Burke & Herbert amends SERP, terminates rabbi trust for Summit merger

Burke & Herbert Financial Services Corp.

Amendment waives requirement to maintain rabbi trust for SERP benefits tied to May 2024 Summit merger.
Full vesting of Normal Retirement Benefit for participants (including H. Charles Maddy III) remains intact.
Trust assets to be returned to Bank; new rabbi trust required upon future change in control of Bank.
SERP continues as unfunded nonqualified plan under Section 409A; all other provisions unchanged.

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