Document:

EX-10.9

EXHIBIT 10.9

AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT

          THIS AMENDED AND RESTATED AGREEMENT made as of the ___ day of                     , 2008, provided,
however, that all provisions applicable to compliance under Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) shall be effective as of January 1, 2005, by and between
UNITED BANKSHARES, INC., a West Virginia corporation and registered bank holding company (the
“Company”), and                     , an executive officer of the Company (the “Executive”).

          WHEREAS, the Executive is currently employed by the Company or one of its banking
subsidiaries; and

          WHEREAS, recent and anticipated changes in the banking industry have caused uncertainty
relative to future ownership and management of the Company and other banking organizations; and

          WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that the Executive’s
contribution to the growth and success of the Company has been substantial;

          WHEREAS, the Company believes it is in the best interest of the Company to grant the Executive
and certain other key management personnel a level of security to preserve a nucleus of key
management; and;

          WHEREAS, by this Agreement the Company and the Executive desire to amend and restate the
Change of Control Agreement dated August 15, 2000 [this
date will be August 15, 2000 for James Consagra, Rick Adams and John Neuner but will instead be March 15,
1994 for Steven Wilson, Joe Wilson and James Hayhurst], and for the purpose of complying with the
requirements of Code Section 409A and the Company and the Executive intend this amendment to comply
with Transition Relief promulgated by the Internal Revenue Service pursuant to Code Section 409A,
and accordingly, notwithstanding any other provisions of this amended and restated Change of
Control Agreement, this amendment applies only to amounts that would not otherwise be payable in
2006, 2007 or 2008 and shall not cause (i) an amount to be paid in 2006 that would not otherwise be
payable in such year, (ii) an amount to be paid in 2007 that would not otherwise be payable in such
year, or (iii) an amount to be paid in 2008 that would not otherwise be payable in such year, and
to the extent necessary to qualify under Transition Relief issued under said Code Section 409A, to
not be treated as a change in the form and timing of a payment under section 409A(a)(4) or an
acceleration of a payment under section 409A(a)(3), Executive, by executing this amended and
restated Change of Control Agreement, shall be deemed to have elected, on or before December 31,
2007, the timing and form of distribution provisions of this Amended and Restated Change of Control
Agreement, and to have otherwise further revised this Agreement, all prior to December 31, 2008.

          NOW THEREFORE, in consideration of the promises and the respective covenants and agreements of
the parties herein contained, the Company and Executive contract and agree as follows:

          Article 1. Definitions. The following definitions shall apply to designated phrases
used in this Agreement.

 

 

               a. “Change in Control” means with respect to (i) the Company or any affiliate for whom
Executive is performing services at the time of the Change in Control Event; (ii) the Company or
such affiliate that is liable for the payment to Executive hereunder,) as the case may be, (or all
corporations liable for the payment if more than one corporation is liable) but only if either the
payment under this Agreement is attributable to the performance of service by Executive for the
Company or for any such Affiliate, as the case may be, that is liable for the payment to the
Executive hereunder, or there is a bona fide business purpose for the Company or for such
Affiliate, as the case may be, that is liable for the payment to Executive hereunder, to be liable
for such payment and, in either case, no significant purpose of making the Company or such
Affiliate, as the case may be, that is liable for the payment to Executive hereunder, liable for
such payment is the avoidance of Federal Income tax; or (iii) a corporation that is a majority
shareholder of a corporation identified in paragraph (i) or (ii) of this section, or any
corporation in a chain of corporations in which each corporation is a majority shareholder of
another corporation in the chain, ending in a corporation identified in paragraph (i) or (ii) of
this section, a Change in Ownership or Effective Control of the corporation, as defined in Section
409A of the Code, and the regulations or guidance issued by the Internal Revenue Service
thereunder, meeting the requirements of such Change in Ownership of the corporation or Change in
Effective Control of the corporation as a “Change in Control Event” thereunder.

               b. “Good Cause” includes (i) termination for continued poor work performance after reasonable
opportunity to correct deficiencies; (ii) termination for behavior outside or on the job which
affects the ability of management of the Company or co-workers to perform their jobs and which is
not corrected after reasonable warning; (iii) termination for failure to devote reasonable time to
the job which is not corrected after reasonable warning; and (iv) any other reasonable deficiency
in performance by the Executive which is not corrected after reasonable warning.

               c. “Disability” means total and permanent disability as defined by Company’s (or
its successor’s) Long-Term Disability Plan.

               d. “Retirement” means termination of employment by an Executive in accordance with Company’s
(or its successor’s) retirement plan, including early retirement, generally applicable to its
salaried employees.

               e. “Good Reason” means (i) a Change in Control in the Company (as defined above), as well as
and as a direct result thereof, (a) a decrease in the total amount of the Executive’s base salary
below its level in effect on the date of consummation of the Change in Control, without the
Executive’s consent; or (b) a material reduction in the importance of the Executive’s job
responsibilities without the Executive’s consent; or (c) a geographical relocation of the Executive
to an office more than fifty (50) miles from the Executive’s location at the time of the Change of
Control without the Executive’s consent; (ii) a Change in Control in the Company (as defined above)
and failure of Company to obtain assumption of this Agreement by its successor, or (iii) any
purported termination of the Executive’s employment by Company which is not effected pursuant to a
Notice of Termination required in paragraph 2.

               f. “Wrongful Termination” means termination of the Executive’s employment by the Company or
its affiliates for any reason other than Good Cause or the death, Disability or Retirement of
Executive prior to the expiration of two (2) years after consummation of the Change in Control.

 

 

               g. “Separation from Service” means the severance of Executive’s employment with the Company or
Affiliate for any reason. Executive separates from service with the Company or affiliate if he or
she dies, retires, separates from service because of the Executive’s Disability, or otherwise has a
termination of employment with the Company or Affiliate. However, the employment relationship is
treated as continuing intact while the Participant is on military leave, sick leave, or other bona
fide leave of absence if the period of such leave does not exceed six months, or if longer, so long
as the Executive’s right to reemployment with the Company or Affiliate is provided either by
statute or by contract. If the period of leave exceeds six months and the Executive’s right to
reemployment is not provided either by statute or by contract, the employment relationship is
deemed to terminate on the first date immediately following such six-month period. Notwithstanding
the foregoing, where a leave of absence is due to any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than six months, where such impairment causes the employee to be unable to
perform the duties of his or her position of employment or any substantially similar position of
employment, a 29-month period of absence shall be substituted for such six-month period. In
addition, notwithstanding any of the foregoing, the term “Separation from Service” shall be
interpreted under this Agreement in a manner consistent with the requirements of Code Section 409A
including, but not limited to (i) an examination of the relevant facts and circumstances, as set
forth in Code Section 409A and the regulations and guidance thereunder, in the case of any
performance of services or availability to perform services after a purported termination or
Separation from Service, (ii) in any instance in which Executive is participating or has at any
time participated in any other plan which is, under the aggregation rules of Code Section 409A and
the regulations and guidance issued thereunder, aggregated with this Agreement and with respect to
which amounts deferred hereunder and under such other plan or plans are treated as deferred under a
single plan, (hereinafter sometimes referred to as an “Aggregated Plan” or together as the
“Aggregated Plans,”) then in such instance Executive shall only be considered to meet the
requirements of a Separation from Service hereunder if Executive meets (a) the requirements of a
Separation from Service under all such Aggregated Plans and (b) the requirements of a Separation
from Service under this Agreement which would otherwise apply (iii) in any instance in which
Executive is an employee and an independent contractor of the Company or any Affiliate or both,
Executive must have a Separation from Service in all such capacities to meet the requirements of a
Separation from Service hereunder, although, notwithstanding the foregoing, if Executive provides
services both as an employee and a member of the Board of Directors of the Company or any Affiliate
or both, the services provided as a director are not taken into account in determining whether the
Executive has had a Separation from Service as an employee under this Agreement, provided that no
plan in which such Executive participates or has participated in his capacity as a director is an
Aggregated Plan and (iv) a determination of whether a Separation from Service has occurred shall be
made in accordance with Treasury Regulations Section 1.409A-1(h)(4) or any similar or successor
law, regulation of guidance of like import, in the event of an asset purchase transaction as
described therein.

               h. “Specified Employee” means, in the case of Executive, if Executive shall meet the
requirements of Code Section 416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with the
regulations thereunder and disregarding section 416(i)(5)) at any time during the 12 month period
ending on any Specified Employee Identification Date, which shall be December 31 of each calendar
year, (or otherwise meeting the requirements applicable to qualification as a ‘Specified Employee’
under Code Section 409A and the regulations and guidance issued thereunder,) that Executive shall,
in such event, for purposes of this Agreement, thereafter be a Specified Employee under this
Agreement

 

 

for the period of time consisting of the entire 12-month period beginning on the Specified
Employee Effective Date, and said Specified Employee Effective Date shall be the first day of the
fourth month following the Specified Employee Identification Date.

     Article 2. Termination for Good Reason or for Cause; Notice of Termination. The
Executive may terminate his employment with the Company or its affiliates for Good Reason. In the
event of a Change of Control, the Company may terminate Executive’s employment only for Good Cause
within thirty-six months after consummation of Change in Control. Any termination of the
Executive’s employment by the Company or by the Executive shall be communicated by written Notice
of Termination to the other party hereto. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon and which shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for the termination of the Executive’s employment under the provision so
indicated.

          Article 3. Date of Termination. Date of Termination shall mean the date on which
Notice of Termination is given.

          Article 4. Compensation of Executives Upon Termination for Good Reason or Wrongful
Termination.

               a. Except as hereinafter provided, if the Executive terminates his employment with the Company
for Good Reason, provided that if the Good Reason with respect to which Executive so terminates his
employment with Company is set forth in subsections (i) or (ii) of Article 1, Section (e), that
Executive has a Separation from Service within two (2) years after a Change in Control, or the
Company terminates the Executive’s employment in a manner constituting Wrongful Termination, all
provided that any such termination under this Article 4, Section (a) meets the definition of
Separation from Service under this Agreement, the Company hereby agrees to pay the Executive a cash
payment on the date on which such Separation from Service occurs, subject to the provisions of
Article 4, Section (d) if Executive is a ‘Specified Employee’ on the date of Separation from
Service, equal to the Executive’s monthly base salary in effect on either (i) the Date of
Termination; or (ii) the date immediately preceding the Change in Control, whichever is higher,
multiplied by the number of full months between the Date of Termination and the date that is
thirty-six (36) months after the date of consummation of the Change in Control and such payment is
hereinafter sometimes referred to as a “Separation Payment.”

               b. In the event of a Separation from Service under Article 4, Section (a) with respect to
which the Company is required to pay a Separation Payment to Executive, then on the date of such
Separation from Service of Executive, subject to the provisions of Article 4, Section (d) if
Executive is a ‘Specified Employee’ on the date of Separation from Service, the Company shall also
pay to Executive, in addition to the Separation Payment, an amount, in cash, equal to the last
bonus paid to Executive prior to Separation from Service multiplied by a fraction, the numerator of
which is the number of days from January 1 to the date of Separation from Service, inclusive, in
the calendar year of such Separation from Service and the denominator of which is Three Hundred and
Sixty-Five.

               c. In the event of a Separation from Service under Article 4, Section (a) with respect to
which the Company is required to pay a Separation Payment to Executive, the Executive will continue
to participate, without discrimination, for the period of time during which the

 

 

Executive would be entitled (or would, but for such plan, be entitled) to continuation coverage
under a group health plan of the service recipient under Code section 4980B (COBRA) if Executive
elected such coverage and paid the applicable premiums, but in no event shall such period exceed
thirty-six (36) months following the Date of Termination, in any plan of disability insurance and
any plan of medical insurance maintained after any Change of Control for employees, in general, of
the Company, or any successor organization, provided the Executive’s continued participation is
possible under the general terms and conditions of such plans. In the event the Executive’s
participation in any such plan is barred, the Company shall arrange to provide the Executive, for
the period of time during which the Executive would be entitled (or would, but for such plan, be
entitled) to continuation coverage under a group health plan of the service recipient under Code
section 4980B (COBRA) if Executive elected such coverage and paid the applicable premiums, but in
no event shall such period exceed thirty-six (36) months following the Date of Termination, with
medical expense or reimbursement benefits substantially similar to those which the Executive would
have been entitled had his participation not been barred. However, in no event will the Executive
receive from the Company the employee benefits contemplated by this section if the Executive
receives comparable benefits from any other source. In addition, the amount of expenses eligible
for reimbursement, or in-kind benefits provided hereunder, if any, during Executive’s taxable year
may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other taxable year, any reimbursement of an eligible expense hereunder must be made on or before
the last day of the Executive’s taxable year following the taxable year in which the expense was
incurred and the right to reimbursement or in-kind benefits is not subject to liquidation or
exchange for any other benefit, and if any such reimbursement of expenses or in-kind benefit
payment is deferred compensation within the meaning of Code Section 409A and the regulations
thereunder, then such reimbursement or such in-kind benefit payment shall be subject to the
provisions of Article 4, Section (d) if Executive is a ‘Specified Employee on the date of
Separation from Service.

               d. Notwithstanding the provisions of Article 4, Sections (a), (b) and (c), or any other
provision of this Agreement, if any payment is to be made under this Agreement to Executive upon or
based upon Termination of Employment or Separation from Service other than by death, in the event
that Executive is a Specified Employee on the date of the Executive’s Termination of Employment or
Separation from Service, and such payment is to be made to Executive upon or within six months
after Executive’s Termination of Employment or Separation from Service, other than by death, then
such payment shall instead be made on the date which is six months after such Termination of
Employment or Separation from Service of Executive (other than by death.) Notwithstanding any of
the foregoing, or any other provision of this Agreement, no payment upon or based upon Separation
from Service or Termination of Employment may be made under this Agreement before the date that is
six months after the date of Separation from Service or Termination of Employment, or, if earlier,
the date of death, of Executive in the event that Executive is a Specified Employee on Executive’s
of Separation from Service or Termination of Employment.

          Article 5. Other Employment. The Executive shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other employment, nor shall the
amount of any payment provided for in this Agreement be reduced by any compensation earned or
benefits provided as the result of employment by another employer after the Date of Termination.

          Article 6. Rights of Company Prior to the Change of Control. This Agreement shall not
effect the right of the Company to terminate the Executive, or change the salary or benefits of

 

 

the Executive, with or without Good Cause, prior to any Change of Control; provided, however, any
termination or change which takes place after discussions have commenced which result in a Change
of Control shall be presumed to be a violation of this Agreement which entitled the Executive to
the benefits hereof, absent clear and convincing evidence to the contrary, if such termination or
change takes place within two years after the Change in Control.

          Article 7. Successors; Binding Agreement.

               a. The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in form and substance satisfactory to the Executive, to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. The right of the Executive to
Separation Pay or other benefit under this Agreement for failure of the Company to obtain such
agreement is governed by the provisions of Article 1, Section (e), Subsection (ii) and Article 4 of
this Agreement. As used in this Agreement, “Company” shall mean the Company as hereinbefore
defined and any successor to its business and/or assets as aforesaid which executes and delivers
the agreement provided for in this paragraph or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law.

               b. This Agreement and all rights of the Executive hereunder shall inure to the benefit of and
be enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. If the Executive should die while any
amounts would still be payable to him hereunder if he had continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to
the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the
Executive’s estate.

          Article 8. Notice. For the purposes of this Agreement, notices, demands and other
communication provided for in the Agreement shall be in writing and shall be deemed to have been
duly given when delivered or (unless otherwise specified) mailed by United States registered mail,
return receipt requested, postage prepaid, addressed as follows:

               If to the Executive:

	 	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Street Address	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	City, State, Zip	 	 

               If to the Company:

               Chief Executive Officer

 

 

               United Bankshares, Inc.

               514 Market Street

               Parkersburg, West Virginia 26101

or such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

          Article 9. Miscellaneous. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the
Executive and the Company’s Chief Executive Officer or such other officer as may be specifically
designated by the Board. No waiver by either party hereto at any time of any breach by the other
hereto of, or compliance with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same
or any prior or subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either party which are not set
forth expressly in this Agreement. The validity, interpretations, construction and performance of
this Agreement shall be governed by the laws of the State of West Virginia.

          Article 10. Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

          Article 11. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together will constitute one and
the same instrument.

          Article 12. Legal Fees. Company shall pay all reasonable legal fees and expenses
incurred by Executive in enforcing any right or benefit provided by this Agreement.

          IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written.

	 	 	 	 	 
	 	UNITED BANKSHARES, INC.

 	 
	 	By:  	 	 
	 	 	Its: 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 
	Attest:
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	ExecutiveEX-10.10

EXHIBIT 10.10

AMENDED AND RESTATED UNITED BANKSHARES, INC.

MANAGEMENT STOCK BONUS PLAN

          THIS AMENDED AND RESTATED MANAGEMENT STOCK BONUS PLAN, dated this                      day of
                                        , 2008, by UNITED BANKSHARES, INC., a West Virginia corporation (“UBI”), for the
purpose of encouraging those employees to whom stock is reserved hereunder to continue in the
employ of UBI and to continue to make substantial contributions to the success of UBI in the
future.

          WHEREAS, this Plan was originally adopted April 10, 1989 and it is hereby amended and restated
                                        , 2008, provided, however, that all provisions applicable to compliance under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) shall be effective as of
January 1, 2005, with such amendment and restatement intended to bring the terms of the Plan into
compliance with the requirements of Section 409A of the Code, said Section 409A having been enacted
pursuant to the American Jobs Creation Act of 2004 and revised pursuant to the Pension Protection
Act of 2006, and notwithstanding any other provisions of this amended and restated Plan, this
amendment applies only to amounts that would not otherwise be payable in 2006, 2007 or 2008 and
shall not cause (i) an amount to be paid in 2006 that would not otherwise be payable in such year,
(ii) an amount to be paid in 2007 that would not otherwise be payable in such year, or (iii) an
amount to be paid in 2008 that would not otherwise be payable in such year.

          1. DEFINITIONS.

               (a) “Board” shall mean the Board of Directors of UBI.

               (b) “Bonus Shares” shall mean the shares of common stock of UBI reserved pursuant to Section 2
hereof and distributed to a Participant pursuant to Section 3 hereof.

               (c) “Executive Committee” shall mean the Executive Committee of the Board as appointed from
time to time by the Board. No member of the Executive Committee. shall be eligible for
selection as an employee for whom Bonus Shares may be reserved pursuant to this Plan at any time
while he or she is serving on the Executive Committee.

               (d) “Participant” shall mean an employee of UBI or a Subsidiary for whom Bonus Shares have
been reserved pursuant to this Plan, or his or her designated beneficiary, surviving spouse or
personal representative.

               (e) “Plan” shall mean the United Bankshares, Inc., Management Stock Bonus Plan, dated April
10, 1989, as amended and restated                                         , 2008.

               (f) “Subsidiary” or “Subsidiaries” shall mean a corporation or corporations of which UBI owns,
directly or indirectly, shares having a majority of the voting power for the election of directors.

 

 

               (g) “Disability” or “Disabled” — a Participant shall be considered disabled if the
Participant (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has
lasted or can be expected to last for a continuous period of not less than 12 months, or (ii) is,
by reason of any medically determinable physical or mental impairment which can be expected to
result in death or has lasted or can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than 3 months under an
accident and health plan covering employees of the Corporation or an Affiliate. In addition,
notwithstanding any of the foregoing, the terms “Disability” and “Disabled” shall be interpreted
under this Plan in a manner consistent with the requirements of Code Section 409A.

               (h) “Specified Employee” means, in the case of any Participant meeting the requirements of
Code Section 416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with the regulations thereunder
and disregarding section 416(i)(5)) at any time during the 12 month period ending on any Specified
Employee Identification Date, which shall be December 31 of each calendar year, (or otherwise
meeting the requirements applicable to qualification as a ‘Specified Employee’ under Code Section
409A and the regulations and guidance issued thereunder,) that such Participant shall, for purposes
of this Plan, thereafter be a Specified Employee under this Plan for the period of time consisting
of the entire 12-month period beginning on the Specified Employee Effective Date, and said
Specified Employee Effective Date shall be the first day of the fourth month following the
Specified Employee Identification Date.

               (i) “Separation from Service” means the severance of Participant’s employment with the UBI or
Affiliate for any reason. A Participant separates from service with the UBI or affiliate if he or
she dies, retires, separates from service because of the Participant’s Disability, or otherwise has
a termination of employment with the UBI or Affiliate. However, the employment relationship is
treated as continuing intact while the Participant is on military leave, sick leave, or other bona
fide leave of absence if the period of such leave does not exceed six months, or if longer, so long
as the Participant’s right to reemployment with UBI or Affiliate is provided either by statute or
by contract. If the period of leave exceeds six months and the Participant’s right to reemployment
is not provided either by statute or by contract, the employment relationship is deemed to
terminate on the first date immediately following such six-month period. Notwithstanding the
foregoing, where a leave of absence is due to any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than six months, where such impairment causes the employee to be unable to
perform the duties of his or her position of employment or any substantially similar position of
employment, a 29-month period of absence shall be substituted for such six-month period. In
addition, notwithstanding any of the foregoing, the term “Separation from Service” shall be
interpreted under this Plan in a manner consistent with the requirements of Code Section 409A
including, but not limited to (i) an examination of the relevant facts and circumstances, as set
forth in Code Section 409A and the regulations and guidance thereunder, in the case of any
performance of services or availability to perform services after a purported termination or
Separation from Service, (ii) in any instance in which such Participant is participating or has at
any time participated in any other plan which is, under the aggregation rules of Code Section 409A
and the regulations and guidance issued thereunder, aggregated with this Plan and with respect to
which amounts deferred hereunder and under such other plan or plans are treated as deferred under a
single plan, (hereinafter sometimes referred to as an “Aggregated Plan” or together as the
“Aggregated Plans,”) then in such instance Participant shall only be considered to meet the

 

 

requirements of a Separation from Service hereunder if such Participant meets (a) the
requirements of a Separation from Service under all such Aggregated Plans and (b) the requirements
of a Separation from Service under this Plan which would otherwise apply (iii) in any instance in
which a Participant is an employee and an independent contractor of the Company or any Affiliate or
both the Participant must have a Separation from Service in all such capacities to meet the
requirements of a Separation from Service hereunder, although, notwithstanding the foregoing, if a
Participant provides services both as an employee and a member of the Board of Directors of UBI or
any Affiliate or both or any combination thereof, the services provided as a director are not taken
into account in determining whether the Participant has had a Separation from Service as an
employee under this Plan, provided that no plan in which such Participant participates or has
participated in his capacity as a director is an Aggregated Plan and (iv) a determination of
whether a Separation from Service has occurred shall be made in accordance with Treasury
Regulations Section 1.409A-1(h)(4) or any similar or successor law, regulation of guidance of like
import, in the event of an asset purchase transaction as described therein.

          2. BONUS SHARE RESERVE. There shall be established a Bonus Share Reserve to which
shall be credited up to 500 shares of the common stock of UBI per employee selected by the
Executive Committee to participate herein, per year of participation. The initial reserve of 500
shares per Participant shall be made in any event not later than December 31 of the year in which
an employee is selected to participate hereunder and an additional 500 shares of common stock of
UBI shall be reserved hereunder in each of the four (4) years following the employee’s initial year
of participation, not later than December 31 of each such year.

          In the event that the shares of common stock of UBI should, as a result of a stock split or
stock dividend or combinations of shares or any other change, or exchange for other securities, by
reclassification, reorganization, merger, consolidation, recapitalization or otherwise, be
increased or decreased or changed into or exchanged for a different number or kind of shares of
stock or other securities of UBI or of another corporation, the shares in the Bonus Share Reserve
shall be appropriately adjusted to reflect such action. If any such adjustments shall result in a
fractional share, such fraction shall be disregarded.

          Upon the distribution of shares hereunder pursuant to Section 3 hereof, this Reserve shall be
reduced by the number of shares so distributed. All Bonus Shares reserved in accordance with this
Plan shall be fully paid and non-assessable and free from preemptive rights.

          3. PARTICIPANTS — DISTRIBUTIONS OF BONUS SHARES. The Executive Committee, in its sole
discretion, shall select employees for participation hereunder. In selecting employees the
Executive Committee shall consider their position with UBI or a Subsidiary, their responsibility,
the value and potential value of their services to UBI and such other factors as the Executive
Committee deems pertinent.

          Subject to the restriction, forfeiture and distribution provisions of Section 4 hereunder, and
provided that the Participant has not, prior to a distribution date hereunder had a Separation from
Service or become Disabled, distributions of common stock reserved hereunder shall be made to a
Participant, subject to the provisions of Section 4(e) below, no earlier than January 1 and no
later than December 31 of the fifth calendar year of participation hereunder, counting the first
year of participation as a calendar year of participation even if the Participant became a
Participant after
January 1 of that year, and participation hereunder shall thereupon cease for such
Participant. By way of example, the reserve and distribution of Bonus Shares shall correspond to
the following schedule:

 

 

	 	 	 	 	 
	 	 	 	 	Year of
	Year of Reserve	 	No. Shares	 	Distribution
	1989
	 	500
	 	1993
	1990
	 	500
	 	1993
	1991
	 	500
	 	1993
	1992
	 	500
	 	1993
	1993
	 	500
	 	1993

          4. RESTRICTIONS AND FORFEITURE.

               (a) The term “Restricted Period” with respect to restricted Bonus Shares (after which
restrictions shall lapse) shall mean a period commencing on the date of participation and ending on
the fifth (5th) December 31st thereafter.

               (b) The restrictions to which restricted Bonus Shares shall be subject shall be as follows:

                    (i) Except as otherwise provided in Section 4(b)(iii) below respecting Separation from Service
(other than by death or after Disability) within two years after a Change in Control, a Participant
must not have a Separation from Service other than by death or after Disability prior to the date
of distribution of Bonus Shares. Should a Participant have a Separation from Service by being
discharged by UBI or a Subsidiary, with or without cause, other than after Disability or by death,
or should a Participant have a Separation from Service by voluntarily .separating from
the service of UBI or a Subsidiary prior to distribution of his or her Bonus Shares, all except as
otherwise provided in Section 4(b)(iii) below respecting a Separation from Service (other than by
death or after Disability) within two years after a Change in Control, the same shall be forfeited
and the Participant shall have no rights whatsoever hereunder.

                    (ii) If a Participant dies or is Disabled prior to Separation from Service other than by
death, and prior to the time distribution of Bonus Shares is made to him or her hereunder, then no
further Bonus Shares shall be reserved to his or her credit hereunder; provided, however, that
Bonus Shares reserved to the credit of the Participant through the date of Disability or death
shall be distributed to such Participant or his or her beneficiary, as the case may be, free of
restrictions on the date of death or Disability, whichever is earlier, provided that in accordance
with Code Section 409A and to the extent permitted by regulations and guidance issued thereunder, a
payment shall be treated as having been made on a date specified in this Plan if it is made on a
later date within the Participant’s same taxable year as the designated date, or, if later, if made
no later than the fifteenth day of the third month after such designated date, provided that, in
any event, the Participant is not permitted, directly or indirectly, to designate the taxable year
of any payment.

                    (iii) Notwithstanding anything contained herein to the contrary, in the event of a Change of
Control as defined below, then in the event of a Separation from Service of Participant within two
years after such Change in Control, other than by death or after Disability, but prior to the date
of distribution of any Bonus Shares to such Participant under this Plan, no additional
shares shall be reserved to the credit of such Participant under this Plan after such
Separation from Service within two years after such Change in Control, but all shares reserved to
his of her credit under this Plan prior to such Separation from Service within two years after such
Change in Control shall be

 

 

paid, subject to the provisions of Section 4(e), to such Participant on
the date of such Separation from Service (provided such Separation from Service is within two years
after a Change in Control,) and Participant shall not thereafter participate hereunder. For the
purpose of this Agreement, a “Change of Control” shall mean with respect to (i) UBI or any
affiliate for whom Executive is performing services at the time of the Change in Control Event;
(ii) UBI or such affiliate that is liable for the payment to Executive hereunder,) as the case may
be, (or all corporations liable for the payment if more than one corporation is liable) but only if
either the payment under this Agreement is attributable to the performance of service by Executive
for UBI or for any such Affiliate, as the case may be, that is liable for the payment to the
Executive hereunder, or there is a bona fide business purpose for UBI or for such Affiliate, as the
case may be, that is liable for the payment to Executive hereunder, to be liable for such payment
and, in either case, no significant purpose of making UBI or such Affiliate, as the case may be,
that is liable for the payment to Executive hereunder, liable for such payment is the avoidance of
Federal Income tax; or (iii) a corporation that is a majority shareholder of a corporation
identified in paragraph (i) or (ii) of this section, or any corporation in a chain of corporations
in which each corporation is a majority shareholder of another corporation in the chain, ending in
a corporation identified in paragraph (i) or (ii) of this section, a Change in Ownership or
Effective Control of the corporation, as defined in Section 409A of the Code, and the regulations
or guidance issued by the Internal Revenue Service thereunder, meeting the requirements of such
Change in Ownership of the corporation or Change in Effective Control of the corporation as a
“Change in Control Event” thereunder.

               (c) Upon distribution of Bonus Shares to a Participant or beneficiary, such shares shall
become the sole property of the Participant or beneficiary receiving the distribution, free of
restriction and without any legend on the certificate or certificates representing said shares.

               (d) Forfeited Bonus Shares shall be distributed, on the same date such Bonus Shares would have
been paid to the Participant who forfeited such Bonus Share hereunder under Section 3 if
Participant had not had a Separation from Service or otherwise forfeited such Bonus Shares, and
instead would have been entitled to receive such Bonus Shares under Section 3, on the date or dates
of distribution provided under Section 3, to employees of UBI or its Subsidiaries as selected by
the Executive Committee. This Plan has been created and shall be maintained for the exclusive
benefit of employees of UBI and its Subsidiaries as selected by the Executive Committee and in no
event shall UBI or its Subsidiaries have any right, claim or beneficial or reversionary interest in
the Bonus Shares.

               (e) Six Month Delay for Payment After Separation from Service of Any Specified Employee.
Notwithstanding the provisions of Sections 3 or 4 or any other provision of this Plan, if any
payment is to be made under Section 3 or 4 (or under any other provision of this Plan) upon or
based upon the Separation from Service other than by death of any Participant who is a Specified
Employee on the date of the Participant’s Separation from Service, and such payment is to be made
to such Participant upon or within six months after such Participant’s date of Separation from
Service, other than by death, then such payment shall instead be made on the date which is six
months after such Separation from Service of such Participant (other than by death.)

          5. FINALITY OF DETERMINATIONS. The Executive Committee shall administer this Plan and
construe its provisions. Any determination by the Executive Committee in

 

 

carrying out, administering or construing this Plan shall be final and binding for all purposes and upon all
interested persons and their heirs, successors, and personal representatives.

          6. LIMITATIONS. Until distributed under the terms hereof, Bonus Shares may not be
assigned, transferred, sold, exchanged, pledged, hypothecated or otherwise disposed of by a
Participant. Shares which are the subject of such attempted disposition shall be withdrawn from
the Bonus Reserve and the Participant shall forfeit all rights to such shares.

          Neither the action of UBI in establishing this Plan, nor any action taken by it or by the
Executive Committee under the Plan, nor any provision of the Plan, shall be construed as giving to
any employee the right to be retained in the employ of UBI or any Subsidiary.

          7. DESIGNATION OF BENEFICIARY, ETC. Each Participant shall name and have the right at
any time, and from time to time, to change the beneficiary or beneficiaries of his or her benefits
provided for herein, which designation or change thereof shall be made on the form annexed to this
Plan as Exhibit “A”. A beneficiary designation filed with UBI and bearing the latest date of
execution shall be conclusive upon all persons as the designation of the beneficiary or
beneficiaries named therein. If more than one beneficiary has been designated without specifying
the shares to each, distribution shall be made to such of the designated beneficiaries as shall be
living in equal shares.

          If no beneficiary has been named by said Participant, or if the designated beneficiary has
predeceased the Participant, UBI shall distribute the Bonus Shares to the surviving spouse of the
Participant. If there is no surviving spouse, UBI shall distribute the Bonus Shares to the personal
representative of the estate of the Participant.

          In case of any distribution to a minor or other legally incompetent person, the Executive
Committee may direct that the same be made for the benefit of such minor or other incompetent
person in such of the following ways as the Executive Committee shall determine: (1) directly to
such minor or other incompetent person; (2) to the legal representative of such minor or other
incompetent person; (3) to some near relative of such minor or other incompetent person to be used
for the latter’s benefit; or (4) by UBI’s using the same directly for the support, maintenance or
education of such minor or other incompetent person. UBI shall not be required to see to the
application by any party of any distributions made pursuant to this subparagraph.

          8. AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN IN WHOLE OR IN PART. The Board
may amend, suspend or terminate the Plan in whole or in part at any time, provided that any such
amendment, suspension or termination shall not adversely affect rights or obligations with respect
to the reserve of Bonus Shares theretofore made; and provided further, that no amendment to the
Plan by the Board shall render any member of the Executive Committee eligible to participate
hereunder at any time while he or she is serving on the Executive Committee. Amendments shall be
in writing and signed by UBI. In addition, notwithstanding the foregoing, and all subject to
Section 4(e), (i) no such amendment shall be effective if it would, if effective, cause this Plan
to violate Code Section 409A and the regulations and guidance thereunder or cause any amount of
compensation or payment hereunder to be subject to a penalty tax under Code Section 409A and the
regulations and guidance issued thereunder, which amount of compensation or payment would
not have been subject to a penalty tax under Code Section 409A and the regulations and
guidance thereunder in the absence of such amendment and (ii) the provisions of this Section 8
respecting

 

 

amendment of this Plan are irrevocable. In addition, notwithstanding any of the
foregoing, upon termination, no payments shall be accelerated except in the event that the
requirements of Section 4(e), and the requirements for a permissible acceleration under regulations
and guidance issued from time to time by the Internal Revenue Service under Code Section 409A, are
met, including but not limited to the following:

               (a) termination and liquidation of the Plan by UBI provided that

	 	(1)	 	The termination and liquidation
does not occur proximate to a downturn in the financial health of
UBI or Affiliate;
	 
	 	(2)	 	UBI and any Affiliate of UBI
terminates and liquidates all agreements, methods, programs and
other arrangements sponsored by UBI or any Affiliate that would
be aggregated with any terminated and liquidated agreements,
methods, programs and other arrangements under Treasury
Regulation Section §1.409A-1(c) or any similar or successor law,
regulation or Internal Revenue Service guidance of like import,
if the same service provider had deferrals of compensation under
all of the agreements, methods, programs and other arrangements
that are terminated and liquidated;
	 
	 	(3)	 	No payments in liquidation of the
Plan are made within 12 months of the date UBI or Affiliate takes
all necessary action to irrevocably terminate and liquidate the
Plan other than payments that would be payable under the terms of
the Plan if the action to terminate and liquidate had not
occurred;
	 
	 	(4)	 	All payments are made within 24
months of the date UBI or Affiliate takes all necessary action to
irrevocably terminate and liquidate the Plan; and
	 
	 	(5)	 	Neither UBI nor any Affiliate
adopts a new plan that would be aggregated with any terminated
and liquidated plan under Treasury Regulation Section
§1.409A-1(c) or any similar or successor law, regulation or
Internal Revenue Service guidance of like import, if the same
Participant participated in both plans, at any time within three
years following the date UBI or Affiliate takes all necessary
action to irrevocably terminate and liquidate the Plan; or

               (b) termination and liquidation of the Plan in accordance with the following:

	 	(i)	 	the termination and liquidation is
within 12 months of a corporate dissolution taxed under Code
section 331, or with the approval of a bankruptcy court pursuant
to 11 U.S.C.
§503(b)(1)(A), and the amounts deferred under the plan are
included in the participants’ gross incomes in the latest of
the 

 

 

	 	 	 	following years (or, if earlier, the taxable year in which
the amount is actually or constructively received)—

	 	(1)	 	The calendar year in
which the plan termination and liquidation occurs;
	 
	 	(2)	 	The calendar year in
which the amount is no longer subject to a substantial
risk of forfeiture; or
	 
	 	(3)	 	The first calendar
year in which the payment is administratively practicable.

          9. EXPENSES OF ADMINISTRATION. All costs and expenses incurred in the operation and
administration of this Plan shall be borne by UBI.

          10. STATEMENT OF ACCOUNTS. UBI shall prepare and render an operating statement as of
December 31 each year which shall reflect all transactions within the Plan, and shall prepare and
render a statement for each Participant as of December 31 each year which shall reflect such
Participant’s Bonus Shares reserved as of the next preceding December 31, Bonus Shares reserved
during the current year and the total Bonus Shares reserved as of the current December 31.

          11. REGISTRATION OF BONUS SHARES. In case UBI shall deter-mine at any time to
register any of its securities under the Securities Act of 1933 (or similar statute then in
effect), UBI at its own expense will include among the securities which it then registers all Bonus
Shares or other stock or securities issued in respect thereof or in exchange or replacement
therefor.

          12. BINDING EFFECT. This Plan shall be binding upon and inure to the benefit of any
successor of UBI and any such successor shall be deemed substituted for UBI under the terms of this
Plan. As used in this Plan the term “successor” shall include any person, firm, corporation, or any
other business entity which at any time, whether by merger, purchase, or otherwise, acquires all or
substantially all of the stock, assets or business of UBI.

          13. GOVERNING LAW. This Plan shall be construed in accordance with and governed by
the laws of the State of West Virginia.

          14. COUNTERPARTS. This Plan may be executed in one or more counterparts, which taken
together shall constitute an original.

          IN WITNESS WHEREOF, UBI has caused this Amended and Restated Plan to be executed in its
corporate name by its corporate officer thereunto duly authorized.

 

 

	 	 	 	 	 
	 	UNITED BANKSHARES, INC.

 	 
	 	By  	
 	 
	 	 	 	 
	 	 	Its  	
 	 
	 

Attest:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}]]