SEC Contract Filing

Filing Date: 2025-07-10

Document Content:
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<DIV><FONT size="1" style="font-size:1pt;color:white">ACTIVE 712311138v9 EXECUTION VERSION UNITED FIRE GROUP, INC. FIRST SUPPLEMENT TO MASTER NOTE PURCHASE AGREEMENT Dated as of July 10, 2025 Re: $30,000,000 9.00% Senior Notes Series B due May 31, 2039 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">1 ACTIVE 712311138v9 UNITED FIRE GROUP, INC. 118 Second Avenue SE Cedar Rapids, Iowa 52401 First Supplement to Master Note Purchase Agreement Dated as of July 10, 2025 To the Purchaser(s) named in Schedule A hereto Ladies and Gentlemen: This First Supplement to Master Note Purchase Agreement (the &#8220;Supplement&#8221;) is among United Fire Group, Inc., an Iowa corporation (the &#8220;Company&#8221;) and the institutional investors named on Schedule A attached hereto (the &#8220;Purchasers&#8221;). RECITALS A. The Company has entered into the Master Note Purchase Agreement dated as of May 31, 2024, with Ares Management, LLC (&#8220;Ares&#8221;), and each Purchaser (as defined therein) thereunder (as heretofore amended and supplemented, the &#8220;Master Note Purchase Agreement&#8221;); and B. The Company desires to issue and sell, and the Purchasers desire to purchase, an additional Series of Notes (as defined in the Master Note Purchase Agreement) pursuant to the Master Note Purchase Agreement and in accordance with the terms set forth below; NOW, THEREFORE, the Company and the Purchasers agree as follows: 1. Authorization of the New Series of Notes. The Company has authorized the issue and sale of $30,000,000 aggregate principal amount of its 9.00%, Series B, Senior Notes due May 31, 2039 (the &#8220;Series B Notes&#8221;). The Series B Notes, together with the Series A Notes issued pursuant to the Master Note Purchase Agreement and each Series of Notes which may from time to time hereafter be issued pursuant to the provisions of the Master Note Purchase Agreement, are collectively referred to as the &#8220;Notes&#8221; (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Master Note Purchase Agreement). The Series B Notes shall be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the Purchaser(s) and the Company. 2. Sale and Purchase of Series B Notes. Subject to the terms and conditions of this Supplement and the Master Note Purchase Agreement and on the basis of the representations and warranties hereinafter set forth, the Company will issue and sell to each of the Purchasers, and the Purchasers will purchase from the Company, at the Closing provided for in Section 3, Series B Notes in the principal amount specified opposite their respective names in the attached Schedule </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">2 ACTIVE 712311138v9 A hereto at the purchase price of 100% of the principal amount thereof. The obligations of the Purchasers hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance by any other Purchaser hereunder. 3. Closing. The sale and purchase of the Series B Notes to be purchased by each Purchaser shall occur at the offices of Greenberg Traurig LLP, 360 N. Green Street, Chicago, Illinois 60607 at 10:00 a.m. Chicago time, at a closing (the &#8220;Closing&#8221;) on July 10, 2025 or on such other Business Day thereafter on or prior to July 18, 2025 as may be agreed upon by the Company and the Purchasers (the &#8220;Closing Date&#8221;). At the Closing, the Company will deliver to each Purchaser the Series B Notes to be purchased by such Purchaser in the form of a single Series B Note (or such greater number of Series B Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser&#8217;s name (or in the name of such Purchaser&#8217;s nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in accordance with wire transfer instructions provided by the Company to such Purchaser pursuant to Section 4 of this Supplement, as it relates to Section 4.13 of the Master Note Purchase Agreement. If, at the Closing, the Company shall fail to tender such Series B Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser&#8217;s satisfaction, such Purchaser shall, at such Purchaser&#8217;s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 4. Conditions to Closing. The obligation of each Purchaser to purchase and pay for the Series B Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser&#8217;s satisfaction, prior to the Closin