Exhibit 4.2


 


UNITED COMMUNITY
BANKS, INC., ISSUER


 


and


 


U.S. BANK
NATIONAL ASSOCIATION,


 


As
Trustee, Paying Agent and Security Registrar


 


FIRST SUPPLEMENTAL
INDENTURE


 


Dated
as of June 17, 2020


 



    

    


    

 


	 	Table of Contents	 	 
	 	 	Page	 
	Article 1        DEFINITIONS	1	 
	Section 1.01	Relation to Base Indenture	1	 
	Section 1.02	Definition of Terms	1	 
	Article
    2         GENERAL TERMS AND CONDITIONS OF THE NOTES	6	 
	Section 2.01	Designation and Principal Amount	6	 
	Section 2.02	Maturity	6	 
	Section 2.03	Form, Payment and Appointment	6	 
	Section 2.04	Global Note	7	 
	Section 2.05	Interest	7	 
	Section 2.06	Redemption	10	 
	Section 2.07	No Sinking Fund	11	 
	Section 2.08	Payment of the Notes	11	 
	Article
    3         CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER, OR LEASE	11	 
	Section 3.01	Merger	11	 
	Section 3.02	Sale or Issuance of Capital Stock of Principal Subsidiary Bank	11	 
	Article 4          EVENTS OF DEFAULT 	12	 
	Section 4.01	Appointment of a Receiver	12	 
	Article 5          CERTAIN COVENANTS 	12	 
	Section 5.01	Existence	12	 
	Article 6          FORM OF NOTES 	12	 
	Section 6.01	Form of Notes	12	 
	Article 7          ISSUE OF NOTES 	13	 
	Section 7.01	Original Issue of Notes	13	 
	Section 7.02	Further Issues of Notes	13	 
	Article 8         IMMUNITY OF
                                                                                                                                       STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND DIRECTORS
	13	 
	Section 8.01	Indenture and Notes Solely Corporate Obligations	13	 
	Article 8         MISCELLANEOUS	13	 
	Section 9.01	Ratification of Indenture	13	 
	Section 9.02	Conflict	13	 
	Section 9.03	Trustee Not Responsible for Recitals	13	 
	Section 9.04	New York Law to Govern	13	 
	Section 9.05	Separability	14	 
	Section 9.06	Additional Trustee Provisions	14	 
	Section 9.07	Counterparts	15	 
	Section 9.08	Electronic Signatures	15	 




 



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THIS FIRST SUPPLEMENTAL INDENTURE (this
 “First Supplemental Indenture”), dated as of June 17, 2020, is between UNITED COMMUNITY BANKS, INC., a Georgia
corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking corporation, as Trustee
(the “Trustee”).


 


RECITALS


 


WHEREAS, the Company has heretofore
executed and delivered a Senior Debt Indenture, dated as of June 17, 2020 (the “Base Indenture”), providing
for the issuance from time to time of series of the Company’s senior notes;


 


WHEREAS, Section 9.2 of the Base
Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the
forms or terms of Securities of any series as permitted by Section 2.1 and Section 3.1 of the Base Indenture;


 


WHEREAS, pursuant to Section 3.1
of the Base Indenture, the Company wishes to provide for the issuance of $100,000,000 aggregate principal amount of a new series
of Securities to be known as its 5.000% Fixed-to-Floating Rate Senior Notes due 2030 (the “Notes”), the form
and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this First Supplemental
Indenture; and


 


WHEREAS, the Company has requested
that the Trustee execute and deliver this First Supplemental Indenture and all requirements necessary to make this First Supplemental
Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the
Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations of the Company and the execution
and delivery of this First Supplemental Indenture has been duly authorized in all respects.


 


NOW, THEREFORE, in consideration
of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:


 


Article
1

DEFINITIONS


 


Section 1.01           
Relation to Base Indenture. This First Supplemental Indenture constitutes an integral part of the Base Indenture.


 


Section 1.02           
Definition of Terms. For all purposes of this First Supplemental Indenture:


 


		(a)	capitalized terms used herein without definition shall have the meanings set forth in the Base Indenture;



 


		(b)	a term defined anywhere in this First Supplemental Indenture shall have same meaning throughout;



 


		(c)	the singular includes the plural and vice versa;



 


		(d)	headings are for convenience of reference only and do not affect interpretation;



 



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		(e)	unless otherwise specified or unless the context requires otherwise, (i) all references in this First Supplemental Indenture
to Sections refer to the corresponding Sections of this First Supplemental Indenture and (ii) the terms “herein”, “hereof”,
 “hereunder” and any other word of similar import refer to this First Supplemental Indenture; and



 


		(f)	the following terms have the meanings given to them in this Section 1.02(f):



 


“Benchmark” means, initially, Three-Month
Term SOFR; provided that if the Calculation Agent determines on or prior to the Reference Time that a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then
 “Benchmark” means the applicable Benchmark Replacement.


 


“Benchmark Replacement” means the Interpolated
Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that
if (i) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (ii) the then-current
Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with
respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined),
then


 


“Benchmark Replacement”
means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement
Date:


 


(1) Compounded SOFR;


 


(2) the sum of: (A) the alternate rate that
has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor and (B) the Benchmark Replacement Adjustment;


 


(3) the sum of: (A) the ISDA Fallback Rate,
and (B) the Benchmark Replacement Adjustment; or


 


(4) the sum of: (A) the alternate rate that
has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor,
giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated
floating rate securities at such time, and (B) the Benchmark Replacement Adjustment.


 


“Benchmark Replacement Adjustment” means
the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement
Date:


 


(1) the spread adjustment, or method for
calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or
recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;


 


(2) if the applicable Unadjusted Benchmark
Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; or


 


(3) the spread adjustment (which may be
a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration to any industry-accepted
spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark
with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.


 



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“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “interest period,” timing and frequency of determining rates with respect to each interest period and
making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides
may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice
(or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or
if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as
the Calculation Agent determines is reasonably necessary).


 


“Benchmark Replacement Date” means the earliest
to occur of the following events with respect to the then-current Benchmark:


 


(1) in the case of clause (1) of the definition
of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;


 


(2) in the case of clause (2) or (3) of
the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of
information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases
to provide the Benchmark; or


 


(3) in the case of clause (4) of the definition
of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.


 


For the avoidance of doubt, for purposes
of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference
rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include
SOFR).


 


For the avoidance of doubt, if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.


 


“Benchmark Transition Event” means the occurrence
of one or more of the following events with respect to the then-current Benchmark:


 


(i) if the Benchmark is Three-Month Term
SOFR, (A) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months
based on SOFR, (B) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended
or selected by the Relevant Governmental Body is not complete or (C) the Company determines that the use of a forward-looking rate
for a tenor of three months based on SOFR is not administratively feasible;


 


(ii) a public statement or publication of
information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to
provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Benchmark;


 


(iii) a public statement or publication
of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark,
an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over
the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator
for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide the Benchmark; or


 



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(iv) a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.


 


“Business Day” means (i) each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in New York are authorized or obligated by law
or executive order to close, or (ii) a day on which the Corporate Trust Office of the Trustee is not closed for business.


 


“Calculation Agent” means the agent appointed
by the Company prior to the commencement of the Floating Rate Period (which may include the Company or any of its Affiliates) to
act in accordance with Section 2.05.


 


“Compounded SOFR” means the compounded average
of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being
established by the Calculation Agent in accordance with:


 


(i) the rate, or methodology for this rate,
and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided
that:


 


(ii) if, and to the extent that, the Calculation
Agent determines that Compounded SOFR cannot be determined in accordance with clause (i) above, then the rate, or methodology for
this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted
market practice for U.S. dollar-denominated floating rate securities at such time.


 


For the avoidance of doubt, the calculation
of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 487 basis points per annum.


 


“Corresponding Tenor” with respect to a Benchmark
Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as
the applicable tenor for the then-current Benchmark.


 


“DTC” shall mean the Depository Trust Company.


 


“Federal Reserve Bank of New York’s Website”
means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.


 


“Fixed Rate Interest Payment Date” shall
have the meaning set forth in Section 2.05(a).


 


“Fixed Rate Period” shall have the meaning
set forth in Section 2.05(a).


 


“Fixed Rate Regular Record Date” shall have
the meaning set forth in Section 2.05(a).


 


“Floating Rate Interest Payment Date” shall
have the meaning set forth in Section 2.05(b).


 


“Floating Rate Period” shall have the meaning
set forth in Section 2.05(b).


 


“Floating Rate Regular Record Date” shall
have the meaning set forth in Section 2.05(b).


 



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“Global Note” shall have the meaning set
forth in Section 2.04.


 


“Interest Payment Date” shall have the meaning
set forth in Section 2.05(b).


 


“interest period” means the period from and
including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for, from and including the Issue Date to, but excluding, the applicable Interest Payment
Date or the Maturity Date or date of earlier redemption, if applicable.


 


“Interpolated Benchmark” with respect to
the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (i) the Benchmark
for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (ii) the Benchmark
for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.


 


“ISDA Definitions” means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published from time to time.


 


“ISDA Fallback Adjustment” means the spread
adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.


 


“ISDA Fallback Rate” means the rate that
would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation
date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.


 


“Issue Date” means June 17, 2020.


 


“Maturity Date” shall have the meaning set
forth in Section 2.02.


 


“Redemption Date” shall have the meaning
set forth in Section 2.06(a).


 


“Reference Time” with respect to any determination
of the Benchmark means (i) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving
effect to the Three-Month Term SOFR Conventions, and (ii) if the Benchmark is not Three-Month Term SOFR, the time determined
by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.


 


“Relevant Governmental Body” means the Federal
Reserve and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve and/or
the Federal Reserve Bank of New York or any successor thereto.


 


“SOFR” means the secured overnight financing
rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark (or a successor administrator), on
the Federal Reserve Bank of New York’s website.


 


“Term SOFR” means the forward-looking term
rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.


 



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“Term SOFR Administrator” means any entity
designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).


 


“Three-Month Term SOFR” means the rate for
Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any interest period,
as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or
resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of
a percentage point, with 0.000005% rounded up to 0.00001%.


 


“Three-Month Term SOFR Conventions” means
any determination, decision or election with respect to any technical, administrative or operational matter (including with respect
to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,”
timing and frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest,
rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect
the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation
Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent
determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines
is reasonably necessary).


 


“Unadjusted Benchmark Replacement” means
the Benchmark Replacement excluding the Benchmark Replacement Adjustment.


 


The terms “Company,” “Trustee,”
 “Base Indenture,” and “Notes” shall have the respective meanings set forth in the recitals
to this First Supplemental Indenture and the paragraph preceding such recitals.


 


Article
2

GENERAL TERMS AND CONDITIONS OF THE NOTES


 


Section 2.01           
Designation and Principal Amount. The Notes may be issued from time to time upon written order of the Company for
the authentication and delivery of Notes pursuant to Section 3.3 of the Base Indenture. There is hereby authorized a series of
Securities designated as the 5.000% Fixed-to-Floating Rate Senior Rate Notes due 2030 having an initial aggregate principal amount
of $100,000,000.


 


Section 2.02           
Maturity. The date upon which the Notes shall become due and payable at final maturity, together with any accrued
and unpaid interest, is June 15, 2030 (the “Maturity Date”).


 


Section 2.03           
Form, Payment and Appointment. Except as provided in the last four paragraphs of Section 3.5 of the Base Indenture,
the Notes will be issued only in book-entry form. Principal of and interest on the Notes will be payable in global form registered
in the name of or held by DTC or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered
holder of such Global Note (as hereinafter defined). The principal of any certificated Notes will be payable at the office or agency
of the Company maintained for such purpose in the Borough of Manhattan, New York City, New York, which shall initially be the principal
office of the Trustee in the Borough of Manhattan, the City of New York; provided, however, that payment of interest may be made
at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register
or by wire transfer to an account appropriately designated by the Person entitled to payment; provided that the paying agent shall
have received written notice of such account designation at least five Business Days prior to the date of such payment (subject
to surrender of the relevant Note in the case of a payment of interest on the Maturity Date).


 



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The Company hereby appoints the Trustee to act as Security Registrar
and Paying Agent for the Notes.


 


The Notes will be issuable and may be transferred only in denominations
of $1,000 or any amount in excess thereof that is an integral multiple of $1,000. The specified currency of the Notes shall be
U.S. Dollars.


 


Section 2.04           
Global Note. The Notes shall be issued initially in the form of one or more fully registered global notes (each such
global note, a “Global Note”) deposited with DTC or its designated custodian or such other Depositary as any
officer of the Company may from time to time designate. Unless and until a Global Note is exchanged for Notes in certificated form,
such Global Note may be transferred, in whole but not in part, and any payments on the Notes shall be made, only to DTC or a nominee
of DTC, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary.


 


Section 2.05          
Interest.


 


		(a)	The Notes will bear interest at a fixed rate of 5.000% per annum from and including June 17, 2020 to, but excluding, June 15,
2025 (the “Fixed Rate Period”). Interest accrued on the Notes during the Fixed Rate Period will be payable semi-annually
in arrears on June 15 and December 15 of each year, commencing on December 15, 2020 (each such date, a “Fixed Rate Interest
Payment Date”). The last Fixed Rate Interest Payment Date shall be June 15, 2025. The interest payable during the Fixed
Rate Period will be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether
or not a Business Day) immediately preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed
Rate Regular Record Date”).



 


		(b)	The Notes will bear a floating interest rate from, and including June 15, 2025, to, but excluding, the Maturity Date or earlier
Redemption Date (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest
rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR plus 487 basis points for each quarterly
interest period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes will be payable quarterly
in arrears on March 15, June 15, September 15 and December 15 of each year commencing, on September 15, 2025 (each such date, a
 “Floating Rate Interest Payment Date” and, together with a Fixed Rate Interest Payment Date, an “Interest
Payment Date”). The interest payable during the Floating Rate Period will be paid to each Holder in whose name a Note
is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable
Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”). Notwithstanding
the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other
such Benchmark) shall be deemed to be zero. The Calculation Agent will provide the Company and the Trustee with the interest rate
in effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable Benchmark).



 


		(c)	The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the
basis of a 360-day year consisting of twelve 30-day months to, but excluding, June 15, 2025, and, the amount
of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of
a 360-day year on the basis of the actual number of days elapsed. The Company or the Calculation Agent, as applicable,
shall calculate the amount of interest payable on any Interest Payment Date, and the Trustee shall have no duty to confirm or verify
any such calculation. In the event that any scheduled Interest Payment Date or the Maturity Date for the Notes falls on a day that
is not a Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the
Maturity Date will be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as
being made on the date that the payment was first due and no interest on such payment will accrue for the period from and after
such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls
on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating
Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable
on such Business Day will include interest accrued to, but excluding, such Business Day. Dollar amounts resulting from interest
calculations will be rounded to the nearest cent, with one-half cent being rounded upward.



 



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		(d)	The Company shall take such actions as are necessary to ensure that from the commencement of the Floating Rate Period for so
long as any of the Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term
SOFR in respect of each Floating Rate Period. The calculation of Three-Month Term SOFR for each applicable Floating Rate Period
by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s determination
of any interest rate and its calculation of interest payments for any period will be maintained on file at the Calculation Agent’s
principal offices, will be made available to any Holder of the Notes upon request and will be provided to the Trustee. The Calculation
Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The
Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation
Agent or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation Agent may
not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been
appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by
the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Trustee shall not be under any
duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement
in the event of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default,
breach or failure of performance on the part of the Calculation Agent with respect to the Calculation Agent’s duties and
obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then
the Company shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent.



 


		(e)	Effect of Benchmark Transition Event.



 


		(i)	If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
on or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate Period in respect of such
determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark
Replacement, the Calculation Agent will have the right to make Benchmark Replacement Conforming Changes from time to time.



 



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		(ii)	Notwithstanding anything set forth in Section 2.05(b) above, if the Calculation Agent determines on or prior to the relevant
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month
Term SOFR, then the provisions set forth in this Section 2.05(e) will thereafter apply to all determinations of the interest
rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, the interest rate on the Notes for each interest period during the Floating Rate Period will be an annual rate equal
to the Benchmark Replacement plus 487 basis points.



 


		(iii)	The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of the
Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 2.05(e). Any determination,
decision or election that may be made by the Calculation Agent under the terms of the Notes, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or selection (A) will be conclusive and binding on the Holders of the Notes and
the Trustee absent manifest error, (B) if made by the Company as Calculation Agent, will be made in the Company’s sole
discretion, (C) if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and
the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects and (D) notwithstanding
anything to the contrary herein or in the Base Indenture, shall become effective without consent from the Holders of the Notes,
the Trustee or any other party. If the Calculation Agent fails to make any determination, decision or election that it is required
to make under the terms of the Notes, then the Company will make such determination, decision or election on the same basis as
described above.



 


		(iv)	The Company (or its Calculation Agent) shall notify the Trustee in writing (A) upon the occurrence of the Benchmark Transition
Event or the Benchmark Replacement Date, and (B) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and
other items affecting the interest rate on the Notes after a Benchmark Transition Event.



 


		(v)	The Trustee (including in its capacity as Paying Agent) shall have no (A) responsibility or liability for the (1) Three-Month
Term SOFR Conventions, (2) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation,
whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or
an Unadjusted Benchmark Replacement), (3) determination or calculation of a Benchmark Replacement, or (4) determination of
whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (1) through
(4) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the
Company or its Calculation Agent, as applicable, and (B) liability for any failure or delay in performing its duties hereunder
as a result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as
a result of the Company’s or Calculation Agent’s failure to select a Benchmark Replacement or the Calculation Agent’s
failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation
Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month Term SOFR Conventions,
a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee shall not be
responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance of the
Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of
the Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any instruction, notice,
Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification,
investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment or supplement hereto that
adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with
the adoption of any Benchmark Replacement Conforming Changes).



 



    -9-


    


    

 


		(vi)	If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month
Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of
interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation
Agent, then the relevant Three-Month Term SOFR Conventions will apply



 


Section 2.06           
Redemption.


 


		(a)	The Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company beginning
with the Interest Payment Date on June 15, 2025, but not prior thereto, and on any Interest Payment Date thereafter (each a “Redemption
Date”). The Notes may not otherwise be redeemed prior to the Maturity Date. Any such redemption will be at a redemption
price equal to the sum of (i) 100% of the principal amount of the Notes to be redeemed, plus (ii) accrued and unpaid interest to,
but excluding, the Redemption Date. 



 


		(b)	The provisions of Article XI of the Base Indenture shall apply to any redemption of the Notes pursuant to this Section 2.06.
In the case of any partial redemption, the Trustee will select the particular Notes to be redeemed in such manner that complies
with applicable legal and securities exchange requirements, if any, and that it deems appropriate and fair; provided that, if the
Notes to be redeemed are represented by one or more Global Securities, any partial redemption will be made in accordance with DTC’s
applicable procedures among all of the Holders of the Notes. If any Note is to be redeemed in part only, the notice of redemption
relating to such Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed,
and a replacement Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof
upon cancellation of the original Note. The Notes are not subject to redemption or prepayment at the option of the Holders.



 



    -10-


    


    

 



 


		(c)	Any notice of redemption may be conditional in the Company’s discretion on one or more conditions precedent, and the
Redemption Date may be delayed until such time as any or all of such conditions have been satisfied or revoked by the Company if
it determines that such conditions will not be satisfied.



 


Section 2.07          No
Sinking Fund. The Notes are not entitled to the benefit of any sinking fund.


 


Section 2.08          Payment
of the Notes. Not later than 11:00 a.m. (New York City time) on each due date of the principal of, premium, if any, and interest
on any Notes, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such principal,
redemption payments, premium, if any, and interest so becoming due. All the payments must be in U.S. Dollars.


 


Article
3

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER, OR LEASE


 


Section 3.01          Merger.
In addition to the requirements set forth in Section 8.1 of the Base Indenture, the Company shall not consolidate with or merge
into any other Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person, and
the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer, or lease its properties
and assets substantially as an entirety to the Company if, as a result of any such consolidation or merger or such conveyance,
transfer or lease, properties or assets of the Company would become subject to a mortgage, pledge, lien, security interest or
other encumbrance which would not be permitted by this Indenture, unless the Company or such successor Person, as the case may
be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all
indebtedness secured thereby.


 


Section 3.02          Sale
or Issuance of Capital Stock of Principal Subsidiary Bank. Except as otherwise provided herein or in Article VIII of the Base
Indenture, the Company shall not, directly or indirectly: (a) sell, assign, pledge, transfer or otherwise dispose of, or permit
to be issued, any shares of Capital Stock (as defined herein) of a Principal Subsidiary Bank (as defined herein) or any securities
convertible into or rights to subscribe to such Capital Stock, unless, after giving effect to (i) such sale, pledge, assignment,
transfer, disposition or issuance, and (ii) the conversion of such securities into, or exercise of such rights with respect to,
such Capital Stock, the Company will own, directly or indirectly, at least 80% of the outstanding shares of Capital Stock of each
class of Capital Stock of such Principal Subsidiary Bank; or (b) pay any dividend in Capital Stock of a Principal Subsidiary Bank
or make any other distribution in Capital Stock of a Principal Subsidiary Bank, unless the Principal Subsidiary Bank to which
the transaction relates, after obtaining any necessary regulatory approvals, unconditionally guarantees payment of the principal
and any premium and interest on the Securities; provided, however, the foregoing shall not prohibit any of the following: (1)
any dispositions made by the Company or any Principal Subsidiary Bank of the Company (A) acting in a fiduciary capacity for any
Person other than the Company or any Principal Subsidiary Bank of the Company or (B) to the Company or any Wholly Owned Subsidiary;
(2) the merger or consolidation of a Principal Subsidiary Bank with and into another Principal Subsidiary Bank; (3) the sale,
assignment, pledge, transfer or other dispositions of shares of Voting Stock of a Principal Subsidiary Bank made by the Company
or any Subsidiary of the Company if: (A) the sale, assignment, pledge, transfer or other disposition is made, in the minimum amount
required by law, to any Person for the purpose of the qualification of such Person to serve as a director; or (B) the sale, assignment,
pledge, transfer or other disposition is made in compliance with an order of a court or regulatory authority of competent jurisdiction
or as a condition imposed by any such court or regulatory authority to the acquisition by the Company or any Principal Subsidiary
Bank of the Company, directly or indirectly, of any other Person; or (C) the sale, assignment, pledge, transfer or other disposition
of Voting Stock or any other securities convertible into or rights to subscribe to Voting Stock of a Principal Subsidiary Bank,
so long as: (i) any such transaction is made for fair market value as determined by the Board of Directors or the board of directors
of the Principal Subsidiary Bank of the Company disposing of such Voting Stock or other securities or rights, and (ii) after giving
effect to such transaction and to any potential dilution, the Company and its Wholly Owned Subsidiaries will own, directly or
indirectly, at least 80% of the Voting Stock of such Principal Subsidiary Bank; (4) any Principal Subsidiary Bank from selling
additional shares of Voting Stock to its shareholders at any price, so long as immediately after such sale, the Company owns,
directly or indirectly, at least as great a percentage of the Voting Stock of such Principal Subsidiary Bank as the Company owned
prior to such sale of additional shares; or (5) a pledge made or a lien created to secure loans or other extensions of credit
by a Principal Subsidiary Bank subject to Section 23A of the Federal Reserve Act. As used herein, “Capital Stock”
shall mean any shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in
(however designated) the equity of such Person, including any preferred stock, but excluding any debt securities convertible into
such equity, and “Principal Subsidiary Bank” shall mean any subsidiary of the Company that is a bank or trust company
organized and doing business under any state or federal law, the consolidated assets of which constitute 50% or more of the consolidated
assets of the Company.


 






    	 	-11-	 



     


    

 


Article
4

EVENTS OF DEFAULT


 


Section 4.01          Appointment
of a Receiver. In addition to the Events of Default set forth in Section 5.1 of the Base Indenture, an Event of Default shall
occur with respect to the Notes, in the event (i) a receiver, conservator or similar official is appointed for the Company’s
principal banking subsidiary (which, for the avoidance of doubt, as of the date hereof, is United Community Bank) or (ii) a default
under a bond, debenture, note or other evidence of indebtedness for money borrowed by the Company that has a principal amount
outstanding that is more than $50 million (other than non-recourse indebtedness) under the terms of the instrument under which
the indebtedness is issued or secured, which default has caused the indebtedness to become due and payable earlier than it would
otherwise have become due and payable, and the acceleration has not been rescinded or annulled, or the indebtedness is discharged,
or there is deposited in trust enough money to discharge the indebtedness, and continuance of such default or breach for a period
of 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in principal amount of the Notes a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” under this Indenture. Such Event
of Default shall be treated for all purposes under the Indenture as if it were an Event of Default under Section 5.1(1) of the
Base Indenture.


 


Article
5

CERTAIN COVENANTS


 


Section 5.01          Existence.
Section 10.5 of the Base Indenture is hereby deleted in its entirety.


 


Article
6

FORM OF NOTES


 


Section 6.01          Form
of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in
the forms attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual
or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof.


 






    	 	-12-	 



     


    

 


Article
7

ISSUE OF NOTES


 


Section 7.01          Original
Issue of Notes. Notes having an aggregate principal amount of $100,000,000 may from time to time, upon execution of this First
Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Notes to or upon the written order of the Company pursuant to Section 3.3 of the Base Indenture
without any further action by the Company (other than as required by the Base Indenture).


 


Section 7.02          Further
Issues of Notes. The Company may from time to time, without notice to or the consent of the holders of the Notes, create and
issue further notes ranking pari passu with the Notes and with identical terms in all respects (or in all respects except for
the offering price, the payment of interest accruing prior to the issue date of such further notes or except for the first payment
of interest following the issue date of such further notes) in order that such further notes may be consolidated and form a single
series with the Notes and have the same terms as to status, redemption or otherwise as the Notes.


 


Article
8

IMMUNITY OF STOCKHOLDERS,

EMPLOYEES, AGENTS, OFFICERS AND DIRECTORS


 


Section 8.01          Indenture
and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or interest on any Note, or for any
claim based thereon or otherwise in respect thereof, shall be had against any stockholder, employee, agent, officer or director,
as such, past, present or future, of the Company or of any successor corporation; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this First Supplemental
Indenture and the issue of the Notes.


 


Article
9

MISCELLANEOUS


 


Section 9.01          Ratification
of Indenture. The Base Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed,
and this First Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein
provided.


 


Section 9.02          Conflict.
If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this
First Supplemental Indenture by any of the provisions of the Trust Indenture Act of 1939, as amended, such required provision
shall control.


 


Section 9.03          Trustee
Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of
this First Supplemental Indenture.


 


Section 9.04          New
York Law to Govern. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF
THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE. EACH
OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY OR THEREBY.


 






    	 	-13-	 



     


    

 


Section 9.05          Separability.
In case any one or more of the provisions contained in this First Supplemental Indenture or in the Notes shall for any reason
be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity, illegality
or unenforceability shall not affect any other provisions of this First Supplemental Indenture or of the Notes, but this First
Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been
contained herein or therein.


 


Section 9.06          Additional
Trustee Provisions.


 


		(a)	Delivery to the Trustee of any reports, information and documents pursuant to the Base Indenture is for informational purposes
only and the Trustee’s receipt of such reports, information and documents shall not constitute actual or constructive notice
or knowledge of any information contained therein or determinable from information contained therein, including the compliance
of the Company with any of its covenants in the Base Indenture and this First Supplemental Indenture (as to which the Trustee is
entitled to conclusively rely exclusively on Officers’ Certificates).



 


		(b)	The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to the Base Indenture and this First Supplemental
Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including
any person specified as so authorized in any such certificate previously delivered and not superseded.



 


		(c)	In no event shall the Trustee be liable for special, indirect, punitive, or consequential loss or damages whatsoever (including,
but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such damage and regardless of the
form of action taken.



 


		(d)	The rights, privileges, protections, indemnities, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder.



 


		(e)	The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf,
facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an
incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of
such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted
from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions
shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from
the Trustee’s reliance upon and compliance with such instructions notwithstanding that such instructions conflict or are
inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on
unauthorized instructions, and the risk or interception and misuse by third parties.



 






    	 	-14-	 



     


    

 


Section 9.07          Counterparts.
This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.


 


Section 9.08          Electronic
Signatures. All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that
any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital
signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized
representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic
methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.


 


[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK.]


 






    	 	-15-	 



     


    

 


IN WITNESS WHEREOF, the parties hereto have
caused this First Supplemental Indenture to be duly executed, as of the day and year first written above.


 


	 	UNITED COMMUNITY BANKS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jefferson L. Harralson 
	 	 	Name:	Jefferson L. Harralson
	 		Title:	Executive Vice President and Chief Financial
                                         Officer



 


	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 
	 	as Trustee
	 	 	 	 
	 	By:	/s/ April Bright
	 	 	Name:	April Bright
	 	 	Title:	Assistant Vice President



 


[Signature Page to First Supplemental
Indenture]


 






    	 	-16-	 



     


    

 


EXHIBIT A


 


Form of Note


 


THIS NOTE IS AN UNSECURED DEBT OBLIGATION
OF THE COMPANY. THIS NOTE IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE DEPOSITORY
OR A SUCCESSOR DEPOSITORY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE
FOR ALL PURPOSES. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN AND IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER
OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN AND IN THE INDENTURE.


 


UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO UNITED COMMUNITY
BANKS, INC., AS ISSUER, THE COMPANY 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.


 






    	 	-1-	 



     


    

 


UNITED COMMUNITY
BANKS, INC.


 


5.000% FIXED-TO-FLOATING
RATE SENIOR NOTES DUE 2030


 


	 	 
	Registered	 
	No. 1	U.S. $100,000,000
	 	 
	CUSIP NO. 90985FAH9	 
	ISIN NO. US90985FAH91	 



 


UNITED COMMUNITY BANKS, INC., a Georgia
corporation (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of One Hundred
Million Dollars on June 15, 2030 (such date is hereinafter referred to as the “Stated Maturity Date”), unless
redeemed prior to such date, and to pay interest thereon (i) from, and including, June 17, 2020, to, but excluding, June 15,
2025, at a rate of 5.000% per annum, semi-annually in arrears on June 15 and December 15 of each year, commencing December 15,
2020 (each such date, a “Fixed Rate Interest Payment Date,” with the period from, and including, June 17, 2020
to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and including, a Fixed Rate Interest
Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being a “Fixed Rate Period”) and (ii) from,
and including, June 15, 2025 to, but excluding, the Stated Maturity Date, unless redeemed subsequent to June 15, 2025 but prior
to the Stated Maturity Date, at a rate equal to Three-Month Term SOFR, reset quarterly, plus 487 basis points, or such other rate
as determined pursuant to the Supplemental Indenture, payable quarterly in arrears on March 15, June 15, September 15 and December
15 of each year through the Stated Maturity Date or earlier Redemption Date (each, a “Floating Rate Interest Payment Date”
and, together with the Fixed Rate Interest Payment Dates, the “Interest Payment Dates,” with the period from,
and including, June 15, 2025 to, but excluding, the first Floating Rate Interest Payment Date and each successive period from,
and including a Floating Rate Interest Payment Date to, but excluding, the next Floating Rate Interest Payment Date being a “Floating
Rate Period”). The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will
be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but excluding June 15,
2025, and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed
on the basis of a 360-day year and the number of days actually elapsed. In the event that any scheduled Interest Payment
Date for this Note falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will
be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made on the
date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest
Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a
Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment
Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business
Day will include interest accrued to, but excluding, such Business Day. All percentages used in or resulting from any calculation
of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005%
rounded up to 0.00001%.


 






    	 	-2-	 



     


    

 


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 Note (or one or more Predecessor Securities) is registered at the close of business on the fifteenth day (whether or not a
Business Day) immediately preceding the applicable Interest Payment Date. 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 Note (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 Company, notice whereof shall be given to Holders of Notes 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 Notes of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture.


 


All terms used in this Note which are defined
in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture.


 


Payment of principal and interest shall
be made at the Corporate Trust Office of the Trustee, or at such other office or agency of the Company as may be designated by
the Company for such purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public and private debts, by Dollar check drawn on, or transfer
to, a Dollar account. Payments of interest on this Note may be made by Dollar check, drawn on a Dollar account, mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register, or, upon written application by the Holder
to the Security Registrar setting forth wire instructions not later than the relevant Record Date, by transfer to a Dollar account.


 


Except as specifically provided herein and
in the Indenture, the Company shall not be required to make any payment with respect to any tax, assessment or other governmental
charge imposed by any government or any political subdivision or taxing authority thereof or therein.


 


Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.


 


Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof or an Authenticating Agent by the manual signature of
one of their respective authorized signatories, this Note shall not be entitled to any benefit under the Indenture or the First
Supplemental Indenture or be valid or obligatory for any purpose.


 


[Signature Page Follows]


 






    	 	-3-	 



     


    

 


IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed and delivered.


  


	 	UNITED
COMMUNITY BANKS, INC.
	 	 
	 	By:	
	 	 	Name: Jefferson L. Harralson
	 	 	Title: Executive Vice President and Chief Financial
    Officer



 


(Trustee’s
Certificate of Authentication)


 


This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.


 


	 	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 	 
	Dated:	June 17, 2020	 	By:	               
	 	 	 	Authorized Signatory



 






    	 	-4-	 



     


    

 


[FORM OF REVERSE SIDE OF THE NOTE]


 


This Note is one of a duly authorized issue
of senior debt securities of the Company designated as its “5.000% Fixed-to-Floating Rate Senior Notes due 2030” (the
 “Notes”). The Notes, taken together, are initially limited in aggregate principal amount to U.S. $100,000,000
issued and are to be issued under an Indenture, dated as of June 17, 2020 (herein called the “Base Indenture”),
between the Company and U.S. Bank National Association, as Trustee (the “Trustee”, which term includes any successor
trustee under the Base Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of June 17, 2020 between
the Company and the Trustee (the “Supplemental Indenture”; the Base Indenture, as amended and supplemented by
the Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate
principal amount of Notes of any authorized denominations as requested by the Holder surrendering the same upon surrender of the
Note or Notes to be exchanged, at the Corporate Trust Office of the Trustee. The Trustee upon such surrender by the Holder will
issue the new Notes in the requested denominations.


 


No sinking fund is provided with respect
to the Notes. The Company may, at its option, redeem the Notes, in whole or in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes to be redeemed, plus (ii) accrued and unpaid interest (the “Redemption Price”)
to, but excluding, the date of redemption (the “Redemption Date”), on any Interest Payment Date on or after
June 15, 2025. Any such redemption will be at a redemption price equal to the Redemption Price. In the event of redemption of this
Note in part only, a new Note or Notes of this series and of like tenor for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof. The provisions of Article XI of the Base Indenture and Section 2.06
of the Supplemental Indenture shall apply to the redemption of any Notes by the Company.


 


The Notes are unsecured and rank equally
with all of the Company’s other senior, unsecured indebtedness.


 


The Notes are issuable only in registered
form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof.


 


The Company may, without consent of the
holders of the Notes, increase the principal amount of the Notes by issuing additional securities in the future on the same terms
and conditions as the Notes, except for any difference in the issue price and interest accrued prior to the date of issuance of
the additional securities, and with the same CUSIP number as the Notes. The Notes and any additional Notes issued by the Company
would rank equally and ratably and would be treated as a single series for all purposes under the Indenture.


 


In any case where the due date for the payment
of the principal of or interest on any Note at any Place of Payment, as the case may be, is not a Business Day, then payment of
principal or interest need not be made on or by such date at such place but may be made on or by the next succeeding Business Day,
with the same force and effect as if made on the date for such payment, and no interest shall accrue on the amount so payable for
the period after such date.


 


If an Event of Default shall occur and be
continuing, the principal of all the Notes, together with accrued interest to the date of declaration, may be declared due and
payable in the manner and with the effect provided in the Indenture.


 






    	 	-5-	 



     


    

 


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 Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders
of not less than a majority in principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all
the Notes, 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 Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued in exchange herefor or in lieu hereof whether or not notation of
such consent or waiver is made upon this Note or such other Note.


 


As provided in and subject to the provisions
of the Indenture, the Holder of this Note 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, the Holders of not less than 25% in principal amount of the Outstanding
Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee indemnity satisfactory to it and the Trustee shall not have received from the Holders of a majority in principal
amount of the Outstanding Notes 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 any Holder of this Note for the enforcement of any payment of principal of or interest on this Note or after the respective
due dates expressed herein.


 


No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.


 


The Notes will be subject to defeasance
and covenant defeasance pursuant to Sections 13.2 and 13.3 of the Base Indenture.


 


As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registrable on the Security Register upon surrender of this
Note for registration of transfer at the Corporate Trust Office of the Trustee or at such other office or agency of the Company
as may be designated by it for such purpose in the Borough of Manhattan, The City of New York (which shall initially be an office
or agency of the Trustee), or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder
thereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees by the Security Registrar. 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 recover any tax or other governmental charge payable in connection therewith.


 


Prior to due presentation of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered, as the owner thereof for all purposes, whether or not such Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.


 






    	 	-6-	 



     


    

 


No recourse for the payment of the principal
of or interest on this Note and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture
or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall
be had against any incorporator, stockholder, employee, agent, officer or director or subsidiary, as such, past, present or future,
of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of consideration for the issue hereof, expressly waived and released.


 


THE NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


All capitalized terms used in this Note
which are defined in the Indenture, and not otherwise defined herein, shall have the meanings assigned to them in the Indenture.


 






    	 	-7-	 



     


    

 


FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto


 





 






[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE)


 





 






[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE,
OF ASSIGNEE]


 


the within Book-Entry Security, and all rights thereunder, hereby
irrevocably constituting and appointing


 





 






attorney to transfer such security on the books of the Company,
with full power of substitution in the premises.


 


Dated: __________________


 


		NOTICE:	The
                                         signature to this assignment must correspond with the name as written upon the face of
                                         the within Book-Entry Security in every particular without alteration or enlargement
                                         or any change whatsoever.



 






    	 	-8-