Burke & Herbert (BHRB) CHRO Danyl R. Freeman Exercises Options

What Happened

• Danyl R. Freeman, Chief Human Resources Officer of Burke & Herbert Financial Services Corp. (BHRB), exercised 2,836 options on July 29, 2026. The exercise recorded an acquisition value of $122,884 (2,836 shares at $43.33 each). To cover tax obligations, 2,002 of those shares were withheld/surrendered (disposed) at a value of $74.08 per share, totaling $148,308. Net shares retained by Freeman after the transaction: 834 shares (2,836 acquired minus 2,002 withheld).
• The filing shows the derivative (options) converted/terminated in connection with the exercise (reported as a derivative disposition at $0.00). This was effectively a cashless/sell-to-cover exercise — routine for option exercises and tax withholding.

Key Details

• Transaction date: 2026-07-29; Form 4 filed 2026-07-30 (timely).
• Option exercise (code M): 2,836 shares acquired at $43.33/share = $122,884.
• Tax/payment withholding (code F): 2,002 shares disposed at $74.08/share = $148,308.
• Derivative conversion: 2,836 option units reported disposed at $0.00 (reflects conversion of the option into shares).
• Net new shares to the insider: 834 shares.
• Shares owned after the transaction: not specified in the reported filing.
• Notes: Codes — M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding). No 10b5-1 plan or other special instruction was indicated in the itemized entries.

Context

• This was an option exercise with a sell-to-cover (tax withholding) component, a common administrative step that does not necessarily signal buying or selling intent in the open market. Purchases (option exercises that increase an insider's stake) are often watched by investors, but routine withholdings to pay taxes are normal and reduce the net shares received.