Charles S. Piccirillo - 03 May 2024 Form 4 Insider Report for SUMMIT FINANCIAL GROUP, INC.

Footnote F1

The reported holdings include stock acquired in dividend reinvestment transactions that are exempt from reporting under Rule 16a-11.

Footnote F2

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.

Footnote F3

Shares of Phantom Stock are payable only in cash following termination of the reporting person's service as a director of Summit.

Footnote F4

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.

Footnote F5

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.