Angela R. Zirk - 03 May 2024 Form 4 Insider Report for SUMMIT FINANCIAL GROUP, INC. (SMMF)

Role
EVP & Chief Experience Officer
Signature
/s/ Teresa D Ely, Lmtd POA, Attorney-in-Fact
Issuer symbol
SMMF
Transactions as of
03 May 2024
Net transactions value
$0
Form type
4
Filing time
03 May 2024, 12:18:05 UTC
Previous filing
03 Apr 2023
Next filing
11 Mar 2025
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SMMF Common Stock Other $0 +243 +6.9% $0.000000 3,791 03 May 2024 By ESOP F1, F2
transaction SMMF Common Stock Disposed to Issuer -3,791 -100% 0 03 May 2024 By ESOP F3
transaction SMMF Common Stock Disposed to Issuer -1,226 -100% 0 03 May 2024 Direct F3, F4

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 Stock-Settled Stock Appreciation Rights Disposed to Issuer -2,400 -100% 0 03 May 2024 Common Stock 2,400 $12.01 Direct F5, F6
transaction SMMF Stock-Settled Stock Appreciation Rights Disposed to Issuer -2,074 -100% 0 03 May 2024 Common Stock 2,074 $26.01 Direct F5, F6
transaction SMMF Stock-Settled Stock Appreciation Rights Disposed to Issuer -4,213 -100% 0 03 May 2024 Common Stock 4,213 $23.94 Direct F5, F6
transaction SMMF Stock-Settled Stock Appreciation Rights Disposed to Issuer -5,096 -100% 0 03 May 2024 Common Stock 5,096 $21.85 Direct F5, F6
transaction SMMF Stock-Settled Stock Appreciation Rights Disposed to Issuer -5,578 -100% 0 03 May 2024 Common Stock 5,578 $26.37 Direct F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Angela R. Zirk is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 The information reported herein is based on a plan statement dated 12/31/2023 received in April 2024
F2 Between January 1, 2023 and December 31, 2023, acquired 243.3170 shares of Summit Common Stock under the Summit Financial Group, Inc. Employee Stock Ownership Plan.
F3 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.
F4 The reported holdings include stock acquired in dividend reinvestment transactions that are exempt from reporting under Rule 16a-11.
F5 SAR vests in 5 equal annual installments with the beginning date indicated
F6 Pursuant to the Merger Agreement, at the effective time of the Merger, each stock appreciation right was converted into a stock appreciation right of Burke & Herbert (each a "Burke & Herbert Replacement SAR"), with adjustments to the number of shares of Burke & Herbert common stock underlying each Burke & Herbert Replacement SAR and the base price of continuing corporation common stock for each Burke & Herbert Replacement SAR adjusted based on the exchange ratio of 0.5043.