How do tax-withholding dispositions affect SHBI share counts in this Form 4?

Tax-withholding dispositions reduce the number of shares retained by the insider. In this case, 1,954 SHBI common shares were withheld by the issuer to cover tax obligations from RSU vesting, decreasing James M. Burke’s directly held shares from 84,974 to 83,020.

SHORE BANCSHARES (SHBI) CEO Burke reports RSU conversion and tax withholding

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

SHORE BANCSHARES INC President & CEO James M. Burke reported equity award activity involving restricted stock units and common shares. On February 27, 2026, 5,806 restricted stock units were exercised and converted into 5,806 shares of common stock at no cash price, increasing his directly held common stock to 84,974 shares before tax withholding.

To cover tax obligations related to this RSU vesting, 1,954 common shares were withheld by the issuer, reducing his directly held common stock to 83,020 shares; no shares were sold by Burke. He also reports indirect ownership of 8,082 common shares held by an IRA.

Insider Trade Summary

5,806 shares exercised/converted

Mixed 4 txns

Insider Burke James M

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,806	$0.00	--
Exercise	Common Stock	5,806	$0.00	--
Tax Withholding	Common Stock	1,954	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 40,762 shares (Direct); Common Stock — 84,974 shares (Direct); Common Stock — 8,082 shares (Indirect, By IRA)

Footnotes (1)

Restricted stock units convert into common stock on a one-for-one basis. Shares withheld by the issuer to satisfy tax withholding obligations in connection with the vesting of RSUs; no shares were sold by the reporting person. Each restricted stock unit represents a contingent right to receive one share of SHBI common stock. These restricted stock units vested on February 27, 2026. The restricted stock units vest as follows: 1,565 on March 6, 2026; 4,695 on March 6, 2026; 4,679 units on March 7, 2026; 4,679 units on March 7, 2027; 5,806 units on February 27, 2027; 5,806 units on February 27, 2028; 4,510 units on February 17, 2027; 4,511 units on February 17, 2028; and 4,511 units on February 17, 2029.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/03/2026 - 04:04 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Burke James M

(Last)

(First)

(Middle)

18 E DOVER STREET

(Street)

EASTON

21601

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SHORE BANCSHARES INC [ SHBI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/27/2026		M		5,806	A	⁽¹⁾	84,974	D
Common Stock	02/27/2026		F		1,954⁽²⁾	D	$0	83,020	D
Common Stock								8,082	I	By IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽³⁾	02/27/2026		M			5,806	⁽⁴⁾	⁽⁴⁾	Common Stock	5,806	$0	40,762⁽⁵⁾	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. Shares withheld by the issuer to satisfy tax withholding obligations in connection with the vesting of RSUs; no shares were sold by the reporting person.

3. Each restricted stock unit represents a contingent right to receive one share of SHBI common stock.

4. These restricted stock units vested on February 27, 2026.

5. The restricted stock units vest as follows: 1,565 on March 6, 2026; 4,695 on March 6, 2026; 4,679 units on March 7, 2026; 4,679 units on March 7, 2027; 5,806 units on February 27, 2027; 5,806 units on February 27, 2028; 4,510 units on February 17, 2027; 4,511 units on February 17, 2028; and 4,511 units on February 17, 2029.

Remarks:

	/s/ Christy Lombardi, Attorney in Fact for James M. Burke	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did SHBI President & CEO James M. Burke report?

James M. Burke reported RSU-related transactions on SHBI stock. 5,806 restricted stock units converted into 5,806 common shares, and 1,954 common shares were withheld by the issuer to satisfy tax obligations, with no open-market sale by Burke.

How many SHBI shares does James M. Burke own directly after these Form 4 transactions?

After the reported transactions, James M. Burke directly holds 83,020 SHBI common shares. This reflects RSU conversion into 5,806 shares and the issuer’s withholding of 1,954 shares for taxes related to the vesting that occurred on February 27, 2026.

Were any SHBI shares sold by James M. Burke in this Form 4 filing?

No SHBI shares were sold by James M. Burke. Shares marked with transaction code F were withheld by the issuer solely to satisfy tax withholding obligations arising from RSU vesting, according to the filing’s footnote explaining the nature of that disposition.

What SHBI derivative securities were involved in James M. Burke’s Form 4 filing?

The filing involves restricted stock units that convert into SHBI common stock on a one-for-one basis. On February 27, 2026, 5,806 restricted stock units vested and converted into an equal number of common shares, increasing Burke’s directly held common stock before tax withholding.

Does James M. Burke report any indirect ownership of SHBI shares?

Yes. In addition to directly held shares, James M. Burke reports indirect ownership of 8,082 SHBI common shares held by an IRA. This indirect position is disclosed separately, reflecting a distinct ownership channel from his directly held common stock holdings.