H. Charles Maddy, III, President of Burke & Herbert Financial Services Corp. and Burke & Herbert Bank & Trust Company, retired effective June 30, 2026. Upon retirement, Mr. Maddy is entitled to separation benefits as per his Employment Agreement and the 2026 Incentive Plan, with payouts contingent on performance metrics. He will also receive defined annual benefits from existing Executive Salary Continuation and Supplemental Executive Retirement Plans assumed by the Company. A Separation and Release of Claims agreement was entered into on July 6, 2026. Benefits include a cash severance of $558,334.40, transfer of a company vehicle valued at $58,400, and 10 months of COBRA coverage payment. Additionally, 6,673.32 unvested performance-based restricted stock units (PRSUs) awarded in 2024 and 2025 will have accelerated vesting. Mr. Maddy also received a retirement gift valued at approximately $35,375. The details of the Separation Agreement will be further detailed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.