Document:

2009 Deferred Comp Plan

 Exhibit 10.8 
 FRANKLIN FEDERAL SAVINGS BANK 
 2009 DEFERRED COMPENSATION PLAN

 FOR DIRECTORS AND SENIOR OFFICERS 
  

	I.	PURPOSE 

 Franklin Federal
Savings Bank (the “Bank”) hereby establishes this 2009 Deferred Compensation Plan for Directors and Senior Officers of Franklin Federal Savings Bank (the “Plan”), effective as of October 1, 2009 (the “Effective
Date”). The purpose of the Plan is to aid the Bank in retaining Directors and Senior Officers of outstanding competence, dedication and loyalty as well as to provide incentive for those Directors and Senior Officers (the
“Participants”) to enhance the long-term value of the Bank. The Plan creates an unfunded deferred compensation arrangement that is modeled after the compensation incentives for directors and senior officers of recently converted publicly
traded stock thrift corporations regulated by the Office of Thrift Supervision (referred to herein as “Recently Converted Thrifts”), as such incentives are typically found in Recognition and Retention Plans (“RRP”), Stock Option
Plans (“SOP”) and Employee Stock Ownership Plans (“ESOP”). 
 Consistent with these objectives, the Bank
will maintain a bookkeeping account for each Participant. The account will be credited initially with an Earned Award based on the current valuation of the Bank, seniority and office, consistent with similar practices of Recently Converted Thrifts.
The Earned Award will be increased or decreased annually by an amount calculated separately for each Participant, based on the performance of the Bank, as well as on dates upon which a Participant completes certain specified terms of service to the
Bank. 
 The Participants shall be entitled, within certain limits, to cash distributions equal to the vested amounts in their
individual accounts upon the occurrence of certain events as defined and set forth herein. Administration, distributions, vesting, and other requirements of the Plan are discussed more fully below. 

 

	II.	EFFECTIVE DATE; SECTION 409A COMPLIANCE 

 The Plan was adopted by the Board of the Bank on September 16, 2009, effective on October 1, 2009. The Plan is intended to incorporate, and be subject to, the applicable provisions of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Section 409A regulations and all applicable guidance issued under Section 409A by the Internal Revenue Service (collectively referred to herein
as “Section 409A”). 
  

	III.	DEFINITIONS 

 The
following terms used in this Plan shall have the following meanings (unless otherwise expressly provided herein): 
  

	 	3.1	“Annual Net Income” shall mean the “net earnings (loss)” of the Bank for each Fiscal Year determined in accordance with generally accepted
accounting principles, as adjusted for unusual and/or non-recurring items as determined at the discretion of the Board. “Net earnings (loss)” of the Bank is the amount reported in the schedules to the consolidated financial statements of
Franklin Financial Corporation MHC (“Franklin MHC”) and subsidiaries, as audited by the independent auditors for Franklin MHC. 

  

  

	 	3.2	“Annual Pre-Tax Income” shall mean the “earnings (loss) before provision for income taxes” of the Bank for each Fiscal Year determined in accordance
with generally accepted accounting principles, as adjusted for unusual and/or non-recurring items as determined at the discretion of the Board. “Earnings (loss) before provision for income taxes” of the Bank is the amount reported in the
schedules to the consolidated financial statements of Franklin MHC and subsidiaries, as audited by the independent auditors for Franklin MHC. 

  

	 	3.3	“Bank” shall mean Franklin Federal Savings Bank, a wholly owned subsidiary of Franklin MHC 

 

	 	3.4	“Award” shall mean the product of the RRP/ESOP Share, on an individual Participant basis, multiplied by the Initial Valuation.

  

	 	3.5	“Board” shall mean the full Board of Directors of the Bank, as changed from time to time. 

 

	 	3.6	“Calculation Date” shall mean September 30 or any other day or date specifically identified herein as a Calculation Date.

  

	 	3.7	“Capital” shall mean the total of the common stock plus the additional paid in capital plus the retained earnings of the Bank, as adjusted for unusual and/or
non-recurring items as determined at the discretion of the Board. This definition of Capital equates to “Capital Before Accumulated Other Comprehensive Income (Loss)” per the Bank’s unaudited internal financial statements, as adjusted
for unusual and/or non-recurring items as determined at the discretion of the Board. Capital shall be retroactively adjusted to include any audit adjustments subsequently made to the year-end financial statements. 

 

	 	3.8	“Conversion” shall mean the reorganization of Franklin MHC and its subsidiaries into a publicly traded stock corporation owned entirely by its
shareholders. 

  

	 	3.9	“Directors” shall mean non-officer, or “outside,” members of the Board of Directors of the Bank who are not full-time employees of the Bank.

  

	 	3.10	“Disability” shall mean the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an
accident and health plan covering employees or Directors of the Bank. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees or Directors of
the Bank provided that the definition of “disability” applied under such disability insurance program complies with the requirements of the preceding sentence. Upon the request of the plan administrator, the Participant must submit proof
to the plan administrator of the Social Security Administration’s or the provider’s determination. 

  
 2 

  

	 	3.11	“Early Retirement Age” shall mean any date on which a Participant has attained at least age 55 and has completed at least ten years of service with the
Bank. 

  

	 	3.12	“Earned Award” shall mean the product of the Award multiplied by the Seniority Factor. The Earned Award shall be adjusted on each Calculation Date to
reflect changes in the Seniority Factor occurring since the prior Calculation Date. 

  

	 	3.13	“Effective Date” shall mean October 1, 2009. 

  

	 	3.14	“ESOP Allocation” shall mean a percentage based on the percentage of a Recently Converted Thrift’s value typically given to senior officers under
an Employee Stock Ownership Plan, according to Office of Thrift Supervision guidelines and industry practices. 

  

	 	3.15	“ESOP Share” shall mean a percentage representing the portion of the ESOP Allocation awarded to an individual Participant. A schedule showing the ESOP
Share is attached as Schedule A. 

  

	 	3.16	“Fiscal Year” shall mean the Bank’s accounting year of twelve months commencing October 1 of each year and ending September 30 of the
following year. 

  

	 	3.17	“Initial Valuation” shall mean the Capital of the Bank on September 30, 2009, as reported in the schedules to the audited consolidated financial
statements of Franklin MHC and subsidiaries. For the purposes of this Plan, the Initial Valuation shall be $95,000,000. 

  

	 	3.18	“Normal Retirement Age” shall mean (1) age 65 for Directors of the Bank and (2) for Senior Officers, the age at which a Senior Officer may
retire with full Social Security benefits or other earlier age elected by the Board. In no event shall Normal Retirement Age be earlier than the earliest date on which a Participant may retire under the Pension Plan for the Employees of Franklin
Federal Savings Bank. 

  

	 	3.19	“Participants” shall mean the Directors and Senior Officers of the Bank, as listed on the attached Schedule A. 

 

	 	3.20	“Plan Multiplier” shall mean, on an individual Participant basis, the SOP Share divided by the RRP/ESOP Share, as listed on Schedule A, rounded to two
decimal places. After September 30, 2014 the Plan Multiplier shall be the lesser of (1) the Plan Multiplier on October 1, 2009 or (2) 1.00 for all Participants. After September 30, 2019, the Plan Multiplier shall be zero for
all Participants. 

  

	 	3.21	“Return on Equity” shall mean the percentage obtained by dividing the Annual Net Income of the Bank by the average balance of Capital of the Bank. The
average balance of Capital of the Bank shall be the average of the month-end balances of Capital for the period of computation, which shall include the month-end balance immediately preceding the period of computation. 

  
 3 

  

	 	3.22	“RRP Allocation” shall mean a percentage based on the percentage of a Recently Converted Thrift’s value typically given to directors and senior
officers under a Recognition and Retention Plan, according to Office of Thrift Supervision guidelines and industry practices. 

  

	 	3.23	“RRP/ESOP Annual Award” shall mean the product of (1) Total Deferred Compensation as of September 30 of the year preceding the year of
calculation multiplied by (2) Return on Equity for the year preceding the year of calculation. For the period from October 1, 2009- September 30, 2010, “RRP/ESOP Annual Award” shall mean the product of (1) the Earned
Award at October 1, 2009 multiplied by (2) the Return on Equity for the year ended September 30, 2009. 

  

	 	3.24	“RRP/ESOP Share” shall mean a percentage representing the sum of the RRP Share and the ESOP Share. A schedule showing the RRP/ESOP Share is attached as
Schedule A. 

  

	 	3.25	“RRP Share” shall mean a percentage representing the portion of the RRP Allocation awarded to an individual Participant. A schedule showing the RRP
Share is attached as Schedule A. 

  

	 	3.26	“Seniority Factor” shall mean a percentage based on the number of years a Participant has been employed by the Bank or served on the Board, as the case
may be. For purposes of this Plan, a Director first elected at an annual meeting of the Bank shall be deemed to have been elected on the preceding September 30. The percentage shall be as follows: 

 

	 	(a)	Less than three years – 00.00% 

  

	 	(b)	Three or more years but less than six years – 20.00% 

  

	 	(c)	Six or more years, but less than nine years – 40.00% 

  

	 	(d)	Nine or more years, but less than twelve years – 60.00% 

  

	 	(e)	Twelve or more years, but less than fifteen years – 80.00% 

  

	 	(f)	Fifteen or more years – 100.00% 

  

	 	3.27	“Senior Officers” shall mean certain senior officers of the Bank, as listed on the attached Schedule A. 

 

	 	3.28	“SOP Allocation” shall mean a percentage based on the percentage of a Recently Converted Thrift’s value typically given to directors and senior
officers under a Stock Option Plan, according to Office of Thrift Supervision guidelines and industry practices. 

  

	 	3.29	“SOP Annual Award” shall mean the product of (1) the RRP/ESOP Annual Award multiplied by (2) the Plan Multiplier. 

 

	 	3.30	“SOP Share” shall mean a percentage representing the portion of the SOP Allocation awarded to an individual Participant. A schedule showing the SOP
Share is attached as Schedule A. 

  
 4 

  

	 	3.31	“Termination of Employment” shall mean the termination of a Participant’s employment or, if the Participant is a Director, service with the Bank
for reasons other than in connection with the Participant’s death or Disability or a Change of Control. Whether a Termination of Employment takes place is determined based on the facts and circumstances surrounding the Termination of Employment
and whether the Bank and the Participant intended for the Participant to provide significant services to the Bank following such termination. 

  

	 	3.32	“Total Deferred Compensation” shall mean the sum of (1) the Earned Award, (2) the RRP/ESOP Annual Award, and (3) the SOP Annual Award
given to each Participant on a cumulative basis. 

  

	 	3.33	“Total Deferred Compensation Account” shall mean a bookkeeping account kept in the name of each Participant stating the Total Deferred Compensation of
a Participant under the Plan. The Total Deferred Compensation Account shall have sub-accounts showing the Earned Award, RRP/ESOP Annual Award, and SOP Annual Award components. A sample Total Deferred Compensation Account is attached hereto as
Schedule B. 

  

	 	3.34	“Vested Percentage” shall mean the percentage of a Participant’s Total Deferred Compensation that is nonforfeitable. The Vested Percentage shall
be 0.0547645% for each Participant as of the Effective Date and shall increase by 0.0547645% for each day of employment with the Bank or service on the Board, as the case may be, thereafter. In no event shall the Vested Percentage exceed 100%.

  

	IV.	ADMINISTRATION 

  

	 	4.1	Administration by Board. The Plan shall be administered by the Board. 

 

	 	4.2	Total Deferred Compensation Account. The Bank shall cause a Total Deferred Compensation Account to be kept for each Participant in a format similar to that
contained in Schedule B. The Total Deferred Compensation Account shall be adjusted annually on the Calculation Date to reflect increases to the Earned Award due to Seniority and the addition or subtraction of the RRP/ESOP Annual Award and the SOP
Annual Award. 

  

	 	4.3	No Fiduciary Relationship. Nothing contained herein shall be deemed to create a trust of any kind or create any fiduciary relationship. To the extent that any
Participant acquires a right to receive payments from the Bank under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Bank. 

  
 5 

  

	V.	ALLOCATION OF BENEFITS 

  

	 	5.1	Allocation of Benefits. The benefits given to the Participants under the Plan shall be allocated as follows: 

 

	 	(a)	Earned Award. As of the Effective Date, the Total Deferred Compensation Account of each Participant shall be credited with the amount of the Participant’s
Earned Award without further action by the Board. On each Calculation Date thereafter, each Participant’s Earned Award shall be adjusted for changes in the Participant’s Seniority Factor since the prior Calculation Date.

  

	 	(b)	RRP/ESOP Annual Award and SOP Annual Award. Each Fiscal Year on the Calculation Date, the Total Deferred Compensation Account of each Participant shall be
credited or debited with the Participant’s RRP/ESOP Annual Award and SOP Annual Award for that Fiscal Year. 

  

	 	5.2	End of Senior Officer Awards. Notwithstanding any other provision of the Plan, a Senior Officer shall no longer receive RRP/ESOP Annual Awards or SOP Annual
Awards or adjustments to the Earned Award due to changes in the Seniority Factor upon attainment of Normal Retirement Age. However, if a Senior Officer is requested by the Board to continue performing services for the Bank as a Senior Officer beyond
his or her Normal Retirement Age (“Continued Service”), he or she shall be entitled to an RRP/ESOP Annual Award and SOP Annual Award for each year of Continued Service, the value of which RRP/ESOP Annual Award and SOP Annual Award shall be
pro-rated for the number of days in the Bank’s employment during a Fiscal Year. A Senior Officer requested by the Board to perform Continued Service will also be entitled to any applicable adjustments to the Earned Award due to changes in such
Senior Officer’s Seniority Factor during his or her Continued Service. If a Senior Officer is also a Director of the Bank at his or her Normal Retirement Age or his or her Early Retirement Age and terminates his or her employment as a Senior
Officer but does not terminate his or her service as a Director of the Bank, then 80% of his or her Vested Percentage multiplied by each component of his or her Total Deferred Compensation shall be set aside in a separate account, to be paid as
elected in Section 6.3(b) below, when he or she terminates his or her employment as a Senior Officer, and he or she shall be considered a Director with respect to the remaining 20% of each component of his or her Total Deferred Compensation.

  

	 	5.3	Forfeiture of Rights under the Plan. The contingent right of a Participant to receive distributions under the Plan shall be forfeited upon the occurrence of any
one or more of the following events: 

  

	 	(a)	If the Participant engages in acts that, in the sole discretion of the Board, constitute embezzlement of the Bank’s funds or fraud against the Bank; or

  

	 	(b)	If the Participant shall enter into a business or employment which the Board, excluding the Participant in question if such Participant is a member of the Board,
determines to be (i) detrimentally competitive with the business of the Bank and (ii) substantially injurious to the Bank’s financial interests. 

  
 6 

  

	 	5.4	Terminated Participants. 

  

	 	(a)	Subject to Sections 5.3 and 6.2(b), a Participant who has incurred a Termination of Employment shall be entitled to his or her vested benefits as of the date of
Termination of Employment, and such Participant shall not accrue any additional benefits under the Plan after incurring a Termination of Employment, except for interest paid on installment distributions pursuant to Section 6.3.

  

	 	(b)	A Participant who has incurred a Termination of Employment and who thereafter is re-employed by the Bank shall not participate in the Plan upon re-employment.

  

	VI.	DISTRIBUTIONS 

  

	 	6.1	Payment of Distributions. Participants shall be entitled to distributions upon the occurrence of both of the following: 

 

	 	(a)	the Participant’s Termination of Employment, and 

  

	 	(b)	the Participant’s attainment of Normal Retirement Age, Early Retirement 

Age, death, or Disability. 
  

	 	6.2	Amount of Distributions. The amount of any distribution shall be determined as follows: 

 

	 	(a)	If a Participant is entitled to distributions because of Termination of Employment as a result of or in conjunction with death, Disability, reaching Early Retirement
Age or reaching Normal Retirement Age, that Participant is entitled to a distribution equal to his Vested Percentage multiplied by his Total Deferred Compensation. For purposes of this Section 6.2(a), the amount of the Total Deferred
Compensation shall be calculated as of the last day of the last full month of the Participant’s employment or service on the Bank’s Board, as the case may be. This amount shall include increases to the Earned Award due to changes in the
Seniority Factor since the prior Calculation Date and a pro rata amount calculated on a monthly basis of the Participant’s RRP/ESOP Annual Award and SOP Annual Award for the Fiscal Year in which Termination of Employment occurs.

  

	 	(b)	If, however, the Participant, in the determination of the Board, such determination to be made in the Board’s sole discretion, terminates his employment other than
for the reasons in Section 6.2(a), the Participant is entitled to a distribution equal to his Vested Percentage multiplied by his Total Deferred Compensation in the amount of that Participant’s Total Deferred Compensation on the most
recent Calculation Date. 

  
 7 

  

	 	6.3	Method of Payments. 

  

	 	(a)	Cash Payments. Any amounts to which a Participant is entitled under the Plan shall be distributed in cash. 

 

	 	(b)	Timing and Manner of Payment. 

  

	 	(1)	In the event a Participant becomes entitled to a distribution pursuant to Section 6.2(a), such Participant may elect to receive distributions under one of the
following payment options, subject to Section 6.7 herein: 

  

	 	(i)	a lump sum distribution within ten business days of Termination of Employment, 

 

	 	(ii)	a lump sum distribution on the first business day of January of the year following Termination of Employment, 

 

	 	(iii)	at a Participant’s option, in five or ten equal annual installments, with interest at the rate specified below, beginning on the first business day of the month
following Termination of Employment and continuing on the first business day of the same month of each succeeding year until such installments are paid in full. 

 

	 	(iv)	at a Participant’s option, in five or ten equal annual installments, with interest at the rate specified below, beginning on the first business day of January of
the year following Termination of Employment and continuing on the first business day of January of each succeeding year until such installments are paid in full. 

 A Participant shall file a written payment option election with the Bank on a form provided by the Bank upon designation as a Participant. If a Participant fails to designate properly the manner of
payment of the Participant’s benefits under the Plan, such payment will be in a lump sum distributed within ten business days of Termination of Employment. 
 Distributions made under Options (b)(1)(iii) and (b)(1)(iv) shall accrue interest on the unpaid balance from the first installment date at the Federal Home Loan Bank of Atlanta’s PRC 5 or PRC 10
rate, as applicable, in effect on the date of Termination of Employment, which interest shall be payable on the date that each succeeding annual installment is payable until the total unpaid balance plus interest is paid in full. 

A Participant may change a prior election regarding the form or timing of distributions hereunder but all such changes must comply with
the following requirements. The changes (i) may not accelerate the time or schedule of any distribution, except as provided in Section 409A; (ii)

  
 8 

 
must, for benefits distributable under upon Termination of Employment, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was
originally scheduled to be made; and (iii) must take effect not less than twelve (12) months after the election is made. 
  

	 	(2)	In the event a Participant or his or her Beneficiary becomes entitled to a distribution pursuant to Section 6.2(b), such distribution shall be paid in a lump sum
within ten business days of the earlier of (1) the Bank’s receiving notice of or otherwise becoming aware of the death of the Participant or (2) when the Participant attains age 55 if the Participant has at least ten years of service
with the Bank upon Termination of Employment or when the Participant reaches Normal Retirement Age if the Participant has less than ten years of service with the Bank upon Termination of Employment. 

 

	 	(3)	Notwithstanding the timing and manner of payments, in no event shall the Participant be entitled to receive in any one calendar year an amount that would cause the
Participant’s total compensation for that year to exceed the amount that is deductible by the Bank pursuant to the provisions of the Internal Revenue Code of 1986, as amended. Any amounts that are not paid to the Participant pursuant to the
foregoing provision shall be carried forward and paid to the Participant on the first business day of January of the next succeeding year. 

  

	 	6.4	Distributions Upon Death. Unless the Participant names a Primary Designated Beneficiary(ies) and Contingent Designated Beneficiary(ies) pursuant to
Section 6.5, any distributions to which a Participant is entitled upon the Participant’s death shall be made to such Participant’s estate. 

  

	 	6.5	Designated Beneficiary(ies). In the event a Participant desires that, upon the Participant’s death, any distributions to which the Participant is entitled
be made to one or more persons and/or trusts other than the Participant’s estate (“Primary Designated Beneficiary(ies)”), the Participant must file with the Bank a form provided by the Bank naming the Primary Designated
Beneficiary(ies) (the “Designation of Beneficiary(ies) Form”). A Participant may also name one or more persons and/or trusts as contingent Designated Beneficiary(ies) on the Designation of Beneficiary(ies) Form (“a Contingent
Designated Beneficiary(ies)”) to receive any distributions to which the deceased Participant is entitled if the Primary Designated Beneficiary(ies) is (are), for any reason, unable to receive such distributions. A Designation of
Beneficiary(ies) Form will be effective only after the signed form is filed with the Bank while the Participant is alive and will cancel all Designation of Beneficiary(ies) Forms signed and filed earlier with the Bank. If all of the Primary
Designated Beneficiary(ies) and the Contingent Designated Beneficiary(ies), if named, are deceased, dissolved, or unable to receive distributions for any reason whatsoever, the Bank shall pay any unpaid amount to such Participant’s estate.

  
 9 

  

	 	6.6	Distributions Upon Income Inclusion Under Section 409A. Upon the inclusion of any amount into a Participant’s income as a result of the failure of this
non-qualified deferred compensation plan to comply with the requirements of Section 409A, to the extent such tax liability can be covered by the Participant’s Total Deferred Compensation Account balance, a distribution shall be made as
soon as is administratively practicable following the discovery of the plan failure. 

  

	 	6.7	Restrictions on Timing of Distributions. Notwithstanding any provision of this Plan to the contrary, if the Participant is considered a Specified Employee at
Termination of Employment under such procedures as established by the Bank in accordance with Section 409A, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of
such Termination of Employment, or if earlier, the date of death. Therefore, in the event this paragraph is applicable to the Participant, any distribution which would otherwise be paid within the first six months following the Termination of
Employment shall be accumulated and paid in a lump sum on the first day of the seventh month following the Termination of Employment, or, if earlier, within sixty (60) days from the date of the Participant’s death. All subsequent
distributions shall be paid in the manner specified. For purposes of this Section 6.7, a “Specified Employee” shall mean a service provider who, as of the date of the service provider’s Termination of Employment, is a key
employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank, which determination shall be made in accordance with Section 409A, but only if any stock of the Bank is publicly traded on an
established securities market or otherwise. 

  

	VII	VESTING 

  

	 	7.1	Vested Amount. Except as provided in Sections 7.2 and 7.3, below, a Participant who is entitled to distributions shall only be entitled to distribution of the
amount which is the product of the Participant’s Vested Percentage multiplied by his or her Total Deferred Compensation Account. 

  

	 	7.2	Death, Disability, Change of Control. In the event of the death or Disability of a Participant prior to Termination of Employment, the Vested Percentage for that
Participant shall automatically become 100%. In the event of a Change of Control, as set forth in Section 8.2, below, the Vested Percentage for each Participant shall automatically become 100% as of the last day of the last full month prior to
the date the Bank ceases to exist as an independent entity. 

  

	 	7.3	Retirement. In the event of the retirement of a Participant at Normal Retirement Age, the Vested Percentage for that Participant shall automatically become 100%.
In the event of the retirement of a Participant at Early Retirement Age, the Vested Percentage shall be computed in accordance with Section 3.34, provided, however, the Board, in its sole discretion, may increase such Vested Percentage up to
100%. 

  
 10 

  

	VIII.	 MISCELLANEOUS PROVISIONS 

  

	 	8.1	Compliance with OTS Regulations. It is the intention of the Board that this Plan be in full compliance with the Regulations promulgated by the Office of Thrift
Supervision, or any similar successor agency of the United States government (“OTS Regulations”). If, at any point in time and for whatever reason, the Plan is deemed by the Office of Thrift Supervision not to be in compliance with the OTS
Regulations, the Board may take whatever action it deems necessary to insure that the Plan regains compliance status, including amending the Plan or benefits given hereunder. 

 

	 	8.2	Change of Control. In the event the Bank ceases to exist as an independent entity due to a Change of Control (as defined below), then the Total Deferred
Compensation of each Participant shall be calculated as of the last day of the last full month prior to the date the Bank ceases to exist as an independent entity. This amount will include a pro rata amount of the RRP/ESOP Annual Award and SOP
Annual Award for the Fiscal Year in which Change of Control occurs plus any increases to the Earned Award due to changes in the Seniority Factor since the prior Calculation Date. The Vested Percentage multiplied by the Total Deferred Compensation of
each Participant shall be distributed in cash in accordance with the payment option selected by the Participant under Section 6.3(b). A “Change of Control” shall mean a change in the ownership or effective control of the Bank, or in
the ownership of a substantial portion of the assets of the Bank, as such change is defined in Section 409A. Notwithstanding anything in this Plan to the contrary, in no event shall a Change of Control include a Conversion.

  

	 	8.3	Rights of Creditors. To the extent permitted by law, the right of any Participant in any benefit or to any payment hereunder shall not be subject in any manner
to attachment or other legal process for the debts of such Participant; and any such benefit or payment shall not be subject to anticipation, sale, transfer, assignment, or encumbrance. 

 

	 	8.4	No Rights as Director or Senior Officer. Neither the Plan nor any benefits given hereunder shall confer upon a Participant a right to continue in the Bank’s
employment, or to continue in service on the Bank’s Board, as the case may be. 

  

	 	8.5	Benefits Nontransferable. Except as otherwise provided herein, a Participant’s benefits under the Plan are not transferable other than by will or the laws
of descent and distribution. 

  

	 	8.6	Virginia Law. The Plan shall be governed by, construed and interpreted according to the laws of the Commonwealth of Virginia without regard to conflicts of law
principles. 

  

	 	8.7	Arbitration. Any controversy, claim, or dispute arising out of or relating to the interpretation or benefits under this Plan will be resolved through final and
binding arbitration. Such arbitration shall be held in Richmond, Virginia, in accordance with the then-current Rules of Conciliation and Arbitration of the American Arbitration Association. 

  
 11 

  

	 	8.8	Compliance with Section 409A; Recission. This Plan shall at all times be administered and the provisions of this Plan shall be interpreted consistent with
the requirements of Section 409A. Any modification to the terms of this Plan that would inadvertently result in an additional tax liability on the part of a Participant shall have no effect provided the change in the terms of the Plan is
rescinded by the earlier of a date before the right is exercised (if the change grants a discretionary right) and the last day of the calendar year during which such change occurred. 

 

	IX.	AMENDMENT AND TERMINATION; EFFECT OF CONVERSION 

  

	 	9.1	Amendment and Termination of the Plan. Subject to Section 9.2, the Board of Directors may, at any time, terminate or suspend the Plan or amend it from time
to time in such respects as it deems desirable; provided that no termination or amendment of the Plan shall adversely affect the rights of any Participant earned up to the time of termination or amendment without the written consent of such
Participant, as the case may be. 

  

	 	9.2	Special Rules Relating to Termination. The Bank may terminate and liquidate this Plan in the following circumstances: 

(a) pursuant to irrevocable action taken within thirty (30) days before, or twelve (12) months after a Change of
Control, provided that all distributions are made no later than twelve (12) months following such termination of the Plan and further provided that all the Bank’s arrangements which are substantially similar to the Plan are terminated so
that all Participants in similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements 

(b) within twelve (12) months of a corporate dissolution taxed under Section 331 of the Code or with the
approval of a bankruptcy court provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of the following years (or, if earlier, the taxable year in which the amount is actually or
constructively received): (i) the calendar year in which the Plan terminates; (ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the
distribution is administratively practical; or 
 (c) the Bank’s termination and liquidation of this and all
other account balance plans (as referenced in Section 409A), provided that (i) such action does not occur proximate to a downturn in the financial health of the Bank; (ii) all distributions are made no earlier than twelve
(12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new non-account balance plans for a minimum of three (3) years following the date of such termination. In
such event, the Bank may distribute the Total Deferred Compensation Account of each Participant, determined as of the date of the termination of the Plan, to the Participant in a lump sum subject to the above terms. 

  
 12 

  

	 	9.3	Notwithstanding the foregoing, the Board may amend the Plan any time if, in the Board’s sole discretion, such amendment is needed in order to assure the
Plan’s compliance with the Internal Revenue Code of 1986, as amended, including without limitation, Section 409A, the OTS Regulations, the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.

  

	 	9.4	Unless this Plan is terminated pursuant to this Article IX prior to such event, if the Bank and Franklin MHC adopt a plan of Conversion, the Board shall take such
action as may be necessary to modify this Plan or adopt additional plans to the extent necessary to provide each Participant with the opportunity to direct the investment of their account balance under this Plan to an investment in stock issued in
the Conversion, subject to the terms and conditions of the plan of stock issuance and such other rules as the Board may establish with respect to such investments. Notwithstanding anything in this Plan to the contrary, upon the consummation of a
plan of Conversion, any account maintained in this Plan that is not invested in stock shall thereafter be credited with interest pending distribution at a rate (and at such intervals) established from time to time by the Board but, in any event, not
less than the tiered rate paid from time to time on the Bank’s money market savings account. 

  

			
	FRANKLIN FEDERAL SAVINGS BANK
		
	By:	 	/s/ Richard T. Wheeler, Jr.

			
	Title:	 	Chairman of the Board

  
 13SERP

 Exhibit 10.9 
 SUPPLEMENTAL RETIREMENT PLAN AGREEMENT 
 AGREEMENT, made this 14th
day of September 1994 by and between Franklin Federal Savings & Loan Association of Richmond, (the “Employer”), and Richard T. Wheeler, Jr. (the “Eligible Employee”). 

The Employer wishes to provide the Eligible Employee certain benefits under a Supplemental Retirement Plan. In consideration of the
mutual agreements and covenants contained herein and for other valuable consideration, receipt of which is hereby acknowledged, the Employer and Eligible Employee hereby agree as follows: 

SECTION 1 

DEFINITIONS 
 As used herein, the following words and phrases shall have the meanings specified below unless a different meaning is clearly required by the context: 

1.1 “Accrued Benefit” means a monthly benefit commencing at Normal Retirement Date equal to the excess, if any, of
(a) over (b) below: 
  

	 	(a)	The Eligible Employee’s accrued benefit determined under the Qualified Retirement Plan as in effect on the date of calculation, when computed using Qualified Plan
Compensation as limited by the Old Qualified Plan Compensation Limit; 

  

	 	(b)	The Eligible Employee’s accrued benefit determined under the Qualified Retirement Plan as in effect on the date of calculation. 

1.2 “Attained Age” means the Eligible Employee’s age as of his or her last birthday. 

1.3 “Beneficiary” means any person, trust, or the estate of the Eligible Employee entitled to receive any benefits under this
Plan. 
 1.4 “Committee” means the committee appointed by the Employer to administer the Plan. 

1.5 “Death Benefit” means any benefit paid to any Beneficiary(ies) upon the death of the Eligible Employee as provided under
the terms of this Plan. 
 1.6 “Early Retirement Date” means the first day of the month coincident with or immediately
following the Eligible Employee’s retirement before his sixty-fifth (65th) birthday, provided the Eligible Employee has completed ten (10) years of service (as defined in the Qualified Retirement Plan) with the Employer and has
attained age fifty-five (55). 
 1.7 “Effective Date” means October 1, 1994. 

1.8 “Employer” means Franklin Federal Savings & Loan Association of Richmond, its successors and assigns, any
subsidiary or affiliated organization. 

 1.9 “Normal Retirement Date” means the first of the month coincident with or
immediately following the Eligible Employee’s sixty-fifth (65th) birthday. 
 1.10 “Old Qualified Plan
Compensation Limit” means the annual limit on compensation under Section 401(a)(17) of the Internal Revenue Code as in effect on January 1, 1993 or such larger amount pursuant to annual adjustments in accordance with the method
stipulated under Section 415(d) of the Internal Revenue Code as in effect on January 1, 1993. 
 1.11 “Plan”
means the Franklin Federal Savings & Loan Association of Richmond Supplemental Retirement Plan as set forth herein, together with any amendments thereto. 
 1.12 “Qualified Plan Compensation” means the Eligible Employee’s compensation received during a Plan Year from the Employer which is includable in gross income for Federal income tax
purposes and any elective deferrals made by the Employer on behalf of the Eligible Employee pursuant to Sections 125, 402(a)(8), and 402(h) of the Internal Revenue Code. 
 1.13 “Qualified Retirement Plan” means the Franklin Federal Savings & Loan Association Defined Benefit Pension Plan And Trust. 

1.14 “Retirement Date” means the first day of the month coinciding with or immediately following the month the Eligible
Employee terminates employment with the Employer due to retirement. 
 SECTION 2 

ELIGIBILITY 
 The payment of benefits to the Eligible Employee or his Beneficiary under this Plan is conditioned upon the continuous employment of the Eligible Employee by the Employer (including periods of disability
and authorized leaves of absence) from the Eligible Employee’s original date of hire by the Employer (March 30, 1992) until the Eligible Employee dies after having completed five (5) years of service, completes five (5) years of
service, reaches an Early Retirement Date, or reaches the age of 65, whichever first occurs. Years of service shall mean service as defined in the Qualified Retirement Plan. 
 SECTION 3 
 RETIREMENT INCOME 

3.1 If the Eligible Employee retires on his Normal Retirement Date, he shall be entitled to receive a monthly benefit under this Plan as
calculated by the Committee. The amount of the Eligible Employee’s monthly benefit shall be equal to the Eligible Employee’s Accrued Benefit determined at Retirement Date. 

3.2 If the Eligible Employee retires at any time after his Normal Retirement Date, he shall be entitled to receive a monthly benefit
commencing at Retirement Date. The amount of such monthly benefit shall be equal to the larger of (a) or (b) below: 
  

	 	(a)	The amount of monthly benefit under Section 3.1 above if the Eligible Employee had retired on his Normal Retirement Date with the amount so determined increased
actuarially for the period between his Normal Retirement Date and his actual Retirement Date; 

  
 2 

  

	 	(b)	The Eligible Employee’s Accrued Benefit computed using his compensation and years of service through his actual Retirement Date. 

The basis for the actuarial adjustment in (a) above shall be that stated in the Qualified Retirement Plan. 

3.3 If the Eligible Employee retires on an Early Retirement Date, he shall be entitled to a monthly benefit commencing on his Retirement
Date. The amount of such benefit shall be his Accrued Benefit determined at his Retirement Date reduced actuarially for the period between his Normal Retirement Date and the date his benefits commence. The basis for the actuarial adjustment shall be
that stated in the Qualified Retirement Plan. 
 3.4 If the Eligible Employee terminates his employment with the Employer for
reasons other than retirement or death after completing five (5) years of service, he shall be entitled to a monthly benefit commencing at Normal Retirement Date, provided he is then living, equal to his Accrued Benefit determined at his date
of termination. Notwithstanding the above, if the Eligible Employee so terminates employment after completing ten (10) years of service but before attaining age fifty-five (55), he may elect to receive a reduced monthly benefit commencing the
first of any month on or after attainment of his fifty-fifth (55th) birthday. In the event the Eligible Employee elects early commencement, the amount of his monthly benefit shall be his Accrued Benefit, determined at the date he terminates
employment, reduced actuarially for the period between the date his benefits commence and his Normal Retirement Date. The basis for this actuarial adjustment shall be that stipulated in the Qualified Retirement Plan. Years of service shall be
computed under the terms of the Qualified Retirement Plan. 
 3.5 The basic form of monthly benefit payment
shall be a monthly benefit for the life of the Eligible Employee with the guarantee of 120 monthly payments regardless of the death of the Eligible Employee. The Eligible Employee may elect optional forms including a reduced monthly benefit payable
for his lifetime and, upon his death, a designated percentage of such monthly benefit to his surviving spouse for the lifetime of such spouse. The designated percentage elected by the Eligible Employee must be either fifty percent (50%),
seventy-five percent (75%), sixty-six and two-thirds percent (66- 2/3%), or one hundred percent (100%). Other options available include a monthly benefit payable during his lifetime only or an election to receive monthly benefits payable during his lifetime with a
guaranteed period of sixty (60) months or one hundred eighty (180) months. All optional forms of benefit are adjusted so that the actuarial present value of the optional benefit is equivalent to the actuarial present value of the basic
form of monthly benefit. The basis for determining actuarial equivalencies shall be that stipulated in the Qualified Retirement Plan. 
 SECTION 4 
 DEATH BENEFITS 

If the Eligible Employee dies prior to the date monthly benefits under this Agreement commence and after he has completed five
(5) years of service with the Employer, the Eligible 

  
 3 

 
Employee’s surviving spouse will be entitled to receive a monthly survivor benefit under this Agreement. The monthly survivor benefit shall commence on the first of the month coincident with
or next following the later of: 
  

	 	(a)	The Eligible Employee’s date of death; 

  

	 	(b)	The Earliest date on which the Eligible Employee could have elected to commence benefits under this Agreement. 

The amount of monthly survivor benefit payable to the surviving spouse shall be equal to one-half of the product of (c), (d), and
(e) below: 
  

	 	(c)	The Eligible Employee’s Accrued Benefit determined at his date of death or the date he otherwise terminates employment with the Employer, if earlier;

  

	 	(d)	The actuarial reduction factor applicable under Section 3.3 above for the period between the date the survivor benefit commences and the Eligible Employee’s
Normal Retirement Date; and 

  

	 	(e)	The actuarial reduction factor under Section 3.5 above applicable for the joint and 50% survivor optional form of payment. 

The monthly survivor benefit shall be paid for the life of the Spouse. For purposes of this Section, the term Spouse means the lawful
Spouse of the Eligible Employee at his date of death. Notwithstanding the above, the surviving Spouse of the Eligible Employee may elect to defer commencement of benefits under this Section 4 until Normal Retirement Date. 

SECTION 5 

PLAN ADMINISTRATION 
 5.1 Franklin Federal Savings & Loan Association of Richmond shall appoint a committee to administer the Plan and keep records of Eligible Employee benefits. 

5.2 The Committee shall have the authority to interpret the Plan, to adopt and review rules relating to the Plan, and to make any other
determinations for the administration of the plan. 
 Subject to the terms of the Plan, the Committee shall have exclusive
jurisdiction (i) to determine the eligibility for benefit payments, (ii) to establish the timing of benefit distributions, and (iii) to settle claims according to the provisions of the Plan. 

5.3 The Committee may employ such counsel, accountants, actuaries, and other agents as it shall deem advisable. The Employer shall pay
the compensation of such counsel, accountants, actuaries, and other agents and any other expenses incurred by the Committee in the administration of the Plan. 

  
 4 

 SECTION 6 
 MISCELLANEOUS 
 6.1 Nothing contained in this Plan shall be deemed
to give the Eligible Employee the right to be retained in the service of the Employer or to interfere with the right of the Employer to discharge the Eligible Employee at any time regardless of the effect which such discharge shall have upon him as
an Eligible Employee of the Plan. 
 6.2 The Plan does not involve a reduction in salary for the Eligible Employee or the
foregoing of an increase in future salary by the Eligible Employee. 
 6.3 If no Beneficiary has been designated or survives the
Eligible Employee, any amounts to be paid the Eligible Employee’s Beneficiary shall be paid to the Eligible Employee’s surviving spouse, or if there is no surviving spouse, then in equal proportions to the Eligible Employee’s
surviving children. If the Eligible Employee is not survived by a spouse or children, then such amount shall be paid to the estate of the Eligible Employee. 
 6.4 Except insofar as this provision may be contrary to applicable law, no sale, transfer, alienation, assignment, pledge, collateralization, or attachment of any benefits under this Plan shall be valid
or recognized by the Committee. 
 6.5 The Employer may amend or modify any provision of this Plan provided that such amendment
or modifications are in writing. 
 6.6 The Employer shall not merge into, be acquired by, or consolidate with any other
Employer unless and until such other Employer agrees to assume all rights and obligations set forth in this Plan. 
 6.7 The
Eligible Employee shall have the right to change his designated Beneficiary(ies) by notifying the Committee of such in writing. Such change shall become effective upon written acknowledgement of same by the Employer. Any payments made by the
Employer to any Beneficiary(ies) in good faith and under the terms of the Plan shall fully discharge the Employer from all future obligations with respect to such payments. 
 6.8 This Plan shall be binding upon and inure to the benefit of the Employer, its successors and assigns, and the Eligible Employee and his heirs, executors, administrators, and legal representatives.

 6.9 This Plan shall be governed by the laws of the Commonwealth of Virginia, except as otherwise provided by Federal law.
This Plan is solely between the Employer and the Eligible Employee. The Eligible Employee, his Beneficiary or other persons claiming through the Eligible Employee shall only have recourse against the Employer for enforcement of the Plan. 

6.10 Any words herein used in the masculine shall be read and construed in the feminine where they would so apply. Words in the singular
shall be read and construed as though used in the plural in all cases where they would so apply. 

  
 5 

 6.11 It is the intention of the Employer and the Eligible Employee that this Agreement be
considered unfunded for purposes of the Internal Revenue Code and for purposes of Title I of the Employee Income Security Act (ERISA). 
 6.12 Notwithstanding anything to the contrary herein, if the Eligible Employee’s employment with the Employer is terminated for any reason as a result of a Change of Control, then he shall be
entitled to receive a lump sum payment under this Agreement equal to the actuarial present value of his Accrued Benefit, determined at the date of such termination. For purposes of this Section 6.12, the term Change of Control shall mean any
change in the control of the Employer, whether by merger, dissolution, reorganization, voluntary or involuntary conversion, or other means, using definitions of control as set forth in the Regulations of the Office of Thrift Supervision. Actuarial
present value shall be computed under the terms of the Qualified Retirement Plan. 
 IN WITNESS WHEREOF, this Agreement has been
made as of the date written on page 1. 
  

							
		 		 	FRANKLIN FEDERAL SAVINGS AND LOAN ASSOCIATION OF RICHMOND
			
	ELIGIBLE EMPLOYEE:	 		 	EMPLOYER:
				
	 /s/ Richard T. Wheeler, Jr.
	 		 	By:	 	 /s/ J.B. Bourne, Jr.

	(Signature)	 		 		 	J. B. Bourne, Jr., President
	Richard T. Wheeler, Jr.	 		 		 	
				
	[RESIDENCE ADDRESS OMITTED]	 		 		 	
	(Street Address or P. O. Box)	 		 	By:	 	 /s/ Donald F. Marker

		 		 		 	Donald F. Marker
	  
	 		 		 	Senior Vice President and Secretary-Treasurer
	(City, State, Zip)	 		 		 	

  
 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]