Shore Bancshares (NASDAQ: SHBI) EVP exercises RSUs, issuer withholds shares for taxes

Rhea-AI Filing Summary

Shore Bancshares EVP and Chief Risk Officer Talal Tay reported equity award activity involving restricted stock units and common shares. On February 27, 2026, he exercised 1,393 restricted stock units, which converted into 1,393 shares of SHBI common stock on a one-for-one basis at no cash exercise price.

To cover tax withholding obligations tied to this RSU vesting, the issuer withheld 428 shares of common stock, and no shares were sold by Tay. After these transactions, he held 15,197 shares of common stock directly and 9,422 restricted stock units, with additional RSU tranches scheduled to vest on future dates. He also held 1,004 shares of common stock indirectly through an IRA, and his direct holdings included 1,969 shares acquired under the employee stock purchase plan as of March 3, 2026.

Insider Trade Summary

1,393 shares exercised/converted

Mixed 4 txns

Insider Tay Talal

Role EVP, Chief Risk Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	1,393	$0.00	--
Exercise	Common Stock	1,393	$0.00	--
Tax Withholding	Common Stock	428	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 9,422 shares (Direct); Common Stock — 15,625 shares (Direct); Common Stock — 1,004 shares (Indirect, By IRA)

Footnotes (1)

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. Includes 1,969 shares acquired under the Shore Bancshares, Inc. Employee Stock Purchase Plan as of March 3, 2026. 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: 249 units on March 6, 2026; 745 units on March 6, 2026; 1,196 units on March 7, 2026; 1,196 units on March 7, 2027; 1,393 units on February 27, 2027; 1,394 units on February 27, 2028; 1,083 units on February 17, 2027; 1,083 units on February 17, 2028; and 1,083 units on February 17, 2029.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/03/2026 - 03:59 PM Learn about SEC filing dates

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^*

Tay Talal

(Last) (First) (Middle)

18 E 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 Risk Officer

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/27/2026		M		1,393	A	(1)	15,625	D
Common Stock	02/27/2026		F		428(2)	D	$0	15,197(3)	D
Common Stock								1,004	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(4)	02/27/2026		M			1,393	(5)	(5)	Common Stock	1,393	$0	9,422(6)	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. Includes 1,969 shares acquired under the Shore Bancshares, Inc. Employee Stock Purchase Plan as of March 3, 2026.

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

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

6. The restricted stock units vest as follows: 249 units on March 6, 2026; 745 units on March 6, 2026; 1,196 units on March 7, 2026; 1,196 units on March 7, 2027; 1,393 units on February 27, 2027; 1,394 units on February 27, 2028; 1,083 units on February 17, 2027; 1,083 units on February 17, 2028; and 1,083 units on February 17, 2029.

Remarks:

	/s/ Christy Lombardi, Attorney in Fact for Talal Tay	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.

FAQ

What insider transactions did SHBI executive Talal Tay report on February 27, 2026?

Talal Tay reported exercising 1,393 restricted stock units into 1,393 SHBI common shares. The issuer then withheld 428 shares to satisfy tax obligations related to the RSU vesting, with no shares sold by Tay in the market.

How many SHBI shares does Talal Tay hold directly after the reported transactions?

After the reported activity, Talal Tay directly held 15,197 shares of SHBI common stock. This total includes 1,969 shares acquired under the Shore Bancshares, Inc. Employee Stock Purchase Plan as of March 3, 2026, in addition to other previously held shares.

What happened to the 428 SHBI shares shown as a disposition for Talal Tay?

The 428-share disposition represents shares withheld by the issuer to cover tax withholding on vested RSUs. According to the disclosure, these shares were not sold by Tay but were used solely to satisfy tax obligations associated with the equity award.

How many restricted stock units does Talal Tay hold in SHBI after the RSU exercise?

Following the RSU exercise on February 27, 2026, Talal Tay held 9,422 restricted stock units in SHBI. Each restricted stock unit represents a contingent right to receive one share of SHBI common stock, with multiple tranches scheduled to vest on specified future dates.

Does Talal Tay have any indirect ownership of SHBI shares in retirement accounts?

Yes. The disclosure shows that Talal Tay indirectly owns 1,004 shares of SHBI common stock through an IRA. This indirect holding is separate from his directly owned shares and is identified with an ownership designation of "By IRA" in the report.

When did the SHBI restricted stock units reported by Talal Tay vest?

The specific block of restricted stock units exercised into 1,393 shares vested on February 27, 2026. Additional RSU tranches are scheduled to vest on various dates, including March 6, 2026, March 7, 2026 and 2027, and several February dates from 2027 through 2029.