Form 4: Executive Acquires Performance-Based Restricted Stock Units in Burke & Herbert Financial Services Corp.

Angela R. Zirk, EVP and Chief Experience Officer of Burke & Herbert Financial Services Corp., reports acquisition of performance-based restricted stock units and indirect ownership through the company's 401(k) plan.

Summary

• On January 23, 2025, Angela R. Zirk, EVP and Chief Experience Officer of Burke & Herbert Financial Services Corp., acquired 732 performance-based restricted stock units (PRSUs).
• These PRSUs were awarded under the Burke & Herbert Bank 2024-2025 Merger Incentive Plan adopted on May 1, 2024.
• The PRSUs will vest in three annual installments starting May 3, 2025, contingent upon continued employment.
• Each vested PRSU will be settled in one share of Burke & Herbert Financial Services Corp. common stock within 60 days of the vesting date.
• Zirk also indirectly owns 1,928 shares of common stock through the Burke & Herbert 401(k) plan, reflecting allocations from the Summit Financial Group, Inc. ESOP prior to the merger on May 3, 2024.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of stock units by an executive is generally a positive sign, indicating confidence in the company's future. However, it's a routine transaction.

Positives

• The grant of performance-based restricted stock units aligns the executive's interests with the company's performance and shareholder value.
• The vesting schedule encourages long-term commitment from the executive.
• The executive's participation in the 401(k) plan demonstrates confidence in the company's future.

Future Outlook

The performance-based restricted stock units will vest in the future based on continued employment, aligning executive compensation with company performance.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, which is important for investor confidence.

Stakeholder Impact

• Shareholders may view the executive's acquisition of stock units as a positive sign, aligning management's interests with theirs.
• Employees may see the Merger Incentive Plan as a way to reward performance and contribute to the company's success.

Key Dates