SHORE BANCSHARES (NASDAQ: SHBI) EVP converts RSUs, 454 shares withheld for taxes

Rhea-AI Filing Summary

Shore Bancshares EVP and Chief Credit Officer Charles E. Ruch, Jr. reported equity award activity involving restricted stock units and common stock. On February 27, 2026, 1,354 restricted stock units were exercised and converted into 1,354 shares of Shore Bancshares common stock at a stated price of $0.0000 per share. To cover tax withholding obligations tied to this RSU vesting, 454 shares of common stock were withheld by the issuer, and the footnotes clarify that no shares were sold by Ruch in the market. After these transactions, he directly owned 4,918 restricted stock units and 7,200 shares of common stock. Footnotes also describe a scheduled vesting pattern for additional restricted stock units through 2028 and reference an increase in beneficial ownership from dividends reinvested under the company’s dividend reinvestment plan.

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

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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).

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^*

Ruch, Jr. Charles E.

(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 Credit 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		1,354	A	(1)	7,654	D
Common Stock	02/27/2026		F		454(2)	D	$0	7,200(3)	D

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			1,354	(5)	(5)	Common Stock	1,354	$0	4,918(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. Reflects an increase in beneficial ownership resulting from an exempt acquisition of common stock under Shore Bancshares Dividend Reinvestment Plan pursuant to Rule 16a-11.

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; 1,104 units on March 7, 2026; 1,104 units on March 7, 2027; 1,355 units on February 27, 2027; and 1,355 units on February 27, 2028.

Remarks:

	/s/ Christy Lombardi, Attorney in Fact for Charles E. Ruch, Jr.	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did SHBI executive Charles E. Ruch report on February 27, 2026?

On February 27, 2026, Charles E. Ruch exercised 1,354 restricted stock units into 1,354 SHBI common shares. The company withheld 454 shares to cover tax obligations, and no shares were sold in the open market according to the filing footnotes.

How did Charles E. Ruch’s SHBI common stock holdings change in this Form 4 filing?

Following the reported transactions, Charles E. Ruch directly owned 7,200 shares of SHBI common stock. This reflects the conversion of 1,354 restricted stock units into common shares and the withholding of 454 shares by the issuer for tax obligations related to vesting.

What restricted stock unit activity did SHBI disclose for Charles E. Ruch in this Form 4?

The filing shows 1,354 restricted stock units converted into 1,354 SHBI common shares at a stated price of $0.0000. It also notes remaining restricted stock units totaling 4,918 after the transaction, along with a detailed vesting schedule extending through 2028.

Were any SHBI shares sold by Charles E. Ruch in the reported Form 4 transactions?

The Form 4 footnotes state that 454 shares were withheld by SHBI to satisfy tax withholding obligations upon RSU vesting, and explicitly note that no shares were sold by Charles E. Ruch. This indicates there was no open-market sale by the executive.

What future vesting schedule for SHBI restricted stock units is described for Charles E. Ruch?

The filing states that Ruch’s restricted stock units vest as follows: 1,104 units on March 7, 2026; 1,104 units on March 7, 2027; 1,355 units on February 27, 2027; and 1,355 units on February 27, 2028, subject to applicable award terms.

How does the SHBI dividend reinvestment plan affect Charles E. Ruch’s beneficial ownership?

One footnote explains that Ruch’s beneficial ownership increased through an exempt acquisition of SHBI common stock under the Shore Bancshares Dividend Reinvestment Plan. This indicates dividends were automatically reinvested into additional shares under Rule 16a-11, increasing his holdings.