Ruch, Jr. Charles E. 4

What Happened Charles E. Ruch, Jr., EVP and Chief Credit Officer of Shore Bancshares (SHBI), had 1,354 restricted stock units (RSUs) vest on February 27, 2026. The RSUs converted one-for-one into common shares. The issuer withheld 454 of those shares to satisfy tax withholding obligations, leaving a net increase of 900 shares to Ruch’s beneficial ownership. The filing shows the RSU conversion (transaction code M) and the tax-withholding surrender (transaction code F); no open-market sale by the reporting person was reported.

Key Details

• Transaction date: February 27, 2026 (filed March 3, 2026 — timely under Rule 16b‑3 timing)
• Vesting/conversion: 1,354 RSUs converted into 1,354 common shares (M)
• Tax withholding: 454 shares withheld by issuer to cover taxes (F); no shares sold on market
• Net shares retained: 900 shares (1,354 vested − 454 withheld)
• Footnotes: RSUs convert one-for-one into common stock; RSUs vested on Feb 27, 2026; each RSU is a contingent right to one share
• Shares owned after transaction: not specified in the filing

Context This was an RSU vesting event (not an open-market buy or voluntary sale). The issuer’s withholding of shares to meet tax obligations is a routine administrative step and does not indicate a market sale by the insider. Transaction codes: M = conversion/exercise of a derivative (here, RSU conversion); F = payment of tax liability via share withholding.