADDITIONAL AGREEMENTS

     5.1 Availability of Information. The Corporation agrees to use its best efforts to
timely file all periodic reports required under Sections 13(a), 15(d) and 14(a) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and to maintain the listing of its Common
Stock on the Nasdaq Global Select Market or other similar stock exchange following the Closing Date
for so long as is required under Rule 144 for the sale of the Shares.

     5.2 Form D and Blue Sky. The Corporation agrees to file a Form D with respect to the
Securities as required under Regulation D and to provide a copy thereof to each Purchaser promptly
after such filing. The Corporation, on or before the Closing Date, shall take such action as the
Corporation shall reasonably determine is necessary in order to obtain an exemption for or to
qualify the Securities for sale to the Purchasers at the Closing pursuant to this Agreement under
applicable securities or “Blue Sky” laws of the states of the United States (or to obtain an
exemption from such qualification), and shall provide evidence of any such action so taken to the
Purchasers on or prior to the Closing Date. The Corporation shall make all filings and reports
relating to the offer and sale of the Securities required under applicable securities or “Blue Sky”
laws of the states of the United States following the Closing Date.

     5.3 Regulatory Matters. Each of the Corporation and each Purchaser agree to use
reasonable efforts to take all actions and to do all things necessary, proper or advisable to
obtain any authorizations, consents, orders and approvals of all Governmental Authorities necessary
for the Corporation to sell the Securities on the Closing Date on terms consistent with the terms
set forth in this Agreement.

     5.4 Publicity. Each Purchaser acknowledges that the Corporation will publicly announce
the entering into this Agreement and the completion of the Transactions as soon as practicable
following the date hereof and in any event not later than the second business day after the Closing
Date; provided, however, that the Corporation shall not specifically name the Purchasers in a press
release without the prior consent of such Purchaser. Notwithstanding the preceding paragraph, each
Purchaser hereby agrees that the Corporation may specifically name Purchaser as one of the
Purchasers of Securities in its periodic reports filed under the Exchange Act as required by the
rules and regulations of the Exchange Act and as otherwise required in the registration statement
to be filed pursuant to the Registration Rights Agreement.

     5.5 Subsequent Sales of Common Stock. The Corporation shall not take any action or
omit to take any action which would cause the Transactions or any portion thereof to require a vote
of the Corporation’s stockholders.

     6. MISCELLANEOUS

     6.1 Survival of Representations and Warranties. All statements contained in any
officers’ certificates delivered by or on behalf of the Corporation or its Subsidiaries pursuant to
this Agreement or in connection with the Transactions contemplated hereby will be deemed
representations or warranties of the Corporation under this Agreement. All representations and
warranties contained in this Agreement made by or on behalf of the Corporation or the Purchasers
will survive the execution and delivery of this Agreement, any investigation at any time made by or
on behalf of the Corporation or the Purchasers, and the sale and purchase of the Securities under
this Agreement, and, except for representations and warranties set forth in

13

 

Section 4.1(g), (h), (i), (j) and Section 4.2(i) shall expire on the first anniversary of the
Closing Date.

     6.2 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by or against the respective successors and assigns of the parties
hereto.

     6.3 Notices. All written communications provided for herein are required to be sent by
U.S. Certified Mail or recognized overnight delivery service (with charges prepaid) and (i) if to a
Purchaser, addressed to such Purchaser at the address as specified for such communications in the
Signature Page, or at such other address as such Purchaser may have specified to the Corporation in
writing, and (ii) if to the Corporation, addressed to it at:

Pinnacle Financial Partners, Inc.

211 Commerce Street

Suite 300

Nashville, TN 37201

Attn: Terry Turner, President and Chief Executive Officer

or at such other address as the Corporation may have specified to the Purchasers in writing.
Notices under this Section 6.3 shall be deemed given only when actually received.

     6.4 Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of
Maryland, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Maryland or any other jurisdictions) that would cause the application of the laws
of any jurisdictions other than the State of Maryland.

     6.5 Counterparts. This Agreement may be executed in one or more counterparts and, if
executed in more than one counterpart, the executed counterparts shall each be deemed to be an
original, but all such counterparts shall together constitute one and the same instrument.

     6.6 Headings. The headings herein are inserted for convenience of reference only and
are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

     6.7 Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not
invalidate or render unenforceable such provision in any other jurisdiction.

     6.8 Expenses. Each Purchaser and the Corporation shall bear all expenses incurred by
it in connection with the Agreement and the Transactions contemplated hereby.

     6.9 Construction. Each agreement contained herein shall be construed (absent express
provision to the contrary) as being independent of each other agreement contained herein, so that
compliance with any one agreement shall not (absent such an express contrary provision) be deemed
to excuse compliance with any other agreement. Where any provision herein refers to action to be
taken by any person or entity, or which such person or entity is prohibited from

14

 

taking, such provision shall be applicable whether such action is taken directly or indirectly by
such person or entity.

     6.10 Entire Agreement; Amendments. This Agreement supersedes all other prior oral or
written agreements between the Purchasers, the Corporation, their affiliates and Persons acting on
their behalf with respect to the matters discussed herein, and this Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither the
Corporation nor any Purchaser makes any representation, warranty, covenant or undertaking with
respect to such matters. No provision of this Agreement may be amended other than by an instrument
in writing signed by i) the Corporation; and iii) the holders of Shares representing at least a
majority of the amount of the Shares then outstanding, or, if prior to the Closing Date, the
Purchasers listed on the Signature Page as being obligated to purchase at least a majority of the
amount of the Shares. No provision hereof may be waived other than by an instrument in writing
signed by the party against whom enforcement is sought. No such amendment shall be effective to
the extent that it applies to less than all of the holders of the Securities then outstanding. No
consideration shall be offered or paid to any Person to amend or consent to a waiver or
modification of any provision of any of the Transaction Documents unless the same consideration
also is offered to all of the parties to the Transaction Documents, including holders of the
Securities. The Corporation has not, directly or indirectly, made any agreements with any
Purchasers relating to the terms or conditions of the transactions contemplated by the Transaction
Documents except as set forth in the Transaction Documents. Without limiting the foregoing, the
Corporation confirms that, except as set forth in this Agreement, no Purchaser has made any
commitment or promise or has any other obligation to provide any financing to the Corporation or
otherwise.

     6.11 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and assigns, including any purchasers of the
Securities. The Corporation shall not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the holders of Shares representing at least a majority of the
amount of the Shares then outstanding. A Purchaser may assign some or all of its rights hereunder
without the consent of the Corporation, in which event such assignee shall be deemed to be a
Purchaser hereunder with respect to such assigned rights.

     6.12 No Third Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person.

15

 

     6.13 Indemnification.

          (a) In consideration of each Purchaser’s execution and delivery of the Transaction Documents
and acquiring the Securities thereunder and in addition to all of the Corporation’s other
obligations under the Transaction Documents, the Corporation shall defend, protect, indemnify and
hold harmless each Purchaser and all of their stockholders, partners, members, officers, directors,
employees and any of the foregoing Persons’ agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement)
(collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection
therewith (irrespective of whether any such Indemnitee is a party to the action for which
indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or
relating to (a) any misrepresentation or breach of any representation or warranty made by the
Corporation in the Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of the
Corporation contained in the Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby or (c) any cause of action, suit or claim brought or made against
such Indemnitee by a third party (including for these purposes a derivative action brought on
behalf of the Corporation) and arising out of or resulting from any misrepresentation or breach of
any representation or warranty made by the Corporation in the Transaction Documents, or any
covenant, agreement or obligation of the Corporation contained in the Transaction Documents, or any
other certificate, instrument or document contemplated hereby or thereby. To the extent that the
foregoing undertaking by the Corporation may be unenforceable for any reason, the Corporation shall
make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law.

          (b) Promptly after receipt by an Indemnitee under this Section 6.13 of notice of the
commencement of any action or proceeding (including any governmental action or proceeding)
involving an Indemnified Liability, such Indemnitee shall, if a claim for indemnification in
respect thereof is to be made against any indemnifying party under this Section 6.13, deliver to
the indemnifying party a written notice of the commencement thereof, and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnitee; provided,
however, that an Indemnitee shall have the right to retain its own counsel with the fees and
expenses of not more than one counsel for such Indemnitee to be paid by the indemnifying party, if,
in the reasonable opinion of counsel to the Indemnitee, the representation by such counsel of the
Indemnitee and the indemnifying party would be inappropriate due to actual or potential differing
interests between such Indemnitee and the indemnifying party. Legal counsel referred to in the
immediately preceding sentence shall be selected by the Purchasers holding at least a majority of
the Securities issued and issuable hereunder. The Indemnitee shall cooperate fully with the
indemnifying party in connection with any negotiation or defense of any such action or Indemnified
Liabilities by the indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnitee that relates to such action or Indemnified Liabilities. The
indemnifying party shall keep the Indemnitee fully apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable
for any settlement of any

16

 

action, claim or proceeding effected without its prior written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No
indemnifying party shall, without the prior written consent of the Indemnitee, which consent shall
not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter
into any settlement or other compromise which (i) does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in
respect to such Indemnified Liabilities or litigation, (ii) requires any admission of wrongdoing by
such Indemnitee, or (iii) obligates or requires an Indemnitee to take, or refrain from taking, any
action. Following indemnification as provided for hereunder, the indemnifying party shall be
subrogated to all rights of the Indemnitee with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action
shall not relieve such indemnifying party of any liability to the Indemnitee under this Section
6.13, except to the extent that the indemnifying party is prejudiced in its ability to defend such
action.

          (c) The indemnification required by this Section 6.13 shall be made by periodic payments of
the amount thereof during the course of the investigation or defense, as and when bills are
received or Indemnified Liabilities are incurred.

          (d) The indemnity agreements contained herein shall be in addition to (x) any cause of action
or similar right of the Indemnitee against the indemnifying party or others, and (y) any
liabilities the indemnifying party may be subject to pursuant to the law.

     6.14 No Strict Construction. The language used in this Agreement will be deemed to be
the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party.

     6.15 Rescission and Withdrawal Right. Notwithstanding anything to the contrary
contained in (and without limiting any similar provisions of) the Transaction Documents, whenever
any Purchaser exercises a right, election, demand or option under a Transaction Document and the
Corporation does not timely perform its related obligations within the periods therein provided,
then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written
notice to the Corporation, any relevant notice, demand or election in whole or in part without
prejudice to its future actions and rights

     6.16 Payment Set Aside. To the extent that the Corporation makes a payment or
payments to the Purchasers hereunder or pursuant to any of the other Transaction Documents or the
Purchasers enforce or exercise their rights hereunder or thereunder, and such payment or payments
or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required
to be refunded, repaid or otherwise restored to the Corporation, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal
law, common law or equitable cause of action), then to the extent of any such restoration the
obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such enforcement or setoff had not
occurred.

17

 

     6.17 Independent Nature of Purchasers’ Obligations and Rights. The obligations of
each Purchaser under any Transaction Document are several and not joint with the obligations of any
other Purchaser, and no Purchaser shall be responsible in any way for the performance of the
obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in
any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto,
shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or
any other kind of entity, or create a presumption that the Purchasers are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated by the
Transaction Documents and the Corporation acknowledges that the Purchasers are not acting in
concert or as a group with respect to such obligations or the transactions contemplated by the
Transaction Documents. Each Purchaser confirms that it has independently participated in the
negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors.
Each Purchaser shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of any other Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any proceeding for such purpose.

[SIGNATURE PAGE FOLLOWS]

18

 

     If the foregoing correctly sets forth the agreement between the Corporation and the Purchaser,
please indicate your acceptance in the space provided for that purpose below.

	 	 	 	 	 
	 	Very truly yours,

PINNACLE FINANCIAL PARTNERS, INC.

 	 
	 	By:  	/s/ M.
Terry Turner	 
	 	 	Name: 	M. Terry Turner	 
	 	 	Title: 	President & CEO	 

19

 

	 	 	 	 	 

STOCK PURCHASE AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 
	T. ROWE PRICE ASSOCIATES, INC.	 	 	 	No. of Shares to be Purchased: 1,000,000  
	Investment Adviser to the Funds and Accounts on	 	 	 	Price per share: $21.50	 	 
	Attachment A	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	T. ROWE PRICE ASSOCIATES, INC.	 	 	 	 	 	 	 	 
	Investment Adviser to:	 	 	 	 	 	 	 	 
	T. Rowe Price Small-Cap Stock Fund, Inc.
	 	 	 	 	 	 	 	 
	T. Rowe Price Institutional Small-Cap Stock Fund	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ John David Wagner	 	 	 	Date:	 	July 17, 2008 	 	 
	 

	 	 

Name: John David Wagner
	 	 	 	 	 	 
	 	 
	 

	 	Title:   Vice President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	T. ROWE PRICE ASSOCIATES, INC.	 	 	 	 	 	 	 	 
	Investment Adviser to:	 	 	 	 	 	 	 	 
	T. Rowe Price New Horizons Fund, Inc.	 	 	 	 	 	 	 	 
	T. Rowe Price New Horizons Trust	 	 	 	 	 	 	 	 
	T. Rowe Price U.S. Equities Trust	 	 	 	 	 	 	 	 
	City of New York Deferred Compensation Plan —

    NYC 457\401K Small Cap Account	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Hugh M. Evans III	 	 	 	Date:	 	July 17, 2008 	 	 
	 

	 	 

Name: Hugh M. Evans III
	 	 	 	 	 	 
	 	 
	 

	 	Title:   Vice President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	T. ROWE PRICE ASSOCIATES, INC.	 	 	 	 	 	 	 	 
	Investment Adviser to:	 	 	 	 	 	 	 	 
	T. Rowe Price Financial Services Fund, Inc.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Jeffrey W. Arricale 	 	 	 	Date:	 	July 17, 2008 	 	 
	 

	 	 

Name: Jeffrey W. Arricale
	 	 	 	 	 	 
	 	 
	 

	 	Title:   Vice President	 	 	 	 	 	 	 	 

Registered Address:

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Delivery Address:

See Attachment A

Contact Person for Notices:  Darrell N. Braman, Vice President and Associate Legal Counsel

     Telephone:   410-345-2013

     Facsimile:    410-345-6575

     Email:          Darrell_braman@troweprice.com

20EX-10.2 REGISTRATION RIGHTS AGREEMENT

EXHIBIT
10.2

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of July 17, 2008 by
and among Pinnacle Financial Partners, Inc. a Tennessee corporation (the “Company”), and the
persons listed on the signature page hereof (referred to collectively herein as the “Investors” and
each individually as an “Investor”).

RECITALS

     WHEREAS, this Agreement is made pursuant to the Stock Purchase Agreement (the “Stock Purchase
Agreement”), dated as of July 17, 2008, by and among the Company and certain purchasers of Shares;
and

     WHEREAS, in connection with the consummation of the transactions contemplated by the Stock
Purchase Agreement, the parties desire to enter into this Agreement in order to grant certain
registration rights to the Investors as set forth below.

     NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

SECTION 1 GENERAL

     1.1 Definitions. As used in this Agreement, the following terms shall have the
following respective meanings:

     “Affiliate” of any particular Person means any other Person controlling, controlled by or
under common control with such particular person or entity.

     “Common Stock” means shares of common stock, $1.00 par value per share, of the Company.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, or similar federal
statute, and the rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.

     “Form S-3” means such form under the Securities Act as in effect on the date hereof or any
successor or similar registration form under the Securities Act subsequently adopted by the SEC
which permits inclusion or incorporation of substantial information by reference to other documents
filed by the Company with the SEC.

     “Holder” means any Investor who holds Registrable Securities and any holder of Registrable
Securities to whom the registration rights conferred by this Agreement have been transferred in
compliance with Section 2.8 hereof.

     “Person” means any individual, corporation, partnership, joint venture, limited liability
company, business trust, joint stock company, trust or unincorporated organization or any
government or any agency or political subdivision thereof.

 

 

     “Register,” “registered,” and “registration” shall refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities Act and applicable
rules and regulations thereunder, and the declaration or ordering of effectiveness of such
registration statement.

     “Registrable Securities” means (a) the Shares; and (b) any Common Stock issued as (or issuable
upon the conversion or exercise of any warrant, right, preferred stock or other security which is
issued as) a dividend or other distribution with respect to, or in exchange for or in replacement
of, the Shares held by the Holders provided, however, that Registrable Securities shall not include
any shares of Common Stock (i) which have been sold to the public by a Holder either pursuant to a
registration statement or Rule 144 under the Securities Act; (ii) which have been sold in a private
transaction in which the transferor’s rights under this Agreement are not assigned in compliance
with the terms of this Agreement; or (iii) which may be sold pursuant to Rule 144(c)(1) and
otherwise without restriction or limitation pursuant to Rule 144 (or any successor thereto) under
the Securities Act, after taking into account any Holders’ status as an Affiliate of the Company as
determined by counsel to the Company pursuant to a written opinion letter addressed to the
Company’s transfer agent to such effect (provided at least 12 months have lapsed since the
Registrable Securities were acquired from the Company as calculated in accordance with Rule 144.).

     “Registrable Securities then outstanding” shall be the number of shares determined by
calculating the total number of shares of Common Stock that are Registrable Securities issued and
outstanding.

     “Registration Expenses” shall mean all expenses incurred by the Company in effecting any
registration pursuant to this Agreement (including any Mandatory Registration or Shelf
Registration), including, without limitation, all registration and filing fees, printing expenses,
fees and disbursements of counsel for the Company, blue sky fees and expenses, and expenses of the
Company’s independent accountants in connection with any regular or special reviews or audits
incident to or required by any such registration, and fees and expenses of underwriters (excluding
discounts and commissions) and any other Persons retained by the Company, but shall not include
Selling Expenses, certain fees and disbursements of counsel for the Holders (except as set forth
below) and the compensation of regular employees of the Company, which shall be paid in any event
by the Company.

     “SEC” or “Commission” means the Securities and Exchange Commission and any successor agency.

     “Securities Act” shall mean the Securities Act of 1933, as amended, or similar federal
statute, and the rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.

     “Selling Expenses” shall mean all underwriting discounts, selling commissions, fees of
underwriters, selling brokers, dealer managers and similar securities industry professionals and
stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of
counsel for any Holder (other than the fees and disbursements of counsel included in Registration
Expenses).

2

 

     “Shares” mean shares of Common Stock issued by the Company to the Investors pursuant to the
Stock Purchase Agreement.

     “Trading Day” means a day on which the principal securities exchange or automated quotation
system upon which the Registrable Securities are then listed for public trading) shall be open for
business.

SECTION 2 REGISTRATION

     2.1 Shelf Registration

          (a) In accordance with the requirements of Section 2.3 below, the Company shall use its
commercially reasonable efforts to file with the SEC, and to cause to be declared effective by the
SEC, a registration statement on the applicable SEC form with respect to the resale from time to
time, whether underwritten or otherwise, of the Registrable Securities by the Holders thereof. The
Company shall also use its commercially reasonable efforts to maintain the effectiveness of the
registration effected pursuant to this Section 2.1 and keep such registration statement free of any
material misstatements or omissions at all times, subject only to the limitations on effectiveness
set forth below. The registration contemplated by this Section 2.1 is referred to herein as the
“Mandatory Registration.” The Mandatory Registration shall be filed with the SEC in accordance with
and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in
effect) (a “Shelf Registration”). The Company shall use its commercially reasonable efforts to
cause the registration statement filed on Form S-3 or any similar short-form registration as the
Company may elect to remain effective until such date (the “Shelf Termination Date”) as is the
earlier of (i) the date on which all Registrable Securities included in the registration statement
shall have been sold or shall have otherwise ceased to be Registrable Securities and (ii) the date
on which all remaining Registrable Securities may be sold pursuant to Rule 144(c)(1) and otherwise
without restriction or limitation pursuant to Rule 144 (or any successor thereto) under the
Securities Act, after taking into account any Holders’ status as an Affiliate of the Company as
determined by counsel to the Company pursuant to a written opinion letter addressed to the
Company’s transfer agent to such effect (provided at least 12 months have lapsed since the
Registrable Securities were acquired from the Company as calculated in accordance with Rule 144.)
If the Company is not then eligible to register for resale the Registrable Securities on Form S-3,
such registration shall be on another appropriate form in accordance herewith. In the event the
Mandatory Registration must be effected on Form S-1 or any similar long-form registration as the
Company may elect, the Company shall use commercially reasonable efforts to file such registration
as a Shelf Registration and the Company shall use its commercially reasonable efforts to keep such
registration current and effective, including by filing periodic post-effective amendments to
update the financial statements contained in such registration statement in accordance with
Regulation S-X promulgated under the Securities Act until the Shelf Termination Date. By 9:30 a.m.
on the Trading Day immediately following the effective date of the applicable registration
statement, the Company shall file with the Commission in accordance with Rule 424 under the
Securities Act the final prospectus to be used in connection with sales pursuant to such
registration statement.

          (b) In no event shall the Company include securities, whether on behalf of itself or any other
person, other then the Registrable Securities on any registration statement filed pursuant to this
Section 2.

3

 

          (c) Notwithstanding anything to the contrary contained in this Agreement, in the event the
Commission seeks to characterize any offering pursuant to a Mandatory Registration filed pursuant
to this Agreement as constituting an offering of securities by or on behalf of the Company, or in
any other manner, such that the Commission does not permit such
registration statement to become effective and used for resales in a manner that does not
constitute such an offering and that permits the continuous resale at the market by the Holders
participating therein (or as otherwise may be acceptable to each Holder) without being named
therein as an “underwriter,” then the Company shall reduce the number of shares to be included in
such registration statement until such time as the Commission shall so permit such registration
statement to become effective as aforesaid. In making such reduction, the Company shall then
reduce the number of shares to be included by all Holders of Registrable Securities on a pro rata
basis (based upon the number of Registrable Securities otherwise required to be included for each
such Holder). As soon as reasonably practicable thereafter (as permitted by the Commission), the
Company shall register the additional Registrable Securities on such additional registration
statements as may be required to register the resale of all of the Registrable Securities (to the
extent it can without causing the foregoing problem). In no event shall a Holder be required to be
named as an “underwriter” in a registration statement without such Holder’s prior written consent.

     2.2 Expenses of Registration. All reasonable Registration Expenses incurred in
connection with any registration, qualification or compliance hereunder shall be borne by the
Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be
borne by the Holders of the Registrable Securities so registered pro rata on the basis of the
number of shares so registered.

     2.3 Additional Obligations of the Company. The Company shall:

          (a) Within thirty days (30) days of the closing of the transactions contemplated by the Stock
Purchase Agreement (“Closing Date”), prepare and file with the SEC a registration statement on Form
S-3, and all amendments and supplements thereto and related prospectuses as may be necessary to
comply with applicable securities laws, with respect to such Registrable Securities and use its
best efforts to cause such registration statement to become effective within one hundred-twenty
(120) days of the Closing Date (provided that at least three (3) Trading Days before filing a
registration statement or prospectus or any amendments or supplements thereto, the Company shall
furnish to the counsel selected by the Holders of a majority of the Registrable Securities covered
by such registration statement copies of all such documents proposed to be filed, and the Company
shall in good faith consider any reasonable comments of such counsel).

          (b) Promptly notify the Holders (i) when the Company has been notified by the Commission
whether or not a registration statement or any amendment thereto will be subject to a review by the
Commission and (ii) if reviewed, when the Company has been notified by the Commission that a
registration statement or amendment thereto will not be subject to further review. Upon the
request of a Holder, the Company shall provide such Holder true and complete copies of all
correspondence from and to the Commission relating to a registration statement (with all material,
non-public information regarding the Company redacted from such copies). The Company shall respond
as promptly as reasonably practicable to any comments received from the Commission with respect to
the registration statement or any amendments thereto. The Company shall promptly file with the
Commission a request for acceleration of effectiveness in accordance with Rule 461 promulgated
under the Securities Act after the Company is notified

4

 

(orally or in writing, whichever is earlier)
by the Commission that a registration statement will not be reviewed, or will not be subject to
further review, such that the Registration Statement shall be declared effective no later than
seven (7) Trading Days after such notification.

          (c) Furnish to the Investors and Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other
documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them.

          (d) Use its commercially reasonable efforts to register and qualify the securities covered by
such registration statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably requested by the Holders unless an exemption from registration and
qualification exists; provided that the Company shall not be required in connection therewith or as
a condition thereto to qualify to do business, file a general consent to service of process or
subject itself to general taxation in any such states or jurisdictions.

          (e) In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of
such offering. Each Investor and/or Holder participating in such underwriting shall also enter into
and perform its obligations under such an agreement.

          (f) Promptly notify each Investor who holds, and each Holder of Registrable Securities covered
by the registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of the happening of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing (provided
that in no event shall such notice contain any material, non-public information regarding the
Company) and, the Company shall promptly prepare and furnish to each such Holder a reasonable
number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered
to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue
statement of a material fact or omit to state a fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made.

          (g) Use its commercially reasonable efforts to furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are being sold through
underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for
the purposes of such registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter dated as
of such date, from the independent registered public accountants of the Company, in form and
substance as is customarily given by independent registered public accountants to underwriters in
an underwritten public offering addressed to the underwriters.

          (h) Use its commercially reasonable efforts to (i) prevent the issuance of any stop order or
other suspension of effectiveness of a registration statement, or the suspension of the
qualification of any of the Registrable Securities for sale in any jurisdiction in the United
States, and (ii) in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or any order suspending or preventing the use of any related prospectus or
suspending the qualification of any equity securities included in such registration statement for

5

 

      sale in any jurisdiction, the Company shall use its commercially reasonable efforts promptly to
obtain the withdrawal of such order.

          (i) Use its commercially reasonable best efforts to cause all Shares to be listed on each
securities exchange (including the NASDAQ Global Select Stock Market) on which similar securities
issued by the Company are then listed.

          (j) Use its commercially reasonable efforts to cooperate with the Holders who hold Registrable
Securities being offered and, to the extent applicable, facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a Registration Statement and enable such certificates to be in
such denominations or amounts, as the case may be, as the Holders may reasonably request and,
registered in such names as the Holders may request.

          (k) Provide a CUSIP number for all Registrable Securities.

          (l) Provide and cause to be maintained a registrar and transfer agent for all Registrable
Securities covered by any registration statement from and after a date not later than the effective
date of such registration statement.

          (m) Use its commercially reasonable efforts to maintain eligibility to use Form S-3 (or any
successor form thereto) for the registration of the resale of the Registrable Securities.

          (n) Not, nor shall any Subsidiary or affiliate thereof, identify any Investor as an
underwriter in any public disclosure or filing with the SEC or any Principal Market (as defined in
the Stock Purchase Agreement) or any other securities exchange or market and any Investor being
deemed an underwriter by the SEC shall not relieve the Company of any obligations it has under this
Agreement or any other Transaction Document (as defined in the Stock Purchase Agreement).

     2.4 Suspension of Sales. Upon receipt of written notice from the Company that the
registration statement or a prospectus contains an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading (a “Misstatement”), each Investor who holds, and each Holder of, Registrable Securities
shall forthwith discontinue disposition of Registrable Securities until such Investor and/or Holder
has received copies of the supplemented or amended prospectus that corrects such Misstatement, or
until such Investor and/or Holder is advised in writing by the Company that the use of the
prospectus may be resumed, and, if so directed by the Company, such Investor and/or Holder shall
deliver to the Company all copies, other than permanent file copies then in such Investor’s or
Holder’s possession, of the prospectus covering such Registrable Securities current at the time of
receipt of such notice. The Company will not suspend the sales under the prospectus more than two
times in any three hundred-sixty-five (365) day period and the total number of days that any such
suspension may be in effect in any three hundred-sixty-five (365) day period shall not exceed 45
days.

     2.5 Termination of Registration Rights. An Investor’s and a Holder’s registration
rights shall expire if all Registrable Securities held by such Investor or Holder (and its
Affiliates, partners, members and former members) may be sold pursuant to Rule 144 without the
requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation
pursuant to Rule 144 (or any successor thereto) under the Securities Act, after taking

6

 

into account any Holder’s status as an Affiliate of the Company as determined by counsel to the Company pursuant
to a written opinion letter addressed to the Company’s transfer agent to such effect (provided at
least 12 months have lapsed since the Registrable Securities were acquired form the Company, as
calculated in accordance with Rule 144). Termination of such registration rights shall be
conditioned upon the Company’s action to remove the restrictive legends from any Registrable
Securities held by such Investor or Holder and the reissuance of unlegended certificates, in
physical or electronic format, to such Investor or Holder.

     2.6 Furnishing Information. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to Section 2.1 or 2.3 that the selling Investors and/or
Holders shall furnish to the Company such information regarding themselves, the Registrable
Securities held by them and the intended method of disposition of such securities as shall be
required to effect the registration of their Registrable Securities.

     2.7 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 2:

          (a) To the extent permitted by law, the Company will indemnify and hold harmless each
Investor, Holder, any underwriter (as defined in the Securities Act) for such Investor or Holder
and each person, if any, who controls such Investor or Holder or underwriter within the meaning of
the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint
or several) to which they may become subject under the Securities Act, or the Exchange Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or
violations (collectively, a “Violation”): (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including any preliminary prospectus or
final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any state securities law in connection
with the registration of the Registrable Securities; and the Company will pay to each such
Investor, Holder, underwriter or controlling person, as accrued any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability, or action; provided, however, that the indemnity agreement contained in this
Section 2.7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for
any such loss, claim, damage, liability, or action to the extent that it arises out of or is based
upon a Violation which occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration statement by any such Investor, Holder,
underwriter or controlling person or any failure of such person to deliver or cause to be delivered
a prospectus made available by the Company in a timely manner.

          (b) To the extent permitted by law and provided that such Holder is not entitled to
indemnification pursuant to Section 2.7(a) above with respect to such matter, each selling Investor
or Holder (severally and not jointly) will indemnify and hold harmless the Company, each of its
directors, officers, persons, if any, who control the Company within the meaning of the Securities
Act, any underwriter, any other Investor or Holder selling securities in

7

 

such registration statement and any controlling person of any such underwriter or other Investor or Holder, against
any losses, claims, damages, or liabilities to which any of the foregoing persons may become
subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based
upon any (i) untrue statement or alleged untrue statement of a material fact regarding such Holder
and provided in writing by such Holder which is contained in such registration statement, including
any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto or (ii) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein
not misleading, in each case to the extent (and only to the extent) that such untrue statement
or alleged untrue statement or omission or alleged omission was made in such registration
statement, preliminary or final prospectus, amendment or supplement thereto, in reliance upon and
in conformity with written information furnished by such Investor or Holder expressly for use in
connection with such registration statement; and each such Investor or Holder will pay, as accrued,
any legal or other expenses reasonably incurred by any Person intended to be indemnified pursuant
to this Section 2.7(b), in connection with investigating or defending any such loss, claim, damage,
liability, or action as a result of such Holder’s untrue statement or omission; provided, however,
that the indemnity agreement contained in this Section 2.7(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Investor or Holder (which consent shall not be unreasonably withheld);
provided, that, (x) the indemnification obligations in this Section 2.7(b) shall be individual and
ratable not joint and several for each Holder and (y) in no event shall the aggregate of all
indemnification payments by any Investor and/or Holder under this Section 2.7(b) exceed the net
proceeds from the offering received by such Investor and/or Holder.

          (c) Promptly after receipt by an indemnified party under this Section 2.7 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 2.7,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses
of such counsel to be paid by the indemnifying party, if (i) the indemnifying party shall have
failed to assume the defense of such claim within seven (7) days after receipt of notice of the
claim and to employ counsel reasonably satisfactory to such indemnified party, as the case may be;
or (ii) in the reasonable opinion of counsel retained by the indemnifying party, representation of
such indemnified party by such counsel would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such
proceeding. The indemnified party shall cooperate fully with the indemnifying party in connection
with any negotiation or defense of any such action or claim by the indemnifying party and shall
furnish to the indemnifying party all information reasonably available to the indemnified party
which relates to such action or claim. The indemnifying party shall keep the indemnified party
reasonably apprised of the status of the defense or any settlement negotiations with respect
thereto. No indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent; provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. The failure to deliver
written notice to the indemnifying party within a

8

 

reasonable time of the commencement of any such
action shall not relieve such indemnifying party of any liability to the indemnified party under
this Section 2.8, except to the extent such failure to give notice has a material adverse effect on
the ability of the indemnifying party to defend such action.

          (d) If the indemnification provided for in this Section 2.7 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage, or expense as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party
shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission.
Notwithstanding the foregoing, the amount any Investor or Holder will be obligated to contribute
pursuant to this Section 2.7(d) will be limited to an amount equal to the per share public offering
price (less any underwriting discount and commissions) multiplied by the number of shares of
Registrable Securities sold by such Investor or Holder pursuant to the registration statement which
gives rise to such obligation to contribute (less the aggregate amount of any damages which such
Investor or Holder has otherwise been required to pay in respect of such loss, liability, claim,
damage, or expense or any substantially similar loss, liability, claim, damage, or expense arising
from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
hereunder from any person who was not guilty of such fraudulent misrepresentation.

          (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control; provided that the indemnification provisions of the Holders
in any underwriting agreement may not conflict with the provisions of this Section 2.7 without the
consent of the affected Holders.

          (f) The obligations of the Company and Holders under this Section 2.7 shall survive the
completion of any offering of Registrable Securities in a registration statement under this Section
2, and otherwise.

     2.8 Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Agreement may be assigned by an Investor or Holder to a
transferee or assignee of Registrable Securities to which (a) such transferee is an investment
advisory client, Affiliate, subsidiary or parent company, family member or family trust for the
benefit of a party hereto, (b) such transferee shares a common discretionary investment advisor
with such Investor or Holder, or (c) such transferee or transferees are partners or members of an
Investor or Holder, who agree to act through a single representative; provided, however, (i) the
transferor shall furnish to the Company written notice of the name and address of such transferee
or assignee and the securities with respect to which such registration rights are being assigned
and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement.

9

 

     2.9 Rule 144 Reporting. With a view to making available to the Investors and Holders
the benefits of certain rules and regulations of the SEC which may permit the sale of the
Registrable Securities to the public without registration, the Company agrees to use its best
efforts to:

          (a) make and keep public information available, as those terms are understood and defined in
SEC Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times
after the effective date of this Agreement;

          (b) file with the SEC, in a timely manner, all reports and other documents required of the
Company under the Exchange Act; and

          (c) so long as an Investor or Holder owns any Registrable Securities, furnish to such Investor
or Holder forthwith upon request: a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 under the Securities Act, and of the Exchange Act; a copy of the
most recent annual or quarterly report of the Company; and such other reports and documents as an
Investor or Holder may reasonably request in availing itself of any rule or regulation of the SEC
allowing it to sell any such securities without registration.

     2.10 Obligations of the Holders

          (a) Each Holder shall furnish in writing to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable
Securities held by it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such registration as the
Company may reasonably request. In connection therewith, upon the execution of this Agreement,
each Holder shall complete, execute and deliver to the Company a selling securityholder notice and
questionnaire in form reasonably satisfactory to the Company. At least five (5) business days
prior to the first anticipated filing date of any Registration Statement, the Company shall notify
each Holder of any additional information the Company requires from such Holder if such Holder
elects to have any of the Registrable Securities included in the Registration Statement. A Holder
shall provide such information to the Company at least two (2) business days prior to the first
anticipated filing date of such Registration Statement if such Holder elects to have any of the
Registrable Securities included in the Registration Statement.

          (b) Each Holder, by its acceptance of the Registrable Securities agrees to cooperate with the
Company as reasonably requested by the Company in connection with the preparation and filing of a
Registration Statement hereunder, unless such Holder has notified the Company in writing of its
election to exclude all of its Registrable Securities from such Registration Statement.

          (c) Each Holder covenants and agrees that it shall comply with the prospectus delivery
requirements of the 1933 Act as applicable to it in connection with sales of Registrable Securities
pursuant to any Registration Statement.

10

 

SECTION 3 MISCELLANEOUS

     3.1 Successors and Assigns. Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties (including transferees of any shares of Registrable
Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement.

     3.2 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the internal laws of the
State of Maryland, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of Maryland or any other jurisdictions) that would cause the application of
the laws of any jurisdictions other than the State of Maryland.

     3.3 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.

     3.5 Notices. Unless otherwise provided, any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to
the party to be notified or upon deposit with the United States Post Office, by registered or
certified mail, postage prepaid and addressed to the party to be notified at the address indicated
for such party on the signature page hereof, or at such other address as such party may designate
by ten (10) days’ advance written notice to the other parties.

     3.6 Expenses. If any action at law or in equity is necessary to enforce or interpret
the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees,
costs and necessary disbursements in addition to any other relief to which such party may be
entitled.

     3.7 Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company
and the holders of a majority of the Registrable Securities then outstanding. Any amendment or
waiver effected in accordance with this paragraph shall be binding upon each Holder of any
Registrable Securities then outstanding, each future Holder of all such Registrable Securities, and
the Company. No such amendment shall be effective to the extent that it applies to less than all of
the holders of the Registrable Securities. No consideration shall be offered or paid to any Person
to amend or consent to a waiver or modification of any provision of this Agreement unless the same
consideration also is offered to all of the parties to this Agreement.

     3.8 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

11

 

     3.9 Aggregation of Stock. All shares of Registrable Securities held or acquired by any
Investors which are Affiliates shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement.

     3.10 Entire Agreement. This Agreement constitutes the full and entire understanding
and agreement between the parties with regard to the subject matter hereof.

12

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
in the first paragraph hereof.

	 	 	 	 	 
	 	PINNACLE FINANCIAL PARTNERS, INC.

 	 
	 	By:  	/s/ M.
Terry Turner	 
	 	 	Name: 	M. Terry Turner 	 
	 	 	Title: 	President & CEO	 
	 
	 	 	Address: 	211 Commerce Street, Suite 300
Nashville, TN
37201	 
	 
	 
	 	T. ROWE PRICE ASSOCIATES, INC.

Investment Adviser to the Funds and Accounts on Attachment A

 	 
	 	T. ROWE PRICE ASSOCIATES, INC.

Investment Adviser to:

T. Rowe Price Small-Cap Stock Fund, Inc.

T. Rowe Price Institutional Small-Cap Stock Fund

 	 
	 	By:  	/s/ John
David Wagner	 
	 	 	Name:  	John David Wagner 	 
	 	 	Title:  	Vice President 	 
	 
	 
	 	T. ROWE PRICE ASSOCIATES, INC.

Investment Adviser to:

T. Rowe Price New Horizons Fund, Inc.

T. Rowe Price New Horizons Trust

T. Rowe Price U.S. Equities Trust

City of New York Deferred Compensation Plan —

   NYC 457\401K Small Cap Account

 	 
	 	By:  	/s/ Hugh
M. Evans III	 
	 	 	Name:  	Hugh M. Evans III 	 
	 	 	Title:  	Vice President 	 
	 
	 
	 	T. ROWE PRICE ASSOCIATES, INC.

Investment Adviser to:

T. Rowe Price Financial Services Fund, Inc.

 	 
	 	By:  	/s/ Jeffrey W. Arricale	 
	 	 	Name:  	Jeffrey W. Arricale 	 
	 	 	Title:  	Vice President 	 
	 

13

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