Notice of Accelerated Vesting and Transfer Restrictions for UBSI Executive Officer Stock Options
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Summary
United Bankshares has accelerated the vesting of unvested stock option awards for its executive officers as of December 30, 2005. However, any shares obtained by exercising these options cannot be sold, transferred, pledged, or otherwise disposed of until the original vesting date or the executive's employment ends, whichever comes first. Executive officers must acknowledge these restrictions by signing and returning this notice.
EX-10.1 2 j1771601exv10w1.htm EX-10.1 EX-10.1
Exhibit 10.1
NOTICE TO UBSI EXECUTIVE OFFICERS
YOU ARE AWARE THAT EFFECTIVE DECEMBER 30, 2005 THE EXECUTIVE COMMITTEE OF UNITED BANKSHARES ACCELERATED THE VESTING OF UNVESTED UBSI STOCK OPTION AWARDS.
In order to prevent unintended personal benefits to executive officers, however, the Committee imposed restrictions on any shares received through the exercise of the Options held by executive officers. These restrictions will prevent the sale, transfer, pledging or otherwise disposing of any shares received from the exercise of the Option prior to the earlier of the original vesting date of the Option under the Plan or the individual’s termination of employment.
PLEASE SIGN/DATE AND RETURN THIS NOTICE TO JACK STOKES INDICATING YOUR ACKNOWLEDGMENT OF THE RESTRICTIONS OUTLINED ABOVE.
SHOULD YOU HAVE QUESTIONS, PLEASE CONTACT KEN DAVIS (304) ###-###-#### OR JACK STOKES (304) ###-###-####.
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