Form 4: Burke & Herbert Financial Services Director Charles Piccirillo Awarded 1,000 Restricted Stock Units

Burke & Herbert Financial Services Corp. Director Charles Piccirillo was awarded 1,000 restricted stock units for his service, vesting on the first anniversary of the grant date.

Summary

• Charles Piccirillo, a Director and 10% owner of Burke & Herbert Financial Services Corp. (BHRB), was awarded 1,000 restricted stock units (RSUs) on May 23, 2025.
• These RSUs were granted for his service as a director and have a price of $0, indicating an award rather than a purchase.
• The units are subject to vesting on the first anniversary of the grant date, contingent upon continued service and satisfaction of attendance requirements.
• Following this transaction, Mr. Piccirillo directly beneficially owns 20,320 shares of Common Stock.
• Additionally, he indirectly beneficially owns 4,848 shares through Anggus Enterprises and 314 shares through his spouse.

Sentiment

Score: 7

Explanation: The award of restricted stock units to a director is generally a positive event as it aligns the director's interests with shareholders and incentivizes long-term commitment, reflecting confidence in the company.

Positives

• The award of restricted stock units to a director aligns management's interests with those of shareholders, promoting long-term value creation.
• The vesting conditions, requiring continued service and attendance, incentivize the director's ongoing commitment and engagement with the company.
• The transaction increases the director's direct beneficial ownership, demonstrating confidence in the company's future.

Risks

• The vesting of the restricted stock units is subject to continued service and satisfaction of attendance requirements, meaning the director could forfeit the units if these conditions are not met.

Future Outlook

The restricted stock units are set to vest on the first anniversary of the grant date, contingent on the director's continued service and meeting attendance requirements.

Industry Context

This transaction represents a standard practice in corporate governance where equity compensation, such as restricted stock units, is used to incentivize and retain directors in the financial services industry, aligning their interests with long-term shareholder value.

Corporate Governance

Stakeholder Impact

• Shareholders: The award aligns the director's interests with shareholders, potentially leading to better long-term decision-making and value creation.
• Director (Charles Piccirillo): Receives equity compensation, which vests over time, providing a direct financial incentive tied to the company's performance and his continued service.

Next Steps

• The 1,000 restricted stock units are expected to vest on the first anniversary of the grant date (May 23, 2026), subject to continued service and attendance requirements.

Key Dates

Keywords

Burke & Herbert Financial Services Corp., BHRB, Charles Piccirillo, Restricted Stock Units, RSU, Director Compensation, Insider Transaction, SEC Form 4, Equity Award, Corporate Governance, Financial Services