Document:

Exhibit

Exhibit 4.02
ENTERGY CORPORATION
OFFICER’S CERTIFICATE 
Steven C. McNeal, the Vice President and Treasurer of Entergy Corporation, a Delaware corporation (the “Company”), pursuant to the authority granted in the Board Resolutions of the Company dated August 27, 2010 and July 29, 2016, and Sections 102, 201 and 301 of the Indenture defined herein, does hereby certify to Wells Fargo Bank, National Association, as trustee (the “Trustee”) under the Indenture (For Unsecured Debt Securities) of the Company dated as of September 1, 2010 (the “Indenture”) that:
		
	1.
	The Securities of the sixth series to be issued under the Indenture shall be designated “2.95% Senior Notes due September 1, 2026” (the “Senior Notes”).  All capitalized terms used in this certificate which are not defined herein shall have the meanings set forth in Exhibit A hereto; all capitalized terms used in this certificate which are not defined herein or in Exhibit A hereto shall have the meanings set forth in the Indenture.

		
	2.
	The Senior Notes shall be issued by the Company in the initial aggregate principal amount of $750,000,000.  As contemplated by the last paragraph of Section 301 of the Indenture, additional Senior Notes, without limitation as to amount, having the same terms as the Outstanding Senior Notes (except a different issue date and issue price and bearing interest from the last Interest Payment Date to which interest has been paid or duly provided for on the Outstanding Senior Notes, and, if no interest has been paid, from August 19, 2016), may also be issued by the Company pursuant to the Indenture without the consent of the existing Holders of the Senior Notes.  Such additional Senior Notes shall be part of the same series as the Outstanding Senior Notes.

		
	3.
	The Senior Notes shall mature and the principal thereof shall be due and payable together with all accrued and unpaid interest thereon on September 1, 2026.

		
	4.
	The Senior Notes shall bear interest as provided in the form thereof set forth in Exhibit A hereto.  

		
	5.
	The principal of, and premium, if any, and each installment of interest on the Senior Notes shall be payable upon presentation of the Senior Notes at the office or agency of the Company in The City of New York; provided that payment of principal of, premium, if any, and each installment of interest may be made at the option of the Company by check mailed to the address of the persons entitled thereto or by wire transfer to an account designated by the person entitled thereto; and provided further that after payment of the Senior Notes in full, the Holders thereof shall promptly surrender such Senior Notes at the office or agency of the Company in The City of New York.  Notices and demands to or upon the Company in respect of the Senior Notes and the Indenture may be served at the office or agency of the Company in The City of New York.  The Corporate Trust Office of the Trustee will initially be the agency of the Company for such payment and service of notices and demands and the Company hereby appoints Wells Fargo Bank, National Association as its agent for all such purposes; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such office or agency and such agent.  The registration and registration of transfers and exchanges in respect of the Senior Notes may be effected at the Corporate Trust Office of the Trustee.  The Trustee will initially be the Security Registrar and the Paying Agent for the Senior Notes.

		
	6.
	The Senior Notes will be redeemable at the option of the Company prior to the Stated Maturity of the principal thereof as provided in the form thereof set forth in Exhibit A hereto.

		
	7.
	No service charge shall be made for the registration of transfer or exchange of the Senior Notes; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with the exchange or transfer.

		
	8.
	If the Company shall make any deposit of money and/or Eligible Obligations with respect to any Senior Notes, or any portion of the principal amount thereof, as contemplated by Section 701 of the Indenture, the Company shall not deliver an Officer’s Certificate described in clause (z) in the first paragraph of said Section 701 unless the Company shall also deliver to the Trustee, together with such Officer’s Certificate, either:

(A)an instrument wherein the Company, notwithstanding the satisfaction and discharge of its indebtedness in respect of the Senior Notes, shall assume the obligation (which shall be absolute and unconditional) to irrevocably deposit with the Trustee or Paying Agent such additional sums of money, if any, or additional Eligible Obligations (meeting the requirements of Section 701), if any, or any combination thereof, at such time or times, as shall be necessary, together with the money and/or Eligible Obligations theretofore so deposited, to pay when due the principal of and premium, if any, and interest due and to become due on such Senior Notes or portions thereof, all in accordance with and subject to the provisions of said Section 701; provided, however, that such instrument may state that the obligation of the Company to make additional deposits as aforesaid shall be subject to the delivery to the Company by the Trustee of a notice asserting the deficiency accompanied by an opinion of an independent public accountant of nationally recognized standing, selected by the Trustee, showing the calculation thereof; or

(B)an Opinion of Counsel to the effect that, as a result of a change in law occurring after the date of this certificate, the Holders of such Senior Notes, or portions of the principal amount thereof, will not recognize income, gain or loss for United States federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on the same amounts, at the same times and in the same manner as if such satisfaction and discharge had not been effected.

		
	9.
	The Eligible Obligations with respect to the Senior Notes will be Government Obligations.

		
	10.
	So long as any Senior Notes remain Outstanding, the Company will comply with the following covenants in addition to those specified in Article Six of the Indenture:

Limitation on Liens.
So long as any Senior Notes remain Outstanding, the Company will not secure any Debt with a lien on any shares of the capital stock or other equity interests (including partnership interests or membership interests in a limited liability company) of any of its Significant Subsidiaries, which shares of capital stock or other equity interests the Company directly or indirectly owns from the date of the Indenture or thereafter, unless the Company equally and ratably secures all Senior Notes (or secures all Senior Notes on a priority basis).  However, this restriction does not apply to or prevent:

(1)     (i) liens upon capital stock or other equity interests acquired after the date of the Indenture, directly or indirectly, by the Company to secure (A) the purchase price of such capital stock or other equity interests or (B) Debt incurred solely for the purpose of financing the acquisition of any such capital stock or other equity interests, (ii) liens existing on any such capital stock or other equity interests at the time of acquisition, and (iii) extensions, renewals or replacements of any of the foregoing, provided that in connection with clause (iii), the principal amount of Debt so secured shall be for the same or a lesser principal amount of the Debt secured by the lien and no such lien shall extend to or cover any capital stock or other equity interests other than the capital stock or other equity interests being acquired or to more than the same proportion of all shares of capital stock or other equity interests as was covered by the lien that was extended, renewed or replaced; or
(2)     attachment, judgment or other similar liens arising in connection with court proceedings, provided that the execution or other enforcement of such liens is effectively stayed and (i) the claims secured by the lien are being actively contested in good faith by appropriate proceedings or (ii) payment of the claims is covered in full (subject to customary deductible amounts) by insurance maintained with responsible insurance companies.
Liens on any shares of the capital stock or other equity interests (including partnership interests or membership interests in a limited liability company) of any of the Significant Subsidiaries, other than liens described in (1) and (2) above, are referred to herein as “Restricted Liens.”  The foregoing limitations do not apply to the extent that the Company creates any Restricted Liens to secure Debt that, together with all of the Company’s other Debt secured by Restricted Liens, does not at the time exceed 5% of the Consolidated Net Worth of the Company, as determined by the Company as of a month end not more than 90 days prior to the creation of the Restricted Lien.
For purposes of this covenant, the following terms shall be defined as follows:
“Consolidated Net Worth” means the sum of the capital stock, excluding treasury stock and capital stock subscribed for and unissued, and surplus, including earned surplus, capital surplus and the balance of the current profit and loss account not transferred to surplus, accounts of the Company and its subsidiaries appearing on a consolidated balance sheet of the Company and its subsidiaries prepared as of the date of determination in accordance with generally accepted accounting principles consistent with those applied in the preparation of the Company’s consolidated financial statements, after eliminating all intercompany transactions and all amounts properly attributable to minority interests, if any, in the stock or other equity interests and surplus of subsidiaries.
“Debt”, with respect to any Person, means (without duplication) all liabilities, obligations and indebtedness, contingent or otherwise, of such Person:
		
	(1)
	for borrowed money or evidenced by bonds, debentures, notes, or other similar instruments;

		
	(2)
	to pay the deferred purchase price of property or services, other than such obligations incurred in the ordinary course of business on customary trade terms, provided that such obligations are not more than 30 days past due;

		
	(3)
	as lessee under leases, which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases; 

		
	(4)
	under reimbursement agreements or similar agreements with respect to the issuance of letters of credit, other than obligations in respect of letters of credit opened to provide for the payment of goods or services purchased in the ordinary course of business; and

		
	(5)
	to be liable for, or to pay for, as obligor, guarantor or otherwise, on the Debt of another Person.

“Domestic Regulated Utility Subsidiary” means a direct or indirect domestic subsidiary of the Company engaged in the generation, transmission or distribution of electricity or the transmission or distribution of natural gas that is regulated as to rates by the FERC (or successor federal agency) or a state or local governmental body on a cost‐of‐service basis.
“lien” means, with respect to any asset, any mortgage, lien, pledge or security interest of any kind in respect of such asset.
“Significant Subsidiary” means any Domestic Regulated Utility Subsidiary: (1) the total assets (after intercompany eliminations) of which exceed 5% of total assets of the Company and the total assets of its subsidiaries or (2) the net worth of which exceeds 5% of the Consolidated Net Worth of the Company and its subsidiaries, in each case as shown on the most recent audited consolidated balance sheet of the Company and its subsidiaries.  In no event shall “Significant Subsidiary” include any entity that was a Domestic Regulated Utility Subsidiary on June 30, 2016, and as of such date, (1) had total assets (after intercompany eliminations) which were 5% or less of the Company’s total assets and the total assets of the Company’s subsidiaries at such date or (2) had a net worth which was 5% or less of the Consolidated Net Worth of the Company and its subsidiaries at such date.  As of June 30, 2016, “Significant Subsidiary” includes Entergy Arkansas, Inc., Entergy Louisiana, LLC, Entergy Mississippi, Inc., Entergy Texas, Inc. and System Energy Resources, Inc.
“subsidiary” means any corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other subsidiaries, or by the Company and one or more other subsidiaries.  For the purposes of this definition, “voting stock” means stock or other interests (including partnership or limited liability company interests) that ordinarily has voting power for the election of directors, managers or trustees, whether at all times or only so long as no senior class of stock or other interests has such voting power by reason of any contingency.
		
	11.
	The Senior Notes shall have such other terms and provisions as are provided in the form thereof set forth in Exhibit A hereto, and shall be issued in substantially such form.

		
	12.
	The Senior Notes shall be initially issued in global form registered in the name of Cede & Co. (as nominee of DTC, the initial securities depository for the Senior Notes; provided, that the Company reserves the right to provide for another depository, registered as a clearing agency under the Securities Exchange Act of 1934 (the “Exchange Act”), to act as depository for the global Senior Notes (DTC and any such successor depository, the “Depository”); beneficial interests in Senior Notes issued in global form may not be exchanged in whole or in part for individual certificated Senior Notes in definitive form, and no transfer of a global Senior Note in whole or in part may be registered in the name of any Person other than the Depository or its nominee except that (i) if the Depository (A) has notified the Company that it is unwilling or unable to continue as depository for the global Senior Notes or (B) has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended or other applicable statute or regulation and, in either case, a successor depository for such global Senior Notes has not been appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, (ii) if the Company, in its sole discretion, determines that the Senior Notes will no 

longer be represented by Senior Notes in global form or (iii) if an Event of Default with respect to the Senior Notes has occurred and is continuing, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Senior Notes, will authenticate and deliver Senior Notes in definitive certificated form in an aggregate principal amount equal to the principal amount of the global Senior Notes representing such Senior Notes in exchange for such global Senior Notes, such definitive Senior Notes to be registered in the names provided by the Depository to the Trustee; each global Senior Note (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Senior Notes to be represented by such global Senior Note, (ii) shall be registered in the name of the Depository or its nominee, (iii) shall be delivered by the Trustee to the Depository, its nominee, any custodian for the Depository or otherwise pursuant to the Depository’s instructions and (iv) shall bear a legend restricting the transfer of such global Senior Note to any person other than the Depository or its nominee; none of the Company, the Trustee, any Paying Agent or any Authenticating Agent will have any responsibility or liability for any aspect of the records relating to, payments made on account of, or transfers in respect of, beneficial ownership interests in a global Senior Note (all of which will be conducted pursuant to the customary procedures of the Depository) or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

		
	13.
	(a)    The undersigned has read all of the covenants and conditions contained in the Indenture, and the definitions in the Indenture relating thereto, relating to the issuance, authentication and delivery of the Senior Notes and in respect of compliance with which this certificate is made;

(b)The statements contained in this certificate are based upon the familiarity of the undersigned with the Indenture, the documents accompanying this certificate, and upon discussions by the undersigned with officers and employees of the Company familiar with the matters set forth herein;

(c)In the opinion of the undersigned, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenants and conditions have been complied with; and

(d)In the opinion of the undersigned, such conditions and covenants and conditions precedent provided for in the Indenture (including any covenants compliance with which constitutes a condition precedent) relating to the authentication and delivery of the Senior Notes requested in the accompanying Company Order No. 5, have been complied with.

IN WITNESS WHEREOF, I have executed this Officer’s Certificate this 19th day of August, 2016.
/s/ Steven C. McNeal            
Steven C. McNeal
Vice President and Treasurer
    

EXHIBIT A
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Entergy Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
	
		
	No. R-
	CUSIP:  29364G AJ2

	 
	 

[FORM OF FACE OF SENIOR NOTE]
ENTERGY CORPORATION
2.95% SENIOR NOTE DUE SEPTEMBER 1, 2026
Entergy Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein referred to as the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to _____________________________________________________________________________ or registered assigns, the principal sum of _______________________ Dollars on September 1, 2026, and to pay interest on said principal sum semi-annually on March 1 and September 1 of each year commencing March 1, 2017 (each an Interest Payment Date) at the rate of 2.95% per annum, until the principal hereof is paid or made available for payment and to pay interest on any overdue principal and, to the extent permitted by law, interest, at the rate then borne by the Securities of this series.  Interest on the Securities of this series will accrue from, and include, August 19, 2016, to the first Interest Payment Date, and thereafter will accrue from the last Interest Payment Date to which interest has been paid or duly provided for.  In the event that any Interest Payment Date is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of such delay) with the same force and effect as if made on the Interest Payment Date.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on (i) the Business Day next preceding such Interest Payment Date so long as the Securities are held by a securities depository in book-entry form, or (ii) if the Securities are not held by a securities depository in book‐entry form, the 15th calendar day next preceding such Interest Payment Date, provided, however, that interest payable at Maturity will be paid to the Person to whom principal is paid.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture and on the reverse hereof.

Payment of the principal of, and premium, if any, and interest on this Security will be made upon presentation at the office or agency of the Company maintained for that purpose in The City of New York, the State of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, provided, however, that, at the option of the Company, the principal of, and premium, if any, and interest on this Security may be paid by check mailed to the address of the person entitled thereto, as such address shall appear on the Security Register or by wire transfer to an account designated by the person entitled thereto; and provided, further, that, after payment in full of this Security the Holder shall promptly surrender this Security at the office or agency of the Company in The City of New York, the State of New York.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.  Any capitalized term which is used herein and not otherwise defined shall have the meaning ascribed to such term in the Indenture.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
	
		
	 
	ENTERGY CORPORATION

By:  

[FORM OF CERTIFICATE OF AUTHENTICATION]
CERTIFICATE OF AUTHENTICATION 
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated:
	
		
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

By:____________________________
      Authorized Signatory

[FORM OF REVERSE OF SENIOR NOTE]
General.
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture (For Unsecured Debt Securities), dated as of September 1, 2010 (herein, together with any amendments thereto, called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, including the Board Resolutions and Officer’s Certificate filed with the Trustee on August 19, 2016 creating the series designated on the face hereof, for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Optional Redemption.

At any time prior to June 1, 2026 (three months prior to the Stated Maturity), the Securities of this series will be redeemable at the option of the Company prior to the Stated Maturity (each a “Redemption Date”), in whole or in part, at any time on not less than 30 nor more than 60 days’ notice prior to the Redemption Date.  If the Company redeems all or any part of the Securities of this series, it will pay a Redemption Price (the “Redemption Price”) equal to the greater of
(1) 100% of the principal amount of the Securities of this series being redeemed, or 
(2) as determined by the Independent Investment Banker, the sum of (x) the present value of the payment on June 1, 2026 of the principal amount of the Securities of this series being redeemed plus (y) the sum of the present values of the remaining scheduled payments of interest on the Securities of this series being redeemed  to June 1, 2026 (excluding the portion of any such interest accrued to the Redemption Date), discounted (for purposes of determining such present values) to the redemption date on a semi-annual basis (assuming a 360‐day year consisting of twelve 30‐day months) at the Adjusted Treasury Rate plus 0.25%, plus, in each case, accrued and unpaid interest on the Securities of this series being redeemed to, but not including, the Redemption Date.
At any time on or after June 1, 2026, the Securities of this series will be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ notice prior to the Redemption Date, at the Redemption Price equal to 100% of the principal amount of the Securities of this series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date.
 “Adjusted Treasury Rate” means, with respect to any Redemption Date:
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series matured on June 1, 2026), yields for the two published maturities most closely corresponding to the 

Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or 
(2) if such release (or any successor release) is not published during the week preceding the calculation date for the Adjusted Treasury Rate or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  
The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series matured on June 1, 2026) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series matured on June 1, 2026).
“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of five Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest such Reference Treasury Dealer Quotations or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time or, if any of such firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.
“Reference Treasury Dealer” means (l) Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, or, in each case, an affiliate thereof, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m. on the third Business Day preceding such Redemption Date.
The Company shall deliver to the Trustee before any Redemption Date for the Securities of this series its calculation of the Redemption Price applicable to such redemption.  The Trustee shall be under no duty to inquire into, may presume the correctness of, and shall be fully protected in acting upon the Company’s calculation of any Redemption Price of the Securities of this series.

In lieu of stating the Redemption Price, notices of redemption of the Securities of this series shall state substantially the following:  “The Redemption Price of the Securities of this series to be redeemed shall equal the sum of (a) the greater of (i) 100% of the principal amount of such Securities of this series, or (ii) as determined by the Independent Investment Banker, the sum of (x) the present value of the payment on June 1, 2026 of the principal amount of the Securities of this series being redeemed plus (y) the sum of the present values of the remaining scheduled payments of interest on the Securities of this series being redeemed  to June 1, 2026 (excluding the portion of any such interest accrued to the Redemption Date), discounted (for purposes of determining such present values) to the Redemption Date on a semi-annual basis (assuming a 360‐day year consisting of twelve 30‐day months) at the Adjusted Treasury Rate plus 0.25%.”
If less than all of the Securities of this series are to be redeemed consistent with the terms hereof, the particular Securities to be redeemed shall be selected by the Trustee from the Outstanding Securities of such series in a manner it deems fair and appropriate.
If at the time notice of redemption is given, the redemption moneys are not on deposit with the Trustee, then the redemption shall be subject to their receipt on or before the Redemption Date and such notice shall be of no effect unless such moneys are received.
Upon payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities of this series or portions thereof called for redemption.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance with certain conditions set forth in the Indenture including the Officer’s Certificate described above.
Events of Default.

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
Governing Law.

This Security shall be governed by and construed in accordance with the laws of the State of New York (including without limitation Section 5‐1401 of the New York General Obligations Law or any successor statute), except to the extent that the law of any other jurisdiction shall be mandatorily applicable.
Modification and Waivers.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of all series to be affected.  The Indenture contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of all series then Outstanding to waive compliance by the Company with certain provisions of the Indenture.  The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the 

Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
Authorized Denominations.

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and in any integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor and of authorized denominations, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Owners.

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
Defined Terms.

All terms used in this Security which are defined in Indenture shall have the meanings assigned to them in the Indenture and in the Officer’s Certificate establishing the terms of the Securities of this series.EX-4.1

 EXHIBIT 4.1 
  

REGISTRATION RIGHTS AGREEMENT 

BY AND BETWEEN 
 FB
FINANCIAL CORPORATION 
 AND 

JAMES W. AYERS 
 DATED
AS OF                     , 2016 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 1.     DEMAND REGISTRATIONS.
	  	 	1	  
	 1.1      Requests for Registration
	  	 	1	  
	 1.2      Demand Notice
	  	 	1	  
	 1.3      Demand Registration Expenses
	  	 	2	  
	 1.4      Short-Form Registrations
	  	 	2	  
	 1.5      Priority on Demand Registrations
	  	 	2	  
	 1.6      Restrictions on Demand Registrations
	  	 	2	  
	 1.7      Selection of Underwriters
	  	 	3	  
	 1.8      Other Registration Rights
	  	 	3	  
		
	 2.     PIGGYBACK REGISTRATIONS.
	  	 	3	  
	 2.1      Right to Piggyback
	  	 	3	  
	 2.2      Piggyback Expenses
	  	 	3	  
	 2.3      Priority on Primary Registrations
	  	 	3	  
	 2.4      Priority on Secondary Registrations
	  	 	3	  
		
	 3.     REGISTRATION AND COORDINATION GENERALLY.
	  	 	4	  
	 3.1      Registration Procedures
	  	 	4	  
	 3.2      Registration Expenses
	  	 	7	  
	 3.3      Participation in Underwritten Offerings
	  	 	8	  
	 3.4      Company Holdback
	  	 	8	  
	 3.5      Current Public Information
	  	 	9	  
	 3.6      Shelf Take-Downs
	  	 	9	  
		
	 4.     INDEMNIFICATION
	  	 	9	  
	 4.1      Indemnification by the Company
	  	 	9	  
	 4.2      Indemnification by Ayers
	  	 	10	  
	 4.3      Procedure
	  	 	11	  
	 4.4      Entry of Judgment; Settlement
	  	 	11	  
	 4.5      Contribution
	  	 	11	  
	 4.6      Other Rights
	  	 	12	  
		
	 5.     DEFINITIONS.
	  	 	12	  
		
	 6.     MISCELLANEOUS.
	  	 	14	  
	 6.1      No Inconsistent Agreements; Foreign Registration
	  	 	14	  
	 6.2      Adjustments Affecting Registrable Securities
	  	 	14	  
	 6.3      Remedies
	  	 	15	  
	 6.4      Amendment and Waiver
	  	 	15	  
	 6.5      Successors and Assigns; Transferees
	  	 	15	  
	 6.6      Severability
	  	 	15	  
	 6.7      Counterparts
	  	 	16	  
	 6.8      Descriptive Headings
	  	 	16	  
	 6.9      Notices
	  	 	16	  

  
 i 

					
	 6.10    Delivery by Facsimile
	  	 	17	  
	 6.11    Governing Law
	  	 	17	  
	 6.12    Exercise of Rights and Remedies
	  	 	17	  

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

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

WHEREAS, as of the Effective Time, the Shareholder owns all of the outstanding shares of common stock, par value $1.00 per share (the
“Common Stock”), of the Company; 
 WHEREAS, the Company is proposing to consummate an initial public offering of its Common
Stock (the “Initial Public Offering”); 
 WHEREAS, as of the closing of the Initial Public Offering, the Company will have
the authority to issue that number of shares of Common Stock as set forth in its registration statement on Form S-1; and 
 WHEREAS, the
parties hereto desire for the Company to provide the registration rights set forth in this Agreement. Unless otherwise noted herein, capitalized terms used herein shall have the meanings set forth in Section 5. 

AGREEMENT 
  

	 	NOW,	THEREFORE, the parties to this Agreement hereby agree as follows: 

  

	1.	DEMAND REGISTRATIONS. 

  

	 	1.1	Requests for Registration. Subject to the other provisions of this Section 1, Ayers may (on behalf of himself and any of his Affiliate) initiate, after the closing of the Initial Public Offering, an
unlimited number of registrations of all or part of his Registrable Securities on Form S-1 or any similar or successor long-form registration (“Long-Form Registrations”) and, if available, an unlimited number of registrations of all
or part of his Registrable Securities on Form S-3 or any similar or successor short-form registration (“Short-Form Registrations”); provided that the aggregate proposed gross offering price of the Registrable Securities
requested to be registered in any Demand Registration must equal at least $10,000,000 in the case of any Long Form Registration and at least $1,000,000 or include all remaining Registrable Securities held by Ayers in the case of any Short Form
Registration. 

  

	 	1.2	Demand Notice. All requests for Demand Registrations shall be made by giving written notice to the Company (a “Demand Notice”). Each Demand Notice shall specify the approximate number of
Registrable Securities requested to be registered. 

  
 1 

	 	1.3	Demand Registration Expenses. The Company will pay all Registration Expenses in connection with any registration initiated as a Demand Registration, whether or not it has become effective. 

 

	 	1.4	Short-Form Registrations. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short-form (unless the managing underwriter(s) of such offering requests the
Company to use a Long-Form Registration in order to sell all of the Registrable Securities requested to be sold). After the Company has become subject to the reporting requirements of the Exchange Act, the Company will use its reasonable efforts to
make Short-Form Registrations available for the sale of Registrable Securities. 

  

	 	1.5	Priority on Demand Registrations. The Company shall not include in any Demand Registration any securities which are not Registrable Securities, other than securities of the Company to be offered by the Company
(the “Company Offered Securities”), without the prior written consent of Ayers. If a Demand Registration is an underwritten offering and the managing underwriter(s) advises the Company in writing that in its opinion the number of
Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold therein without adversely affecting the
marketability of the offering, then the Company shall include in such registration, prior to the inclusion of any securities that are not Registrable Securities, other than Company Offered Securities, the number of Registrable Securities requested
to be included in such offering that, in the opinion of such underwriter(s), can be sold without adversely affecting the marketability of the offering, and only then securities that are not Registrable Securities if the managing underwriter(s) has
advised that such securities may be included. 

  

	 	1.6	Restrictions on Demand Registrations. The Company will not be obligated to commence a Public Offering upon a Demand Registration for (i) one hundred eighty (180) days after the closing of the Initial Public
Offering and (ii) ninety (90) days after the closing of any other Public Offering, in each case, except to the extent that the managing underwriter(s) agrees to a shorter lock-up period. The Company may postpone for up to thirty (30) days (from the
date of the request) the filing or the effectiveness of a registration statement for a Demand Registration if and so long as the Company determines that such Demand Registration would reasonably be expected to have an adverse effect on any proposal
or plan by the Company or any of its subsidiaries to engage in any acquisition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer, registration or issuance of securities, financing or other material
transaction; provided, that in such event, the Company will pay all Registration Expenses in connection with such registration. The Company may not postpone a Demand Registration more than two (2) times in any twelve (12)-month period.

  
 2 

	 	1.7	Selection of Underwriters. Ayers shall have the right to select the underwriter or underwriters to administer the offering for a Demand Registration. 

 

	 	1.8	Other Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any
securities of the Company, other than this Agreement. Except as provided in this Agreement, the Company shall not grant to any Persons the right to request the Company to register any equity securities of the Company, or any securities convertible
or exchangeable into or exercisable for such securities, without the approval of Ayers. 

  

	2.	PIGGYBACK REGISTRATIONS. 

  

	 	2.1	Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act, including any registration pursuant to Section 1.1 above (other than in connection with
registration on Form S-4 or Form S-8 or any successor or similar form) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company will give prompt
written notice to Ayers of its intention to effect such a registration and, subject to Sections 2.3 and 2.4 below, will include in such registration all Registrable Securities held by Ayers with respect to which the Company has
received written requests for inclusion therein within fifteen (15) days after the delivery of the Company’s notice. Each such Company notice shall specify the approximate number of Company equity securities to be registered and the anticipated
per share price range for such offering. 

  

	 	2.2	Piggyback Expenses. The Registration Expenses of Ayers will be paid by the Company in all Piggyback Registrations, whether or not any such registration becomes effective. 

 

	 	2.3	Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company and the managing underwriter(s) advises the Company in writing (with a copy to each
applicable party hereto requesting registration of Registrable Securities) that in its opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting
the marketability of such offering, the Company will include in such registration: (a) first, the securities the Company proposes to sell, (b) second, the Registrable Securities requested to be included in such registration by Ayers, and (c) third,
other securities requested to be included in such registration. 

  

	 	2.4	 Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration
on behalf of holders of Company securities (other than Ayers), and the managing underwriter(s) advises the Company in writing that in its opinion the number of securities requested to be included in such registration exceeds the number which can be
sold in such offering without adversely affecting the marketability of the offering, the Company will include in 

  
 3 

	 	
such registration: (a) first, the securities requested to be included therein by the applicable holders requesting registration and the Registrable Securities requested to be included in such
registration, pro rata among the holders of such securities and Registrable Securities on the basis of the number of shares owned by each such holder, and (b) second, other such securities requested to be included in such registration.

  

	3.	REGISTRATION AND COORDINATION GENERALLY. 

  

	 	3.1	Registration Procedures. Whenever Ayers requests that any of his Registrable Securities be registered pursuant to this Agreement, the Company will use its best efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of disposition thereof and pursuant thereto the Company will as expeditiously as reasonably practicable: 

(a) prepare and (within sixty (60) days after the end of the period within which requests for inclusion in such registration
may be given to the Company) file with the Securities and Exchange Commission a registration statement with respect to such Registrable Securities and thereafter use its best efforts to cause such registration statement to become effective (provided
that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by Ayers for any registration in which Ayers participates copies of all such documents proposed to
be filed, which documents will be subject to review by such counsel); 
 (b) prepare and file with the Securities and
Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary (i) to keep such registration statement effective (A) for at least ninety (90) days (subject to
extension pursuant to Section 3.3(b)) or until Ayers has completed the distribution described in the registration statement relating to such distribution, whichever occurs first or, if such registration statement relates to an underwritten
offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer, or (B) in the case of a Shelf
Registration, until the earlier of (I) the date on which all Registrable Securities have been sold under the Shelf Registration or otherwise no longer qualify as Registrable Securities, (II) when all such Registrable Securities can be sold in any
ninety (90)-day period under Securities Act Rule 144, and (III) the latest date allowed by applicable law, and (ii) to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by Ayers thereof set forth in such registration statement; 

(c) furnish to Ayers such number of copies of such registration statement, each amendment and supplement thereto, the
prospectus included in such registration statement (including each preliminary prospectus) and such other documents as Ayers may reasonably request in order to facilitate the disposition of the Registrable Securities owned by Ayers; 

  
 4 

 (d) use its best efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as Ayers reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable Ayers to consummate the disposition in such jurisdictions of
the Registrable Securities owned by Ayers (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to
taxation in respect of doing business in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

(e) promptly notify Ayers, at any time when a prospectus relating thereto is required to be delivered under the Securities Act,
upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements
therein not misleading in the light of the circumstances under which they were made, and, at the request of Ayers, the Company will prepare and furnish to Ayers a reasonable number of copies of a supplement or amendment to such prospectus so that,
as thereafter delivered to the prospective purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the
light of the circumstances under which they were made; 
 (f) cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then listed; 
 (g) provide a transfer agent and
registrar for all such Registrable Securities not later than the effective date of such registration statement; 
 (h) enter
into such customary agreements (including underwriting agreements in customary form) and perform the Company’s obligations thereunder and take all such other actions as Ayers or the underwriters, if any, reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities (which might include effecting a stock split or a combination of shares); 

(i) make available for inspection by Ayers, any underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other agent retained by Ayers or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and
independent accountants to supply all information reasonably requested by Ayers, underwriter, attorney, accountant or agent in connection with such registration statement, and to cooperate and participate as reasonably requested by Ayers in road
show presentations, in the preparation of the registration statement, each amendment and supplement thereto, the prospectus included therein, and other activities as Ayers may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by Ayers; 

  
 5 

 (j) otherwise use its best efforts to comply with all applicable rules and
regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, but not later than eighteen (18) months after the effective date of the registration statement, an earnings
statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (k) in the event of the issuance of any stop order
suspending the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such registration statement for sale in any
jurisdiction, the Company will use its reasonable best efforts promptly to obtain the withdrawal of such order; 
 (l) obtain
one or more comfort letters, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement) addressed to Ayers, signed by
the Company’s independent public accountants in the then-current customary form and covering such matters of the type customarily covered from time to time by comfort letters as Ayers may reasonably request; 

(m) provide a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement
(and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters), with respect to the registration statement, each amendment and supplement
thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in the then-current customary form and covering such matters of the type customarily covered from time to time by legal
opinions of such nature (in a form reasonably acceptable to Ayers); 
 (n) cooperate with Ayers and the managing
underwriter(s), if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be in such
denominations and registered in such names as the managing underwriter(s), if any, or Ayers may request; 
 (o) notify
counsel for Ayers and the managing underwriter(s), immediately, and confirm the notice in writing (i) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any supplement to
the prospectus or any amendment prospectus shall have been filed, (ii) of the receipt of any comments from the Securities and Exchange Commission, (iii) of any request of the Securities and Exchange Commission to amend the registration statement or
amend or supplement the prospectus or for additional information, and (iv) of the issuance by the 

  
 6 

 
Securities and Exchange Commission of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or
of the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 

(p) use its reasonable effort to prevent the issuance of any stop order suspending the effectiveness of the registration
statement or of any order preventing or suspending the use of any preliminary prospectus; 
 (q) if requested by the managing
underwriter(s) or Ayers, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter(s) or Ayers reasonably requests to be included therein, including, without limitation, with respect to
the number of Registrable Securities being sold by Ayers to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable Securities
to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus supplement or post-effective amendment;
and 
 (r) cooperate with Ayers and each underwriter or agent participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. 
 The Company may
require Ayers to furnish the Company such information relating to the sale or registration of such securities regarding Ayers and the distribution of Ayers’ securities as the Company may from time to time reasonably request in writing. 

 

	 	3.2	Registration Expenses. 

 (a) All expenses incident to the Company’s
performance of or compliance with this Agreement, including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses,
and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called
“Registration Expenses”), will be paid by the Company in respect of each Demand Registration and each Piggyback Registration, whether or not it has become effective, including that the Company will pay its internal expenses
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for
listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed. 

  
 7 

 (b) In connection with each Demand Registration and each Piggyback Registration,
whether or not it has become effective, the Company will pay, and reimburse Ayers for the payment of, the reasonable fees and disbursements of one counsel selected by Ayers, and such expenses shall be considered Registration Expenses hereunder. 

(c) For the avoidance of doubt, any underwriting discount or commission with respect to the sale of any Registrable Securities
shall be borne by Ayers and shall not be considered Registration Expenses. 
  

	 	3.3	Participation in Underwritten Offerings. 

 (a) Ayers may not participate
in any registration hereunder which is underwritten unless Ayers (i) agrees to sell Ayers’ securities on the basis provided in any underwriting arrangements approved by the Person entitled hereunder to approve such arrangements (including,
without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s), provided that Ayers will not be required to sell more than the number of Registrable Securities that Ayers has
requested the Company to include in any registration) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. 
 (b) Ayers agrees that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3.1(e) above, Ayers will forthwith discontinue the disposition of his Registrable Securities pursuant to the registration statement until the Ayers’ receipt of the copies of a supplemented or amended prospectus as
contemplated by such Section 3.1(e). In the event the Company shall give any such notice, the applicable time period mentioned in Section 3.1(b) during which a Registration Statement is to remain effective shall be extended by the
number of days during the period from and including the date of the giving of such notice pursuant to this paragraph to and including the date when Ayers shall have received the copies of the supplemented or amended prospectus contemplated by
Section 3.1(e). 
  

	 	3.4	Company Holdback. 

 (a) The Company shall not effect any public sale or
distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during (a) with respect to any underwritten Demand Registration or any underwritten Piggyback Registration in which
Registrable Securities are included, the seven (7) days prior to and the ninety (90)-day period beginning on the effective date of such registration, and (b) upon notice from Ayers that Ayers intends to effect an underwritten distribution of
Registrable Securities pursuant to a Shelf Registration, the seven (7) days prior to and the ninety (90)-day period beginning on the date of the commencement of such distribution, in each case except as part of such underwritten registration or
pursuant to registrations on Form S-4 or Form S-8, and in each case unless the managing underwriter(s) otherwise agrees. 

  
 8 

 (b) Ayers agrees, if requested by the Company and the managing underwriter of
Registrable Securities in connection with any underwritten public offering of the Company and if the Company’s executive officers and directors so agree, not to directly or indirectly offer, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any equity securities of the Company (or any other security the value of which is derived by reference to
the equity securities of the Company) held by Ayers for ninety (90) days following the effective date of the relevant registration statement in connection with any public offering of Registrable Securities, as such underwriter shall specify
reasonably and in good faith. Ayers agrees, if requested by the Company and the managing underwriter, to execute a separate letter reflecting the agreement set forth in this Section 3.4(b). 

 

	 	3.5	Current Public Information. At all times after the Company has filed a registration statement with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange
Act, the Company will use its reasonable efforts to timely file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Securities and Exchange Commission thereunder, and will
take such further action as Ayers may reasonably request, all to the extent required to enable Ayers pursuant to Securities Act Rule 144. 

  

	 	3.6	Shelf Take-Downs. At any time that a Shelf Registration is effective, if Ayers delivers a written notice to the Company (a “Take-Down Notice”) stating that he intends to effect an offering of all
or part of his Registrable Securities included on the Shelf Registration, whether such offering is underwritten or non-underwritten (provided that such underwritten offering is for more than $2,000,000) (a “Shelf Offering”)
and stating the number of the Registrable Securities to be included in the Shelf Offering, then, the Company shall amend or supplement the Shelf Registration as may be necessary in order to enable such Registrable Securities to be distributed
pursuant to the Shelf Offering. In connection with any Shelf Offering, in the event that the managing underwriter(s), if any, advises the Company in writing that in its opinion the number of Registrable Securities to be included in such Shelf
Offering exceeds the number of Registrable Securities which can be sold therein without adversely affecting the marketability of the offering, such managing underwriter(s), if any, may limit the number of shares which would otherwise be included in
such Shelf Offering in the same manner as is described in Section 1.5. 

  

	4.	INDEMNIFICATION 

  

	 	4.1	 Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent
permitted by law, Ayers and, as applicable, his agents (including, but not limited to, his officers, directors, trustees, employees, stockholders, holders of beneficial interests, members, and general and limited partners (collectively, Ayers’
“Indemnitees”)) and each Person who controls Ayers (within the meaning of the Securities Act) against any and all losses, 

  
 9 

	 	
claims, damages, liabilities, joint or several, to which such holder or any such Indemnitee may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (a) any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or
preliminary prospectus or any amendment thereof or supplement thereto, together with any documents incorporated therein by reference or, (b) any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, and the Company will reimburse Ayers and each of his Indemnitees for any legal or any other expenses, including any amounts paid in any settlement effected with the consent of the Company, which consent will not be
unreasonably withheld or delayed, incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided, however, that the Company shall not be liable in any such case to the
extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration
statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished to the Company by Ayers expressly for use
therein. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided
above with respect to the indemnification of Ayers. 

  

	 	4.2	 Indemnification by Ayers. In connection with any registration statement in which Ayers is
participating, Ayers will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will
indemnify and hold harmless the Company and its Indemnitees against any losses, claims, damages, liabilities, joint or several, to which the Company or any such Indemnitee may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (a) any untrue or alleged untrue statement of material fact contained in the registration
statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any application, together with any documents incorporated therein by reference or (b) any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, any such
prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information prepared and furnished to the Company by Ayers expressly for use therein, and Ayers will
reimburse the Company and each such Indemnitee for any legal or any other 

  
 10 

	 	
expenses including any amounts paid in any settlement effected with the consent of Ayers, which consent will not be unreasonably withheld or delayed, incurred by them in connection with
investigating or defending any such loss, claim, liability, action or proceeding; provided, however, that the obligation to indemnify will be limited to the net amount of proceeds received by Ayers from the sale of Registrable
Securities pursuant to such registration statement, less any other amounts paid by Ayers in respect of such untrue statement, alleged untrue statement, omission or alleged omission. 

 

	 	4.3	Procedure. Any Person entitled to indemnification hereunder will (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided,
however, that the failure of any indemnified party to give such notice shall not relieve the indemnifying party of its obligations hereunder, except to the extent that the indemnifying party is actually prejudiced by such failure to give such
notice), and (b) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such
claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will
not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 

 

	 	4.4	Entry of Judgment; Settlement. The indemnifying party shall not, except with the approval of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of a release from all liability in respect to such claim or litigation without any payment or consideration provided by such indemnified party.

  

	 	4.5	 Contribution. If the indemnification provided for in this Section 4 is, other than expressly
pursuant to its terms, unavailable to or is insufficient to hold harmless an indemnified party under the provisions above in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (a) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and Ayers and any other
sellers participating in the registration statement on the other hand from the sale of Registrable Securities pursuant to the registered offering of securities as to which indemnity is sought or (b) if the allocation provided by clause (a) above is
not permitted by applicable law, in such proportion as is 

  
 11 

	 	
appropriate to reflect the relative benefits referred to in clause (a) above but also the relative fault of the Company on the one hand and Ayers and any other sellers participating in the
registration statement on the other hand in connection with the statement or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the
Company on the one hand and Ayers and any other sellers participating in the registration statement on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) to the Company
bear to the total net proceeds from the offering (before deducting expenses) to Ayers and any other sellers participating in the registration statement. The relative fault of the Company on the one hand and Ayers and any other sellers participating
in the registration statement on the other hand shall be determined by reference to, among other things, whether the untrue or alleged statement or omission to state a material fact relates to information supplied by the Company or by Ayers or other
sellers participating in the registration statement and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and Ayers agree that it would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and
liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 4, Ayers shall not be required to contribute any amount in excess of the net proceeds received by Ayers covered by the registration statement filed pursuant
hereto, less any other amounts paid by Ayers in respect of such untrue statement, alleged untrue statement, omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

	 	4.6	Other Rights. The indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights to indemnification or contribution which any indemnified party may
have pursuant to law or contract and will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will
survive the transfer of securities. 

  

	5.	DEFINITIONS. 

 “Affiliate” shall mean, with respect to any Person, any
other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. 

  
 12 

 “Board” shall mean the Board of Directors of the Company. 

“Demand Registrations” shall mean Long-Form Registrations and Short-Form Registrations requested pursuant to Section
1.1. 
 “Discriminate” shall mean, with respect to a specified Person, to change the rights of such specified Person as
compared to other applicable Persons in a manner that is, or is reasonably expected to be, materially and adversely different than the changes to the rights of the other applicable Persons. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law
then in force. 
 “Initial Public Offering” shall mean the initial underwritten Public Offering registered on Form S-1 (or
any successor form under the Securities Act). 
 “Person” shall mean any individual, partnership, corporation, company,
association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Public Offering” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration
statement under the Securities Act. 
 “Registrable Securities” shall mean (a) any share of Common Stock owned by Ayers as
of the Effective Time or thereafter acquired (other than through the exercise of options), and (b) any common equity securities issued or issuable directly or indirectly with respect to any of the foregoing securities referred to in clause (a) by
way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular shares constituting Registrable Securities, such shares will cease to be
Registrable Securities when they have been (x) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, or (y) sold to the public pursuant to Securities Act Rule 144 or sold in a
block sale to a financial institution in the ordinary course of its trading business, in each case in compliance with this Agreement. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such
Person has the right to acquire directly or indirectly such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such
right), whether or not such acquisition has actually been effected. 
 “Related Transfer” means any Transfer by Ayers or
any Related Transferee of Ayers to any Related Transferee. 
 “Related Transferee” means with respect to Ayers or any
Related Transferee of Ayers, (a) a spouse, (b) any child or grandchild, (c) any parent or spouse of any child, grandchild or parent, (d) any trust created for the benefit of any of the foregoing or for the benefit of Ayers or any Related Transferee
of Ayers, (e) any court-appointed legal representative of the estate of Ayers or the estate of any Related Transferee of Ayers, including, but not limited to, an administrator, personal representative, or executor, as established by letters
testamentary, letters of 

  
 13 

 
administration, or other similar instrument issued by a court of competent jurisdiction or (f) any entity created for the benefit of Ayers or any Related Transferee of Ayers or one or more
members of such Person’s family where all of the ownership interests of such entity are held directly or indirectly by or for the benefit of only such Person and such family members. 

“Rule 144” shall mean Securities and Exchange Commission Rule 144 under the Securities Act, as Rule 144 may be amended from
time to time, or any similar successor rule that may be issued by the Securities and Exchange Commission. 
 “Securities
Act” shall mean the Securities Act of 1933 and the rules promulgated thereunder, in each case as amended from time to time. 

“Securities and Exchange Commission” includes any governmental body or agency succeeding to the functions thereof. 

“Shelf Registration” shall mean the filing of a Short-Form Registration with the Securities and Exchange Commission in
accordance with and pursuant to Rule 415 under the Securities Act (or any successor rule then in effect). 
 “Stock” shall
mean the capital stock of the Company. For clarification purposes, as of the Effective Time, the Common Stock constitutes all of the Company’s issued and outstanding capital stock. 

“Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Registrable
Securities (or any voting or economic interest therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 

 

	6.	MISCELLANEOUS. 

  

	 	6.1	No Inconsistent Agreements; Foreign Registration. The Company will not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to Ayers in this
Agreement. In the event the Board and Ayers approve a public offering or a sale of the Common Stock of the Company (or other securities representing, or exercisable for or convertible into, shares of common stock) pursuant to the securities laws of
a country other than the United States of America, the Board shall have the power to amend this Agreement in such manner as it shall deem reasonably necessary to ensure that the provisions of this Agreement will apply in as close to the same manner
as possible under such foreign securities laws, and to otherwise preserve and give effect to the rights of the parties hereto. 

  

	 	6.2	 Adjustments Affecting Registrable Securities. The Company will not take any action, or
permit any change to occur, with respect to its securities which would materially and adversely affect the ability of Ayers to include his Registrable Securities in a registration undertaken pursuant to this Agreement (including, without limitation,
effecting a stock split or a combination of shares). If Ayers creates a new holding company (“Holdco”), the result of which is that the 

  
 14 

	 	
stockholders of the Company immediately before such event become all the stockholders of Holdco, then in each instance the provisions of this Agreement will, in addition to applying to the
Company, also apply to Holdco in the same manner as if Holdco were substituted for the Company throughout this Agreement. 

  

	 	6.3	Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies at law
or in equity existing in its favor, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or
prevent violation of the provisions of this Agreement. 

  

	 	6.4	Amendment and Waiver. This Agreement may be amended, modified, extended, terminated or waived (an “Amendment”), and the provisions hereof may be waived, only by an agreement in writing signed by
the Company and Ayers; provided, that the admission of new parties pursuant to the terms of Section 6.5 shall not constitute an Amendment of this Agreement for purposes of this Section 6.4. Each such Amendment shall be binding
upon each party hereto. In addition, each party hereto may waive any right hereunder, as to itself, by an instrument in writing signed by such party. The failure of any party to enforce any provisions of this Agreement shall in no way be construed
as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. To the extent the Amendment of any Section of this Agreement would require a
specific consent pursuant to this Section 6.4, any Amendment to the definitions used in such Section as applied to such Section shall also require the same specified consent. 

 

	 	6.5	Successors and Assigns; Transferees. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. Registrable Securities
shall continue to be Registrable Securities after any Related Transfer (except if such securities were effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them). Any Related
Transferee receiving shares of Registrable Securities in a Related Transfer shall become a party to this Agreement and subject to the terms and conditions of, and be entitled to enforce, this Agreement to the same extent, and in the same capacity,
as the Person that Transfers such shares to such transferee. Prior to the Related Transfer of any Registrable Securities to any Related Transferee, and as a condition thereto, the Person effecting such Related Transfer shall cause such Related
Transferee to deliver to the Company its written agreement, in form and substance reasonably satisfactory to the Company, to be bound by the terms and conditions of this Agreement. 

 

	 	6.6	 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if 

  
 15 

	 	
any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 

  

	 	6.7	Counterparts. This Agreement may be executed in separate counterparts (including by means of facsimile or electronic transmission in portable document format (pdf)), each of which shall be an original and all of
which taken together shall constitute one and the same Agreement. 

  

	 	6.8	Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 

 

	 	6.9	Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile, or (c) sent by overnight courier, in
each case, addressed as follows: 

 If to the Company, to: 

FB Financial Corporation 
 211
Commerce Street, Suite 300 
 Nashville, Tennessee 37201 

Attn: General Counsel 

Facsimile: (615)        -         

with a copy (which shall not constitute notice) to: 

Alston & Bird LLP 
 One
Atlantic Center 
 1201 West Peachtree Street 

Atlanta, Georgia 30309 

Attention: Kyle G. Healy 

Facsimile: (404) 253-8131 
 If to
Ayers, to: 
 James W. Ayers 

Facsimile: (        )
        -         
 with a copy (which shall not constitute
notice) to: 

  
 16 

 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such
shares for all purposes hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (x) on the date
received, if personally delivered, (y) on the date received if delivered by facsimile on a business day, or if not delivered on a business day, on the first business day thereafter and (z) two (2) business days after being sent by overnight courier.
Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 
  

	 	6.10	Delivery by Facsimile. This Agreement and any signed agreement or instrument entered into in connection herewith or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by
means of a facsimile machine, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At
the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall
raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation of a contract and each such
party forever waives any such defense. 

  

	 	6.11	Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive
laws of the State of Tennessee without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

 

	 	6.12	Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall
impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach
or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

 [Signature Pages Follow]

  
 17 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement on the day and
year first above written. 
  

			
	FB FINANCIAL CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	James W. Ayers:
		
	By:

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