[Form 4] Shore Bancshares Inc Insider Trading Activity

Rhea-AI Filing Summary

On 29 Jul 2025, Shore Bancshares (SHBI) EVP & Chief Financial Officer Charles S. Cullum reported the grant of 12,485 Restricted Stock Units (RSUs) on Form 4. Each RSU represents one share of common stock and was recorded at a cost basis of $0. The award vests in three equal annual tranches beginning 29 Jul 2026: 4,161 units in 2026, 4,162 in 2027 and 4,162 in 2028. After the grant, Cullum holds 12,485 derivative securities directly; no open-market purchases, sales or other non-derivative transactions were disclosed.

The filing is strictly a compensation-related equity award, suggesting ongoing retention and incentive alignment for the CFO. The size of the grant is modest relative to SHBI’s total shares outstanding, implying minimal dilution and limited immediate market impact, yet it ties management compensation to long-term shareholder value.

Insights

Securities Analyst

TL;DR Minor RSU grant to CFO; no share sales; neutral to share count but aligns incentives.

The 12,485-unit RSU award increases Cullum’s derivative stake but does not involve cash purchases, thus providing scant near-term demand support for SHBI stock. Vesting over three years promotes executive retention and longer-term value creation alignment. From a capital structure perspective, the additional shares represent a negligible fraction of outstanding equity, so dilution risk is immaterial. Overall, the event is non-impactful to valuation yet marginally positive for governance.

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

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

1. Name and Address of Reporting Person^*

Cullum Charles S

(Last) (First) (Middle)

18 EAST DOVER STREET

(Street)

EASTON MD 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	07/29/2025		A		12,485		(2)	(3)	Common Stock	12,485	$0	12,485	D

Explanation of Responses:

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

2. Represents restricted stock units that vest in 3 annual installments beginning on July 29, 2026, the first anniversary of the date of the award.

3. Represents restricted stock units that vest as follows: 4,161 units on July 29, 2026, 4,162 units on July 29, 2027 and 4,162 units on July 29, 2028.

Remarks:

	/s/ Christy Lombardi, Attorney in Fact for Charles S. Cullum	07/30/2025
	** 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.

FAQ

How many RSUs did SHBI grant to its CFO?

The Form 4 discloses 12,485 restricted stock units awarded to EVP & CFO Charles S. Cullum.

When will the SHBI RSUs vest?

The units vest in three installments: 4,161 on 29 Jul 2026, 4,162 on 29 Jul 2027 and 4,162 on 29 Jul 2028.

Did the CFO buy or sell SHBI shares?

No. The filing reports only a compensation grant; there were no purchases or sales of common stock.

What is the CFO’s share ownership after the transaction?

Cullum now beneficially owns 12,485 derivative securities (RSUs) directly, with conversion upon vesting.

Will this RSU award dilute existing SHBI shareholders?

Yes, but only minimally; 12,485 shares are immaterial relative to SHBI’s total outstanding shares.

Why is this Form 4 important to investors?

It highlights executive incentive alignment and potential future share issuance, factors relevant to governance and dilution assessment.