Document:

Exhibit 4.4(e)

 Exhibit 4.4(e) 

This Note is a Global Security within the meaning of the Indenture referred to herein and is registered in the name of a Depositary or a nominee of a
Depositary. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”) to the issuer or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof has an interest herein. 

 

					
	REGISTERED	 		 	REGISTERED
		 	BB&T Corporation	 	
	No.	 	 Medium-Term Note, Series F (Subordinated)

(Master Global Note)
	 	

 BB&T Corporation (the “Issuer,” which term includes any successor Person
under the Indenture hereinafter referred to), a corporation duly organized and existing under the laws of North Carolina, for value received, hereby promises to pay to Cede & Co. or its registered assigns: (i) on each principal payment
date, including each amortization date, redemption date, repayment date, maturity date, and extended maturity date, as applicable, of each obligation identified on the records of the Issuer (which records are maintained by U.S. Bank National
Association (unless otherwise specified in an applicable Pricing Supplement, the “Paying Agent”)) as being evidenced by this Master Global Note, the principal amount then due and payable for each such obligation, and
(ii) on each interest payment date, if any, the interest then due and payable on the principal amount for each such obligation. Payment shall be made by wire transfer of United States dollars to the registered owner, or immediately available
funds or the equivalent to a party as authorized by the registered owner and in the currency other than United States dollars as provided for in each such obligation, by the Paying Agent without the necessity of presentation and surrender of this
Master Global Note. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER GLOBAL NOTE SET FORTH ON THE REVERSE HEREOF. 

This Master Global Note is a valid and binding obligation of the Issuer. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its corporate
seal. 
  

							
	Dated:	 		 	BB&T CORPORATION
				
		 		 	By:	 	  

		 		 	Name:	 	Hal S. Johnson
		 		 	Title:	 	Executive Vice President and Treasurer
				
		 		 	Attest:	 	  

		 		 	Name:	 	Robert J. Johnson, Jr.
		 		 	Title:	 	Senior Executive Vice President,
		 		 		 	General Counsel, Secretary and Chief Corporate
		 		 		 	Governance Officer

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Securities issued

 under the within-mentioned Indenture. 
 U.S.
BANK NATIONAL ASSOCIATION, 
 as Trustee 
  

			
	By:	 	  

	Authorized Signatory
	
	Or by
	
	                                    
                                         
       ,
	as Authenticating Agent
		
	 By:
	 	  

	Authorized Officer

 (Reverse Side of Note) 

This Master Global Note evidences certain indebtedness (the “Debt Obligations”) of the Issuer, which shall form a part
of the Issuer’s unsecured, subordinated medium-term notes, Series F due nine months or more from the date of issue (such series being referred to as “Series F” and such notes being referred to as the “Series F
Notes”), all issued or to be issued under and pursuant to an Indenture Regarding Subordinated Securities, dated as of May 24, 1996, as amended by the First Supplemental Indenture, dated as of December 23, 2003, by the Second
Supplemental Indenture, dated as of September 24, 2004, and by the Third Supplemental Indenture, dated as of May 4, 2009 (as so amended, and as may be further amended or supplemented from time to time, the
“Indenture”), duly executed and delivered by the Issuer to U.S. Bank National Association (as successor to the corporate trust business of State Street Bank and Trust Company), as trustee (the
“Trustee”), to which Indenture, including all indentures supplemental thereto, along with the Issuer’s Officers’ Certificate and Company Order (the “Officers’ Certificate”), dated
August 4, 2014, with respect to, among other things, the establishment of the Series F Notes, reference is hereby made for a description of the rights, duties and immunities thereunder of the Issuer, the Trustee, the holders of Senior
Indebtedness and the holders of the Debt Obligations. In accordance with the Indenture and Officers’ Certificate, the Debt Obligations and other Series F Notes may mature at different times, may bear interest, if any, at different rates, may be
subject to different redemption and repayment provisions, if any, may be subject to different sinking, purchase, or analogous funds, if any, may be subject to different covenants and events of default, and may otherwise vary as in the Indenture or
Officers’ Certificate provided or permitted. The Indenture does not limit the aggregate principal amount of Series F Notes, including the Debt Obligations as evidenced by this Master Global Note, that the Issuer may issue under this Series F.

 Capitalized terms used herein that are not defined herein shall have the meanings assigned to them in the Indenture or the Officers’
Certificate. 
 The Issuer’s obligation to make any payment of principal, premium or interest on the indebtedness evidenced by the
Series F Notes, including this Master Global Note, to the extent and in the manner provided in the Indenture referred to above, is subordinate and junior in right of payment to the prior payment in full of the principal of and any premium and
interest due on all Senior Indebtedness of the Issuer, as defined in the Indenture. As more specifically provided in the Indenture, upon any distribution of assets of the Issuer after any dissolution, winding up, liquidation or reorganization, the
holders of Senior Indebtedness are entitled to receive payment in full of principal and any premium and interest due on Senior Indebtedness before the holders of the Series F Notes, including the holders of this Master Global Note and the Debt
Obligations evidenced hereby, are entitled to receive any payment on account of the principal of and any premium or interest on such Series F Notes, including the Debt Obligations (except that holders of the Series F Notes, including the Debt
Obligations, may receive payment in shares of stock in a reorganization or adjustment in certain circumstances specified in the Indenture). Certain dissolution, winding up, liquidation or reorganization events specified in the Indenture will not be
deemed to be a dissolution, winding up, liquidation or reorganization for this purpose. The Issuer may not pay principal of, or any premium or interest on, the Series F Notes, including the Debt Obligations, and may not acquire any Series F Notes,
including the Debt Obligations, for cash or property other than the Issuer’s capital stock if (1) a default on Senior Indebtedness occurs and is continuing that permits holders of such Senior Indebtedness to accelerate its maturity; and
(2) such default is the subject of judicial proceedings or the Issuer receives written notice of such default from a representative of the holders of the Senior Indebtedness. If the Issuer receives a notice in accordance with the preceding
sentence, a similar notice received within 360 days thereafter relating to the same default on the same issue of Senior Indebtedness shall not be effective for such purpose. The Issuer may resume payments on the Series F Notes, including the Debt
Obligations, and may acquire them when (1) such default is cured or waived or shall have ceased to exist or the Senior Indebtedness to which such default relates shall have been paid in full in cash or cash equivalents; or (2) if such
default is not the subject of judicial proceedings, 120 days pass after the Issuer receives such written notice (subject to any other prohibitions in the Indenture on such payment or acquisition). 

Each holder of a Debt Obligation evidenced by this Master Global Note, by accepting the same, agrees to and shall be bound by the
subordination provisions of the Indenture, including those summarized herein, and authorizes and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination of such Debt
Obligation and this Master Global Note and appoints the Trustee his attorney-in-fact for any and all such purposes as provided in the Indenture. 

  
 3 

 Subject to the rights of holders of Senior Indebtedness of the Issuer set forth in this Master
Global Note and as provided in the Indenture referred to above, no reference herein to the Indenture and no provision of this Master Global Note or of the Indenture shall impair, as between the Issuer and a holder of this Master Global Note or the
Debt Obligations evidenced hereby, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on each Debt Obligation at the times, places, and rates, and in the coin or currency herein
prescribed or shall affect the relative rights of the holders of the Series F Notes and creditors of the Issuer other than the holders of the Senior Indebtedness or shall prevent the Trustee or a holder of this Master Global Note from exercising all
remedies otherwise permitted by applicable law upon default under the Indenture. No reference herein to the Indenture and no provision of this Master Global Note or of the Indenture shall impair or affect, without the consent of a holder of this
Master Global Note, the right of such holder to receive payment of the principal of and any premium and interest on each Debt Obligation on or after the respective Stated Maturities, or to institute suit for the enforcement of any such payment on or
after such respective dates against the Issuer. 
 At the request of the registered owner, the Issuer shall promptly issue and deliver one
or more separate note certificates evidencing each Debt Obligation evidenced by this Master Global Note. As of the date any such note certificate or certificates are issued, the Debt Obligations which are evidenced thereby shall no longer be
evidenced by this Master Global Note. 
 Beneficial interests in the Debt Obligations evidenced by this Master Global Note are exchangeable
for definitive Series F Notes in registered form, of like tenor and terms and of an equal aggregate principal amount, only if (a) (i) The Depository Trust Company, as depositary (the “Depositary”), notifies the
Issuer that it is unwilling or unable to continue as Depositary for this Master Global Note, or (ii) if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and in either
case, a successor depositary is not appointed by the Issuer within 90 days after receiving notice or becoming aware the Depositary is unwilling or unable to continue as Depositary or is no longer so registered; (b) the Issuer in its sole
discretion elects to issue definitive notes; or (c) after the occurrence of an Event of Default relating to a Debt Obligation evidenced by this Master Global Note, beneficial owners representing a majority in principal amount of such Debt
Obligation advise the Depositary or other clearing system(s) through its participants to cease acting as depositary for such Debt Obligation evidenced by this Master Global Note. Any beneficial interests in such Debt Obligation that are exchangeable
pursuant to the preceding sentence shall be exchangeable in whole for definitive Series F Notes in registered form, of like tenor and terms and of an equal aggregate principal amount, in minimum denominations of $1,000 and integral multiples of
$1,000 in excess thereof. Such definitive notes shall be registered in the name or names of such person or persons as the Depositary shall instruct the registrar. 

Prior to due presentment of this Master Global Note for registration of transfer, the Issuer, the Trustee or any agent of the Issuer or the
Trustee may treat the holder in whose name this Master Global Note is registered as the owner hereof for all purposes, whether or not this Master Global Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by
notice to the contrary except as required by applicable law. 

  
 4 

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

 
  

(Name, Address, and Taxpayer Identification Number of Assignee) 

the Master Global Note and all rights thereunder, hereby irrevocably constituting and appointing
            attorney to transfer said Master Global Note on the books of the Issuer with full power of substitution in the premises. 

 

					
	Dated:                     	 		  	  

		 		  	(Signature)
	Signature(s) Guaranteed:	 		  	NOTICE: The signature on this assignment must correspond with the name as written upon the face of this Master Global Note, in every particular, without alteration or enlargement or any change whatsoever.

  
 5 

 BB&T CORPORATION 

RIDER TO MASTER GLOBAL NOTE DATED                 ,
     
 Medium-Term Notes, Series F (Subordinated) 

This RIDER forms a part of and is incorporated into the Master Global Note, dated
                ,     , of BB&T Corporation (the “Issuer”) registered in the name of Cede & Co, or its
registered assigns, evidencing the Issuer’s Debt Obligations. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF SUCH MASTER GLOBAL NOTE
(TOGETHER WITH THIS RIDER, HEREIN REFERRED TO AS THIS “MASTER GLOBAL NOTE”) SET FORTH IN THE RECORDS OF THE ISSUER MAINTAINED BY THE TRUSTEE, WHICH RECORDS CONSIST OF THE PRICING SUPPLEMENT(S) TO THE PROSPECTUS SUPPLEMENT,
DATED AUGUST 4, 2014, AND PROSPECTUS, DATED JULY 11, 2014 (EACH SUCH PRICING SUPPLEMENT, AS IT MAY BE AMENDED OR SUPPLEMENTED, A “PRICING SUPPLEMENT”), RELATING TO EACH ISSUANCE OF DEBT OBLIGATIONS, AS FILED BY THE
ISSUER WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

Section 1. Defined Terms. 
 Unless otherwise defined
herein, all terms used in this Master Global Note which are defined in the Indenture or Officers’ Certificate shall have the respective meanings assigned to them in the Indenture or the Officers’ Certificate. 

Section 2. General. 
 This Master Global Note is a
duly authorized issue of the series of Securities of the Issuer designated herein. In accordance with the terms of the Indenture and the Officers’ Certificate, the Debt Obligations and other Series F Notes may mature at different times, may
bear interest, if any, at different rates, may be subject to different redemption and repayment provisions, if any, may be subject to different sinking, purchase, or analogous funds, if any, may be subject to different covenants and events of
default, and may otherwise vary as in the Indenture or the Officers’ Certificate provided or permitted. The Indenture does not limit the aggregate principal amount of Series F Notes, including the Debt Obligations evidenced by this Master
Global Note, that the Issuer may issue under this Series F. 
 This Master Global Note may have such additional or different terms as are set forth in the
applicable Pricing Supplement(s) as provided for or permitted in the Indenture or the Officers’ Certificate. Any terms so set forth shall be deemed to modify and/or supersede, as necessary, any other terms set forth in this Master Global Note.

 The Issuer’s obligation to make any payment of principal, premium or interest on the indebtedness evidenced by this Master Global Note, to the
extent and in the manner provided in the Indenture referred to above, is subordinate and junior in right of payment to the prior payment in full of the principal of and any premium and interest due on all Senior Indebtedness of the Issuer, as
defined in the Indenture. As more specifically provided in the Indenture, upon any distribution of assets of the Issuer after any dissolution, winding up, liquidation or reorganization, the holders of Senior Indebtedness are entitled to receive
payment in full of principal and any premium and interest due on Senior Indebtedness before the holders of the Debt Obligations are entitled to receive any payment on account of the principal of and any premium or interest on such Debt Obligations
(except that holders of the Debt Obligations may receive payment in shares of stock in a reorganization or adjustment in certain circumstances specified in the Indenture). Certain dissolution, winding up, liquidation or reorganization events
specified in the Indenture will not be deemed to be a dissolution, winding up, liquidation or reorganization for this purpose. The Issuer may not pay principal of, or any premium or interest on, the Debt Obligations and may not acquire any Debt
Obligations for cash or property other than the Issuer’s capital stock if (1) a default on Senior Indebtedness occurs and is continuing that 

  
 6 

 
permits holders of such Senior Indebtedness to accelerate its maturity; and (2) such default is the subject of judicial proceedings or the Issuer receives written notice of such default from
a representative of the holders of the Senior Indebtedness. If the Issuer receives a notice in accordance with the preceding sentence, a similar notice received within 360 days thereafter relating to the same default on the same issue of Senior
Indebtedness shall not be effective for such purpose. The Issuer may resume payments on the Debt Obligations and may acquire them when (1) such default is cured or waived or shall have ceased to exist or the Senior Indebtedness to which such
default relates shall have been paid in full in cash or cash equivalents; or (2) if such default is not the subject of judicial proceedings, 120 days pass after the Issuer receives such written notice (subject to any other prohibitions in the
Indenture on such payment or acquisition). 
 Each holder of a Debt Obligation evidenced by this Master Global Note, by accepting the same, agrees to and
shall be bound by the subordination provisions of the Indenture, including those summarized herein, and authorizes and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
of such Debt Obligation and this Master Global Note and appoints the Trustee his attorney-in-fact for any and all such purposes as provided in the Indenture. 

Section 3. Payments of Principal and Interest. 

Unless otherwise specified in the applicable Pricing Supplement, the Issuer shall pay the principal of each Debt Obligation, together with any premium thereon,
on the Maturity date of each Debt Obligation or upon any applicable Redemption Date, and shall pay interest thereon from the original issue date of such Debt Obligation (the “Original Issue Date”) or such other date specified
in the applicable Pricing Supplement or, except as otherwise specified below, from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, on each applicable Interest Payment Date, commencing with
the Interest Payment Date immediately following the Original Issue Date or such other date specified in the applicable Pricing Supplement, at the applicable rate, until the principal of the Debt Obligation is paid or made available for payment;
provided, however, that if the Original Issue Date is between a Regular Record Date and an Interest Payment Date, the initial interest payment will be made on the Interest Payment Date following the next succeeding Regular Record Date to the
registered holder on such next succeeding Regular Record Date. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Master Global
Note (or one or more predecessor Master Global Notes) is registered at the close of business on the Regular Record Date related to the Interest Payment Date, which, unless otherwise specified in the applicable Pricing Supplement, shall be the day
(whether or not a Business Day) 15 calendar days preceding each Interest Payment Date; provided, however, that interest payable on the Maturity date of any Debt Obligation or any applicable Redemption Date shall be payable to the Person to whom
principal shall be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder of this Master Global Note on such Regular Record Date and may be paid in accordance with the Indenture
(i) to the Person in whose name this Master Global Note (or one or more predecessor Series F Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of
which shall be given to the holder of this Master Global Note not less than 10 days prior to such Special Record Date; or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Series F
Notes may be listed, and upon such notice as may be required by any such exchange, if such manner of payment is deemed practicable by the Trustee. In the event that any Maturity date or Redemption Date is not a Business Day, the principal otherwise
payable on such date will be paid on the next day that is a Business Day with the same force and effect as if made on such Maturity date or Redemption Date, as applicable, and no interest will accrue for the period from and after such Maturity date
or Redemption Date to such next following Business Day. In the event that any Interest Payment Date is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day and no interest will accrue for the
period from and after the scheduled Interest Payment Date, provided that, for LIBOR Debt Obligations and EURIBOR Debt Obligations, if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately
preceding Business Day. Unless otherwise specified in an applicable Pricing Supplement, payment of the principal of (and premium, if any) and interest on this Master Global Note due on the Maturity date or any applicable Redemption Date will be made
in immediately available funds to the Depositary or its nominee, or registered assigns, as the registered owner of this Master Global Note representing the Debt Obligations; provided, however, that the Issuer may, at its option, pay principal and
any premium and interest with respect to any Registered Note by mailing a check to the address of the Person entitled to payment as it appears on the Security Register, except that a holder of this Master Global Note holding $10,000,000 (or the

  
 7 

 
equivalent of $10,000,000 in a currency other than U.S. dollars) or more in aggregate principal amount of the Debt Obligations of like tenor and terms shall be entitled to receive payments by
wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trustee or the applicable Paying Agent not later than ten Business Days prior to the applicable payment date. 

The principal of and any premium and interest on the Debt Obligations under this Master Global Note are payable by the Issuer in U.S. dollars, unless the
applicable Pricing Supplement specifies otherwise. If the specified currency is other than U.S. dollars, the Issuer will (unless otherwise specified in the applicable Pricing Supplement) arrange to convert all payments in respect of the applicable
Debt Obligations under this Master Global Note into U.S. dollars. The amount of any U.S. dollar payment in respect of a Debt Obligation having a specified currency other than U.S. dollars will be based on the bid quoted by the exchange rate agent
for the purchase of U.S. dollars with the specified currency for settlement on the payment date and on the aggregate amount of the specified currency payable to the holder of this Master Global Note scheduled to receive such payments. The bid
quotation will be as of 11:00 a.m., London time, on the second day preceding the applicable payment date on which banks are open for business in London and New York City. If this bid quotation is not available, such exchange rate agent will obtain a
bid quotation from a leading foreign exchange bank in London or New York City selected by such exchange rate agent. If these bids are not available, payment of the aggregate amount due to the holder on the payment date will be in the specified
currency. All currency exchange costs will be borne by the holder of this Master Global Note by deductions from such payments due such holder. 
 If the
specified currency is other than U.S. dollars, the holder may (if so indicated in the applicable Pricing Supplement) elect to receive all payments in respect of applicable Debt Obligations under this Master Global Note in the specified currency by
delivery of a written notice to the applicable Paying Agent not later than fifteen calendar days prior to the applicable payment date. That election will remain in effect until revoked by written notice to the Paying Agent received no later than
fifteen calendar days prior to the applicable payment date. 
 Section 4. Redemption. 

If possible Redemption Dates or periods within which Redemption Dates may occur and the related Redemption Prices (expressed as percentages of the principal
amount of the applicable Debt Obligations) are set forth in the applicable Pricing Supplement, unless the applicable Pricing Supplement specifies otherwise, such Debt Obligations are subject to redemption prior to the Maturity date upon not less
than 30 nor more than 60 days’ notice mailed to the Person in whose name this Master Global Note is registered at such address as shall appear in the Security Register of the Issuer, on any Redemption Date so specified or occurring within any
period so specified, as a whole or in part, at the election of the Issuer, at the applicable Redemption Price so specified, together with accrued interest, if any, to the Redemption Date, provided, however, that installments of interest whose Stated
Maturity is on or prior to such Redemption Date will be payable in the case of any such redemption to the holder of this Master Global Note (or one or more predecessor Series F Notes) at the close of business on the relevant record dates referred to
above, all in accordance with the terms hereof and as provided in the Indenture. If less than all of the Debt Obligations with similar terms are to be redeemed, the Trustee will select the Debt Obligations to be redeemed by a method that the Trustee
deems fair and appropriate. Unless the applicable Pricing Supplement specifies otherwise, the Issuer will not be obligated to redeem, purchase or repay Debt Obligations at the option of the holder. 

Section 5. Sinking Funds. 
 Unless otherwise
specified in the applicable Pricing Supplement, the Debt Obligations under this Master Global Note are not subject to any sinking fund or analogous provision. 

Section 6. Principal Amount For Indenture Purposes. 

For the purpose of determining whether holders of the requisite amount of the Series F Notes, including the Debt Obligations as evidenced by this Master Global
Note, outstanding under the Indenture have made a demand, given a notice or waiver or taken any other action, the outstanding principal amount of this Master Global Note shall be deemed to be the aggregate principal amount outstanding of the Debt
Obligations as evidenced by this Master Global Note. 

  
 8 

 Section 7. Modification and Waivers. 

The Indenture permits the modification of the rights and obligations of the Issuer and the rights of the holders of Securities Outstanding under the Indenture
at any time by the Issuer and the Trustee with the consent of the holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected, although certain modifications cannot be
made without the consent of the holder of each Outstanding Security affected thereby. The Indenture also permits the Issuer and the Trustee to modify the Indenture in certain circumstances without the consent of the holders of any Securities at the
time Outstanding. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Series F Notes at the time Outstanding, on behalf of the holders of all Series F Notes, prior to any acceleration of
the principal of such Series F Notes, to waive any past default or Event of Default under the Indenture and its consequences, except a default under a covenant that cannot be modified without the consent of each holder of a Series F Note affected
thereby. In addition, the holders of a majority in aggregate principal amount of the Outstanding Series F Notes may waive all defaults and rescind a declaration of acceleration of the Series F Notes if certain conditions are satisfied. Any such
consent or waiver by the holder of this Master Global Note shall be conclusive and binding upon such holder and upon all future holders of this Master Global Note and of any Master Global Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Master Global Note. 
 Subject to the rights of
holders of Senior Indebtedness of the Issuer set forth in this Master Global Note and as provided in the Indenture referred to above, no reference herein to the Indenture and no provision of this Master Global Note or of the Indenture shall impair,
as between the Issuer and a holder of this Master Global Note or the Debt Obligations evidenced hereby, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on each Debt Obligation
at the times, places, and rates, and in the coin or currency herein prescribed or shall affect the relative rights of the holders of the Series F Notes and creditors of the Issuer other than the holders of the Senior Indebtedness or shall prevent
the Trustee or a holder of this Master Global Note from exercising all remedies otherwise permitted by applicable law upon default under the Indenture. No reference herein to the Indenture and no provision of this Master Global Note or of the
Indenture shall impair or affect, without the consent of a holder of this Master Global Note, the right of such holder to receive payment of the principal of and any premium and interest on each Debt Obligation on or after the respective Stated
Maturities, or to institute suit for the enforcement of any such payment on or after such respective dates against the Issuer. 
 Section 8.
Authorized Form and Denominations. 
 Unless otherwise set forth in the applicable Pricing Supplement, the Debt Obligations are issuable only in fully
registered form without coupons in denominations of $1,000 or any amount in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Debt Obligations are
exchangeable for a like aggregate principal amount of Debt Obligations of other authorized denominations and of like tenor and terms of the same series, as requested by the holder surrendering the same. 

No service charge will be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. Prior to due presentment for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this Master Global Note is
registered in the Security Register as the owner hereof for all purposes, whether or not this Master Global Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

Section 9. Registration of Transfer. 
 As provided in
the Indenture and subject to certain limitations therein set forth, the transfer of this Master Global Note is registrable in the Security Register of the Issuer, upon due presentment of this Master Global Note for registration of transfer at the
office or agency of the Issuer in any place where the principal of (and premium, if any) and interest on this Master Global Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and
the Trustee duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Master Global Notes of this series and of like tenor and terms and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. 

  
 9 

 Section 10. Events of Default; Acceleration Events. 

Unless otherwise specified in an applicable Pricing Supplement, the events that constitute Events of Default with respect to Debt Obligations evidenced by this
Master Global Note shall be as set forth in the Indenture. Unless otherwise specified in an applicable Pricing Supplement, the events that constitute Acceleration Events with respect to Debt Obligations evidenced by this Master Global Note shall be
as set forth in the Indenture. 
 If an Acceleration Event with respect to the Series F Notes, including the Debt Obligations under this Master Global Note,
shall occur and be continuing, the principal of all the Series F Notes, including the Debt Obligations under this Master Global Note, may (subject to the conditions set forth in the Indenture) be declared due and payable in the manner and with the
effect provided in the Indenture. 
 Section 11. Governing Law. 

This Master Global Note shall be governed by and construed in accordance with the laws of the State of New York. 

  
 10exhibit107063014

EXHIBIT 10.7

NON-QUALIFIED STOCK OPTION AGREEMENT 
FOR THE PURCHASE OF STOCK UNDER THE 
UNITED FIRE GROUP, INC. 2008 STOCK PLAN

Grant Number [xxx]
		
	1.
	Grant of Option. United Fire Group, Inc. (hereinafter the “Company”), in the exercise of its sole discretion pursuant to the United Fire Group, Inc. 2008 Stock Plan (the “Plan) does on [ Date ] (the “Grant Date”) hereby grant to [ Name ] (the “Optionee”) the option to purchase [ Number of shares ] shares of the common stock of the Company for a price of [ $Price ] per share upon the terms and subject to the conditions hereinafter contained. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Plan. This agreement is not intended to be an incentive stock option agreement as defined in Section 422 of the Internal Revenue Code of 1986, as amended.

		
	2.
	Vesting Schedule.

		
	a.
	Subject to the terms of this Award Agreement and the Plan and provided that the Awardee remains continuously employed throughout the vesting periods set out below, the right to exercise this option shall vest as follows:

	
		
	Vesting Date
	Annual Percentage of Vesting

	[ Time period ] from the Grant Date
	[ % ]

	[ Time period ] from the Grant Date
	[ % ]

	[ Time period ] from the Grant Date
	[ % ]

	[ Time period ] from the Grant Date
	[ % ]

	[ Time period ] from the Grant Date
	[ % ]

		
	b.
	THIS OPTION WILL BE AFFECTED, WITH REGARD TO BOTH VESTING SCHEDULE AND TERMINATION, BY LEAVES OF ABSENCE, CHANGES IN THE NUMBER OF HOURS WORKED, PARTIAL DISABILITY, AND OTHER CHANGES IN THE OPTIONEE’S EMPLOYMENT STATUS AS PROVIDED IN THE COMPANY’S CURRENT POLICIES IN SUCH MATTERS.  THESE POLICIES MAY CHANGE FROM TIME TO TIME WITHOUT NOTICE IN THE COMPANY’S SOLE DISCRETION, AND THE OPTIONEE’S RIGHTS WILL BE GOVERNED BY THE POLICIES IN EFFECT AT THE TIME OF ANY EMPLOYMENT STATUS CHANGE. CONTACT HUMAN RESOURCES FOR A COPY OF THE MOST CURRENT POLICY STATEMENT AT ANY POINT IN TIME.

		
	3.
	Expiration Date. This option shall expire ten (10) years from the Grant Date.

		
	4.
	Termination of Optionee’s Status as an Employee. Upon termination of the Optionee’s Continuous Status as an Employee (as such term is defined in the Plan), the Optionee may exercise this option to the extent exercisable on the date of termination. Such exercise must occur within [ Number ] months after the date of such termination (but in no event later than the date of expiration of the term of this option as set forth in Section 3 above). To the extent that the Optionee does not exercise this option within the time specified in this Section 4, this option shall terminate.

		
	5.
	Disability of Optionee. Notwithstanding the provisions of Section 4 above, upon termination of the Optionee’s Continuous Status as an Employee as a result of total and permanent disability (as such term is defined in the Plan), the Optionee may exercise this option, but only to the extent of the right to exercise that would have 

accrued had the Optionee remained in Continuous Status as an Employee for a period of [ Number ] months after the date on which the Optionee ceased working as a result of the total and permanent disability. If the Optionee’s disability originally required him or her to take a short-term disability leave that was later converted into long-term disability, then for the purposes of the preceding sentence the date on which Optionee ceased working shall be deemed to be the date of commencement of the short-term disability leave. Such exercise must occur within [ Number ] months from the date on which the Optionee ceased working as a result of the total and permanent disability (but in no event later than the date of expiration of the term of this option as set forth in Section 3 above). To the extent that the Optionee does not exercise this option within the time specified in this Section 5, this option shall terminate.

		
	6.
	Retirement of Optionee. Notwithstanding the provisions of Section 4 above, upon termination of the Optionee's Continuous Status as an Employee as a result of total and permanent disability, the Optionee may exercise this option, but only to the extent of the right to exercise that would have accrued had the Optionee remained in Continuous Status as an Employee for a period of [ Number ] months after the date on which the Optionee ceased working as an Employee. Such exercise must occur within [ Number ] months from the date on which the Optionee ceased working as an employee (but in no event later than the date of expiration of the term of this option as set forth in Section 3 above). To the extent that the Optionee does not exercise this option within the time specified in this Section 6, this option shall terminate.

		
	7.
	Death of Optionee. Notwithstanding the provisions of Section 4 above, upon the death of the Optionee:

		
	a.
	If the Optionee is, at the time of death, an employee of the Company, this option may be exercised, at any time within [ Number ] months following the date of death (but in no event later than the date of expiration of the term of this option as set forth in Section 3 above), by the Optionee’s estate or by a person who acquired the right to exercise this option by bequest or inheritance, but only to the extent of the right to exercise that would have accrued had Optionee continued living and remained in Continuous Status as an Employee for [ Number ] months after the date of death; or

		
	b.
	If, at the time of death, this option has not yet expired but Optionee’s Continuous Status as an Employee terminated prior to the date of death, this option may be exercised, at any time within [ Number ] months following the date of death (but in no event later than the date of expiration of the term of this option as set forth in Section 3 above), by the Optionee’s estate or by a person who acquired the right to exercise this option by bequest or inheritance, but only to the extent of the right to exercise that had accrued at the date of termination.

		
	c.
	To the extent that this option is not exercised by an authorized representative of Optionee within the time specified in this Section 7, this option shall terminate.

		
	8.
	Value of Unvested Options.  In consideration of the grant of this option, the Optionee agrees that upon and following termination of the Optionee’s Continuous Status as an Employee for any reason, and regardless of whether Optionee is terminated with or without cause, notice, or pre-termination procedure or whether Optionee asserts or prevails on a claim that Optionee’s employment was terminable only for cause or only with notice or pre-termination procedure, any unvested portion of this option shall be deemed to have a value of zero dollars ($0.00).

		
	9.
	Exercise of Option.

		
	a.
	The Optionee shall indicate the intention to exercise this option by notifying the Company electronically, telephonically, or in writing of the intention to do so, indicating the number of shares the Optionee intends to purchase. Payment sufficient to cover the aggregate option exercise price and any federal, state, and local taxes required to be withheld by the Company must accompany the notice of exercise, in one of the three acceptable forms listed in the first sentence of Section 9(b) below.

		
	b.
	Payment of the option exercise price may be made by cash, by check, or by instructing a broker to promptly deliver to the Company the amount of sale proceeds necessary to pay the aggregate exercise price, all in 

accordance with Section 11(c) of the Plan. If the Optionee is an officer of the Company within the meaning of Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”), the Optionee may in addition be allowed to pay all or part of the exercise price with shares of the Company’s common stock which, as of the exercise date, the officer has owned for six (6) months or more. Shares used by officers to pay the exercise price shall be valued at their fair market value on the exercise date.

		
	c.
	Prior to the issuance of shares upon exercise of this option, the Optionee shall pay any federal, state, and local income and employment tax withholding obligations applicable to such exercise. If the Optionee is an officer of the Company within the meaning of Section 16 of the Exchange Act, the Optionee may elect to pay such withholding tax obligations by having the Company withhold shares of the Company’s common stock having a value equal to the amount required to be withheld. Such an election shall be made in accordance with Section 11(d) of the Plan.

		
	d.
	This option may not be exercised for a fraction of a share or for fewer than the lesser of ten Shares or the amount of shares subject to this option.

		
	e.
	An exercise of this option shall be deemed to have occurred upon the satisfaction of the requirements of subsections (a), (b), and (c) of this Section 8. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the shares of stock evidencing the shares as to which this option was exercised, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares, notwithstanding the exercise of this option. The Company shall issue (or cause to be issued) such shares of stock (in either book entry or certificate form) promptly upon exercise of this option. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock shares are issued, except as provided in Section 14 of the Plan.

		
	10.
	Non-Transferability of Option. This option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.

		
	11.
	No Employment Right. The Optionee acknowledges that neither the fact of this option grant nor any provision of this Option Agreement or the Plan or the policies adopted pursuant to the Plan shall confer upon the Optionee any right with respect to continuation of employment with the Company or to employment that is not terminable at will. The Optionee further acknowledges and agrees that the Optionee’s employment with the Company is not for any minimum or fixed period, is subject to the mutual consent of the Optionee and the Company, and may be terminated by either the Optionee or the Company at any time, for any reason or no reason, with or without cause or notice or any kind of pre- or post-termination warning, discipline or procedure.

		
	12.
	No Right to Damages. The Optionee acknowledges and agrees that, regardless of whether the Optionee is terminated with or without cause, notice or pre-termination procedure or whether the Optionee asserts or prevails on a claim that the Optionee’s employment was terminable only for cause or only with notice or pre-termination procedure, the Optionee has no right to, and will not bring any legal claim or action for, any damages for (a) having to exercise any vested portion of this option within any period after termination as specified in Section 4 or (b) cancellation of any unvested, or vested but unexercised, portion of this option.

		
	13.
	Acknowledgment. By the Optionee’s acceptance below, the Optionee acknowledges that the Optionee has received and has read, understood, and accepted all the terms, conditions, and restrictions of this Agreement, the Plan, and the current policies referenced in paragraph 2(b) of this Agreement. The Optionee understands and agrees that this option is subject to all the terms, conditions, and restrictions stated in this Agreement and in the other documents referenced in the preceding sentence, as the latter may be amended from time to time in the Company’s sole discretion.

		
	14.
	Board Approval. This option has been granted pursuant to the Plan and accordingly is subject to approval by an authorized committee of the Board of Directors. If this option has not already been approved, the Company agrees to submit this grant for approval as soon as practical. If such approval is not obtained, this award is null and void.

		
	15.
	Governing Law. This option shall be governed by the laws of the state of Iowa. 

Executed at Cedar Rapids, Iowa on the day and year first written above.
United Fire Group, Inc.

BY                                 
Name/Title             ,                  

Optionee’s Acceptance:
I have read and fully understood this Option Agreement and, as referenced in Section 15 above, I accept and agree to be bound by all of the terms, conditions and restrictions contained in this Option Agreement and the other documents referenced in it.
Optionee
Date:                                         
Print Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]