J. Scott Bridgeforth - May 3, 2024 Form 4 Insider Report for SUMMIT FINANCIAL GROUP, INC. (SMMF)

Role
Director
Signature
/s/ Teresa D Ely, Lmtd POA, Attorney-in-Fact
Stock symbol
SMMF
Transactions as of
May 3, 2024
Transactions value $
$0
Form type
4
Date filed
5/3/2024, 12:08 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SMMF Common Stock Disposed to Issuer -1.15K -100% 0 May 3, 2024 By Spouse F1
transaction SMMF Common Stock Options Exercise +1.09K +17.63% 7.25K May 3, 2024 Direct F3
transaction SMMF Common Stock Disposed to Issuer -7.25K -100% 0 May 3, 2024 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 SMMF Phantom Stock Options Exercise -1.09K -100% 0 May 3, 2024 Common Stock 1.09K Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

J. Scott Bridgeforth is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Disposed of in accordance with the Agreement and Plan of Reorganization, dated as of August 24, 2023 the ("Merger Agreement"), by and between Summit Financial Group, Inc. ("Summit") and Burke & Herbert Financial Services Corp. ("Burke & Herbert") pursuant to which Summit was merged with and into Burke & Herbert effective May 3, 2024 ("the Merger"). At the effective time of the Merger, each issued and outstanding share of Summit common stock was converted into the right to receive 0.5043 shares of Burke &Herbert common stock (subject to the payment of cash in lieu of fractional shares) (the "Merger Consideration"). As a result of the Merger, the Reporting Person no longer beneficially owns, directly or indirectly, any shares of Summit common stock.
F2 Shares of Phantom Stock are payable only in cash following termination of the reporting person's service as a director of Summit.
F3 Each share of phantom stock was the economic equivalent of one share of SMMF common stock. The reporting person settled his shares of phantom stock for cash. The price for the settlement of the phantom stock for cash is the market price of one share of SMMF common stock of $26.47