Burke & Herbert Financial Services Corp. Amends Employment Agreements for CEO and CFO

On October 28, 2025, Burke & Herbert Financial Services Corp. and its subsidiary Burke & Herbert Bank & Trust Company entered into Second Amended and Restated Employment Agreements with David P. Boyle, the Chief Executive Officer, and Roy E. Halyama, the Chief Financial Officer. The agreements amend and restate the terms of their prior employment contracts, setting a three-year term with automatic renewals unless notice of non-renewal is given 90 days prior to expiration. The agreements outline the executives' annual base salaries, with Boyle earning $875,000 and Halyama earning $450,000. They also provide for annual incentives, with Boyle eligible for a target of 70% of his base salary and Halyama for 60%. Boyle will continue to participate in the Supplemental Executive Retirement Plan (SERP), with the company contributing a minimum of 20% of his annual compensation. The agreements include provisions for termination, including severance pay and COBRA coverage, and impose restrictive covenants such as non-disclosure, non-solicitation, and non-competition clauses for 12 months post-termination.