TISSUE ROBERT S 4

What Happened

• Robert S. Tissue, EVP of Financial Strategy at Burke & Herbert Financial Services (BHRB), exercised stock options on July 17, 2026 to acquire two tranches totaling 12,709 shares: 8,599 shares at $47.47 (cost $408,195) and 4,110 shares at $51.58 (cost $211,994), for an aggregate exercise cost of about $620,189.
• To cover tax liability, 9,777 shares were withheld (reported as a disposition at $72.85 per share, value ~$712,254). The filing also shows the underlying option instruments were cancelled (derivative entries reported at $0) upon exercise.

Key Details

• Transaction date: July 17, 2026.
• Option exercises (code M): 8,599 shares @ $47.47 = $408,195; 4,110 shares @ $51.58 = $211,994 (total acquired 12,709 shares).
• Tax/payment withholding (code F): 9,777 shares withheld/disposed @ $72.85 = $712,254.
• Derivative cancellation: the exercised option interests were reported disposed at $0 (typical when options convert to common stock).
• Filed: Form 4 filed July 20, 2026 (covers 7/17/2026 transactions); the report does not note any 10b5-1 plan or other special footnotes in the provided data.
• Shares owned after the transaction: not provided in the data supplied.

Context

• This was an option exercise (M) with a net-share or sell-to-cover style tax withholding (F): Tissue acquired shares by exercising options, and the company withheld 9,777 of those shares to satisfy tax obligations rather than Tissue paying cash.
• Option exercises are a conversion of derivatives into stock (often neutral-to-bullish as the insider becomes a direct shareholder), while the withheld shares are routine tax-related dispositions and do not necessarily reflect a directional bet.