Form of Initial Distribution Election Form

EXHIBIT 10.3

FRANKLIN BANK CORP.
DEFERRED COMPENSATION PLAN
INITIAL (AFTER INITIAL PARTICIPATION OR AFTER DISTRIBUTION)
DISTRIBUTION ELECTION FORM

SECTION 1. Timing of Distribution [check one].

(a) o I hereby elect to commence distribution of the balance of the " Account" maintained for me under the Franklin Bank Corp. Deferred Compensation Plan (" Plan" ) as of the earlier to occur of (A) the first day of (choose one of the following) o January, o April, o July or o October, in the year or (B) my termination of service or employment with Franklin Bank Corp. (" Company" ) or Franklin Bank, S.S.B. (" Bank" ).

I understand that if the event described in (A) above occurs first, payments(s) with respect to my Account shall occur or commence within 30 days from such date. I understand that if t ...