Document:

Exhibit 4.1

ARTICLES OF AMENDMENT

 

OF

 

BB&T CORPORATION

 

BB&T Corporation,
a corporation organized and existing under the laws of the State of North Carolina (the “Corporation”), for
the purpose of amending its articles of incorporation to fix the preferences, limitations and relative rights of a new series of
its Preferred Stock in accordance with the provisions of Sections 55-6-02 and 55-10-06 of the North Carolina Business Corporations
Act, hereby submits these Articles of Amendment:

1.The name of
the corporation is: BB&T CORPORATION.

2.The following
text will be added to Article IV of the articles of incorporation (as restated effective February 27, 2009, amended effective May
10, 2010, as further amended effective April 27, 2012, and as further amended July 25, 2012) of the Corporation to set forth the
terms of the Corporation’s Series F Non-Cumulative Perpetual Preferred Stock, by adding a new section (g) to such Article
IV:

(g)Series F Non-Cumulative
Perpetual Preferred Stock.

Section
1.               
Designation. The designation of the series of preferred
stock shall be Series F Non-Cumulative Perpetual Preferred Stock (hereinafter referred to as the “Series F Preferred Stock”).
Each share of Series F Preferred Stock shall be identical in all respects to every other share of Series F Preferred Stock. Series
F Preferred Stock will rank equally with Parity Stock, if any, and will rank senior to Junior Stock with respect to the
payment of dividends and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding
up of the affairs of the Corporation.

Section
2.               
Number of Shares. The number of authorized shares
of Series F Preferred Stock shall be 20,000. Such number may from time to time be increased (but not in excess of the total number
of authorized shares of preferred stock) or decreased (but not below the number of shares of Series F Preferred Stock then outstanding)
by further resolution duly adopted by the Board of Directors of the Corporation or any duly authorized committee of the Board of
Directors of the Corporation and by the filing of articles pursuant to the provisions of the North Carolina Business Corporation
Act stating that such increase or reduction, as the case may be, has been so authorized. The Corporation shall have the authority
to issue fractional shares of Series F Preferred Stock.

Section
3.               
Definitions. As used herein with respect to Series
F Preferred Stock:

 

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“Appropriate
Federal Banking Agency” means the “appropriate Federal banking agency” with respect to the Corporation as
defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor provision.

“Business
Day” means each Monday, Tuesday, Wednesday, Thursday or Friday on which banking institutions are not authorized or obligated
by law, regulation or executive order to close in New York, New York or Winston-Salem, North Carolina.

“Depositary
Company” shall have the meaning set forth in Section 6(d) hereof.

“Dividend
Payment Date” shall have the meaning set forth in Section 4(a) hereof.

“Dividend
Period” shall have the meaning set forth in Section 4(a) hereof.

“DTC”
means The Depository Trust Company, together with its successors and assigns.

“Junior
Stock” means the Corporation’s common stock and any other class or series of stock of the Corporation hereafter
authorized over which Series F Preferred Stock has preference or priority in the payment of dividends or in the distribution of
assets on any liquidation, dissolution or winding up of the Corporation.

“Parity
Stock” means any other class or series of stock of the Corporation that ranks on parity with Series F Preferred
Stock in the payment of dividends and in the distribution of assets on any liquidation, dissolution or winding up of the Corporation
and includes, without limitation, the Series D Non-Cumulative Perpetual Preferred Stock and Series E Non-Cumulative Perpetual Preferred
Stock for so long as (i) any Series D Non-Cumulative Perpetual Preferred Stock and Series E Non-Cumulative Perpetual Preferred
Stock is outstanding and (ii) the terms of the Series D Non-Cumulative Perpetual Preferred Stock and Series E Non-Cumulative Perpetual
Preferred Stock have not been amended to provide otherwise subsequent to the effective date of the Articles of Amendment that initially
established the Series F Preferred Stock.

“Preferred
Director” shall have the meaning set forth in Section 7(c)(i) hereof.

“Redemption
Price” shall have the meaning set forth in Section 6(a) hereof.

“Regulatory
Capital Treatment Event” means the Corporation’s determination, in good faith, that, as a result of (i) any amendment
to, or change in, the laws or regulations of the United States or any political subdivision of or in the United States that is
enacted or becomes effective after the initial issuance of any share of Series F Preferred Stock, (ii) any proposed change in those
laws or regulations that is announced after the initial issuance of any share of Series F Preferred Stock, or (iii) any
official administrative decision or judicial decision or administrative action or other official

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pronouncement
interpreting or applying those laws or regulations that is announced after the initial issuance of any share of Series F Preferred
Stock, there is more than an insubstantial risk that the Corporation will not be entitled to treat the full liquidation value of
the shares of Series F Preferred Stock then outstanding as “tier 1 capital” (or its equivalent) for purposes of the
capital adequacy guidelines of the Appropriate Federal Banking Agency, as then in effect and applicable, for as long as any share
of Series F Preferred Stock is outstanding.

“Series
F Preferred Stock” shall have the meaning set forth in Section 1 hereof.

Section
4.               
Dividends.

(a)              
Rate. Holders of Series F Preferred Stock shall be
entitled to receive, if, as and when declared by the Board of Directors of the Corporation or any duly authorized committee of
the Board of Directors of the Corporation, but only out of assets legally available therefor, non-cumulative cash dividends on
the liquidation preference of $25,000 per share of Series F Preferred Stock, and no more, payable quarterly in arrears on each
February 1, May 1, August 1 or November 1; provided, however, if any such day is not a Business Day, then
payment of any dividend otherwise payable on that date will be made on the next succeeding day that is a Business Day (without
any interest or other payment in respect of such delay) (each such day on which dividends are payable a “Dividend Payment
Date”). The period from and including the date of issuance of the Series F Preferred Stock or any Dividend Payment Date
to but excluding the next Dividend Payment Date is a “Dividend Period.” Dividends on each share of Series F
Preferred Stock will accrue on the liquidation preference of $25,000 per share at a rate per annum equal to 5.200%. The
record date for payment of dividends on the Series F Preferred Stock shall be the 15th calendar day before the applicable
Dividend Payment Date, or such other record date, not exceeding 30 days before the applicable Dividend Payment Date, as shall be
fixed by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation.
The amount of dividends payable shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Notwithstanding
any other provision hereof, dividends on the Series F Preferred Stock shall not be declared, paid or set aside for payment to the
extent such act would cause the Corporation to fail to comply with laws and regulations applicable thereto, including applicable
capital adequacy guidelines.

(b)              
Non-Cumulative Dividends. Dividends on shares of
Series F Preferred Stock shall be non-cumulative. To the extent that any dividends payable on the shares of Series F Preferred
Stock on any Dividend Payment Date are not declared and paid, in full or otherwise, on such Dividend Payment Date, then such unpaid
dividends shall not cumulate and shall not accrue or be payable for such Dividend Period and the Corporation shall have no obligation
to pay, and the holders of Series F Preferred Stock shall have no right to receive, dividends for such Dividend Period after the
Dividend Payment Date for such Dividend Period or interest with respect to such dividends, whether or not dividends are declared
for any subsequent Dividend Period 

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with respect
to Series F Preferred Stock, Parity Stock, Junior Stock or any other class or series of authorized preferred stock of the Corporation.

(c)               
Priority of Dividends. So long as any share of Series
F Preferred Stock remains outstanding, (i) no dividend shall be declared or paid or set aside for payment and no distribution shall
be declared or made or set aside for payment on any Junior Stock, other than a dividend payable solely in Junior Stock, (ii) no
shares of Junior Stock shall be repurchased, redeemed or otherwise acquired for consideration by the Corporation, directly or indirectly
(other than as a result of a reclassification of Junior Stock for or into Junior Stock, or the exchange or conversion of one share
of Junior Stock for or into another share of Junior Stock, and other than through the use of the proceeds of a substantially contemporaneous
sale of other shares of Junior Stock), nor shall any monies be paid to or made available for a sinking fund for the redemption
of any such securities by the Corporation and (iii) no shares of Parity Stock shall be repurchased, redeemed or otherwise acquired
for consideration by the Corporation otherwise than pursuant to pro rata offers to purchase all, or a pro rata portion,
of the Series F Preferred Stock and such Parity Stock except by conversion into or exchange for Junior Stock, in each case unless
full dividends on all outstanding shares of Series F Preferred Stock for the then-current Dividend Period have been paid in full
or declared and a sum sufficient for the payment thereof set aside. When dividends are not paid in full upon the shares of Series
F Preferred Stock and any Parity Stock, all dividends declared upon shares of Series F Preferred Stock and any Parity Stock shall
be declared on a proportional basis so that the amount of dividends declared per share will bear to each other the same ratio that
accrued dividends for the then-current Dividend Period per share on Series F Preferred Stock, and accrued dividends, including
any accumulations, on Parity Stock, bear to each other. No interest will be payable in respect of any dividend payment on shares
of Series F Preferred Stock that may be in arrears. If the Board of Directors of the Corporation determines not to pay any dividend
or a full dividend on a Dividend Payment Date, the Corporation will provide, or cause to be provided, written notice to the holders
of the Series F Preferred Stock prior to such date. Subject to the foregoing, and not otherwise, dividends (payable in cash, stock
or otherwise) as may be determined by the Board of Directors of the Corporation or any duly authorized committee of the Board of
Directors of the Corporation may be declared and paid on any Junior Stock from time to time out of any assets legally available
therefor, and the shares of Series F Preferred Stock or Parity Stock shall not be entitled to participate in any such dividend.

Section
5.               
Liquidation Rights.

(a)              
Liquidation. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, holders of Series F Preferred Stock shall be entitled,
out of assets legally available therefor, before any distribution or payment out of the assets of the Corporation may be made to
or set aside for the holders of any Junior Stock and subject to the rights of the holders of any class or series of securities
ranking senior to or on parity with Series F Preferred Stock upon liquidation and the rights of the Corporation’s depositors
and other creditors, to receive in full a liquidating distribution in the amount of the liquidation preference of $25,000 per share,
plus any authorized, declared and unpaid dividends, without accumulation of any 

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undeclared dividends,
to the date of liquidation. The holder of Series F Preferred Stock shall not be entitled to any further payments in the
event of any such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation other than
what is expressly provided for in this Section 5.

(b)              
Partial Payment. If the assets of the Corporation
are not sufficient to pay in full the liquidation preference plus any authorized, declared and unpaid dividends to all holders
of Series F Preferred Stock and all holders of any Parity Stock, the amounts paid to the holders of Series F Preferred Stock and
to the holders of all Parity Stock shall be pro rata in accordance with the respective aggregate liquidation preferences
plus any authorized, declared and unpaid dividends of Series F Preferred Stock and all such Parity Stock.

(c)               
Residual Distributions. If the liquidation preference
plus any authorized, declared and unpaid dividends has been paid in full to all holders of Series F Preferred Stock and all holders
of any Parity Stock, the holders of Junior Stock shall be entitled to receive all remaining assets of the Corporation according
to their respective rights and preferences.

(d)              
Merger, Consolidation and Sale of Assets Not Liquidation.
For purposes of this Section 5, the sale, conveyance, exchange or transfer (for cash, shares of stock, securities or other consideration)
of all or substantially all of the property and assets of the Corporation shall not be deemed a voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Corporation, nor shall the merger, consolidation or any other business combination
transaction of the Corporation into or with any other corporation or person or the merger, consolidation or any other business
combination transaction of any other corporation or person into or with the Corporation be deemed to be a voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Corporation.

Section
6.               
Redemption.

(a)              
Optional Redemption. The Corporation, at the option
of its Board of Directors or any duly authorized committee of the Board of Directors of the Corporation, may redeem in whole or
in part the shares of Series F Preferred Stock at the time outstanding, on November 1, 2017
or on any Dividend Payment Date thereafter, upon notice given as provided in Section 6(b) below. The redemption price for shares
of Series F Preferred Stock shall be $25,000 per share plus dividends that have been declared but not paid (the “Redemption
Price”). Notwithstanding the foregoing, within 90 days following the occurrence of a Regulatory Capital Treatment Event,
the Corporation, at its option, subject to the approval of the Appropriate Federal Banking Agency, may provide notice of intent
to redeem, as provided in Section (b) below, all (but not less than all) of the shares of Series F Preferred Stock at the time
outstanding at the Redemption Price applicable on such date of redemption. 

(b)              
Notice of Redemption. Notice of every redemption
of shares of Series F Preferred Stock shall be either (1) mailed by first class mail, postage prepaid, addressed to the holders
of record of such shares to be redeemed at their 

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respective
last addresses appearing on the stock register of the Corporation or (2) transmitted by such other method approved by the Depositary
Company, in its reasonable discretion, to the holders of record of such shares to be redeemed. Such mailing or transmittal shall
be at least 30 days and not more than 60 days before the date fixed for redemption. Notwithstanding the foregoing, if the Series
F Preferred Stock is held in book-entry form through DTC, the Corporation may give such notice in any manner permitted by DTC.
Any notice mailed or transmitted as provided in this Section 6(b) shall be conclusively presumed to have been duly given, whether
or not the holder receives such notice, but failure duly to give such notice by mail or other transmission, or any defect in such
notice or in the mailing or transmittal thereof, to any holder of shares of Series F Preferred Stock designated for redemption
shall not affect the validity of the proceedings for the redemption of any other shares of Series F Preferred Stock. Each notice
shall state (i) the redemption date; (ii) the number of shares of Series F Preferred Stock to be redeemed and, if fewer
than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed by such holder; (iii) the
Redemption Price; (iv) the place or places where the certificates for such shares are to be surrendered for payment of the Redemption
Price; and (v) that dividends on the shares to be redeemed will cease to accrue on the redemption date.

(c)               
Partial Redemption. In case of any redemption of
only part of the shares of Series F Preferred Stock at the time outstanding, the shares of Series F Preferred Stock to be redeemed
shall be selected either pro rata from the holders of record of Series F Preferred Stock in proportion to the number of
Series F Preferred Stock held by such holders or by lot or in such other manner as the Board of Directors of the Corporation or
any duly authorized committee of the Board of Directors of the Corporation may determine to be fair and equitable. Subject to the
provisions of this Section 6, the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors
shall have full power and authority to prescribe the terms and conditions upon which shares of Series F Preferred Stock shall be
redeemed from time to time.

(d)              
Effectiveness of Redemption. If notice of redemption
has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have
been set aside by the Corporation, separate and apart from its other assets, in trust for the pro rata benefit of the holders
of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Corporation with a
bank or trust company selected by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors
(the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for
redemption, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation,
on and after the redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect
to such shares shall cease to accrue after such redemption date, and all rights with respect to such shares shall forthwith on
such redemption date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption
from such bank or trust company at any time after the redemption date from the funds so deposited, without interest. The Corporation
shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders
of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of
three years from the redemption date shall, to the extent 

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permitted
by law, be released or repaid to the Corporation, and in the event of such repayment to the Corporation, the holders of record
of the shares so called for redemption shall be deemed to be unsecured creditors of the Corporation for an amount equivalent to
the amount deposited as stated above for the redemption of such shares and so repaid to the Corporation, but shall in no event
be entitled to any interest.

Section
7.               
Voting Rights. The holders of Series F Preferred
Stock will have no voting rights and will not be entitled to elect any directors, except as expressly provided by law and except
that:

(a)              
Supermajority Voting Rights—Amendments. Unless
the vote or consent of the holders of a greater number of shares shall then be required by law, the affirmative vote or consent
of the holders of at least 66-2/3% of all of the shares of the Series F Preferred Stock at the time outstanding, voting separately
as a class, shall be required to authorize any amendment of the articles of incorporation or of any articles amendatory thereof
or supplemental thereto (including any articles of amendment or any similar document relating to any series of preferred stock)
which will materially and adversely affect the powers, preferences, privileges or rights of the Series F Preferred Stock, taken
as a whole; provided, however, that any increase in the amount of the authorized or issued Series F Preferred Stock or authorized
preferred stock of the Corporation or the creation and issuance, or an increase in the authorized or issued amount, of other series
of preferred stock ranking equally with and/or junior to the Series F Preferred Stock with respect to the payment of dividends
(whether such dividends are cumulative or non-cumulative) and/or the distribution of assets upon liquidation, dissolution or winding
up of the Corporation will not be deemed to adversely affect the powers, preferences, privileges or rights of the Series F Preferred
Stock. 

(b)              
Supermajority Voting Rights—Priority. Unless
the vote or consent of the holders of a greater number of shares shall then be required by law, the affirmative vote or consent
of the holders of at least 66-2/3% of all of the shares of the Series F Preferred Stock and all other Parity Stock, at the time
outstanding, voting as a single class without regard to series, shall be required to issue, authorize or increase the authorized
amount of, or to issue or authorize any obligation or security convertible into or evidencing the right to purchase, any additional
class or series of stock ranking prior to the shares of the Series F Preferred Stock and all other Parity Stock as to dividends
or the distribution of assets upon liquidation, dissolution or winding up of the Corporation;

(c)               
Special Voting Right. 

(i)                
Voting Right. If and whenever dividends on the Series
F Preferred Stock or any other class or series of preferred stock that ranks on parity with the Series F Preferred Stock as to
payment of dividends, and upon which voting rights equivalent to those granted by this Section 7(c) have been conferred and are
exercisable, have not been paid in an aggregate amount equal, as to any class or series, to at least six quarterly Dividend Periods
(whether consecutive or not), the number of directors constituting the Board of Directors of the Corporation shall be increased
by two, and the holders of the Series F Preferred Stock (together with holders of any other class of the Corporation’s 

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authorized
preferred stock having equivalent voting rights, whether or not the holders of such preferred stock would be entitled to
vote for the election of directors if such default in dividends did not exist), shall have the right, voting separately as a single
class without regard to series, to the exclusion of the holders of common stock, to elect two directors of the Corporation to
fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that the Board
of Directors of the Corporation shall at no time include more than two such directors. Each such director elected by the holders
of shares of Series F Preferred Stock and any other class or series of preferred stock that ranks on parity with the Series F
Preferred Stock as to payment of dividends is a “Preferred Director”.

(ii)              
Election. The election of the Preferred Directors
will take place at any annual meeting of shareholders or any special meeting of the holders of Series F Preferred Stock and any
other class or series of the Corporation’s stock that ranks on parity with Series F Preferred Stock as to payment of dividends
and for which dividends have not been paid, called as provided herein. At any time after the special voting power has vested pursuant
to Section 7(c)(i) above, the secretary of the Corporation may, and upon the written request of any holder of Series F Preferred
Stock (addressed to the secretary at the Corporation’s principal office) must (unless such request is received less than
90 days before the date fixed for the next annual or special meeting of the shareholders, in which event such election shall be
held at such next annual or special meeting of shareholders), call a special meeting of the holders of Series F Preferred Stock,
and any other class or series of preferred stock that ranks on parity with Series F Preferred Stock as to payment of dividends
and for which dividends have not been paid, for the election of the two directors to be elected by them as provided in Section
7(c)(iii) below. The Preferred Directors shall each be entitled to one vote per director on any matter. 

(iii)            
Notice for Special Meeting. Notice for a special
meeting will be given in a similar manner to that provided in the Corporation’s by-laws for a special meeting of the shareholders.
If the secretary of the Corporation does not call a special meeting within 20 days after receipt of any such request, then any
holder of Series F Preferred Stock may (at the Corporation’s expense) call such meeting, upon notice as provided in this
Section 7(c)(iii), and for that purpose will have access to the stock register of the Corporation. The Preferred Directors elected
at any such special meeting will hold office until the next annual meeting of the Corporation’s shareholders unless they
have been previously terminated or removed pursuant to Section 7(c)(iv). In case any vacancy in the office of a Preferred Director
occurs (other than prior to the initial election of the Preferred Directors), the vacancy may be filled by the written consent
of the Preferred Director remaining in office, or if none remains in office, by the vote of the holders of the Series F Preferred
Stock (together with holders of any other class of the Corporation’s authorized preferred stock having equivalent voting
rights, whether or not the holders of such preferred stock would be entitled to vote for the election of directors if such
default in dividends did not exist) to serve until the next annual meeting of the shareholders.

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(iv)            
Termination; Removal. Whenever full dividends have
been paid regularly on the Series F Preferred Stock and any other class or series of preferred stock that ranks on parity with
Series F Preferred Stock as to payment of dividends, if any, for at least four consecutive Dividend Periods, then the right of
the holders of Series F Preferred Stock to elect such additional two directors will cease (but subject always to the same provisions
for the vesting of the special voting rights in the case of any similar non-payment of dividends in respect of future Dividend
Periods). The terms of office of the Preferred Directors will immediately terminate and the number of directors constituting the
Corporation’s board of directors will be reduced accordingly. Any Preferred Director may be removed at any time without cause
by the holders of record of a majority of the outstanding shares of Series F Preferred Stock (together with holders of any other
class of the Corporation’s authorized preferred stock having equivalent voting rights, whether or not the holders
of such preferred stock would be entitled to vote for the election of directors if such default in dividends did not exist) when
they have the voting rights described in this Section 7(c).

Section
8.               
Conversion. The holders of Series F Preferred Stock
shall not have any rights to convert such Series F Preferred Stock into shares of any other class of capital stock of the Corporation.

Section
9.               
Rank. Notwithstanding anything set forth in the articles
of incorporation or these Articles of Amendment to the contrary, the Board of Directors of the Corporation or any duly authorized
committee of the Board of Directors of the Corporation, without the vote of the holders of the Series F Preferred Stock, may authorize
and issue additional shares of Junior Stock, Parity Stock or, subject to the voting rights granted in Section 7(b), any class of
securities ranking senior to the Series F Preferred Stock as to dividends and the distribution of assets upon any voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

Section
10.           
Repurchase. Subject to the limitations imposed herein,
the Corporation may purchase and sell Series F Preferred Stock from time to time to such extent, in such manner, and upon such
terms as the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation
may determine; provided, however, that the Corporation shall not use any of its funds for any such purchase when
there are reasonable grounds to believe that the Corporation is, or by such purchase would be, rendered insolvent.

Section
11.           
Unissued or Reacquired Shares. Shares of Series F
Preferred Stock not issued or which have been issued and converted, redeemed or otherwise purchased or acquired by the Corporation
shall be restored to the status of authorized but unissued shares of preferred stock without designation as to series.

Section
12.           
No Sinking Fund. Shares of Series F Preferred Stock
are not subject to the operation of a sinking fund.

    	- 9 -

    	 

    

 

3.The amendment
to the articles of incorporation contained herein was duly adopted by the Board of Directors of the Corporation on October 23,
2012 and the Executive and Risk Management Committee of the Board of Directors of the Corporation on October 23, 2012.

4.The amendment
to the articles of incorporation contained herein does not require shareholder approval pursuant to Section 55-6-02 of the North
Carolina Business Corporation Act because it creates a new series of shares of a class that has no outstanding shares and does
not affect a series of a class of shares in one or more of the ways described in Section 55-10-04 of the North Carolina Business
Corporation Act.

 

[Remainder of
Page Intentionally Left Blank]

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IN WITNESS WHEREOF,
BB&T Corporation has caused these Articles of Amendment to be signed by Hal S. Johnson, its Executive Vice President and Treasurer,
this 26th day of October, 2012.

 

BB&T CORPORATION

By:/s/ Hal S.
Johnson

Name:Hal S. Johnson

Title:Executive Vice President and

TreasurerExhibit 4.3

DEPOSIT AGREEMENT

between

BB&T CORPORATION

and

COMPUTERSHARE TRUST COMPANY, N.A.

and

COMPUTERSHARE INC.,

jointly as Depositary

 

Dated as of October 31, 2012

 

    	 

    	Table of Contents

    

TABLE OF CONTENTS

Page

Article
I

Defined terms

	Section 1.1. Definitions	 	 	1	 

 

Article
II

Form of Receipts, Deposit of Series F Preferred Stock, Execution and Delivery, Transfer, Surrender and Redemption of Receipts

	Section 2.1. Form and Transfer of Receipts	 	 	3	 
	Section 2.2. Deposit of Series F Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	 	 	4	 
	Section 2.3. Registration of Transfer of Receipts	 	 	5	 
	Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series F Preferred Stock	 	 	5	 
	Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	 	 	6	 
	Section 2.6. Lost Receipts, etc	 	 	6	 
	Section 2.7. Cancellation and Destruction of Surrendered Receipts	 	 	7	 
	Section 2.8. Redemption of Series F Preferred Stock	 	 	7	 

 

 Article
III

Certain Obligations of

Holders of Receipts and the Corporation

	Section 3.1. Filing Proofs, Articles of Amendments and Other Information	 	 	8	 
	Section 3.2. Payment of Taxes or Other Governmental Charges	 	 	8	 
	Section 3.3. Warranty as to Series F Preferred Stock	 	 	9	 
	Section 3.4. Warranty as to Receipts	 	 	9	 

 

Article
IV

The Deposited Securities; Notices

	Section 4.1. Cash Distributions	 	 	9	 
	Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges	 	 	10	 
	Section 4.3. Subscription Rights, Preferences or Privileges	 	 	10	 
	Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	 	 	11	 
	Section 4.5. Voting Rights	 	 	11	 
	Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	 	 	12	 
	Section 4.7. Delivery of Reports	 	 	13	 
	Section 4.8. Lists of Receipt Holders	 	 	13	 

 

    	i

    	Table of Contents

    

Article
V

The Depositary, the Depositary’s

Agents, the Registrar and the Corporation

	Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	 	 	13	 
	Section 5.2. Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	 	 	14	 
	Section 5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	 	 	14	 
	Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor Depositary	 	 	15	 
	Section 5.5. Corporate Notices and Reports	 	 	16	 
	Section 5.6. Indemnification by the Corporation	 	 	17	 
	Section 5.7. Fees, Charges and Expenses	 	 	17	 

 

Article
VI

Amendment and Termination

	Section 6.1. Amendment	 	 	17	 
	Section 6.2. Termination	 	 	18	 

 

Article
VII

Miscellaneous

	Section 7.1. Counterparts	 	 	18	 
	Section 7.2. Exclusive Benefit of Parties	 	 	18	 
	Section 7.3. Invalidity of Provisions	 	 	19	 
	Section 7.4. Notices	 	 	19	 
	Section 7.5. Depositary’s Agents	 	 	20	 
	Section 7.6. Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series F Preferred Stock	 	 	20	 
	Section 7.7. Governing Law.	 	 	20	 
	Section 7.8. Inspection of Deposit Agreement	 	 	20	 
	Section 7.9. Headings	 	 	20	 
	Section 7.10. Confidentiality	 	 	20	 

 

 

 

	Exhibit A Form of Receipt	 		A-1	
	Exhibit B Form of Officer’s Certificate	 	 	B-1	

 

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DEPOSIT AGREEMENT

DEPOSIT AGREEMENT dated as of October 31,
2012, between (i) BB&T CORPORATION, a North Carolina corporation, on the one hand, and (ii) COMPUTERSHARE INC., a Delaware
Corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered
trust company and national banking association (the “Trust Company”), jointly as Depositary (as hereinafter defined),
on the other hand.

WHEREAS, Corporation desires to appoint
Trust Company and Computershare jointly as Depositary, and Computershare as processor of all payments received or made by Corporation
under the Deposit Agreement;

WHEREAS, Trust Company and Computershare
desire to accept such respective appointments and perform the services related to such appointments;

WHEREAS, it is desired to provide, as hereinafter
set forth in this Deposit Agreement, for the deposit of shares of Series F Preferred Stock of the Corporation from time to time
with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing
Depositary Shares in respect of the Series F Preferred Stock so deposited; and

WHEREAS, the Receipts are to be substantially
in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this
Deposit Agreement;

NOW, THEREFORE, in consideration of the
premises, the parties hereto agree as follows:

Article
I

Defined terms

Section
1.1. Definitions

The following definitions shall for all
purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

“Articles of Amendment” shall
mean the relevant Articles of Amendment filed with the Secretary of State of the State of North Carolina establishing the Series
F Preferred Stock as a series of preferred stock of the Corporation.

“Corporation” shall mean BB&T
Corporation, a North Carolina corporation, and its successors.

“Deposit Agreement” shall mean
this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof.

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“Depositary” shall mean Computershare
and the Trust Company, acting jointly, and any successor as Depositary hereunder.

“Depositary Shares” shall mean
the depositary shares, each representing one-one thousandth of one share of the Series F Preferred Stock, evidenced by a Receipt.

“Depositary’s Agent”
shall mean an agent appointed by the Depositary pursuant to Section 7.5.

“Depositary’s Office”
shall mean the principal office of the Depositary in Canton, Massachusetts, at which at any particular time its depositary receipt
business shall be administered.

“Officer’s Certificate”
means a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and
which shall include the terms and conditions of the Series F Preferred Stock to be issued by the Corporation and deposited with
the Depositary from time to time in accordance with the terms hereof.

“Receipt” shall mean one of
the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary
form, and evidencing the number of Depositary Shares with respect to the Series F Preferred Stock held of record by the Record
Holder of such Depositary Shares.

“Record Holder” or “Holder”
as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depositary maintained
for such purpose.

“Registrar” shall mean the
Depositary or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and
transfers of Receipts as herein provided and if a successor Registrar shall be so appointed, references herein to “the books”
of or maintained by the Depository shall be deemed, as applicable, to refer as well to the register maintained by such Registrar
for such purpose.

“Securities Act” shall mean
the Securities Act of 1933, as amended.

“Series F Preferred Stock”
shall mean the shares of the Corporation’s Series F Non-Cumulative Perpetual Preferred Stock, $5.00 par value, with a liquidation
preference of $25,000 per share, designated in the Articles of Amendment and described in the Officer’s Certificate delivered
pursuant to Section 2.2 hereof.

“Underwriting Agreement” shall
mean that certain Underwriting Agreement dated as of October 24, 2012, between the Corporation and Merrill Lynch, Pierce, Fenner
& Smith Incorporated, BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Deutsche Bank Securities Inc.,
Goldman, Sachs & Co., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC, as representatives
of the several underwriters named in Schedule II thereto.

 

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Article
II

Form of Receipts, Deposit of Series F Preferred Stock, Execution and Delivery, Transfer, Surrender and Redemption of Receipts

Section 2.1.
Form and Transfer of Receipts

The definitive Receipts shall be substantially
in the form set forth in Exhibit A annexed to this Agreement, with appropriate insertions, modifications and omissions, as hereinafter
provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange, Inc.
Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance
with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or
otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution
of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared
without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver
in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged,
the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as definitive Receipts.

Receipts shall be executed by the Depositary
by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits
under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by the facsimile
signature of a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall
have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall record
on its books each Receipt so signed and delivered as hereinafter provided.

Receipts shall be in denominations of any
number of whole Depositary Shares.

Receipts may be endorsed with or have incorporated
in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may
be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder
or with the rules and regulations of any securities exchange upon which the Series F Preferred Stock, the Depositary Shares or
the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions
to which any particular Receipts are subject.

Title to Depositary Shares evidenced by
a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery
with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of

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any
particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding
any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining
the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement
and for all other purposes.

Section
2.2. Deposit of Series F Preferred Stock; Execution and Delivery of Receipts in Respect Thereof

Subject to the terms and conditions of
this Deposit Agreement, the Corporation may from time to time deposit shares of Series F Preferred Stock under this Deposit Agreement
by delivery to the Depositary of a certificate or certificates for such shares of Series F Preferred Stock to be deposited, properly
endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory
to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions
of this Deposit Agreement and an executed Officer’s Certificate attaching the Articles of Amendment and all other information
required to be set forth therein, and together with a written order of the Corporation directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate
the number of Depositary Shares representing such deposited Series F Preferred Stock. Each Officer’s Certificate delivered
to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement
and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates.

The Series F Preferred Stock that is deposited
shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine.
The Depositary shall not lend any Series F Preferred Stock deposited hereunder.

Upon receipt by the Depositary of a certificate
or certificates for Series F Preferred Stock deposited in accordance with the provisions of this Section, together with the other
documents required as above specified, and upon recordation of the Series F Preferred Stock on the books of the Corporation (or
its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions
of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered
to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number
of Depositary Shares representing the Series F Preferred Stock so deposited and registered in such name or names as may be requested
by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or
such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the
person requesting such delivery.

The Company shall cause to
be provided an opinion of counsel prior to the date hereof to set up reserve of Depositary Shares and related to the Series F Preferred
Stock. The opinion shall state that: (1) the Depositary Shares and the Series F Preferred Stock have been registered under the
Securities Act; and (2) when the Series F Preferred

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Stock
is issued and delivered against payment therefor as provided in the Underwriting Agreement, will be duly and validly issued and
fully paid and non-assessable.

Section
2.3. Registration of Transfer of Receipts

Subject to the terms and conditions of
this Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof
by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer.
Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as
those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person
entitled thereto.

Section
2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series F Preferred Stock

Upon surrender of a Receipt or Receipts
at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination
of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a
new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of
the Holder of the Receipt or Receipts so surrendered.

Any Holder of a Receipt or Receipts may
withdraw the number of whole shares of Series F Preferred Stock and all money and other property, if any, represented thereby by
surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate
for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or
persons designated by such Holder as hereinafter provided, the number of whole shares of Series F Preferred Stock and all money
and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares
of Series F Preferred Stock will not thereafter be entitled to deposit such Series F Preferred Stock hereunder or to receive a
Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal
shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares
of Series F Preferred Stock, Depositary shall at the same time, in addition to such number of whole shares of Series F Preferred
Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his
order, a new Receipt evidencing such excess number of Depositary Shares.

In no event will fractional shares of Series
F Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series F Preferred Stock
and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and
other instruments as the Depositary may deem appropriate.

If the Series F Preferred Stock and the
money and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the
related Receipt or Receipts being surrendered for withdrawal of such Series F Preferred Stock, such

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Holder
shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the
Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series F Preferred Stock be properly endorsed
in blank or accompanied by a properly executed instrument of transfer in blank.

Delivery of the Series F Preferred Stock
and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at
the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts
and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

Section
2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts

As a condition precedent to the execution
and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the
Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by
the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and
genuineness of any signature (which evidence will include a signature guarantee from an eligible guarantor institution participating
in a signature guarantee program approved by the Securities Transfer Association), and any other reasonable evidence of authority
that may be required by the Depositary, and may also require compliance with such regulations, if any, as the Depositary or the
Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law.

The deposit of the Series F Preferred Stock
may be refused, the delivery of Receipts against Series F Preferred Stock may be suspended, the registration of transfer of Receipts
may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any
period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable
by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement
of law or of any government or governmental body or commission or under any provision of this Deposit Agreement.

Section 2.6.
Lost Receipts, etc

In case any Receipt shall be mutilated,
destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange
and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon
(i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss
or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing
of the Depositary with an affidavit and an indemnity or bond reasonably satisfactory to the Depositary. Such Holder shall also
comply with such other reasonable regulations and pay such other

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reasonable
charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State
of New York.

Section
2.7. Cancellation and Destruction of Surrendered Receipts

All Receipts surrendered to the Depositary
or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the
Depositary is authorized and directed to destroy all Receipts so cancelled.

Section
2.8. Redemption of Series F Preferred Stock

Whenever the Corporation shall be permitted
and shall elect to redeem shares of Series F Preferred Stock in accordance with the terms of the Articles of Amendment, it shall
(unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days
and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series
F Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price,
which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Series F Preferred Stock
is in accordance with the provisions of the Articles of Amendment. On the date of such redemption, provided that the Corporation
shall then have paid or caused to be paid in full to the Depositary the Redemption Price (as such term is defined in the Articles
of Amendment) of the Series F Preferred Stock to be redeemed, in accordance with the provisions of the Articles of Amendment, the
Depositary shall redeem the number of Depositary Shares representing such Series F Preferred Stock. Notice of the Corporation’s
redemption of Series F Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing
the Series F Preferred Stock to be redeemed shall be (1) mailed by first-class mail, postage prepaid, at the respective last addresses
as they appear on the records of the Depositary, or (2) transmitted by such other method approved by the Depositary, in its reasonable
discretion, in either case not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Series
F Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the
Depositary Shares to be so redeemed; but neither failure to mail or transmit any such notice of redemption of Depositary Shares
to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect
the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation
and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary
Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed;
(iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for
payment of the redemption price; and (v) that dividends in respect of the Series F Preferred Stock represented by such Depositary
Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are
to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other manner as
the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation may determine
to be fair and equitable.

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Notice having been mailed or transmitted
by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds
necessary to redeem the Series F Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the
shares of Series F Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts
evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares,
cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary
Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require),
such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to one-one thousandth
of the Redemption Price (as such term is defined in the Articles of Amendment) per share of Series F Preferred Stock so redeemed
plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation
in respect of dividends which on the Redemption Date have been declared on the shares of Series F Preferred Stock to be so redeemed
and have not theretofore been paid.

If fewer than all of the Depositary Shares
evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender
to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior
Receipt and not called for redemption.

Article
III

Certain Obligations of

Holders of Receipts and the Corporation

Section
3.1. Filing Proofs, Articles of Amendments and Other Information

Any Holder of a Receipt may be required
from time to time to file such proof of residence, or other matters or other information, to execute such certificates and to make
such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary
or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal
of the Series F Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend
or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such
certificates are executed or such representations and warranties are made.

Section
3.2. Payment of Taxes or Other Governmental Charges

Holders of Receipts shall be obligated
to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any
Receipt or any withdrawal of Series F Preferred Stock and all money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions
may be withheld or any part of or all the Series F Preferred Stock or other property represented by the Depositary Shares evidenced
by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after

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attempting
by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or
the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining
liable for any deficiency.

Section
3.3. Warranty as to Series F Preferred Stock

The Corporation hereby represents and warrants
that the Series F Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation
and warranty shall survive the deposit of the Series F Preferred Stock and the issuance of the related Receipts.

Section
3.4. Warranty as to Receipts

The Corporation hereby represents and warrants
that the Receipts, when issued, will represent legal and valid interests in the Series F Preferred Stock. Such representation and
warranty shall survive the deposit of the Series F Preferred Stock and the issuance of the Receipts.

Article
IV

The Deposited Securities; Notices

Section 4.1.
Cash Distributions

Whenever Computershare shall receive any
cash dividend or other cash distribution on the Series F Preferred Stock, Computershare shall, subject to Sections 3.1 and 3.2,
distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution
as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by
such Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold and shall withhold
from any cash dividend or other cash distribution in respect of the Series F Preferred Stock an amount on account of taxes, the
amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare
shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without
attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by Computershare
(without liability for interest thereon) and shall be added to and be treated as part of the next sum received by Computershare
for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide Computershare with its
certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges
that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding
by Computershare of a portion of any of the distributions to be made hereunder.

The Corporation acknowledges that the bank accounts
maintained by Computershare in connection with the services provided under this Agreement will be in Computershare’s name
and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for
its benefit of funds held in those accounts from time to time. Neither the Corporation nor the record holders will receive interest
on any deposits or funds held by Computershare hereunder.

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Section
4.2. Distributions Other than Cash, Rights, Preferences or Privileges

Whenever the Depositary shall receive any
distribution other than cash, rights, preferences or privileges upon the Series F Preferred Stock, the Depositary shall, subject
to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts
of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such
Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount
on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary
may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting
such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof,
in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or
made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1
in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or property
to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts
unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been registered
under the Securities Act or do not need to be registered in connection with such distributions.

Section
4.3. Subscription Rights, Preferences or Privileges

If the Corporation shall at any time offer
or cause to be offered to the persons in whose names the Series F Preferred Stock is recorded on the books of the Corporation any
rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any
other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record
Holders of Receipts in such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such
Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the
Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or
offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with
the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants
or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences
or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation
has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the
terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or
private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject

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to
Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section
4.1 in the case of a distribution received in cash.

The Corporation shall notify the Depositary
whether registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required
in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and
the Corporation agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with
respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to
cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or
privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available
to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such
registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel
to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of
the Securities Act.

The Corporation shall notify the Depositary
whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit
is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation
agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or obtain such authorization,
consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to
exercise such rights, preferences or privileges.

Section
4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts

Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall
at any time be offered, with respect to the Series F Preferred Stock, or whenever the Depositary shall receive notice of any meeting
at which holders of the Series F Preferred Stock are entitled to vote or of which holders of the Series F Preferred Stock are entitled
to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance
fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance
with the terms of the Series F Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive
such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions
for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate
reasons.

Section
4.5. Voting Rights

Subject to the provisions of the Articles
of Amendment, upon receipt of notice of any meeting at which the holders of the Series F Preferred Stock are entitled to vote,
the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its
reasonable discretion, to the Record Holders of Receipts a notice prepared

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by
the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the
Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining
to the amount of Series F Preferred Stock represented by their respective Depositary Shares (including an express indication that
instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief
statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the
relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole shares of Series F Preferred Stock represented by the Depositary
Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to
take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series
F Preferred Stock or cause such Series F Preferred Stock to be voted. In the absence of specific instructions from Holders of
Receipts, the Depositary will vote the Series F Preferred Stock represented by the Depositary Shares evidenced by the Receipts
of such Holders proportionately with votes cast pursuant to instructions received from the other Holders.

Section
4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc

Upon any change in par or stated value,
split-up, combination or any other reclassification of the Series F Preferred Stock, subject to the provisions of the Articles
of Amendment, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is
a party, the Corporation may, in its discretion and with the acknowledgement of the Depositary, (i) make such adjustments as are
certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series F Preferred
Stock and in the ratio of the redemption price per Depositary Share to the Redemption Price (as such term is defined in the Articles
of Amendment) per share of Series F Preferred Stock, in each case as may be necessary fully to reflect the effects of such change
in par or stated value, split-up, combination or other reclassification of the Series F Preferred Stock, or of such recapitalization,
reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for
or upon conversion of or in respect of the Series F Preferred Stock as new deposited securities so received in exchange for or
upon conversion or in respect of such Series F Preferred Stock. In any such case, the Corporation may, in its discretion and with
the acknowledgement of the Depositary, execute and deliver additional Receipts or may call for the surrender of all outstanding
Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein
notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated
value, split-up, combination or other reclassification of the Series F Preferred Stock or any such recapitalization, reorganization,
merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series
F Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities
and property and cash into which the Series F Preferred Stock represented by such Receipts might have been converted or for which
such Series F Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction.

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Section
4.7. Delivery of Reports

The Depositary shall furnish to Holders
of Receipts any reports and communications received from the Corporation which is received by the Depositary and which the Corporation
is required to furnish to the holders of the Series F Preferred Stock.

Section 4.8.
Lists of Receipt Holders

Reasonably promptly upon request from time
to time by the Corporation, at the sole expense of the Corporation, the Depositary shall furnish to it a list, as of the most recent
practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

Article
V

The Depositary, the Depositary’s

Agents, the Registrar and the Corporation

Section
5.1. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar

Upon execution of this Deposit Agreement,
the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration
of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement.

The Depositary shall keep books at the
Depositary’s Office for the registration and registration of transfer of Receipts, which books at all reasonable times shall
be made available for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right
shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest
as an owner of Depositary Shares evidenced by the Receipts.

The Depositary may close such books, at
any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.

The Corporation may appoint a Registrar
for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced
thereby or the Series F Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities
exchanges, the Corporation will appoint a Registrar for registration of the Receipts or Depositary Shares in accordance with any
requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange)
may be removed and a substitute registrar appointed by the Corporation. If the Receipts, Depositary Shares or Series F Preferred
Stock are listed on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such
facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares
or Series F Preferred Stock as may be required by law or applicable securities exchange regulation.

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Section
5.2. Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall incur any liability to any Holder of Receipt if by reason of any provision of
any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or,
in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of
the Corporation’s Restated Articles of Incorporation, as amended (including the Articles of Amendment) or by reason of any
act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent,
the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing
any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s
Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay,
caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may
be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement except as otherwise explicitly set forth in this Deposit Agreement.

Section
5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement
to Holders of Receipts other than for its negligence, willful misconduct, bad faith or fraud. Notwithstanding anything in this
Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Corporation shall
be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including
but not limited to lost profits). Notwithstanding anything contained herein to the contrary, the Depositary’s aggregate liability
during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all Services
provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall
not exceed, the amounts paid hereunder by the Corporation to Depositary as fees and charges, but not including reimbursable expenses;
provided, however, that the limitation of liability set forth in this sentence shall not apply to any act or omission of
the Depositary constituting recklessness, willful misconduct, bad faith, or fraud.

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or
other proceeding in respect of the Series F Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve
it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be
required.

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the written
advice of legal counsel or accountants, or information from any person presenting Series F Preferred Stock for deposit, any Holder
of a Receipt or any other person believed by it in good

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faith
to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may
each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties.

The Depositary shall not be responsible
for any failure to carry out any instruction to vote any of the shares of Series F Preferred Stock or for the manner or effect
of any such vote made, as long as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar
shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Agreement, and
no implied covenants or obligations shall be read into this Agreement against the Depositary or any Registrar.

The Depositary, the Depositary’s
Agents, and any Registrar may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The
Depositary may also act as transfer agent or registrar of any of the securities of the Corporation and its affiliates.

The Depositary shall not be under any liability
for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Receipts, the
Depositary Shares or the Series F Preferred Stock nor shall it be obligated to segregate such monies from other monies held by
it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall
have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

In the event the Depositary believes any
ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document
received by the Depositary hereunder, or in the administration of any of the provisions of this Agreement, the Depositary shall
deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action
hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and
shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or
entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the
Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes
the applicable matter to the satisfaction of the Depositary.

Section
5.4. Resignation and Removal of the Depositary; Appointment of Successor Depositary

The Depositary may at any time resign as
Depositary hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided.

The Depositary may at any time be removed
by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a
successor Depositary hereunder and its acceptance of such appointment as hereinafter provided.

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In case at any time the Depositary acting
hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or
removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office
in the United States of America and having a combined capital and surplus, including with its affiliates, of at least $50,000,000.
If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice,
the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary.
Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting
its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this
Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly
execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the Series F Preferred Stock and any moneys or property held hereunder
to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records,
books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such
other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders
of Receipts.

Any entity into or with which the Depositary
may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document
or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts
in the name of the predecessor Depositary or its own name as successor Depositary.

Section
5.5. Corporate Notices and Reports

The Corporation agrees that it will deliver
to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each
case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation
financial statements) required by law, by the rules of any national securities exchange upon which the Series F Preferred Stock,
the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Articles of Incorporation, as amended (including
the Articles of Amendment), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s
expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably
request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other
documents as may be requested by the Corporation.

From time-to-time and after the date hereof,
the Corporation agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such
further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying
out or performing by the Depositary of the provisions of this Agreement.

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Section
5.6. Indemnification by the Corporation

Notwithstanding Section 5.3 to the contrary,
the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each of their officers,
directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense
(including the reasonable costs and expenses of defending itself) which may arise out of acts performed, taken or omitted to be
taken in connection with this Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including
any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of negligence,
willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Corporation set forth
in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent.

Section 5.7.
Fees, Charges and Expenses

The Corporation agrees promptly to pay
the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and
to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred
by the Depositary without negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depositary Agent)
in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall pay all charges
of the Depositary in connection with the initial deposit of the Series F Preferred Stock and the initial issuance of the Depositary
Shares, all withdrawals of shares of Series F Preferred Stock by owners of Depositary Shares, and any redemption or exchange of
the Series F Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges
shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the
Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for
such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay
the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary
shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary
may agree using the Ariba invoicing system (or using such other system or means of presenting statements for charges and expenses
as the Corporation and the Depositary may mutually agree from time to time hereafter).

Article
VI

Amendment and Termination

Section
6.1. Amendment

The form of the Receipts and any provisions
of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary
in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and
adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment
shall have been approved by the

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Holders
of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every Holder
of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt,
to consent and agree to such amendment and to be bound by the Depositary Agreement as amended thereby. In no event shall any amendment
impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender
any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series F Preferred
Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable
law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange.

Section
6.2. Termination

This Agreement may be terminated by the
Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section
2.8, (ii) there shall have been made a final distribution in respect of the Series F Preferred Stock in connection with any liquidation,
dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing
Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, (iii) upon the consent of Holders of Receipts representing in
the aggregate not less than two-thirds of the Depositary Shares outstanding. or (iv) at
any time by any party upon a material breach of a representation, covenant or term of this Agreement by any other party which is
not cured within a period not to exceed thirty (30) days after the date of written notice thereof by one of the other parties.

Upon the termination of this Deposit Agreement,
the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary,
any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7 (including as to any services of the Depositary, any
Depositary’s Agent and any Registrar that are necessary following and in connection with the termination of this Deposit
Agreement); provided further that Section 5.3, 5.6, 7.4, 7.7 and 7.10 shall survive the termination of this Agreement.

Article
VII

Miscellaneous

Section
7.1. Counterparts

This Deposit Agreement may be executed
in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same
instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect, and enforceability
as an original signature.

Section
7.2. Exclusive Benefit of Parties

This Deposit Agreement is for the exclusive
benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable
right, remedy or claim to any other person whatsoever.

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Section
7.3. Invalidity of Provisions

In case any one or more of the provisions
contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced
or disturbed thereby.

Section
7.4. Notices

Any and all notices to be given to the
Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by mail, overnight delivery or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed
to the Corporation at

BB&T Corporation

200 West Second Street

Winston-Salem, North Carolina

Attention: Treasurer

Facsimile No.: 336.733.2810

or at any other addresses of which the Corporation shall
have notified the Depositary in writing.

Any and all notices to be given to the
Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by mail, overnight delivery or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s
Office at

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile No.: 781.575.4210

or at any other address of which the Depositary shall have
notified the Corporation in writing.

Except as otherwise provided herein, any
and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be
deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter, addressed
to such Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall
have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address,
at the address designated in such request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous
sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof
in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the
Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder
of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

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Section
7.5. Depositary’s Agents

The Depositary may from time to time appoint
Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time
appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary
will promptly notify the Corporation of any such action.

Section 7.6.
Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series F Preferred Stock

Unless otherwise set forth on the Officer’s
Certificate delivered pursuant to Section 2.2 hereof, the Corporation hereby appoints the Trust Company as registrar and redemption
agent and Computershare as dividend disbursing agent in respect of the Series F Preferred Stock deposited with the Depositary hereunder,
and the Trust Company and Computershare hereby accept such appointments. With respect to the appointment of the Trust Company as
registrar and redemption agent and Computershare as dividend disbursement agent in respect of the Series F Preferred Stock, the
Trust Company and Computershare, in their respective capacity under such appointment, shall be entitled to the same rights, indemnities,
immunities and benefits as the Depositary hereunder as if explicitly named in each such provision.

Section
7.7. Governing Law.

This Deposit Agreement and the Receipts
of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in
accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles.

Section
7.8. Inspection of Deposit Agreement

Copies of this Deposit Agreement shall
be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours
upon reasonable notice to the Depositary by any Holder of a Receipt.

Section
7.9. Headings

The headings of articles and sections in
this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and
are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation
of any provision contained herein or in the Receipts.

Section
7.10. Confidentiality

The Depositary and the Corporation agree
that all books, records, information and data pertaining to the business of the other party, including, inter alia, personal,
non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit
Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by
law or legal process.

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IN WITNESS WHEREOF, the Corporation and
the Depositary have duly executed this Agreement as of the day and year first above set forth.

 

BB&T CORPORATION

 

By: /s/ Hal S. Johnson

Name:Hal S. Johnson

Title:Executive Vice President and Treasurer

 

COMPUTERSHARE INC. and COMPUTERSHARE
TRUST COMPANY, N.A., acting jointly

 

By: /s/ Dennis V. Moccia

Name:Dennis V. Moccia

Title:Manager, Contract Administration

 

 

 

 

Signature Page to Deposit Agreement

    	 

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EXHIBIT A

FORM OF RECEIPT

 

 

 

Please see attached.

 

 

    	 

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    	A-1

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EXHIBIT B

FORM OF OFFICER’S CERTIFICATE

I, [name], [title]
of BB&T Corporation (the “Corporation”), hereby certify that pursuant to the terms of Articles of Amendment filed
with the Secretary of State of the State of North Carolina on October 26, 2012 (the “Articles of Amendment”), and pursuant
to resolutions adopted at a meeting of the Board of Directors of the Corporation (the “Board”) on October 23, 2012,
the Corporation has established the Series F Non-Cumulative Perpetual Preferred Stock, $5.00 par value, with a liquidation preference
of $25,000 per share, which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms
and conditions of the Deposit Agreement, dated as of October 31, 2012, by and between the Corporation, on the one hand, and Computershare
Trust Company, N.A. and Computershare Inc., jointly as Depositary, on the other hand (the “Deposit Agreement”). In
connection therewith, the Board of Directors or a duly authorized committee thereof has authorized the terms and conditions with
respect to the Series F Preferred Stock as described in the Articles of Amendment attached as Annex A hereto. Any terms of the
Series F Preferred Stock that are not so described in the Articles of Amendment and any terms of the Receipts representing such
Series F Preferred Stock that are not described in the Deposit Agreement are described below:

Aggregate Number of shares of Series F Preferred Stock issued on
the day hereof: 

 

CUSIP Number for Receipt: 

 

Denomination of Depositary Share per share of Series F Preferred
Stock (if

different than 1/1000th of a share of Series F Preferred Stock):

 

Redemption Provisions (if different than as set forth in the Deposit
Agreement):

 

Name of Global Receipt Depositary:

 

Name of Registrar with Respect to the Receipts (if other than

Computershare Trust Company, N.A.):

 

Name of Registrar and Redemption Agent with

Respect to the Series F Preferred Stock (if other than

Computershare Trust Company, N.A.):

 

Name of Dividend Disbursing Agent with Respect

to the Series F Preferred Stock (if other than Computershare Inc.)

 

Special terms and conditions:

 

Closing date: 

All capitalized terms used but not defined
herein shall have such meaning as ascribed thereto in the Deposit Agreement.

Date: October 31, 2012.

	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

B-1

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