Shore Bancshares (SHBI) CRO nets RSU share conversions after tax withholdings

Rhea-AI Filing Summary

Shore Bancshares EVP and Chief Risk Officer Talal Tay reported multiple equity award transactions. On March 6 and 7, 2026, restricted stock units converted into common stock on a one-for-one basis, resulting in acquisitions of 994 and 1,196 shares of common stock at a stated price of $0.00 per share through derivative exercises.

On both dates, portions of the newly issued shares, 324 and 380 shares, were withheld by the issuer to satisfy tax withholding obligations in connection with RSU vesting, and no shares were sold by the reporting person. Following these transactions, Tay directly held 16,683 shares of common stock and 8,428 restricted stock units, which include 1,969 shares acquired under the employee stock purchase plan as of March 9, 2026. Certain remaining restricted stock units are scheduled to vest in specified annual installments through 2029.

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^*

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)
03/06/2026

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	03/06/2026		M		994	A	(1)	16,191	D
Common Stock	03/07/2026		M		1,196	A	(1)	17,387	D
Common Stock	03/06/2026		F		324(2)	D	$0	17,063	D
Common Stock	03/07/2026		F		380(2)	D	$0	16,683(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)	03/06/2026		M			994	(5)	(5)	Common Stock	994	$0	8,428	D
Restricted Stock Units	(4)	03/07/2026		M			1,196	(6)	(6)	Common Stock	1,196	$0	7,232(7)	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 9, 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 March 6, 2026.

6. These restricted stock units vested on March 7, 2026.

7. The restricted stock units vest as follows: 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	03/09/2026
	** 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).
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FAQ

What insider transactions did SHBI executive Talal Tay report?

Talal Tay reported RSU conversions into common stock on March 6 and 7, 2026. He acquired 994 and 1,196 shares via derivative exercises, with related share withholdings for taxes and no open market sales disclosed.

Were any Shore Bancshares (SHBI) shares sold by Talal Tay?

No shares were sold by Talal Tay. Shares labeled with transaction code F were withheld by the issuer to cover tax withholding obligations upon RSU vesting, according to the disclosure footnote, rather than sold in market transactions.

How many SHBI common shares does Talal Tay hold after these transactions?

After the reported transactions, Talal Tay directly holds 16,683 shares of Shore Bancshares common stock. This total includes 1,969 shares acquired under the company’s Employee Stock Purchase Plan as of March 9, 2026, as described in the filing footnotes.

What happened to Talal Tay’s restricted stock units in early March 2026?

Restricted stock units vested and converted into common stock on March 6 and 7, 2026. RSUs convert into common shares on a one-for-one basis, increasing his stock holdings while reducing RSU balances, as outlined in the transaction and footnote details.

Does Talal Tay still hold unvested Shore Bancshares RSUs?

Yes. After the vesting events, he continues to hold restricted stock units scheduled to vest in installments. The schedule lists specific unit amounts vesting on dates in 2027, 2028, and 2029, indicating ongoing equity-based incentive alignment with the company.

How are SHBI restricted stock units treated in these transactions?

Each restricted stock unit represents a contingent right to receive one share of SHBI common stock. Upon vesting, RSUs convert into common shares on a one-for-one basis, with some shares withheld to satisfy tax obligations rather than being sold by the executive.