Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

SECURITIES PURCHASE AGREEMENT 
 by
and between 
 THE UNITED STATES DEPARTMENT OF THE TREASURY, 

and 
 UNITED BANKSHARES, INC. 

Dated as of January 31, 2014 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	 DEFINITIONS
	  	 	2	  
			
	 Section 1.01
	  	 Definitions of Certain Terms.
	  	 	2	  
	 Section 1.02
	  	 Interpretation.
	  	 	4	  
			
	 ARTICLE II
	  	 THE SECURITIES PURCHASE
	  	 	4	  
			
	 Section 2.01
	  	 The Securities Purchase.
	  	 	4	  
	 Section 2.02
	  	 Closing of the Securities Purchase.
	  	 	4	  
			
	 ARTICLE III
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	5	  
			
	 Section 3.01
	  	 Representations and Warranties of the Purchaser.
	  	 	5	  
			
	 ARTICLE IV
	  	 COVENANTS
	  	 	6	  
			
	 Section 4.01
	  	 Forbearances of the Seller.
	  	 	6	  
	 Section 4.02
	  	 Further Action.
	  	 	6	  
	 Section 4.03
	  	 Merger Agreement.
	  	 	6	  
	 Section 4.04
	  	 Merger.
	  	 	7	  
			
	 ARTICLE V
	  	 CONDITIONS TO THE CLOSING
	  	 	7	  
			
	 Section 5.01
	  	 Conditions to Each Party’s Obligations.
	  	 	7	  
	 Section 5.02
	  	 Conditions to Obligations of the Seller.
	  	 	7	  
			
	 ARTICLE VI
	  	 TERMINATION
	  	 	9	  
			
	 Section 6.01
	  	 Termination Events.
	  	 	9	  
	 Section 6.02
	  	 Effect of Termination.
	  	 	9	  
			
	 ARTICLE VII
	  	 MISCELLANEOUS
	  	 	9	  
			
	 Section 7.01
	  	 Waiver; Amendment.
	  	 	9	  
	 Section 7.02
	  	 Counterparts.
	  	 	9	  
	 Section 7.03
	  	 Governing Law; Choice of Forum; Waiver of Jury Trial.
	  	 	9	  
	 Section 7.04
	  	 Expenses.
	  	 	10	  
	 Section 7.05
	  	 Notices.
	  	 	10	  
	 Section 7.06
	  	 Entire Understanding; No Third Party Beneficiaries.
	  	 	11	  
	 Section 7.07
	  	 Assignment.
	  	 	11	  
	 Section 7.08
	  	 Severability.
	  	 	11	  

  
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 SECURITIES PURCHASE AGREEMENT 

THIS SECURITIES PURCHASE AGREEMENT (as amended, supplemented or otherwise modified from time to time, this
“Agreement”) is dated as of January 31, 2014, by and between the United States Department of the Treasury (the “Seller”) and United Bankshares, Inc., a West Virginia corporation (the
“Purchaser”). 
 RECITALS 

WHEREAS, on December 12, 2008, Virginia Commerce Bancorp, Inc., a Virginia corporation (the “Company”), issued
and sold to the Seller (i) 71,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, of the Company (the “Shares”) and (ii) a ten-year warrant to purchase 2,696,203 shares of Company Common Stock (the
“Warrant”); 
 WHEREAS, on December 11, 2012, the Company repurchased the Shares from the Seller; 

WHEREAS, the Seller is currently the owner of and holds the Warrant; 

WHEREAS, on January 29, 2013, the Purchaser and the Company entered into an Agreement and Plan of Reorganization (the
“Merger Agreement”), pursuant to which, among other things and subject to the terms and conditions set forth therein, (i) the Company will merge with and into the Merger Sub, with Merger Sub continuing thereafter as the
surviving corporation, and (ii) each outstanding share of Company Common Stock will convert into the right to receive the Merger Consideration (as defined in the Merger Agreement) (collectively, the “Merger”); and 

WHEREAS, the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, subject to the terms and
conditions contained in this Agreement, the Warrant (the “Securities Purchase”). 
 NOW, THEREFORE, in consideration
of the premises, and of the various representations, warranties, covenants and other agreements and undertakings of the parties hereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows: 

 AGREEMENT 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions of Certain Terms. For purposes of this Agreement, the following terms are used with the meanings
assigned below (such definitions to be equally applicable to both the singular and plural forms of the terms herein defined): 

“Affiliate” means, with respect to any person, any person directly or indirectly controlling, controlled by or under common
control with, such other person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any person, means
the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such person, whether through the ownership of voting securities by contract or otherwise. 

“Agreement” has the meaning set forth in the introductory paragraph of this agreement. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banking organizations in the Commonwealth
of Virginia or the State of West Virginia are required or authorized by Law to be closed. 
 “Closing” has the meaning set
forth in Section 2.02(A). 
 “Closing Date” has the meaning set forth in Section 2.02(A). 

“Company” has the meaning set forth in the recitals to this Agreement. 

“Company Common Stock” means the common stock, par value $1.00 per share, of the Company. 

“Company Material Adverse Effect” means a material adverse effect on the business, results of operations or financial
condition of the Company and its consolidated Subsidiaries taken as a whole; provided, however, that Company Material Adverse Effect shall not be deemed to include the effects of (i) changes after the date hereof in general
business, economic or market conditions (including changes generally in prevailing interest rates, credit availability and liquidity, currency exchange rates and price levels or trading volumes in the United States or foreign securities or credit
markets), or any outbreak or escalation of hostilities, declared or undeclared acts of war or terrorism, in each case generally affecting the industries in which the Company and its Subsidiaries operate, (ii) changes or proposed changes after
the date hereof in United States generally accepted accounting principles or regulatory accounting requirements, or authoritative interpretations thereof, (iii) changes or proposed changes after the date hereof in securities, banking and other
Laws of general applicability or related policies or interpretations of Governmental Entities (in the case of each of these clauses (i), (ii) and (iii), other than changes or occurrences to the extent that such changes or occurrences have or
would 

  
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reasonably be expected to have a materially disproportionate adverse effect on the Company and its consolidated Subsidiaries taken as a whole relative to comparable United States banking or
financial services organizations), or (iv) changes in the market price or trading volume of the Company Common Stock or any other equity, equity-related or debt securities of the Company or its consolidated Subsidiaries (it being understood and
agreed that the exception set forth in this clause (iv) does not apply to the underlying reason giving rise to or contributing to any such change). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Governmental Entity” means any court, administrative agency or commission or other governmental or regulatory authority or
instrumentality or self-regulatory organization. 
 “Law” means any law, statute, code, ordinance, rule, regulation,
judgment, order, award, writ, decree or injunction issued, promulgated or entered into by or with any Governmental Entity. 

“Liens” means any liens, licenses, pledges, charges, encumbrances, adverse rights or claims and security interests
whatsoever. 
 “Merger” has the meaning set forth in the recitals to this Agreement. 

“Merger Agreement” has the meaning set forth in the recitals to this Agreement. 

“Merger Sub” means George Mason Bankshares, Inc., a Virginia second-tier bank holding company. 

“Purchase Price” has the meaning set forth in Section 2.01. 

“Purchaser” has the meaning set forth in the introductory paragraph to this Agreement. 

“Regulatory Event” means, with respect to the Company, that (i) the Federal Deposit Insurance Corporation or any other
applicable Governmental Entity shall have been appointed as conservator or receiver for the Company or any Subsidiary; (ii) the Company or any Subsidiary shall have been considered in “troubled condition” for the purposes of 12 U.S.C.
Sec. 1831i or any regulation promulgated thereunder; (iii) the Company or any Subsidiary shall qualify as “Undercapitalized,” “Significantly Undercapitalized,” or “Critically Undercapitalized” as those terms are
defined in 12 U.S.C. Sec. 1831o or other applicable Law; or (iv) the Company or any Subsidiary shall have become subject to any formal or informal regulatory action requiring the Company or any Subsidiary to materially improve its capital,
liquidity or safety and soundness. 
 “Securities Purchase” has the meaning set forth in the recitals to this Agreement.

 “Seller” has the meaning set forth in the introductory paragraph to this Agreement. 

  
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 “Shares” has the meaning set forth in the recitals to this Agreement. 

“Subsidiary” means, with respect to any person, any bank, corporation, partnership, joint venture, limited liability company
or other organization, whether incorporated or unincorporated, (i) of which such person or a subsidiary of such person is a general partner or managing member or (ii) at least a majority of the securities or other interests of which having
by their terms ordinary voting power to elect a majority of the board of directors or persons performing similar functions with respect to such entity is directly or indirectly owned by such person and/or one or more subsidiaries thereof. 

“Warrant” has the meaning set forth in the recitals to this Agreement. 

Section 1.02 Interpretation. The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The term “person” as used in this Agreement shall mean any individual, corporation,
limited liability company, limited or general partnership, joint venture, government or any agency or political subdivision thereof, or any other entity or any group (as defined in Section 13(d)(3) of the Exchange Act) comprised of two or more
of the foregoing. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. In this Agreement, all references to
“dollars” or “$” are to United States dollars. This Agreement and any documents or instruments delivered pursuant hereto or in connection herewith shall be construed without regard to the identity of the person who drafted the
various provisions of the same. Each and every provision of this Agreement and such other documents and instruments shall be construed as though all of the parties participated equally in the drafting of the same. Consequently, the parties
acknowledge and agree that any rule of construction that a document is to be construed against the drafting party shall not be applicable either to this Agreement or such other documents and instruments. 

ARTICLE II 
 THE
SECURITIES PURCHASE 
 Section 2.01 The Securities Purchase. Subject to, and on the terms and conditions of, this Agreement,
effective at the Closing, the Purchaser will purchase from the Seller, and the Seller will sell, transfer, convey, assign and deliver to the Purchaser, the Warrant, free and clear of all Liens. The aggregate purchase price for the Warrant shall be
an amount in cash equal to Thirty-Three Million Two Hundred Sixty-Three Thousand Dollars ($33,263,000) (the “Purchase Price”). 

Section 2.02 Closing of the Securities Purchase. (A) Subject to Article V, the closing of the Securities Purchase (the
“Closing”) shall be held (1) immediately prior to the effective time set forth in the articles of merger filed with the office of the Virginia State Corporation Commission pursuant to which the Merger will be consummated or
(2) at such other 

  
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time or date that is agreed to in writing by the Seller and the Purchaser (the date on which the Closing occurs, the “Closing Date”). The Closing shall be held at such place as
the Seller and the Purchaser shall mutually agree in writing. 
 (B) At the Closing, or simultaneously therewith, the following shall occur:

 (1) the Seller will deliver to the Purchaser certificates for the Warrant, duly endorsed in blank or accompanied by
warrant powers duly endorsed in blank or other required instruments of transfer; and 
 (2) the Purchaser will pay the
Purchase Price to the Seller, by wire transfer in immediately available funds, to an account designated in writing by the Seller to the Purchaser, such designation to be made not later than two Business Days prior to the Closing Date. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.01 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Seller as follows:

 (A) Existence and Power. The Purchaser is duly organized and validly existing as a corporation under the Laws of the State of West
Virginia and has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement. 

(B) Authorization. The execution and delivery of this Agreement, and the consummation by the Purchaser of the transactions contemplated
hereby, have been duly and validly approved by all necessary corporate action of the Purchaser, and no other corporate or shareholder proceedings on the part of the Purchaser are necessary to approve this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly and validly executed and delivered by the Purchaser, and (assuming the due authorization, execution and delivery of this Agreement by the Seller) this Agreement constitutes a valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as enforcement may be limited by general principles of equity whether applied in a court of law or a court of equity and by bankruptcy, insolvency
and similar Laws affecting creditors’ rights and remedies generally. 
 (C) Non-Contravention. Neither the execution and
delivery of this Agreement nor the consummation by the Purchaser of the transactions contemplated hereby, will violate any provision of the charter or bylaws or similar governing documents of the Purchaser or, assuming that the consents, approvals,
filings and registrations referred to in Section 3.01(D) are received or made (as applicable), applicable Law. 
 (D) Consents and
Approvals. Except for any consents, approvals, filings or registrations required in connection with the transactions contemplated by the Merger 

  
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Agreement, no consents or approvals of, or filings or registrations with, any Governmental Entity or of or with any other third party by and on behalf of the Purchaser are necessary in connection
with the execution and delivery by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby. 

(E) Securities Matters. The Warrant is being acquired by the Purchaser for its own account and without a view to the public
distribution or sale of the Warrant. 
 (F) Availability of Funds. The Purchaser has, and will have as of the Closing, sufficient
funds available to consummate the transactions contemplated hereunder. 
 ARTICLE IV 

COVENANTS 
 Section 4.01
Forbearances of the Seller. From the date hereof until the Closing, without the prior written consent of the Purchaser, the Seller will not: 

(A) directly or indirectly transfer, sell, assign, distribute, exchange, pledge, hypothecate, mortgage, encumber or otherwise dispose of or
engage in or enter into any hedging transactions with respect to, the Warrant or any portion thereof or interest therein (other than pursuant to the Securities Purchase); 

(B) exercise the Warrant, in whole or in part; or 

(C) agree, commit to or enter into any agreement to take any of the actions referred to in Section 4.01(A) or Section 4.01(B). 

Notwithstanding the foregoing, the Seller may undertake any of the actions set forth in Section 4.01(A) with an Affiliate of the Seller
so long as this Agreement is assigned to such Affiliate in accordance with Section 7.07 of this Agreement. For the avoidance of doubt, until the Closing, except as expressly set forth in this Section 4.01, the Seller shall continue to be
able to exercise all rights and privileges with respect to the Warrant. 
 Section 4.02 Further Action. The Seller and the Purchaser
(A) shall each execute and deliver, or shall cause to be executed and delivered, such documents and other instruments and shall take, or shall cause to be taken, such further action as may be reasonably necessary to carry out the provisions of
this Agreement and give effect to the transactions contemplated by this Agreement and (B) shall refrain from taking any actions that could reasonably be expected to impair, delay or impede the Closing or the consummation of the transactions
contemplated by this Agreement. 
 Section 4.03 Merger Agreement. The Purchaser will not agree to any amendment, modification or
waiver of any provision of the Merger Agreement (other than corrections of obvious errors, if any, or other ministerial amendments) to the extent such amendment, modification or waiver would adversely affect the Seller, without the prior written
consent of the Seller. 

  
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 Section 4.04 Merger. The Purchaser shall (i) keep the Seller reasonably apprised of
its progress in obtaining necessary regulatory approvals for the Merger and (ii) deliver to the Seller copies of any written notices the Purchaser and the Company deliver to one another under the Merger Agreement to the extent such notices
relate to such approvals, the failure to obtain any such approvals or the termination of the Merger Agreement. 
 ARTICLE V 

CONDITIONS TO THE CLOSING 

Section 5.01 Conditions to Each Party’s Obligations. The respective obligations of each of the Purchaser and the Seller to
consummate the Securities Purchase are subject to the fulfillment, or written waiver by the Purchaser and the Seller, prior to the Closing, of each of the following conditions: 

(A) Satisfaction of Conditions Precedent to the Merger. All conditions precedent to the Merger set forth in the Merger Agreement (other
than those conditions that by their nature are to be satisfied at the closing of the Merger) shall have been satisfied or waived. 
 (B)
Regulatory Approvals. All regulatory approvals required to consummate the Securities Purchase shall have been obtained and shall remain in full force and effect and all statutory waiting periods in respect thereof shall have expired or been
terminated. 
 (C) No Injunctions or Restraints; Illegality. No order, injunction or decree issued by any court or agency of
competent jurisdiction or other legal restraint or prohibition preventing the consummation of the Securities Purchase shall be in effect. No Law shall have been enacted, entered, promulgated or enforced by any Governmental Entity which prohibits or
makes illegal the consummation of the Securities Purchase. 
 Section 5.02 Conditions to Obligations of the Seller. The obligation of
the Seller to consummate the Securities Purchase is also subject to the fulfillment, or written waiver by the Seller, prior to the Closing, of the following conditions: 

(A) Other Events. None of the following shall have occurred since the date hereof: 

(1) the Company or any of its Subsidiaries shall have: (a) dissolved (other than pursuant to a consolidation, amalgamation
or merger); (b) become insolvent or unable to pay its debts or failed or admitted in writing its inability generally to pay its debts as they become due; (c) made a general assignment, arrangement or composition with or for the benefit of
its creditors; (d) instituted or have instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a
petition shall have been presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition shall have resulted in a judgment of insolvency or bankruptcy
or the entry of an order for relief or the making of an order for its winding-up or liquidation; (e) had a resolution passed for 

  
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its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (f) sought or shall have become subject to the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (g) had a secured party take possession of all or substantially all its assets or had
a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets; (h) caused or shall have been subject to any event with respect to it which, under the
applicable laws of any jurisdiction, had an analogous effect to any of the events specified in clauses (a) to (g) (inclusive); or (i) taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the foregoing acts; 
 (2) a Governmental Entity in any jurisdiction shall have: (a) commenced an action or
proceeding against the Company or any of its Subsidiaries; or (b) issued or entered a temporary restraining order, preliminary or permanent injunction or other order binding upon the Company or any of its Subsidiaries, which in the case of
(a) and (b) shall have had or shall be reasonably expected to have a Company Material Adverse Effect; 
 (3) any
fact, circumstance, event, change, occurrence, condition or development shall have occurred that, individually or in the aggregate, shall have had or shall be reasonably likely to have a Company Material Adverse Effect; or 

(4) any Regulatory Event not otherwise existing on the date hereof. 

(B) Representations and Warranties. The representations and warranties set forth in Article III of this Agreement shall be true and
correct as though made on and as of the Closing Date. 
 (C) Consents and Approvals. All consents and approvals of, and filings and
registrations with, all Governmental Entities and of or with any other third party by and on behalf of the Company and the Purchaser that are necessary in connection with the execution and delivery by the Purchaser of this Agreement and the
consummation by the Purchaser of the transactions contemplated hereby shall have been obtained or made, as applicable, and shall remain in full force and effect. 

(D) Performance Obligations. The Purchaser shall have performed in all material respects all obligations required to be performed by it
under this Agreement at or prior to the Closing. 
 (E) Closing Certificate. The Purchaser shall deliver to the Seller a certificate,
dated as of the Closing Date, signed on behalf of the Purchaser by a senior executive officer thereof certifying to the effect that all conditions precedent to the Closing have been satisfied. 

  
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 ARTICLE VI 

TERMINATION 
 Section 6.01
Termination Events. This Agreement may be terminated at any time prior to the Closing: 
 (A) by mutual written agreement of the
Purchaser and the Seller; or 
 (B) by the Purchaser, upon written notice to the Seller, or by the Seller, upon written notice to the
Purchaser, in the event that the Closing Date does not occur on or before January 31, 2014; provided, however, that the respective rights to terminate this Agreement pursuant to this Section 6.01(B) shall not be available to
any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing Date to occur on or prior to such date. 

This Agreement shall automatically terminate upon the termination of the Merger Agreement in accordance with its terms. 

Section 6.02 Effect of Termination. In the event of termination of this Agreement as provided in Section 6.01, this Agreement
shall forthwith become void and have no effect, and none of the Seller, the Purchaser, any affiliates of the Seller or the Purchaser or any officers, directors or employees of the Seller or the Purchaser or any of their respective affiliates shall
have any liability of any nature whatsoever hereunder, or in connection with the transactions contemplated hereby, except that this Section 6.02 and Sections 7.03, 7.04, 7.05 and 7.06 shall survive any termination of this Agreement. 

ARTICLE VII 

MISCELLANEOUS 
 Section
7.01 Waiver; Amendment. Any provision of this Agreement may be (A) waived in writing by the party benefiting by the provision or (B) amended or modified at any time by an agreement in writing signed by each of the parties hereto.
Neither any failure nor any delay by any party in exercising any right, power or privilege under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or
partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege. 

Section 7.02 Counterparts. This Agreement may be executed by facsimile or other electronic means and in counterparts, all of which
shall be considered an original and one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same
counterpart. 
 Section 7.03 Governing Law; Choice of Forum; Waiver of Jury Trial. (A) This Agreement and any claim, controversy
or dispute arising under or related to this 

  
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Agreement, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties shall be enforced, governed and construed in all respects (whether in
contract or in tort) in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely
within such State. Each of the parties hereto agrees (a) to submit to the exclusive jurisdictions and venue of the United States District Court of the District of Columbia and the United States Court of Federal Claims for any and all civil
actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby, and (b) that notice may be served upon (i) the Purchaser at the address and in the manner set forth for notices to the
Purchaser in Section 7.05 and (ii) the Seller at the address and in the manner set forth for notices to the Seller in Section 7.05, but otherwise in accordance with federal law. 

(B) To the extent permitted by applicable Law, each of the parties hereto hereby unconditionally waives trial by jury in any civil legal
action or proceeding relating to this Agreement or the transactions contemplated hereby. 
 Section 7.04 Expenses. If requested
by the Seller, the Purchaser shall pay all reasonable out of pocket and documented costs and expenses associated with this Agreement and the transactions contemplated by this Agreement, including, but not limited to, the reasonable fees,
disbursements and other charges of the Seller’s legal counsel and financial advisors. 
 Section 7.05 Notices. All notices and
other communications hereunder shall be in writing and shall be deemed given on the date of delivery if delivered personally or telecopied (upon telephonic confirmation of receipt), on the first Business Day following the date of dispatch if
delivered by a recognized next day courier service, or on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set
forth below or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 If to the
Purchaser to: 
  

			
	 United Bankshares, Inc.
 514 Market
Street
 Parkersburg, West Virginia 26101

	Facsimile:	  	(304) 424-8758
	Attention:	  	Richard M. Adams
		  	Steven Wilson

 With a copy to: 

 

			
	 Bowles Rice LLP
 600 Quarrier
Street
 Charleston, WV 25301

	Facsimile:	  	(304) 343-3058
	Attention:	  	Sandra M. Murphy
		  	Benjamin R. Thomas

  
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 If to the Seller to: 

 

			
	 United States Department of the Treasury

1500 Pennsylvania Avenue, NW
 Washington, D.C. 20220

	Facsimile:	  	(202) 927-9225
	Attention:	  	Chief Counsel Office of Financial Stability

 With a copy to: 

 

			
	 Cadwalader, Wickersham & Taft LLP

One World Financial Center
 New York, New York 10281

	Facsimile:	  	(212) 504-6666
	Attention:	  	William P. Mills

 Section 7.06 Entire Understanding; No Third Party Beneficiaries. This Agreement (together with
the documents, agreements and instruments referred to herein) represents the entire understanding of the parties with respect to the subject matter hereof and supersedes any and all other oral or written agreements heretofore made with respect to
the subject matter hereof. Nothing in this Agreement, expressed or implied, is intended to confer upon any person, other than the parties hereto, any rights or remedies hereunder. 

Section 7.07 Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof
shall be assignable by any party hereto without the prior written consent of the other parties, and any attempt to assign any right, remedy, obligation or liability hereunder without such consent shall be null and void; provided,
however, that the Seller may assign this Agreement to an Affiliate of the Seller. If the Seller assigns this Agreement to an Affiliate, the Seller shall be relieved of its obligations and liabilities under this Agreement but (i) all
rights, remedies, obligations and liabilities of the Seller hereunder shall continue and be enforceable by and against and assumed by such Affiliate, (ii) the Purchaser’s obligations and liabilities hereunder shall continue to be
outstanding and (iii) all references to the Seller herein shall be deemed to be references to such Affiliate. The Seller will give the Purchaser notice of any such assignment; provided, that the failure to provide such notice shall not
void any such assignment. 
 Section 7.08 Severability. Any term or provision of this Agreement which is determined by a court of
competent jurisdiction to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid, illegal or unenforceable the remaining
terms and provisions of this Agreement. or affecting the validity, legality or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction, and if any provision of this Agreement is determined to be so broad as to be
unenforceable, the provision shall be interpreted to be only so broad as is enforceable, in all cases so long as neither the economic nor legal substance of the transactions contemplated hereby is affected in any manner materially adverse to any
party or its shareholders. Upon any such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	 /s/ Timothy J. Bowler

		 	Name:	 	Timothy J. Bowler
		 	Title:	 	Acting Assistant Secretary for
		 		 	Financial Stability
	
	UNITED BANKSHARES, INC.
		
	By:	 	 /s/ Steven E. Wilson

		 	Name:	 	Steven E. Wilson
		 	Title:	 	Chief Financial Officer

 [Signature Page to Securities Purchase Agreement]EX-10.2

 Exhibit 10.2 

FORM OF 

INDEPENDENT CONTRACTOR AGREEMENT 

THIS INDEPENDENT CONTRACTOR AGREEMENT (the “Agreement”) is made and entered into this      day of
            , 2014, between Peter A. Converse (“Contractor”) and United Bank (“United”). 

WHEREAS, Contractor has considerable experience in the banking industry; and 

WHEREAS, United wishes to retain the expertise of Contractor and Contractor wishes to perform the services described herein for United
pursuant to the terms and conditions hereof; and 
 WHEREAS, United and the Contractor acknowledge and agree that no employment
relationship exists between United and the Contractor for the work performed under this Agreement. United and the Contractor acknowledge and agree that the Contractor is an independent contractor for all purposes related to this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and covenants made in this Agreement, the parties agree as follows: 

1. Services. During the period from the date Contractor terminates employment with United, successor by merger to Virginia
Commerce Bank, to the date which is two years from and after the date on which Contractor first begins performing services under this Agreement, and for additional one year renewal periods thereafter, unless earlier terminated pursuant to paragraph
5 below, Contractor shall provide consulting and advisory services to United to the extent Contractor and United deem appropriate, but for no more than one day per week or the hourly equivalent thereof and in no event to exceed 8 hours per week.

 2. Compensation. For services rendered by Contractor hereunder, Contractor shall be compensated by United as follows: for
each one year period during which this Agreement remains in effect, prior to termination pursuant to paragraph 5 below, with pro-ration to the date of termination for any partial year during which this Agreement is in effect prior to any such
termination, Contractor shall be paid the sum of Two Hundred and Twenty Thousand Dollars ($220,000) with such $220,000 sum to be paid in equal semi-monthly installments of $9,166.67. 

 3. Business Expenses. Contractor shall retain the sole responsibility for his own
business-related expenses, provided, however, that United shall afford Contractor access to reasonable office space, office supplies and secretarial assistance and shall reimburse Contractor for any reasonable business expenses incurred in the
performance of services for United hereunder, but only if such business expense is in fact incurred by Contractor prior to any termination of this Agreement pursuant to paragraph 5. The reimbursement of an eligible business expense, if any, shall be
made by United in accordance with United’s regular reimbursement procedures but, in no event, later than the last day of Contractor’s taxable year during which the expense was incurred or, if later, the fifteenth day of the third month
after such expense was incurred, and Contractor is required to request reimbursement and substantiate any such expense no later than ten days prior to the last date on which United is required to provide reimbursement for such expense hereunder. The
amount of business expenses, if any, eligible for reimbursement during Contractor’s taxable year shall not affect the expenses eligible for reimbursement, if any, in any other taxable year. The right to reimbursement, if any, under this
Agreement is not subject to liquidation or exchange for another benefit. 
 4. Duties of Independent Contractor. Contractor
agrees to provide consulting and advisory services respecting financial and banking matters that are needed by United, within the limits set forth in paragraph 1, and Contractor agrees to provide his services in the most efficient, comprehensive and
professional manner possible. 
 5. Termination of Agreement. This Agreement may be terminated at any time, with or without
cause, by either party by thirty (30) days prior written notification. Upon termination, Contractor shall be entitled to receive compensation, as provided in paragraph 2, only to the date of termination, which compensation shall be paid at the
time and in the manner provided in paragraph 2. 
 6. Independent Contractor Status. It is understood that Contractor is an
independent contractor, and is not an employee, agent, partner, affiliate or representative of United, and shall not hold himself out to the public as an employee, agent, partner, affiliate or representative of United. As such, Contractor is
responsible, where necessary, to secure, at his 

  
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sole cost, professional and general liability insurance, workers’ compensation insurance, disability benefits insurance, and any other insurance as may be required by law or by this
Agreement except that United remains obligated to provide continued health care benefits to Executive under that certain Employment Agreement by and between Contractor, Virginia Commerce Bank, predecessor by merger to United, and Virginia Commerce
Bancorp, Inc. dated March 1, 2012, which terminated by resignation of Peter A. Converse at the end of the day on             , 2014, (the “Employment Agreement”) and that
certain Separation Agreement by and between Contractor and United dated             , 2014 (the “Separation Agreement”). 

7. Tax Duties and Responsibilities. Contractor is solely responsible for the payment of all required taxes, whether federal,
state or local in nature, including, but not limited to, payroll taxes, income taxes, social security taxes, federal unemployment compensation taxes, and any other fees, charges, licenses, or other payments required by law. United agrees to provide
all information needed by Contractor to fulfill his tax obligations on a timely basis. 
 8. Business of Independent
Contractor. Except as otherwise provided under the terms and conditions respecting confidentiality, non-competition and non-piracy of the Employment Agreement and which provisions respecting confidentiality, non-competition and non-piracy
survive termination of the Employment Agreement as set forth therein, Contractor may engage in any business that he may choose, and is not required to devote all his energies exclusively for the benefit of United. 

9. Supervision. Contractor shall not be subject to the provisions of any personnel handbook or the rules and regulations
applicable to employees of United because Contractor shall fulfill his responsibilities independent of, and without supervisory control by United, provided, however, Contractor shall abide by and observe all rules relating to safety and security and
all anti-discrimination and anti-harassment policies of United, whether now in existence or hereafter adopted. 
 10. Confidential
Information. Contractor acknowledges that United may disclose certain confidential information to the Contractor during the term of this Agreement to enable him to perform his duties hereunder. Contractor hereby covenants and agrees that he
will not, without the prior written consent of United, during the term of this Agreement or at any time 

  
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thereafter, disclose or permit to be disclosed to any third party by any method whatsoever any of the confidential information of United or any subsidiary or affiliate thereof. For purposes of
this Agreement, “confidential information” shall include, but not be limited to, any and all records, notes, memoranda, data, ideas, processes, methods, techniques, systems, formulas, patents, models, devices, programs, computer software,
writings, research, personnel information, customer information, United’s financial information, plans, or any other information of whatever nature in the possession or control of United which has not been published or disclosed to the general
public, or which gives United an opportunity to obtain an advantage over competitors who do not know of or use it. Contractor further agrees that if this Agreement is terminated for any reason, he will leave with United and will not take originals
or copies of any and all records, papers, programs, computer software and documents and all matter of whatever nature which bears secret or confidential information of United. 

The foregoing paragraph shall not be applicable if and to the extent Contractor is required to testify in a judicial or regulatory proceeding
pursuant to an order of a judge or administrative law judge issued after Contractor and his legal counsel urge that the aforementioned confidentiality be preserved. 

The foregoing covenants will not prohibit Contractor from disclosing confidential or other information to employees of United or any third
parties to the extent that such disclosure is necessary to the performance of his duties under this Agreement. 
 11. Notices.
For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered or certified mail, return
receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Contractor:	  	 Peter A. Converse
 1201 North Nash Street,
#502
 Arlington, Virginia 22209

		
	If to United:	  	 United Bank
 Attn.: James J. Consagra, Jr.

President & CEO
 2071 Chain Bridge Road

Suite 600
 Vienna, Virginia 22182

  
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 12. Separation from Service. In the event of a termination of this Agreement
pursuant to paragraph 5, regardless of whether or not Contractor may continue thereafter to serve as a member of the Board of Directors of United or any affiliate, or to otherwise provide any services as an independent contractor for United or any
affiliate, and regardless of whether or not Contractor shall thereby meet or fail to meet the definition of “Separation from Service” with regard to United or any affiliate, due to any such continued service as an independent contractor
other than under this Agreement, this Agreement shall nevertheless terminate and in no event shall Contractor be entitled to any compensation under this Agreement for any period from or after such date of termination of this Agreement.
“Separation from Service” means the good faith, complete expiration and termination of Contractor’s service, hereunder or otherwise as an independent contractor for United or any affiliate, including but not limited to as a member of
the Board of Directors or otherwise, as the case may be, for any reason. In addition, the term “Separation from Service” shall be interpreted under this Plan in a manner consistent with the requirements of Code Section 409A which are
incorporated herein by reference, but in all events, regardless of whether or not, upon termination of this Agreement under paragraph 5, Contractor has “Separated from Service” as a member of the Board of Directors of United or any
affiliate, or otherwise as an independent contractor for United or any affiliate other than under this Agreement, no compensation shall be due under this Agreement for any period from and after termination of this Agreement under paragraph 5 of this
Agreement. 
 13. Assignment. Neither party shall sell, assign or transfer this Agreement without the prior written consent of
the other party. 
 14. Governing Law. This Agreement shall be subject to and governed by the laws of the Commonwealth of
Virginia. 
 15. Severability. If any provision of this Agreement, or any portion of any provision hereof, is held to be
invalid, illegal or unenforceable, all other provisions shall remain in force and effect as if such invalid, illegal or unenforceable provision or portion thereof had not been included herein. If any provision or portion of any provision of this
Agreement is so broad as to be unenforceable, such provision or a portion thereof shall be interpreted to be only so broad as is enforceable. 

  
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 16. Waiver of Breach. No requirement of this Agreement may be waived except by a
written document signed by the party adversely affected. A waiver of a breach of any provision of the Agreement by any party shall not be construed as a waiver of subsequent breaches of that provision. 

17. Modification. No change, modification or waiver of any term of this Agreement shall be valid unless it is in writing and
signed by both parties. 
 18. Interpretation. Words importing the masculine, feminine or neutral gender shall include any
other gender and shall, where applicable, include firms, corporations and other legal entities. 
 19. Entire Agreement. This
Agreement constitutes the entire agreement between the parties and supersedes all prior agreements or understandings between the parties, provided, however, that the obligations respecting the payment of severance compensation and continued
healthcare benefits and the covenants respecting confidentiality, non-competition and non-piracy of the Employment Agreement which terminated by resignation of Peter A. Converse at the end of the day on
            , 2014 and the Separation Agreement, shall remain in effect and shall not be superseded by this Agreement. 

20. Headings. The headings are inserted for convenience only and shall be considered when interpreting any of the provisions or
terms hereof. 
 [Signature page follows this page] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	  

	Contractor
	
	UNITED BANK
		
	By:	 	  

		
	Its:	 	  

  
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