# EDGAR Filing Document

**Accession Number:** 0001035092
**File Stem:** 0001104659-25-056815
**Filing Date:** 2025-6
**Character Count:** 72099
**Document Hash:** 9377590a6d491c85f2f1f9ed6e28f6b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056815.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001104659-25-056815

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHORE BANCSHARES INC
- **CENTRAL INDEX KEY:** 0001035092
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 521974638
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287797
- **FILM NUMBER:** 251026963

**BUSINESS ADDRESS:**
- **STREET 1:** 18 EAST DOVER STREET
- **CITY:** EASTON
- **STATE:** MD
- **ZIP:** 21601-3013
- **BUSINESS PHONE:** 4108221400

**MAIL ADDRESS:**
- **STREET 1:** 18 EAST DOVER STREET
- **CITY:** EASTON
- **STATE:** MD
- **ZIP:** 21601-3013

As filed with the U.S. Securities and Exchange Commission on June 5, 2025 Registration No. 333-________

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**<u>SHORE BANCSHARES, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Maryland</u>**<br> (State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp; **<u>52-1974638</u>**<br> (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>18 E. Dover Street, Easton, Maryland</u>**<br> (Address of Principal Executive Offices) | &nbsp;&nbsp; **<u>21601</u>**<br> (Zip Code) |

---

**Shore Bancshares, Inc. 2025 Equity Incentive Plan**

**<u>Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan</u>**

(Full Titles of the Plans)

**James M. Burke**

**President and Chief Executive Officer** 

**Shore Bancshares, Inc.**

**18 E. Dover Street**

**<u>Easton, Maryland 21601</u>**

(Name and address of agent for service)

**(410) 763-7800**

(Telephone number, including are code, of agent of service)

**Copies to:**

**Gary R. Bronstein, Esq.**

**Edward G. Olifer, Esq.**

**Suzanne A. Walker, Esq.**

**Kilpatrick Townsend & Stockton LLP**

**701 Pennsylvania Avenue NW, Suite 200**

**Washington, DC 20004**

**(202) 508-5800**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ⌧ <br> Non-accelerated filer ◻ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ▣

**SHORE BANCSHARES, INC.**

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 of Shore Bancshares, Inc. (the "Registrant" or the "Corporation") is being filed by the Registrant to register 1,073,967 shares of the Registrant's common stock, $0.01 par value per share (the "Common Stock"), issuable under the Shore Bancshares, Inc. 2025 Equity Incentive Plan and 250,000 shares of Common Stock issuable under the Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan (collectively, the "Plans").

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Items 1 & 2. Plan Information and Registrant Information and Employee Plan Annual Information.**

The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to participants in the Plans as specified by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act").

Such documents are not being filed with the Commission, but constitute (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents previously filed by the Registrant with the SEC are incorporated by reference in this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report"), as filed with the SEC on March 10, 2025 (File No. 000-22345)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025011575/shbi-20241231.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as filed with the SEC on May 8, 2025 (File No. 000-22345)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025023712/shbi-20250331.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The description of the Registrant's common stock filed as Exhibit 4.1 to the Registrant's Form 10-K filed with the SEC on March 15, 2024 (File No. 000-22345)](https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant's Current Reports on Form 8-K (other than those portions furnished under Items 2.02, 7.01 and 9.01 of Form 8-K), as filed with the SEC on[June 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025029238/shbi-20250604.htm), [May 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025021513/shbi-20250501.htm), [April 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025018145/shbi-20250417.htm), [March 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025014137/shbi-20250320.htm) and [February 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025003776/shbi-20250204.htm) (File No. 000-22345).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All documents filed by the Registrant, where applicable, pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment which deregisters all securities then remaining unsold (in each case other than those portions furnished under Items 2.02. 7.01 and 9.01 of Form 8-K).

 

*Any statement contained in this Registration Statement, or in a document incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.*

 

 

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.** 

The Registrant is incorporated under the laws of the State of Maryland. Article Seven of the Registrant's Amended and Restated Articles of Incorporation, which is included below, sets forth the circumstances under which directors, officers, employees and agents of the Registrant may be insured or indemnified against liability which they incur in their capacities as such.

The Corporation shall indemnify (A) its directors and officers, whether serving the Corporation or at its request any other entity, to the fullest extent required or permitted by the general laws of the State of Maryland now or hereafter in force, including the advance of expenses under the procedures and to the full extent permitted by law, and (B) other employees and agents to such extent as shall be authorized by the Board of Directors or the Corporation's Bylaws and be permitted by law. The foregoing rights of indemnification shall not be exclusive of any other rights to which those seeking indemnification may be entitled. The Board of Directors may take such action as is necessary to carry out these indemnification provisions and is expressly empowered to adopt, approve and amend from time to time such Bylaws, resolutions or contracts implementing such provisions or such further indemnification arrangements as may be permitted by law. No amendment of the Articles of Incorporation of the Corporation shall limit or eliminate the right to indemnification provided hereunder with respect to acts or omissions occurring prior to such amendment or repeal.

**Item 7. Exemption from Registration Claimed.**

None.

**Item 8. Exhibits.** 

The following exhibits are filed with or incorporated by reference into this registration statement on Form S-8 (numbering corresponds generally to the Exhibit Table in Item 601 of Regulation S-K).

List of Exhibits (filed herewith unless otherwise noted):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Exhibit</u>** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**<u>Location</u>** |
| &nbsp;&nbsp;[4.1(i)](https://www.sec.gov/Archives/edgar/data/1035092/000101410000000112/0001014100-00-000112-0003.txt) | &nbsp;&nbsp;[Amended and Restated Articles of Incorporation of Shore Bancshares, Inc.](https://www.sec.gov/Archives/edgar/data/1035092/000101410000000112/0001014100-00-000112-0003.txt) | &nbsp;&nbsp;[Incorporated herein by reference to Exhibit 3.1 to the Registrant's Form 8-K filed with the SEC on December 14, 2000.](https://www.sec.gov/Archives/edgar/data/1035092/000101410000000112/0001014100-00-000112-0003.txt) |
| &nbsp;&nbsp;[4.1(ii)](https://www.sec.gov/Archives/edgar/data/1035092/000110465923077307/tm2320345d1_ex3-1.htm) | &nbsp;&nbsp;[Articles of the Amendment of Amended and Restated Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/1035092/000110465923077307/tm2320345d1_ex3-1.htm) | &nbsp;&nbsp;[Incorporated by reference to Exhibit 3.1 of the Company's Form 8-K filed on July 3, 2023.](https://www.sec.gov/Archives/edgar/data/1035092/000110465923077307/tm2320345d1_ex3-1.htm) |
| &nbsp;&nbsp;[4.1(iii)](https://www.sec.gov/Archives/edgar/data/1035092/000114420409001723/ex4-1.htm) | &nbsp;&nbsp;[Articles Supplementary relating to the Fixed Rate Cumulative Perpetual Preferred Stock, Series A](https://www.sec.gov/Archives/edgar/data/1035092/000114420409001723/ex4-1.htm) | &nbsp;&nbsp;[Incorporated by reference Exhibit 4.1 of the Company's Form 8-K filed on January 13, 2009.](https://www.sec.gov/Archives/edgar/data/1035092/000114420409001723/ex4-1.htm) |
| &nbsp;&nbsp;[4.1 (iv)](https://www.sec.gov/Archives/edgar/data/1035092/000114420409032943/v152567_ex3-1.htm) | &nbsp;&nbsp;[Articles Supplementary relating to the reclassification of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, as common stock](https://www.sec.gov/Archives/edgar/data/1035092/000114420409032943/v152567_ex3-1.htm) | &nbsp;&nbsp;[Incorporated by reference Exhibit 3.1(i) of the Company's Form 8-K filed on June 17, 2009.](https://www.sec.gov/Archives/edgar/data/1035092/000114420409032943/v152567_ex3-1.htm) |
| &nbsp;&nbsp;[4.2](https://www.sec.gov/Archives/edgar/data/1035092/000162828024036376/shbi-20240630x10qxex32.htm) | &nbsp;&nbsp;[Second Amended and Restated Bylaws of Shore Bancshares, Inc.](https://www.sec.gov/Archives/edgar/data/1035092/000162828024036376/shbi-20240630x10qxex32.htm) | &nbsp;&nbsp;[Incorporated herein by reference to Exhibit 3.2 to the Registrant's Form 10-Q filed with the SEC on August 9, 2024.](https://www.sec.gov/Archives/edgar/data/1035092/000162828024036376/shbi-20240630x10qxex32.htm) |
| &nbsp;&nbsp;[<br> 4.3](https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm) | &nbsp;&nbsp;[Description of Registrant's Securities](https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm) | &nbsp;&nbsp;[Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 10-K filed with the SEC on March 15, 2024.](https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm) |
| &nbsp;&nbsp;[5.1](tm2517221d1_ex5-1.htm) | &nbsp;&nbsp;[Opinion of Kilpatrick Townsend & Stockton LLP as to the legality of the common stock to be issued](tm2517221d1_ex5-1.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex5-1.htm) |
| &nbsp;&nbsp;[10.1](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i61cf93a0a8e24cacb9d9edb3c23c8b22) | &nbsp;&nbsp;[Shore Bancshares, Inc. 2025 Equity Incentive Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i61cf93a0a8e24cacb9d9edb3c23c8b22) | &nbsp;&nbsp;[Incorporated herein by reference to Appendix A to the Registrant's definitive proxy statement on Schedule 14A filed with the SEC on April 15, 2025.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i61cf93a0a8e24cacb9d9edb3c23c8b22) |
| &nbsp;&nbsp;[10.2](tm2517221d1_ex10-2.htm) | &nbsp;&nbsp;[Form of Time-Based Restricted Stock Unit Agreement](tm2517221d1_ex10-2.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex10-2.htm) |
| &nbsp;&nbsp;[10.3](tm2517221d1_ex10-3.htm) | &nbsp;&nbsp;[Form of Performance Stock Unit Agreement](tm2517221d1_ex10-3.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex10-3.htm) |
| &nbsp;&nbsp;[10.4](tm2517221d1_ex10-4.htm) | &nbsp;&nbsp;[Form of Restricted Stock Award Agreement](tm2517221d1_ex10-4.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex10-4.htm) |
| &nbsp;&nbsp;[10.5](tm2517221d1_ex10-5.htm) | &nbsp;&nbsp;[Form of Restricted Stock Unit Agreement (Director)](tm2517221d1_ex10-5.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex10-5.htm) |
| &nbsp;&nbsp;[10.6](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i08bee881d612473b90b14c4e8ab370fc) | &nbsp;&nbsp;[Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i08bee881d612473b90b14c4e8ab370fc) | &nbsp;&nbsp;[Incorporated herein by reference to Appendix B to the Registrant's definitive proxy statement on Schedule 14A filed with the SEC on April 15, 2025.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i08bee881d612473b90b14c4e8ab370fc) |
| &nbsp;&nbsp;[23.1](tm2517221d1_ex5-1.htm) | &nbsp;&nbsp;[Consent of Kilpatrick Townsend & Stockton LLP](tm2517221d1_ex5-1.htm) | &nbsp;&nbsp;[Contained in Exhibit 5.1](tm2517221d1_ex5-1.htm) |
| &nbsp;&nbsp;[23.2](tm2517221d1_ex23-2.htm) | &nbsp;&nbsp;[Consent of Crowe LLP](tm2517221d1_ex23-2.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex23-2.htm) |
| &nbsp;&nbsp;[24.1](#a_001) | &nbsp;&nbsp;[Power of Attorney](#a_001) | &nbsp;&nbsp;[Contained on signature page](#a_001) |
| &nbsp;&nbsp;[107](tm2517221d1_ex-filingfees.htm) | &nbsp;&nbsp;[Filing Fee Table](tm2517221d1_ex-filingfees.htm) | &nbsp;&nbsp;[Filed herewith](tm2517221d1_ex-filingfees.htm) |

---

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the Volume of Securities
Offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.

*Provided, however*, that paragraphs (1)(i) and (1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference into this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

**The Registrant.** Pursuant to the requirements of the Securities Act of 1933, Shore Bancshares, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Easton, State of Maryland, on June 5, 2025.

---

| | |
|:---|:---|
| **SHORE BANCSHARES, INC.** | **SHORE BANCSHARES, INC.** |
| By: | /s/ James M. Burke |
|  | James M. Burke |
|  | President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of Shore Bancshares, Inc. (the "Company") hereby severally constitute and appoint James M. Burke and Alan J. Hyatt with full power of substitution, our true and lawful attorneys-in-fact and agents, to do any and all things in our names in the capacities indicated below which said James M. Burke and Alan J. Hyatt may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, as amended, and any rules regulations and requirements of the Securities and Exchange Commission, in connection with the registration statement on Form S-8 of the Company, including specifically but not limited to, power and authority to sign for us in our names in the capacities indicated below, the registration statement and any and all amendments thereto; and we hereby ratify and confirm all that said James M. Burke and Alan J. Hyatt shall lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ James M. Burke | Director, President and Chief Executive Officer (Principal Executive Officer) | June 5, 2025 |
| James M. Burke | Director, President and Chief Executive Officer (Principal Executive Officer) |  |
| /s/ Charles S. Cullum | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | June 5, 2025 |
| Charles S. Cullum | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| /s/ Alan J. Hyatt | Chairman of the Board of Directors | June 5, 2025 |
| Alan J. Hyatt |  |  |
| /s/ Austin J. Slater, Jr. | Vice Chairman of the Board of Directors and Lead Independent Director | June 5, 2025 |
| Austin J. Slater, Jr. |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Michael B. Adams | Director | June 5, 2025 |
| Michael B. Adams |  |  |
| /s/ R. Michael Clemmer, Jr. | Director | June 5, 2025 |
| R. Michael Clemmer, Jr. |  |  |
| /s/ William E. Esham, III | Director | June 5, 2025 |
| William E. Esham, III |  |  |
| /s/ Louis P. Jenkins, Jr. | Director | June 5, 2025 |
| Louis P. Jenkins, Jr. |  |  |
| /s/ David S. Jones | Director | June 5, 2025 |
| David S. Jones |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Clyde V. Kelly, III | Director | June 5, 2025 |
| Clyde V. Kelly, III |  |  |
| /s/ John A. Lamon, III | Director | June 5, 2025 |
| John A. Lamon, III |  |  |
| /s/ Rebecca M. McDonald | Director | June 5, 2025 |
| Rebecca M. McDonald |  |  |
| /s/ David W. Moore | Director | June 5, 2025 |
| David W. Moore |  |  |
| /s/ E. Lawrence Sanders, III | Director | June 5, 2025 |
| E. Lawrence Sanders, III |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Esther A. Streete | Director | June 5, 2025 |
| Esther A. Streete |  |  |
| /s/ Konrad M. Wayson | Director | June 5, 2025 |
| Konrad M. Wayson |  |  |
| /s/ Dawn M. Willey | Director | June 5, 2025 |
| Dawn M. Willey |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;![](tm2517221d1_ex5-1img001.jpg) | &nbsp;&nbsp; **Kilpatrick Townsend & Stockton LLP**<br> ktslaw.com | &nbsp;&nbsp; Suite 200, 701 Pennsylvania Avenue, NW<br> Washington, DC 20004 |

---

June 5, 2025

Board of Directors

Shore Bancshares, Inc.

18 E. Dover Street

Easton, Maryland 21601

**Re: Shore Bancshares, Inc. – Registration Statement on Form S-8**

Ladies and Gentlemen:

You have requested the opinion of this firm as to certain matters in connection with the registration of 1,323,967 shares of common stock, $0.01 par value per share (the "Shares"), of Shore Bancshares, Inc. (the "Company") to be issued as follows: (i) up to 1,073,967 shares issued pursuant to the Shore Bancshares, Inc. 2025 Equity Incentive Plan and (ii) up to 250,000 shares issued pursuant to the Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan (collectively, the "Plans").

We have made such legal and factual examinations and inquiries as we have deemed advisable for the purpose of rendering this opinion. In our examination, we have assumed but have not verified (i) the genuineness of all signatures; (ii) the authenticity of all documents submitted to us as originals; (iii) the conformity with the originals of all documents supplied to us as copies; and (iv) the accuracy and completeness of all corporate records and documents and of all certificates and statements of fact, in each case given or made available to us by the Company or its subsidiaries.

Based on the foregoing, and limited in all respects to Maryland law, it is our opinion that upon issuance and delivery in the manner described in the Plans, the Shares will be validly issued, fully paid and non-assessable.

We note that, although certain portions of the Registration Statement (the financial statements and schedules) have been included therein (through incorporation by reference) on the authority of "experts" within the meaning of the Securities Act, we are not experts with respect to any portion of the Registration Statement, including, without limitation, the financial statements or schedules or the other financial information or data included therein.

We hereby consent to the filing of this opinion as an exhibit to the Company's Registration Statement on Form S-8, and we consent to the use of the name of our firm under the heading "Interests of Named Experts and Counsel" therein.

---

| |
|:---|
| Very truly yours, |
| /s/ KILPATRICK TOWNSEND & STOCKTON LLP |

---

**Anchorage Atlanta Augusta BEIJING Charlotte CHICAGO DALLAS Denver houston los angeles New York PHOENIX Raleigh**

**San Diego San Francisco Seattle SHANGHAI Silicon Valley Stockholm Tokyo Walnut Creek Washington Winston-Salem**

## Exhibit 10.2

**Exhibit 10.2**

**TIME-BASED RESTRICTED STOCK UNIT AGREEMENT<br> SHORE BANCSHARES, INC.<br> 2025 EQUITY INCENTIVE PLAN**

<br> This time-based Restricted Stock Unit ("RSU") agreement ("**Agreement**") is and will be subject in every respect to the provisions of the ***Shore Bancshares, Inc. 2025 Equity Incentive Plan*** (the "**Plan**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. The holder of this RSU Award (the "**Participant**") hereby accepts this RSU Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of Shore Bancshares, Inc. (the "**Committee**") or the Board of Directors of Shore Bancshares, Inc. **(**the **"Company")** will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. A copy of the Plan and related prospectus will be provided to each person granted an RSU Award. Capitalized terms used herein but not defined will have the same meaning as in the Plan.

1. **Name of Participant:** 

2. **Date of Grant:** __________________________, 20____.

3. **Number of Shares subject to this RSU Award:** _________________

4. **Vesting Schedule.** Except as otherwise provided in this Agreement or the Plan, this RSU Award shall
vest in accordance with the following schedule:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vesting Date (1)(2)** | &nbsp;&nbsp;**Number of RSUs Vesting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a Vesting Date falls on a non-business day, the RSU Award will vest on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Participant must be in service with the Company or the Bank on each applicable Vesting Date, unless
otherwise provided in this Agreement or the Plan.

***For a participant who is both a Executive and a Director, a termination of employment will not constitute a separation from service for purposes of the Plan so long as the Participant continues to provide service as a Director.***

**5.** **Terms and Conditions.** 

**Voting***.* Until actual Shares are issued to the Participant in accordance with the terms of the Plan and this Agreement, the Participant shall have no rights to vote any Shares because of this RSU Award.

**Dividends.** Participants granted RSUs shall have the right to dividends which would have been paid with respect to the Shares represented by the RSUs if such Shares were outstanding, and such deemed dividends shall be subject to the same vesting schedule as the RSUs to which they are attributable.

6. **Delivery of Shares of Common Stock.** Delivery of Shares under this Agreement will comply with all
applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar
entity.

7. **Change in Control.** In the event of the Participant's involuntary termination for Good Reason
following a Change in Control, all RSUs subject to this Agreement will become fully vested. A "**Change in Control**" will
be deemed to have occurred as described in Article IX of the Plan.

8. **Adjustment Provisions.** This RSU Award will be adjusted upon
the occurrence of the events specified in, and in accordance with the provisions of, Section 4.4 of the Plan.

**9.** **Effect of Termination of Service on RSU Award.** 

Notwithstanding Sections 4 and 7 above or other provisions in the Long Term Incentive Program ("LTIP"), the following special vesting conditions will apply if the Participant terminates service with the Company or the Bank before this RSU Award fully vests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Death.** In the event of the Participant's death, any
unvested RSUs subject to this Agreement will vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Disability.** In the event of the Participant's separation from service by reason of the Participant's
Disability, any unvested shares RSUs subject to this Agreement will vest. A Participant's
Disabled status must become effective prior to the date of the Participant's separation from service with the Company or the Bank
in order to be recognized under this Agreement.

10. **Required Tax Obligations.** Participants are required to pay all applicable mandatory federal, state,
local or other taxes with respect to any Company Stock distributed upon the vesting of an RSU Award (the " <u>Required Tax Obligations</u> ").
Participants may satisfy their tax withholding obligations by issuing a check, through a payroll deduction or by withholding Shares. The
Fair Market Value of the Shares on the applicable Vesting Date is used for purposes of determining how many Shares need to be withheld
to satisfy the Required Tax Obligations. Only whole Shares may be used to satisfy a Participant's Required Tax Obligations; therefore,
Participants may be required to make a cash payment for a Required Tax Obligation amount that cannot be covered by a full Share.

11. **Modification or Amendment.** This Agreement may not be amended or otherwise modified, except as set
forth herein, unless evidenced in writing and signed by the Company and the Participant. Notwithstanding the foregoing, the Committee
may amend this Agreement by a writing that specifically states that it is amending this Agreement, so long as a copy of such amendment
is delivered to the Participant, provided that no such amendment shall adversely affect in a material way the Participant's rights
hereunder without the Participant's written consent (except to the extent the Committee reasonably determines that such amendment
or termination is necessary or appropriate to comply with applicable law or the rules or regulations of any stock exchange on which the
Common Stock is listed or quoted). Without limiting the foregoing, the Committee reserves the right to change, by written notice to the
Participant, the provisions of this RSU Award and this Agreement in any way it may deem necessary or advisable to carry out the purpose
of the grant of the RSU Award as a result of any change in applicable law or regulation or any future law, regulation, ruling, or judicial
decisions.

12. **No Continuation of Service.** Neither the Plan nor this Agreement will confer upon the Participant
any right to continue in service with the Company or the Bank.

13. **Transferability.** The RSUs may not be sold, pledged, assigned, or transferred in any manner; other
than by will or the laws of descent. Any such purported sale, pledge, assignment, or transfer in violation of this Agreement shall be
void and of no effect.

14. **Beneficiary.** Each Participant may name a beneficiary or beneficiaries to whom any vested but unpaid
portion of this RSU Award is to be paid in case of the Participant's death.

15. **Interpretation**. The Participant accepts the RSU Award subject to all the terms and provisions and
restrictions of this Agreement and the Plan. The undersigned Participant hereby accepts as binding, conclusive and final all decisions
or interpretations of the Committee upon any questions arising under this Agreement or the Plan.

16. **Electronic Delivery**. The Company may, in its sole discretion, decide to deliver any documents related
to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company.

17. **Entire Agreement.** This Agreement (including Appendix A), together with the Plan and LTIP,
 represents the entire agreement between the parties and supersedes any and all prior or contemporaneous discussions, understandings,
 or any agreements of any nature, written or otherwise, relating to the subject matter hereof.

18. **Governing Law.** This Agreement will be construed in accordance with the laws of the State of Maryland
without regard to the application of the principles of conflicts of laws. Notwithstanding anything
to the contrary herein, the grant and vesting of RSU Awards hereunder are conditioned upon and subject to compliance with Section 18(k)
of the Federal Deposit Insurance Act, 18 U.S.C. 1828(k), and the rules and regulations promulgated thereunder.

19. **Execution.** This Agreement may be executed, including execution by facsimile signature, in one or
more counterparts, each of which will be deemed an original, and all of which together shall be deemed to be one and the same instrument.

20. **Notices**. Any notice to be given under the terms of this Agreement to the Company shall be addressed
to the Committee at the Company headquarters. Any notice to be given under the terms of this Agreement to the Participant shall be addressed
to the Participant at the address listed in the records of the Company or the Bank. By a notice given pursuant to this Section 20 either
party may designate a different address for notices. Any notice shall be deemed to have been duly given when personally delivered (addressed
as specified above) or when enclosed in a properly sealed envelope (addressed as specified above) and deposited, postage prepaid, with
the U.S. postal service or an express mail company.

21. **Policies and Restrictions**. Notwithstanding
any other provision of this Agreement to the contrary, any Share issued pursuant to this RSU Award, and/or any amount received with respect
to any sale of any vested Shares as well as any cash or stock dividends received hereunder, shall be subject to potential cancellation,
recoupment, rescission, payback or other action in accordance with the terms of any recoupment/claw back policy maintained by the Company,
any trading policy restrictions and/or any hedging/pledging policy restrictions (the "**Policies** "). In addition, the
Participant agrees and consents to the Company's application, implementation and enforcement of (a) the Policies and (b) any
provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, and expressly agrees that the
Company may take such actions as are necessary to effectuate the Policies, any similar policy (as applicable to the Participant) or any
amendments that may be made from time to time in the future by the Company, in its discretion, without further consent or action being
required by the Participant. To the extent that the terms of this Agreement and any of the Policies or any similar policy conflict, then
the terms of such policy shall prevail.

*[Signature page follows]*

**IN WITNESS WHEREOF**, the Company has caused this Agreement to be executed in its name and on its behalf as of the Date of Grant of this RSU Award.

---

| | |
|:---|:---|
| **SHORE BANCSHARES, INC.** | **SHORE BANCSHARES, INC.** |
| By: |  |
|  | Duly Authorized Representative of the Company |

---

**PARTICIPANT'S ACCEPTANCE**

The undersigned hereby accepts the foregoing RSU Award and agrees to the terms and conditions hereof, including the terms and provisions of the Plan.

---

| |
|:---|
| **PARTICIPANT** |
| Date |

---

## Exhibit 10.3

**Exhibit 10.3**

**PERFORMANCE STOCK UNIT AGREEMENT<br> SHORE BANCSHARES, INC.<br> 2025 EQUITY INCENTIVE PLAN**

<br> This Performance Stock Unit ("PSU") agreement ("**Agreement**") is and will be subject in every respect to the provisions of the ***Shore Bancshares, Inc. 2025 Equity Incentive Plan*** (the "**Plan**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. The holder of this PSU Award (the "**Participant**") hereby accepts this PSU Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of Shore Bancshares, Inc. (the "**Committee**") or the Board of Directors of Shore Bancshares, Inc. **(**the **"Company")** will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. A copy of the Plan and related prospectus will be provided to each person granted an PSU Award. Capitalized terms used herein but not defined will have the same meaning as in the Plan.

1. **Name of Participant:** 

2. **Date of Grant:** __________________________, 20____.

3. **(a)** **PSU Award Opportunity (as a percentage of Base Salary)** __________%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Number of PSUs awarded on Date of Grant <sup>1</sup>**:
__________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** [PERFORMANCE CRITERIA AND PERFORMANCE PERIOD]

4. **Vesting.** Units subject to this PSU Award will vest according to performance against pre-established
goals set for in Long Term Incentive Program ("LTIP"), as approved by the Committee and this Agreement (threshold, target
and stretch).

If a vesting date falls on a non-business day, the PSU Award will vest on the next business day.

In order to vest in PSUs, a Participant must be employed on the earlier of the date the payment determination is made with respect to the Performance Period, or March 15<sup>th</sup> of the year following the end of the performance period.

***For a participant who is both a Executive and a Director, a termination of employment will not constitute a separation from service for purposes of the Plan so long as the Participant continues to provide service as a Director.***

<sup>1</sup> Number of Performance Stock Units associated with this PSU Award are based on the closing price of the Stock on the Date of Grant.

**5.** **Terms and Conditions.** 

**Voting***.* Until actual Shares are issued to the Participant in accordance with the terms of the Plan and this Agreement, the Participant shall have no rights to vote any Shares because of this PSU Award.

**Dividends.** Participants granted PSUs shall have the right to dividends which would have been paid with respect to the Shares represented by the PSUs if such Shares were outstanding, and such deemed dividends shall be subject to the same vesting schedule as the PSUs to which they are attributable.

6. **Delivery of Shares of Common Stock.** Delivery of Shares under this Agreement will comply with all
applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar
entity.

7. **Change in Control.** In the event a Change in Control, all PSUs subject to this Agreement will fully
vest at target and Shares or other merger consideration will be distributed following the Participant's involuntary termination
for Good Reason. A "**Change in Control**" will be deemed to have occurred as described in Article IX of the Plan.

8. **Adjustment Provisions.** This PSU Award will be adjusted upon
the occurrence of the events specified in, and in accordance with the provisions of, Section 4.4 of the Plan.

**9.** **Effect of Termination of Service on PSU Award.** 

Notwithstanding Sections 4 and 7 above or other provisions in the LTIP, the following special vesting conditions will apply if the Participant terminates service with the Company or the Bank before this PSU Award fully vests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Death.** In the event of the Participant's death, any
unvested PSUs subject to this Agreement will vest at target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Disability.** In the event of the Participant's separation from service by reason of the Participant's
Disability, any unvested shares PSUs subject to this Agreement will vest at target. A Participant's
Disabled status must become effective prior to the date of the Participant's separation from service with the Company or the Bank
in order to be recognized under this Agreement.

10. **Required Tax Obligations.** Participants are required to pay all applicable mandatory federal, state,
local or other taxes with respect to any Company Stock distributed upon the vesting of a PSU Award (the " <u>Required Tax Obligations</u> ").
Participants may satisfy their tax withholding obligations by issuing a check, through a payroll deduction or by withholding Shares. The
Fair Market Value of the Shares on the applicable Vesting Date is used for purposes of determining how many Shares need to be withheld
to satisfy the Required Tax Obligations. Only whole Shares may be used to satisfy a Participant's Required Tax Obligations; therefore,
Participants may be required to make a cash payment for a Required Tax Obligation amount that cannot be covered by a full Share.

11. **Modification or Amendment.** This Agreement may not be amended or otherwise modified, except as set
forth herein, unless evidenced in writing and signed by the Company and the Participant. Notwithstanding the foregoing, the Committee
may amend this Agreement by a writing that specifically states that it is amending this Agreement, so long as a copy of such amendment
is delivered to the Participant, provided that no such amendment shall adversely affect in a material way the Participant's rights
hereunder without the Participant's written consent (except to the extent the Committee reasonably determines that such amendment
or termination is necessary or appropriate to comply with applicable law or the rules or regulations of any stock exchange on which the
Common Stock is listed or quoted). Without limiting the foregoing, the Committee reserves the right to change, by written notice to the
Participant, the provisions of this PSU Award and this Agreement in any way it may deem necessary or advisable to carry out the purpose
of the grant of the PSU Award as a result of any change in applicable law or regulation or any future law, regulation, ruling, or judicial
decisions.

12. **No Continuation of Service.** Neither the Plan nor this Agreement will confer upon the Participant
any right to continue in service with the Company or the Bank.

13. **Transferability.** The PSUs may not be sold, pledged, assigned, or transferred in any manner; other
than by will or the laws of descent. Any such purported sale, pledge, assignment, or transfer in violation of this Agreement shall be
void and of no effect.

14. **Beneficiary.** Each Participant may name a beneficiary or beneficiaries to whom any vested but unpaid
portion of this PSU Award is to be paid in case of the Participant's death.

15. **Interpretation**. The Participant accepts the PSU Award subject to all the terms and provisions and
restrictions of this Agreement and the Plan. The undersigned Participant hereby accepts as binding, conclusive and final all decisions
or interpretations of the Committee upon any questions arising under this Agreement or the Plan.

16. **Electronic Delivery**. The Company may, in its sole discretion, decide to deliver any documents related
to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company.

17. **Entire Agreement.** This Agreement, together with the Plan and LTIP, represents the entire agreement
between the parties and supersedes any and all prior or contemporaneous discussions, understandings, or any agreements of any nature,
written or otherwise, relating to the subject matter hereof.

18. **Governing Law.** This Agreement will be construed in accordance with the laws of the State of Maryland
without regard to the application of the principles of conflicts of laws. Notwithstanding anything
to the contrary herein, the grant and vesting of PSU Awards hereunder are conditioned upon and subject to compliance with Section 18(k)
of the Federal Deposit Insurance Act, 18 U.S.C. 1828(k), and the rules and regulations promulgated thereunder.

19. **Execution.** This Agreement may be executed, including execution by facsimile signature, in one or
more counterparts, each of which will be deemed an original, and all of which together shall be deemed to be one and the same instrument.

20. **Notices**. Any notice to be given under the terms of this Agreement to the Company shall be addressed
to the Committee at the Company headquarters. Any notice to be given under the terms of this Agreement to the Participant shall be addressed
to the Participant at the address listed in the records of the Company or the Bank. By a notice given pursuant to this Section 20 either
party may designate a different address for notices. Any notice shall be deemed to have been duly given when personally delivered (addressed
as specified above) or when enclosed in a properly sealed envelope (addressed as specified above) and deposited, postage prepaid, with
the U.S. postal service or an express mail company.

21. **Policies and Restrictions**. Notwithstanding
any other provision of this Agreement to the contrary, any Share issued pursuant to this PSU Award, and/or any amount received with respect
to any sale of any vested Shares as well as any cash or stock dividends received hereunder, shall be subject to potential cancellation,
recoupment, rescission, payback or other action in accordance with the terms of any recoupment/claw back policy maintained by the Company,
any trading policy restrictions and/or any hedging/pledging policy restrictions (the "**Policies** "). In addition, the
Participant agrees and consents to the Company's application, implementation and enforcement of (a) the Policies and (b) any
provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, and expressly agrees that the
Company may take such actions as are necessary to effectuate the Policies, any similar policy (as applicable to the Participant) or any
amendments that may be made from time to time in the future by the Company, in its discretion, without further consent or action being
required by the Participant. To the extent that the terms of this Agreement and any of the Policies or any similar policy conflict, then
the terms of such policy shall prevail.

*[Signature page follows]*

**IN WITNESS WHEREOF**, the Company has caused this Agreement to be executed in its name and on its behalf as of the Date of Grant of this PSU Award.

---

| | |
|:---|:---|
| **SHORE BANCSHARES, INC.** | **SHORE BANCSHARES, INC.** |
| By: |  |
|  | Duly Authorized Representative of the Company |

---

**PARTICIPANT'S ACCEPTANCE**

The undersigned hereby accepts the foregoing PSU Award and agrees to the terms and conditions hereof, including the terms and provisions of the Plan.

---

| |
|:---|
| **PARTICIPANT** |
| Date |

---

## Exhibit 10.4

**Exhibit 10.4**

**RESTRICTED STOCK AWARD AGREEMENT<br> SHORE BANCSHARES, INC.<br> 2025 EQUITY INCENTIVE PLAN**

<br> This Restricted Stock award agreement ("**Restricted Stock Award**" or **Agreement**") is and will be subject in every respect to the provisions of the ***Shore Bancshares, Inc. 2025 Equity Incentive Plan*** (the "**Plan**") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. The holder of this Restricted Stock Award (the "**Participant**") hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of Shore Bancshares, Inc. (the "**Committee**") or the Board of Directors of Shore Bancshares, Inc. (the **"Company")** will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns. Capitalized terms used herein but not defined will have the same meaning as in the Plan.

**1.** **Name of Participant:** 

**2.** **Date of Grant:** __________________________, 20____

**3.** **Number of shares of Common Stock subject to this Restricted Stock Award:** 

**4.** **Vesting Schedule.** Except as otherwise provided in this Agreement or the Plan, this Restricted Stock Award shall vest in accordance with the following schedule:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vesting Date (1)(2)** | &nbsp;&nbsp;**Number of Shares of <br> Common Stock Vesting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a Vesting Date falls on a non-business day, the Restricted Stock Award will vest on the next business
day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Participant must be in Service with the Company or the Bank on each applicable Vesting Date, unless
otherwise provided in this Agreement or the Plan.

***For a participant who is both an Employee and a Director, termination of employment will not constitute a Termination of Service for purposes of the Plan so long as the Participant continues to provide Service as a Director.***

**5.** **Terms and Conditions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Voting**. The Participant will have the right to vote the unvested shares of Restricted Stock awarded
hereunder on matters which require a stockholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Dividends.** Any dividends or distributions (cash or stock) declared with respect to shares of Common
Stock subject to this Restricted Stock Award will be distributed subject to the same restrictions and the same vesting schedule as the
underlying shares of Common Stock on which the dividend was declared. For the avoidance of doubt, in no event will dividends be paid to
a Participant on any Restricted Stock Award prior to the date on which the Restricted Stock Award vests.

6. **Delivery of Shares of Common Stock.** Delivery of shares of Common Stock under this Restricted Stock
Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any
securities exchange or similar entity.

7. **Change in Control.** In the event of the Participant's Involuntary Termination following a
Change in Control, all Restricted Stock Awards subject to this Agreement will become fully vested. A "**Change in Control** "
will be deemed to have occurred as described in Section 9.3 of the Plan.

8. **Adjustment Provisions.** This Restricted Stock Award, including
the number of shares of Common Stock subject to this Restricted Stock Award, will be adjusted upon the occurrence of the events specified
in, and in accordance with the provisions of, Section 4.4 of the Plan.

**9.** **Effect of Termination of Service on Restricted Stock Award.** 

Notwithstanding Sections 4 and 7 above, the following special vesting conditions will apply if the Participant terminates Service with the Company or the Bank before this Restricted Stock Award fully vests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Death.** In the event of the Participant's Termination
of Service by reason of the Participant's death, any unvested shares of Common Stock subject to this Agreement will vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Disability.** In the event of the Participant's Termination of Service by reason of the Participant's
Disability, any unvested shares of Common Stock subject to this Agreement will vest. A Participant's
Disabled status must become effective prior to the date of the Participant's separation from service with the Company or the Bank
in order to be recognized under this Agreement.

**10.** **Tax Matters; Section 83(b) Election.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** **Required Tax Obligations.** Participants are required to pay all applicable mandatory federal, state,
local or other taxes with respect to any distribution of Common Stock subject to a Restricted Stock Award (the " <u>Required Tax Obligations</u> "). Participants can satisfy their Required Tax Obligations with a check, through payroll deductions or through Share
withholding. The Fair Market Value of the Company Stock on the applicable Vesting Date is used for purposes of determining how many Shares
need to be withheld to satisfy the Required Tax Obligations. Only whole Shares may be withheld; therefore, Participants may be required
to make a cash payment for a Required Tax Obligation amount that cannot be covered by a full share of Common Stock. *Directors are self-employed and not subject to mandatory tax withholding.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Section 83(b) Election.** Unless prohibited by the Committee, the Participant may make an election,
within thirty (30) days of the Date of Grant, pursuant to Section 83(b) of the Code ,
to include in gross income for federal income tax purposes an amount equal to the Fair Market Value (as of the Date of Grant) of all or
any portion of this Restricted Stock Award.

11. **Modification or Amendment.** This Agreement may not be amended or otherwise modified, except as set
forth herein, unless evidenced in writing and signed by the Company and the Participant. Notwithstanding the foregoing, the Committee
may amend this Agreement by a writing that specifically states that it is amending this Agreement, so long as a copy of such amendment
is delivered to the Participant, provided that no such amendment shall adversely affect in a material way the Participant's rights
hereunder without the Participant's written consent (except to the extent the Committee reasonably determines that such amendment
or termination is necessary or appropriate to comply with applicable law or the rules or regulations of any stock exchange on which the
Common Stock is listed or quoted). Without limiting the foregoing, the Committee reserves the right to change, by written notice to the
Participant, the provisions of this Restricted Stock Award and this Agreement in any way it may deem necessary or advisable to carry out
the purpose of the grant of the Restricted Stock Award as a result of any change in applicable law or regulation or any future law, regulation,
ruling, or judicial decisions.

12. **No Continuation of Service.** Neither the Plan nor this Restricted Stock Award will confer upon the
Participant any right to continue in Service with the Company or the Bank.

13. **Transferability.** The Restricted Stock Awards may not be sold, pledged, assigned, or transferred
in any manner; other than by will or the laws of descent. Any such purported sale, pledge, assignment, or transfer in violation of this
Agreement shall be void and of no effect.

14. **Beneficiary.** Each Participant may name a beneficiary or beneficiaries to whom any vested but unpaid
portion of this Restricted Award is to be paid in case of the Participant's death.

15. **Interpretation**. The Participant accepts the Restricted Stock Award subject to all the terms and
provisions and restrictions of this Agreement and the Plan. The undersigned Participant hereby accepts as binding, conclusive and final
all decisions or interpretations of the Committee upon any questions arising under this Agreement or the Plan.

16. **Electronic Delivery**. The Company may, in its sole discretion, decide to deliver any documents related
to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company.

17. **Entire Agreement.** This Agreement (including Appendix A), together with the Plan, represents the
entire agreement between the parties and supersedes any and all prior or contemporaneous discussions, understandings, or any agreements
of any nature, written or otherwise, relating to the subject matter hereof.

18. **Governing Law.** This Agreement will be construed in accordance with the laws of the State of Maryland
without regard to the application of the principles of conflicts of laws. Notwithstanding anything
to the contrary herein, the grant and vesting of Restricted Stock Awards hereunder are conditioned upon and subject to compliance with
Section 18(k) of the Federal Deposit Insurance Act, 18 U.S.C. 1828(k), and the rules and regulations promulgated thereunder.

19. **Execution.** This Agreement may be executed, including execution by facsimile signature, in one or
more counterparts, each of which will be deemed an original, and all of which together shall be deemed to be one and the same instrument.

20. **Notices**. Any notice to be given under the terms of this Agreement to the Company shall be addressed
to Committee at the Company headquarters. Any notice to be given under the terms of this Agreement to the Participant shall be addressed
to the Participant at the address listed in the records of the Company or the Bank. By a notice given pursuant to this Section 20 either
party may designate a different address for notices. Any notice shall be deemed to have been duly given when personally delivered (addressed
as specified above) or when enclosed in a properly sealed envelope (addressed as specified above) and deposited, postage prepaid, with
the U.S. postal service or an express mail company.

21. **Policies and Restrictions**.
Notwithstanding any other provision of this Agreement to the contrary, any share of Restricted Stock granted hereunder or any vested
shares of Stock issued, and/or any amount received with respect to any sale of any vested Shares of Common Stock, as well as any cash
or stock dividends received hereunder, shall be subject to potential cancellation, recoupment, rescission, payback or other action in
accordance with the terms of any recoupment/claw back policy maintained by the Company, any trading policy restrictions and/or any hedging/pledging
policy restrictions (the "**Policies** "). In addition, the Participant agrees and consents to the Company's application,
implementation and enforcement of (a) the Policies and (b) any provision of applicable law relating to cancellation, rescission,
payback or recoupment of compensation, and expressly agrees that the Company may take such actions as are necessary to effectuate the
Policies, any similar policy (as applicable to the Participant) or any amendments that may be made from time to time in the future by
the Company, in its discretion, without further consent or action being required by the Participant. To the extent that the terms of
this Agreement and any of the Policies or any similar policy conflict, then the terms of such policy shall prevail.

*[Signature page follows]*

**IN WITNESS WHEREOF**, the Company has caused this Agreement to be executed in its name and on its behalf as of the Date of Grant of this Restricted Stock Award.

---

| | |
|:---|:---|
| **SHORE BANCSHARES, INC.** | **SHORE BANCSHARES, INC.** |
| By: |  |
|  | Duly Authorized Representative of the Company |

---

**PARTICIPANT'S ACCEPTANCE**

The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the Plan.

---

| |
|:---|
| **PARTICIPANT** |
| Date |

---

## Exhibit 10.5

**Exhibit 10.5**

**SHORE BANCSHARES, INC. 2025 EQUITY INCENTIVE PLAN**

**<u>Restricted Stock Unit ("RSU") Agreement for Directors</u>**

THIS AGREEMENT, dated as of _______________________, between SHORE BANCSHARES, INC., a Maryland corporation (the "Company"), and ______________________ ("Participant"), is made pursuant and subject to the provisions of the **Shore Bancshares, Inc. 2025 Equity Incentive Plan** ("Plan"). All capitalized terms used but not defined herein shall have the meanings given such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Award of RSUs.</u>** Pursuant to the Plan, the Company, on _____________, 202__(the "Date of Grant"), granted Participant ________________________ Restricted Stock Units ("Restricted Stock Units or RSUs"), subject to the terms and conditions of the Plan and subject further to the terms and conditions set forth herein (the "Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Restrictions</u>**. Except as provided in this Agreement, this RSU Award is not transferable and is subject to a substantial risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Vesting</u>**. Participant's interest in the Restricted Stock Units shall become transferable and non-forfeitable ("Vested") as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vesting Date** | &nbsp;&nbsp;**Restricted Stock Units** |

---

Notwithstanding the foregoing, any RSUs that have not Vested shall become Vested as of the earlier of (i) the date of a Change in Control or (ii) the date of the Participant's death or separation from service due to Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Forfeiture</u>**. Upon the termination of Participant's service with the Company or an Affiliate, RSUs that have not then become Vested pursuant to Section 3 shall lapse and be forfeited and canceled, except as noted above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Shareholder Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Voting** *.* Until actual Shares
 are issued to the Participant in accordance with the terms of the Plan and this Agreement,
 the Participant shall have no rights to vote any Shares because of this RSU Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Dividends**. Participants granted
 RSUs shall have the right to dividends which would have been paid with respect to the Shares
 represented by the RSUs if such Shares were outstanding, and such deemed dividends shall
 be subject to the same vesting schedule as the RSUs to which they are attributable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Delivery of Shares of Common Stock. Delivery of Shares under this Agreement will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Fractional Shares</u>**. Fractional shares shall not be issuable hereunder, and when any provision hereof or the Plan may entitle Participant to a fractional share, such fraction shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Taxes</u>**. All income recognized upon the vesting of this RSU Award will be noted on a Form 1099 issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>No Right to Continued Service</u>**. This Agreement does not confer upon Participant any right with respect to continuance of service with the Company or Shore United Bank ("Bank").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Governing Law</u>**. This Agreement shall be governed by the laws of the State of Maryland, without regard to any conflict of laws principles that would apply the law of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Participant Bound by Plan</u>**. Participant acknowledges, by executing this Agreement, that (1) this Agreement is subject in all respects to the provisions of the Plan, as amended from time to time, the terms of which are incorporated herein by reference and made a part hereof, (2) that a copy of the Plan and all amendments thereto through the date hereof were provided to Participant on the date hereof, and (3) he understands and accepts all of the terms and conditions of the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Entire Agreement</u>**. This Agreement sets forth the entire agreement of the parties with respect to the subject matter hereof. Any and all prior agreements or understandings with respect to such matters are hereby superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Binding Effect</u>**. Subject to the limitations stated above and, in the Plan, this Agreement shall be binding upon and inure to the benefit of the legatees, distributees, and personal representatives of the Participant and the successors of the Company.

IN WITNESS WHEREOF, the Company has caused this Agreement to be signed on its behalf, and the Participant has affixed his signature hereto.

---

| |
|:---|
| **SHORE BANCSHARES, INC.** |
| (Printed Name) |
| **PARTICIPANT** |
| Signature |
| (Printed Name) |

---

## Exhibit 23.2

**Exhibit 23.2**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Shore Bancshares Inc of our report dated March 10, 2025, related to the consolidated financial statements and effectiveness of internal control over financial reporting appearing in the Annual Report on Form 10-K of Shore Bancshares Inc for the year ended December 31, 2024.

/s/ Crowe LLP

Livingston, New Jersey <br> June 4, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Shore Bancshares, Inc.**

(Exact Name of registrant as specified in its charter)

**Table 1: Newly Registered Securities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security**<br> **Class Title** | **Fee Calculation<br> Rule** | **Proposed<br> Maximum<br> Offering Price<br> Per Share <sup>(2)</sup>** | **Maximum<br> Aggregate**<br> **Offering Price <sup>(1)</sup>** | **Fee Rate** | **Amount of<br> Registration**<br> **Fee** |
| Equity | Common Stock, $0.01 par value per share | Rule 457(c)<br> and Rule 457(h)<br>1073967<sup>(3)</sup> | $14.61 | $15690657 | 0.00015310 | $2402.24 |
| Equity | Common Stock, $0.01 par value per share | Rule 457(c)<br> and Rule 457(h)<br>250000<sup>(4)</sup> | $14.61 | $3652500 | 0.00015310 | $559.20 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $19343157 |  | $2961.44 |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | N/A |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $2961.44 |

---

(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"),
this Registration Statement also relates to such indeterminate number of additional shares of Common Stock as may be issuable under the
Shore Bancshares, Inc. 2025 Equity Incentive Plan and Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan to prevent dilution in
the event of a stock dividend, stock split, recapitalization, or other similar changes in the capital structure, merger, consolidation,
spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation, or other distribution of assets, issuance of
rights or warrants to purchase securities, or any other corporate transaction or event having an effect similar to any of the foregoing.

(2) Estimated pursuant to Rules 457(c) and 457(h) under the Securities Act solely for the purpose of calculating
the registration fee. The price of $14.61 per share represents the average of the high and low sales prices of the registrant's
common stock as reported on the NASDAQ Global Select Market on June 4, 2025.

(3) Represents 1,073,967 shares common stock, par value $0.01 per share, of the Company issuable pursuant
to the Shore Bancshares, Inc. 2025 Equity Incentive Plan.

(4) Represents 250,000 shares common stock, par value $0.01 per share, of the Company issuable pursuant to
the Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan.