NOTICE OF ELECTION TO DEFER ANNUAL SALARY, BOARD OF DIRECTORS FEES AND DISCRETIONARY BONUS PURSUANT TO THE FRANKLIN BANK CORP. DEFERRED COMPENSATION PLAN (THE ?PLAN?)

EXHIBIT 10.4

FRANKLIN BANK CORP.
DEFERRED COMPENSATION PLAN
BENEFICIARY ELECTION FORM

SECTION 1. Initial Beneficiary Election. I represent that I have not made a prior beneficiary election pursuant to the Franklin Bank Corp. Deferred Compensation Plan (“Plan”). I understand that in the event of my death before I receive the balance of the “Account” maintained for me under the Plan, the remaining balance (if any) of such Account will be paid in a single sum to the beneficiary or beneficiaries (“Beneficiary”) I designate below, or, if none, or if my designated Beneficiary predeceases me, to my estate. Finally, I understand that I may change my beneficiary designation at any time and that my new Beneficiary designation will take effect upon receipt by the Plan Administrator prior to my death.

I hereby designate:

Beneficiary’s Social Security Number

Printed Beneficiary’s Address

By signing this Beneficiary Elect