WILLIAM E. SAUNDERS JR - 03 Dec 2021 Form 4 Insider Report for Community Bankers Trust Corp (ESXB)

Role
EVP and CRO, Essex Bank
Signature
/s/ John M. Oakey, III by power of attorney
Issuer symbol
ESXB
Transactions as of
03 Dec 2021
Net transactions value
$0
Form type
4
Filing time
07 Dec 2021, 16:23:18 UTC
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ESXB Common Stock Disposed to Issuer -15,727 -100% 0 03 Dec 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ESXB Employee Stock Option Disposed to Issuer -15,000 -100% 0 03 Dec 2021 Common Stock 15,000 $2.86 Direct F2, F11
transaction ESXB Employee Stock Option Disposed to Issuer -15,000 -100% 0 03 Dec 2021 Common Stock 15,000 $3.80 Direct F3, F11
transaction ESXB Employee Stock Option Disposed to Issuer -20,000 -100% 0 03 Dec 2021 Common Stock 20,000 $4.37 Direct F4, F11
transaction ESXB Employee Stock Option Disposed to Issuer -20,000 -100% 0 03 Dec 2021 Common Stock 20,000 $5.07 Direct F5, F11
transaction ESXB Employee Stock Option Disposed to Issuer -20,000 -100% 0 03 Dec 2021 Common Stock 20,000 $7.40 Direct F6, F11
transaction ESXB Employee Stock Option Disposed to Issuer -20,000 -100% 0 03 Dec 2021 Common Stock 20,000 $8.45 Direct F7, F11
transaction ESXB Employee Stock Option Disposed to Issuer -25,000 -100% 0 03 Dec 2021 Common Stock 25,000 $7.70 Direct F8, F11
transaction ESXB Employee Stock Option Disposed to Issuer -20,000 -100% 0 03 Dec 2021 Common Stock 20,000 $9.45 Direct F9, F11
transaction ESXB Employee Stock Option Disposed to Issuer -20,000 -100% 0 03 Dec 2021 Common Stock 20,000 $7.67 Direct F10, F11
transaction ESXB Restricted Stock Units (performance-based) Disposed to Issuer -5,000 -100% 0 03 Dec 2021 Common Stock 5,000 Direct F12
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

WILLIAM E. SAUNDERS JR is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 The transaction reported is the disposition of shares of the Issuer's common stock pursuant to the terms of the Agreement and Plan of Reorganization, dated June 2, 2021, by and between United Bankshares, Inc. ("United") and the Issuer, pursuant to which the Issuer was merged with and into United effective December 3, 2021 (the "Merger"). Pursuant to the Merger, each issued and outstanding share of the Issuer's common stock was converted into 0.3173 shares of United's common stock, with cash paid in lieu of fractional shares. As a result of the Merger, the reporting person no longer beneficially owns directly or indirectly any shares of the Issuer's common stock.
F2 The option vested in four equal annual installments beginning on January 17, 2014.
F3 The option vested in four equal annual installments beginning on January 17, 2015.
F4 The option vested in four equal annual installments beginning on January 16, 2016.
F5 The option vested in four equal annual installments beginning on January 22, 2017.
F6 The option vested in four equal annual installments beginning on January 20, 2018.
F7 The option vested and was to vest in four equal annual installments beginning on January 19, 2019.
F8 The option vested and was to vest in four equal annual installments beginning on January 18, 2020.
F9 The option vested and was to vest in four equal annual installments beginning on January 17, 2021.
F10 The option was to vest in four equal annual installments beginning on February 19, 2022.
F11 The option was assumed by United in the Merger, vesting in accordance with the terms of the award agreement, and replaced with an option to purchase shares of United's common stock equal to the number of shares of the Issuer's common stock subject to such option multiplied by 0.3173, at an exercise price equal to the exercise price of such option divided by 0.3173.
F12 The restricted stock units were assumed by United in the Merger, vesting in accordance with the terms of the award agreement, and replaced with the right to receive a number of shares of United's common stock equal to the vested number of shares of the Issuer's common stock multiplied by 0.3173. The vesting of the performance-based restricted stock units, and the corresponding issuance of shares of common stock, had been based on the Issuer's performance with respect to the return on average assets financial metric over the three-year period ending December 31, 2023.