Ronald B. Spencer - 03 May 2024 Form 4 Insider Report for SUMMIT FINANCIAL GROUP, INC.

Role: Director
Signature: /s/ Teresa D Ely, Lmtd POA, Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 03 May 2024
Net transactions value: $0
Form type: 4
Filing time: 03 May 2024, 12:09:30 UTC
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Shares	Change %	Date	Ownership	Footnotes
transaction	SMMF	Common Stock	Disposed to Issuer	-100,092	-100%	03 May 2024	Direct	F1
transaction	SMMF	Common Stock	Disposed to Issuer	-1,368	-100%	03 May 2024	By Spouse	F1
transaction	SMMF	Common Stock	Disposed to Issuer	-93,708	-100%	03 May 2024	by Trust FBO Ronald B Spencer	F1
transaction	SMMF	Non-Cumulative Perpetual Preferred Stock, Series 2021	Disposed to Issuer	-50	-100%	03 May 2024	by Trust FBO Ronald B Spencer	F2
transaction	SMMF	Non-Cumulative Perpetual Preferred Stock, Series 2021	Disposed to Issuer	-50	-100%	03 May 2024	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Ronald B. Spencer 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	Disposed of in accordance with the Merger. At the effective time of the Merger, each share of 6.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series 2021 was converted into the right to receive a share of a newly created series of preferred stock of Burke & Herbert, the Burke & Herbert Series 2021 Preferred Stock.

Content

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.

Disposed of in accordance with the Merger. At the effective time of the Merger, each share of 6.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series 2021 was converted into the right to receive a share of a newly created series of preferred stock of Burke & Herbert, the Burke & Herbert Series 2021 Preferred Stock.