United Bankshares director buys 490 phantom stock

The phantom stock is payable in cash on a one-for-one basis following P. Clinton Winter's termination of employment with UBSI.

Rhea-AI Filing Summary

United Bankshares Inc. (UBSI) director P. Clinton Winter purchased 490 shares of phantom stock at $46.05 per share on October 1, 2026; his reported phantom stock position afterward was 59,777 shares. The phantom stock is payable in cash on a one-for-one basis following his termination of employment with UBSI. No Rule 10b5-1 plan is reported.

As of October 1, 2026, his reported common-stock holdings included 458,658 shares held directly, 36,800 held indirectly through Bray & Oakley Insurance, and 1,000 held indirectly by his spouse.

Insider Trade Summary

Net Buyer: 490 shares

Net Buy 4 txns

Insider WINTER P CLINTON

Role Director

Bought 490 shs ($23K)

Type	Security	Shares	Price	Value
Purchase	Phantom Stock F1, F2	490	$46.05	$23K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 59,777 contracts (Direct); Common Stock — 458,658 shares (Direct); Common Stock — 36,800 shares (Indirect, Bray & Oakley Insurance); Common Stock — 1,000 shares (Indirect, By Spouse)

Footnotes (2)

1. F1. 1 for 1
2. F2. Shares of phantom stock are payable in cash following the reporting persons termination of employment with UBSI.

Key Figures

Phantom stock purchased: 490 shares Purchase price: $46.05 per share Phantom stock position after transaction: 59,777 shares +3 more

6 metrics

Phantom stock purchased 490 shares October 1, 2026

Purchase price $46.05 per share Phantom stock purchase on October 1, 2026

Phantom stock position after transaction 59,777 shares Reported after the October 1, 2026 transaction

Common shares held directly 458,658 shares Reported as of October 1, 2026

Common shares held indirectly through Bray & Oakley Insurance 36,800 shares Reported as of October 1, 2026

Common shares held indirectly by spouse 1,000 shares Reported as of October 1, 2026

Key Terms

Phantom Stock, Rule 10b5-1 plan

2 terms

Phantom Stock financial

"Shares of phantom stock are payable in cash"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Rule 10b5-1 plan regulatory

"No Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many UBSI phantom stock shares did director P. Clinton Winter buy?

P. Clinton Winter reported purchasing 490 phantom stock shares at $46.05 per share on October 1, 2026. His reported phantom stock position afterward was 59,777 shares, and no Rule 10b5-1 plan is reported.

When is UBSI phantom stock payable in cash?

The phantom stock is payable in cash on a one-for-one basis following P. Clinton Winter's termination of employment with UBSI.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 10:28 AM Accepted by SEC EDGAR 10/02/2026 - 10:27 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WINTER P CLINTON

(Last) (First) (Middle)

514 MARKET ST

(Street)

PARKERSBURG WEST VIRGINIA 26101

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
UNITED BANKSHARES INC/WV [ UBSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								458,658	D
Common Stock								36,800	I	Bray & Oakley Insurance
Common Stock								1,000	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	10/01/2026	10/01/2026	P		490		(2)	(2)	Common Stock	490	$46.05	59,777	D

Explanation of Responses:

1. 1 for 1

2. Shares of phantom stock are payable in cash following the reporting persons termination of employment with UBSI.

	Shelli L. Adams	10/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)