United Bankshares CEO reports stock option exercise, share disposition

United Bankshares, Inc. executive Shelli L. Adams, a Director and Chief Executive Officer, reported insider transactions in company stock.

Rhea-AI Filing Summary

United Bankshares, Inc. executive Shelli L. Adams, a Director and Chief Executive Officer, reported insider transactions in company stock. On 12/11/2025, the reporting person exercised a stock option for 11,100 shares of common stock at $35.04 per share (transaction code M), increasing direct ownership.

A separate transaction with code F recorded the disposition of 10,411 shares at $39.53 per share. After these transactions, the reporting person directly owns 162,180.392 shares of United Bankshares common stock. Indirect holdings include 16,247.9878 shares through the UBSI 401K plan and 10,986.084 shares held in a trust for children. The filing also lists multiple stock options and 254.151 shares of phantom stock, which are payable in cash following termination of employment and are exercisable immediately.

Insider Trade Summary

11,100 shares exercised/converted

Exercise 11 txns

Insider ADAMS RICHARD M JR

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	Stock Option	11,100	$39.53	$439K
Exercise	Common Stock	11,100	$35.04	$389K
Exercise Price or Tax Liability	Common Stock	10,411	$39.53	$412K
holding	Phantom Stock	--	--	--
holding	Stock Option	--	--	--
holding	Stock Option	--	--	--
holding	Stock Option	--	--	--
holding	Stock Option	--	--	--
holding	Stock Option	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 65,875 contracts (Direct); Common Stock — 162,180.392 shares (Direct); Phantom Stock — 254.151 contracts (Direct); Common Stock — 16,247.9878 shares (Indirect, By 401k); Common Stock — 10,986.084 shares (Indirect, Trust for Children)

Footnotes (4)

1. F1. Includes additional shares acquired under the UBSI 401K plan since the date of the reporting person's last 401K ownership report.
2. F2. Shares of phantom stock are payable in cash following the reporting persons termination of employment with UBSI.
3. F3. 1 for 1
4. F4. The reporting person's shares of phantom stock arose through his deferral of compensation under the United Bankshares, Inc., Non-qualified Retirement and Savings Plan (the Plan). Shares of phantom stock are exercisable immediately.

FAQ

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

What insider transaction did Shelli L. Adams report for United Bankshares (UBSI)?

Shelli L. Adams reported exercising a stock option for 11,100 shares of United Bankshares common stock on 12/11/2025 at an exercise price of $35.04 per share, as shown in Table I and Table II.

How many UBSI shares were disposed of in the latest Form 4 filing?

The filing shows a transaction with code F in which 10,411 shares of common stock were disposed of at a price of $39.53 per share on 12/11/2025, reducing the directly held balance reported in Table I.

What is Shelli L. Adams direct ownership of United Bankshares shares after the reported transactions?

After the reported transactions, Shelli L. Adams is shown as directly owning 162,180.392 shares of United Bankshares common stock, as disclosed in the Amount of Securities Beneficially Owned Following Reported Transaction(s) column in Table I.

What indirect UBSI share holdings are reported for Shelli L. Adams?

The filing reports indirect ownership of 16,247.9878 shares of common stock through the UBSI 401K plan and 10,986.084 shares held in a trust for children. A footnote explains that the 401K total includes additional shares acquired under the UBSI 401K plan since the last 401K ownership report.

What derivative securities related to UBSI does Shelli L. Adams hold?

Table II lists several stock options on United Bankshares common stock, including options with exercise prices such as $32.51, $37.6, $38.49, and $45.3, with expiration dates between 02/26/2028 and 02/24/2030. The filing also reports 254.151 shares of phantom stock, linked to common stock and stated to be payable in cash following the reporting persons termination of employment and exercisable immediately.

What roles does Shelli L. Adams hold at United Bankshares (UBSI)?

The relationship section identifies Shelli L. Adams as both a Director and an Officer of United Bankshares, Inc., with the officer title disclosed as Chief Executive Officer.

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

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Accepted by SEC EDGAR 12/12/2025 - 03:07 PM 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^*

ADAMS RICHARD M JR

(Last) (First) (Middle)

514 MARKET ST

(Street)

PARKERSBURG WV 26101

(City) (State) (Zip)

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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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

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

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

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	12/11/2025	12/11/2025	M		11,100	A	$35.04	172,591.392	D
Common Stock	12/11/2025	12/11/2025	F		10,411	D	$39.53	162,180.392	D
Common Stock								16,247.9878(1)	I	By 401k
Common Stock								10,986.084	I	Trust for Children

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
Stock Option	$35.04	12/11/2025	12/11/2025	M			11,100	02/29/2016	02/28/2026	Common Stock	11,100	$39.53	0.0000	D
Phantom Stock	(2)							(3)	(4)	Common Stock	254.151		254.151	D
Stock Option	$32.51							02/24/2020	02/24/2030	Common Stock	14,761		14,761	D
Stock Option	$32.51							02/24/2021	02/24/2030	Common Stock	7,381		7,381	D
Stock Option	$37.6							02/26/2018	02/26/2028	Common Stock	16,060		16,060	D
Stock Option	$38.49							02/25/2019	02/25/2029	Common Stock	11,613		11,613	D
Stock Option	$45.3							02/27/2017	02/27/2027	Common Stock	16,060		16,060	D

Explanation of Responses:

1. Includes additional shares acquired under the UBSI 401K plan since the date of the reporting person's last 401K ownership report.

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

3. 1 for 1

4. The reporting person's shares of phantom stock arose through his deferral of compensation under the United Bankshares, Inc., Non-qualified Retirement and Savings Plan (the Plan). Shares of phantom stock are exercisable immediately.

	Shelli L. Adams	12/12/2025
	** 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.