WINTER P CLINTON 4

What Happened

• Winter P. Clinton, a director of United Bankshares, Inc. (UBSI), acquired 710 shares via a purchase reported on February 25, 2026. The reported price was $42.54 per share, for a total reported value of $30,201. The transaction is reported as a derivative acquisition (phantom stock).

Key Details

• Transaction date and price: 2026-02-25 at $42.54 per share.
• Shares acquired: 710 shares; total value reported $30,201.
• Transaction type: Purchase (Form 4 code P), reported as an open-market or private purchase and classified as a derivative acquisition.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: F1 indicates a 1-for-1 ratio; F2 states the phantom stock is payable in cash following the reporting person’s termination of employment.
• Filing timeliness: Report filed on 2026-02-25 (no late filing indicated).

Context

• This was a reported purchase of derivative units (phantom stock) that track the value of UBSI shares. Phantom stock typically mirrors stock value but is often settled in cash (here, payable after termination), so these units do not necessarily confer immediate voting rights or share certificates. Purchases by insiders can be informative for investors, but the derivative/phantom nature and cash settlement terms are important when assessing the economic exposure.