Exhibit 99(b)
STOCKHOLDER AGREEMENT
STOCKHOLDER AGREEMENT, dated as of August 18, 1995, by and among Eagle
Bancorp, Inc. (the "Company"), a Delaware corporation, and certain stockholders
of United Bankshares, Inc. (the "Acquiror"), a West Virginia corporation, named
on Schedule I hereto (collectively the "Stockholders").
Witnesseth:
WHEREAS, the Acquiror and the Company have entered into an Agreement and
Plan of Merger, dated as of the date hereof (the "Agreement"), which is being
executed simultaneously with the execution of this Stockholder Agreement and
provides for, among other things, the merger of the Company with and into the
Acquiror (the "Merger"); and
WHEREAS, in order to induce the Company to enter into the Agreement, each
of the Stockholders agrees to, among other things, vote in favor of the
Agreement in their capacities as stockholders of the Acquiror;
NOW, THEREFORE, in consideration of the premises, the mutual covenants and
agreements set forth herein and other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
1. Ownership of Company Common Stock. Each Stockholder represents and
warrants that the Stockholder has or shares the right to vote and dispose of the
number of shares of common stock of the Acquiror, par value $2.50 per share
("Acquiror Common Stock"), set forth opposite such Stockholder's name on
Schedule I hereto.
2. Agreements of the Stockholders. Each Stockholder covenants and agrees
that:
(a) such Stockholder shall, at any meeting of the Acquiror's
stockholders called for the purpose, vote, or cause to be voted, all
shares of Acquiror Common Stock in which such stockholder has the right
to vote (whether owned as of the date hereof or hereafter acquired) in
favor of the Agreement;
(b) except as otherwise expressly permitted hereby, such Stockholder
shall not, prior to the meeting of the Acquiror's stockholders referred
to in Section 2(a) hereof or the earlier termination of the Agreement in
accordance with its terms, sell, pledge, transfer or otherwise dispose of
the Stockholder's shares of Acquiror Common Stock;
(c) such Stockholder shall use his best efforts to take or cause to be
taken all action, and to do or cause to be done all things, necessary,
proper or advisable under applicable laws and regulations to consummate
and make effective the agreements contemplated by this Stockholder
Agreement.
3. Successors and Assigns. A Stockholder may sell, pledge, transfer or
otherwise dispose of his shares of Company Common Stock, provided that such
Stockholder obtains the prior written consent of the Acquiror and that any
acquiror of such Company Common Stock agree in writing to be bound by the terms
of this Stockholder Agreement.
4. Termination. The parties agree and intend that this Stockholder
Agreement be a valid and binding agreement enforceable against the parties
hereto and that damages and other remedies at law for the breach of this
Stockholder Agreement are inadequate. This Stockholder Agreement may be
terminated at any time prior to the consummation of the Merger by mutual written
consent of the parties hereto and shall be automatically terminated in the event
that the Agreement is terminated in accordance with its terms.
5. Notices. Notices may be provided to the Acquiror and the Stockholders
in the manner specified in Section 8.4 of the Agreement, with all notices to the
Stockholders being provided to them at the Company in the manner specified in
such section.
6. Governing Law. This Stockholder Agreement shall be governed by the
laws of the State of West Virginia without giving effect to the principles of
conflicts of laws thereof.
7. Counterparts. This Stockholder Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same and each of
which shall be deemed an original.
8. Headings and Gender. The Section headings contained herein are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Stockholder Agreement. Use of the masculine gender
herein shall be considered to represent the masculine, feminine or neuter gender
whenever appropriate.
IN WITNESS WHEREOF, the Company, by a duly authorized officer, and each of
the Stockholders have caused this Stockholder Agreement to be executed as of the
day and year first above written.
EAGLE BANCORP, INC.
By: /s/ William W. Wagner
--------------------------------------------
Name: William W. Wagner
Title: Chairman and Chief
Executive Officer
ACQUIROR STOCKHOLDERS:
/s/ Richard M. Adams
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Richard M. Adams
/s/ I.N. Smith, Jr.
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I.N. Smith, Jr.
/s/ Douglass H. Adams
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Douglass H. Adams
/s/ Robert G. Astorg
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Robert G. Astorg
/s/ Thomas J. Blair, III
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Thomas J. Blair, III
/s/ Harry L. Buch
------------------------------------------------
Harry L. Buch
/s/ R. Terry Butcher
------------------------------------------------
R. Terry Butcher
/s/ John W. Dudley
------------------------------------------------
John W. Dudley
/s/ H. Smoot Fahlgren
------------------------------------------------
H. Smoot Fahlgren
/s/ Theodore J. Georgelas
------------------------------------------------
Theodore J. Georgelas
/s/ Joseph W. Gompers
------------------------------------------------
Joseph W. Gompers
/s/ C.E. Goodwin
------------------------------------------------
C.E. Goodwin
/s/ F.T. Graff, Jr.
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F.T. Graff, Jr.
/s/ Leonard A. Harvey
------------------------------------------------
Leonard A. Harvey
/s/ Andrew J. Houvouras
------------------------------------------------
Andrew J. Houvouras
/s/ Russell L. Isaacs
------------------------------------------------
Russell L. Isaacs
/s/ Robert P. McLean
------------------------------------------------
Robert P. McLean
/s/ Thomas A. McPherson
------------------------------------------------
Thomas A. McPherson
/s/ G. Ogden Nutting
------------------------------------------------
G. Ogden Nutting
/s/ William C. Pitt, III
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William C. Pitt, III
/s/ Charles E. Stealey
------------------------------------------------
Charles E. Stealey
/s/ Warrenn A. Thornhill, III
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Warren A. Thornhill, III
/s/ Harold L. Wilkes
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Harold L. Wilkes
/s/ James W. Word, Jr.
-------------------------------------------------
James W. Word, Jr.
SCHEDULE I
Number of Shares of Acquiror Common
Name of Stockholder Stock Beneficially Owned (1)(2)
---------------------------------------------------------------
Richard M. Adams 232,298
I.N. Smith, Jr. 225,060
Douglass H. Adams 36,841
Robert G. Astorg 12,960
Thomas J. Blair, III 137,825
Harry L. Buch 10,063
R. Terry Butcher 24,000
John W. Dudley 8,703
H. Smoot Fahlgren 125,163
Theodore J. Georgelas 49,666
Joseph W. Gompers 7,947
C.E. Goodwin 16,892
F.T. Graff, Jr. 11,000
Leonard A. Harvey 29,518
Andrew J. Houvouras 27,478
Russell L. Isaacs 20,958
Robert P. McLean 5,456
Thomas A. McPherson 51,801
G. Ogden Nutting 326,328
William C. Pitt, III 5,000
Charles E. Stealey 79,030
Warren A. Thornhill, III 224,727
Harold L. Wilkes 1,911
James W. Word, Jr. 59,480
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(1) Does not include unexercised stock options or shares held in a fiduciary
capacity by the Bank.
(2) Information is presented as of December 31, 1994 and is subject to update.