SCHULTHEIS ANNA J (Executive Vice President) exercised options at UNITED BANKSHARES INC/WV

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 1 exercise

SCHULTHEIS ANNA J

Filed: 12/12/2025ACC: 0001225208-25-009889

InsiderSCHULTHEIS ANNA JCIK 1929788

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IssuerUNITED BANKSHARES INC/WVCIK 729986

Officer· Executive Vice President

Since May 2022

-1.29K

Net shares

Net seller

$50.9K

Total sold

Open market trades

0B · 0S

Total transactions

1.38K acquired · 2.66K disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+1.38K

Price / share

$35.04

Trade value

$48.18K

% of position

13.1%

12/11/2025

10.53K→11.90K

Common Stock

Direct

F · Tax Withholding

−1.29K

Price / share

$39.53

Trade value

$50.88K

% of position

10.8%

12/11/2025

11.90K→10.62K

Total

Net shares

+88.00

Net value

-$2.70K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	12/11/2025	M · Option Exercise	+1.38K	$35.04	$48.18K	13.1%	10.53K	11.90K
Common Stock Direct	12/11/2025	F · Tax Withholding	−1.29K	$39.53	$50.88K	10.8%	11.90K	10.62K
Total			+88.00		-$2.70K

Derivative Transactions1

Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

1.38K shares

−1.38K

Strike price

35.0400

Held after

0.00

Exercisable

—

12/11/2025

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Stock Option Direct	Common Stock1.38K shares	12/11/2025	M · Option Exercise	−1.38K	35.0400	—	0.00

Non-Derivative Holdings (Post-Transaction)2

Common Stock

Indirect

Shares owned12.90K

Common Stock

Indirect

Shares owned1.20K

Total

14.10K indirect14.10K

Security Title	Shares Owned	Ownership Type
Common Stock	12.90K	Indirect
Common Stock	1.20K	Indirect
Total	14.10K	14.10K indirect

Derivative Holdings (Post-Transaction)4

Stock Option

Direct

Underlying security

Common Stock

Underlying shares

793.00

Shares owned

793.00

Exercise price

32.5100

Expiration

—

Exercise window

—

Stock Option

Direct

Underlying security

Common Stock

Underlying shares

1.75K

Shares owned

1.75K

Exercise price

37.6000

Expiration

—

Exercise window

—

Stock Option

Direct

Underlying security

Common Stock

Underlying shares

1.75K

Shares owned

1.75K

Exercise price

45.3000

Expiration

—

Exercise window

—

Stock Option

Direct

Underlying security

Common Stock

Underlying shares

1.75K

Shares owned

1.75K

Exercise price

38.4900

Expiration

—

Exercise window

—

Total

Underlying

6.04K

Owned

6.04K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Stock Option Direct	Common Stock	32.5100	—	—	793.00	793.00
Stock Option Direct	Common Stock	37.6000	—	—	1.75K	1.75K
Stock Option Direct	Common Stock	45.3000	—	—	1.75K	1.75K
Stock Option Direct	Common Stock	38.4900	—	—	1.75K	1.75K
Total					6.04K	6.04K