<SEC-DOCUMENT>0001104659-25-056815.txt : 20250605
<SEC-HEADER>0001104659-25-056815.hdr.sgml : 20250605
<ACCEPTANCE-DATETIME>20250605155444
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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2517221d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<TD STYLE="text-align: justify">As filed with the U.S. Securities and Exchange Commission on June 5, 2025</TD>
                            <TD STYLE="text-align: right">Registration No. 333-________</TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SHORE BANCSHARES, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Maryland</U></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>52-1974638</U></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer Identification No.)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>18 E. Dover Street, Easton, Maryland</U></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>21601</U></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip Code)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shore Bancshares, Inc. 2025 Equity Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Shore Bancshares, Inc. 2025 Employee Stock
Purchase Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Full Titles of the Plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>James M. Burke</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>President and Chief Executive Officer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shore Bancshares, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 E. Dover Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Easton, Maryland 21601</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(410) 763-7800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including are code, of agent
of service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gary R. Bronstein, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -3.5in"><B>Edward G. Olifer,
Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -3.5in"><B>Suzanne A. Walker,
Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -3.5in"><B>Kilpatrick Townsend
 &amp; Stockton LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -3.5in"><B>701 Pennsylvania
Avenue NW, Suite 200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -3.5in"><B>Washington, DC
20004</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: center; text-indent: -3.5in"><B>(202) 508-5800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">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 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Large accelerated filer
    <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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. </FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHORE BANCSHARES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Registration Statement
on Form S-8 of Shore Bancshares, Inc. (the &ldquo;Registrant&rdquo; or the &ldquo;Corporation&rdquo;) is being filed by the Registrant
to register 1,073,967 shares of the Registrant&rsquo;s common stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), 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 &ldquo;Plans&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Items 1 &amp; 2. Plan Information and Registrant
Information and Employee Plan Annual Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the
 &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents previously
filed by the Registrant with the SEC are incorporated by reference in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025011575/shbi-20241231.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the &ldquo;Annual Report&rdquo;), as filed with the SEC on March 10, 2025 (File No. 000-22345)</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025023712/shbi-20250331.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;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)</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm" STYLE="-sec-extract: exhibit">The description of the Registrant&rsquo;s common stock filed as Exhibit 4.1 to the Registrant&rsquo;s Form 10-K filed with the SEC on March 15, 2024 (File No. 000-22345)</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Registrant&rsquo;s Current Reports on Form&nbsp;8-K (other than those portions furnished under Items 2.02, 7.01 and 9.01 of Form&nbsp;8-K),
as filed with the SEC on<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025029238/shbi-20250604.htm" STYLE="-sec-extract: exhibit"> June 4, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025021513/shbi-20250501.htm" STYLE="-sec-extract: exhibit">May 1, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025018145/shbi-20250417.htm" STYLE="-sec-extract: exhibit">April 17, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025014137/shbi-20250320.htm" STYLE="-sec-extract: exhibit">March 20, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025003776/shbi-20250204.htm" STYLE="-sec-extract: exhibit">February 4, 2025</A> (File No. 000-22345).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>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.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 6. Indemnification of Directors and Officers.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant is incorporated
under the laws of the State of Maryland. Article Seven of the Registrant&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall indemnify
(A)&nbsp;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)&nbsp;other employees and agents to such extent as shall be authorized by the Board of
Directors or the Corporation&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7. Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8. Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">List of Exhibits (filed herewith
unless otherwise noted):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>Exhibit</U></B></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Description</B></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>Location</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000101410000000112/0001014100-00-000112-0003.txt" STYLE="-sec-extract: exhibit">4.1(i)</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000101410000000112/0001014100-00-000112-0003.txt" STYLE="-sec-extract: exhibit">Amended and Restated Articles of Incorporation of Shore Bancshares, Inc.</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000101410000000112/0001014100-00-000112-0003.txt" STYLE="-sec-extract: exhibit">Incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Form 8-K filed with the SEC on December 14, 2000.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000110465923077307/tm2320345d1_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1(ii)</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000110465923077307/tm2320345d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of the Amendment of Amended and Restated Articles of Incorporation</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000110465923077307/tm2320345d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Incorporated by reference to Exhibit 3.1 of the Company&rsquo;s Form 8-K filed on July 3, 2023.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000114420409001723/ex4-1.htm" STYLE="-sec-extract: exhibit">4.1(iii)</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000114420409001723/ex4-1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary relating to the Fixed Rate Cumulative Perpetual Preferred Stock, Series A</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000114420409001723/ex4-1.htm" STYLE="-sec-extract: exhibit">Incorporated by reference Exhibit 4.1 of the Company&rsquo;s Form 8-K filed on January 13, 2009.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000114420409032943/v152567_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1 (iv)</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000114420409032943/v152567_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary relating to the reclassification of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, as common stock</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000114420409032943/v152567_ex3-1.htm" STYLE="-sec-extract: exhibit">Incorporated by reference Exhibit 3.1(i) of the Company&rsquo;s Form 8-K filed on June 17, 2009.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024036376/shbi-20240630x10qxex32.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024036376/shbi-20240630x10qxex32.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Bylaws of Shore Bancshares, Inc.</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024036376/shbi-20240630x10qxex32.htm" STYLE="-sec-extract: exhibit">Incorporated herein by reference to Exhibit 3.2 to the Registrant&rsquo;s Form 10-Q filed with the SEC on August 9, 2024.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm" STYLE="-sec-extract: exhibit"><BR STYLE="clear: both">
4.3</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm" STYLE="-sec-extract: exhibit">Description of Registrant&rsquo;s Securities</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1035092/000162828024011336/shbi-20231231xexx41.htm" STYLE="-sec-extract: exhibit">Incorporated herein by reference to Exhibit 4.1 to the Registrant&rsquo;s Form 10-K filed with the SEC on March 15, 2024.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Kilpatrick Townsend &amp; Stockton LLP as to the legality of the common stock to be issued</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i61cf93a0a8e24cacb9d9edb3c23c8b22" STYLE="-sec-extract: exhibit">10.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i61cf93a0a8e24cacb9d9edb3c23c8b22" STYLE="-sec-extract: exhibit">Shore Bancshares, Inc. 2025 Equity Incentive Plan</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i61cf93a0a8e24cacb9d9edb3c23c8b22" STYLE="-sec-extract: exhibit">Incorporated herein by reference to Appendix A to the Registrant&rsquo;s definitive proxy statement on Schedule 14A filed with the SEC on April 15, 2025.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex10-2.htm" STYLE="-sec-extract: exhibit">10.2</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex10-2.htm" STYLE="-sec-extract: exhibit">Form of Time-Based Restricted Stock Unit Agreement&#8239;&#8239;</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex10-2.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex10-3.htm" STYLE="-sec-extract: exhibit">10.3</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex10-3.htm" STYLE="-sec-extract: exhibit">Form of Performance Stock Unit Agreement</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex10-3.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex10-4.htm" STYLE="-sec-extract: exhibit">10.4</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex10-4.htm" STYLE="-sec-extract: exhibit">Form of Restricted Stock Award Agreement</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex10-4.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex10-5.htm" STYLE="-sec-extract: exhibit">10.5</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex10-5.htm" STYLE="-sec-extract: exhibit">Form of
    Restricted Stock Unit Agreement (Director)</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex10-5.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i08bee881d612473b90b14c4e8ab370fc" STYLE="-sec-extract: exhibit">10.6</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i08bee881d612473b90b14c4e8ab370fc" STYLE="-sec-extract: exhibit">Shore Bancshares, Inc. 2025 Employee Stock Purchase Plan</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1035092/000162828025017818/shbi-20250415.htm#i08bee881d612473b90b14c4e8ab370fc" STYLE="-sec-extract: exhibit">Incorporated herein by reference to Appendix B to the Registrant&rsquo;s definitive proxy statement on Schedule 14A filed with the SEC on April 15, 2025.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Kilpatrick Townsend &amp; Stockton LLP</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Contained in Exhibit 5.1</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of Crowe LLP</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="#a_001">24.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_001">Power of Attorney</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="#a_001">Contained on signature page</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2517221d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2517221d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filing Fee Table</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="tm2517221d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filed herewith</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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 &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Provided, however</I>,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Registrant. </B>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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SHORE BANCSHARES, INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ James M. Burke</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">James M. Burke</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, the undersigned directors
and officers of Shore Bancshares, Inc. (the &ldquo;Company&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 37%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: left"><B>Name</B></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 36%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; vertical-align: bottom; font-size: 10pt">/s/ James M. Burke
    </TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt; text-align: left; vertical-align: top; font-size: 10pt">Director, President and Chief Executive
    Officer (Principal Executive Officer)</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">James M. Burke</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ Charles S. Cullum</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Executive Vice President
    and Chief Financial Officer (Principal Financial and Accounting Officer) </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">June 5, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Charles S. Cullum</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ Alan J. Hyatt</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors
    </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Alan J. Hyatt</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt; font-size: 10pt">/s/ Austin J. Slater, Jr.</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">Vice Chairman of the Board of Directors and Lead Independent Director</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Austin J. Slater, Jr.</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; width: 37%">/s/ Michael B. Adams</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt; width: 36%"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left; width: 25%">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Michael B. Adams</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ R. Michael Clemmer, Jr.</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">June 5, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">R. Michael Clemmer, Jr.</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ William E. Esham, III</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;William E. Esham, III</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ Louis P. Jenkins, Jr.</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Louis P. Jenkins, Jr.</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ David S. Jones</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">June 5, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">David S. Jones</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; width: 37%">/s/ Clyde V. Kelly, III</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt; width: 36%"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left; width: 25%"><FONT STYLE="font-size: 10pt">June 5, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Clyde V. Kelly, III</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ John A. Lamon, III</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">June 5, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">John A. Lamon, III</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ Rebecca M. McDonald</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Rebecca M. McDonald</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ David W. Moore</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">David W. Moore</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ E. Lawrence Sanders, III</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">E. Lawrence Sanders, III</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; width: 37%">/s/ Esther A. Streete</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt; width: 36%"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left; width: 25%">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Esther A. Streete</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ Konrad M. Wayson</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Konrad M. Wayson</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt; font-size: 10pt">/s/ Dawn M. Willey</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Dawn M. Willey</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2517221d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 6px; text-align: justify; font-size: 10pt"><IMG SRC="tm2517221d1_ex5-1img001.jpg" ALT=""></TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Kilpatrick Townsend &amp; Stockton
    LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">ktslaw.com</P></TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Suite 200, 701 Pennsylvania Avenue,
    NW</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Washington, DC 20004</P></TD></TR>
  </TABLE>
<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 38%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 5, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; width: 62%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shore Bancshares, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18 E. Dover Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Easton, Maryland 21601</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shore
Bancshares, Inc. &ndash; Registration Statement on Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Shares&rdquo;), of Shore Bancshares, Inc. (the &ldquo;Company&rdquo;) 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 &ldquo;Plans&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;experts&rdquo; 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.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion as an exhibit to the Company&rsquo;s Registration Statement on Form S-8, and we consent to the use of the name of our
firm under the heading &ldquo;Interests of Named Experts and Counsel&rdquo; therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ KILPATRICK TOWNSEND &amp; STOCKTON
    LLP</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Anchorage
Atlanta Augusta BEIJING Charlotte CHICAGO DALLAS Denver houston los angeles New York PHOENIX Raleigh</B></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>San
Diego San Francisco Seattle SHANGHAI Silicon Valley Stockholm Tokyo Walnut Creek Washington Winston-Salem</B></FONT></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2517221d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>TIME-BASED RESTRICTED
STOCK UNIT AGREEMENT<BR>
SHORE BANCSHARES, INC.<BR>
2025 EQUITY INCENTIVE PLAN<BR>
&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This time-based Restricted
Stock Unit (&ldquo;RSU&rdquo;) agreement (&ldquo;<B>Agreement</B>&rdquo;) is and will be subject in every respect to the provisions of
the <B><I>Shore Bancshares, Inc. 2025 Equity Incentive Plan</I></B> (the &ldquo;<B>Plan</B>&rdquo;) 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 &ldquo;<B>Participant</B>&rdquo;)
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
 &ldquo;<B>Committee</B>&rdquo;) or the Board of Directors of Shore Bancshares, Inc. <B>(</B>the <B>&ldquo;Company&rdquo;)</B> will be
final, binding and conclusive upon the Participant and the Participant&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="white-space: nowrap; text-align: justify; width: 15%"><B>Name of Participant:</B></TD>
                                                                                                <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 35%">&nbsp;</TD>
                                                                                                <TD STYLE="text-align: justify">&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><B>Date of Grant:</B>  __________________________, 20____.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><B>Number of Shares subject to this RSU Award:</B> _________________</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B>Vesting Schedule.</B> Except as otherwise provided in this Agreement or the Plan, this RSU Award shall
vest in accordance with the following schedule:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Vesting Date (1)(2)</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of &nbsp;RSUs Vesting</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">If a Vesting Date falls on a non-business day, the RSU Award will vest on the next business day.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><I>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.</I></B></FONT><B><I><BR STYLE="clear: both">
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>Terms and Conditions.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Voting</B><I>.</I> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Dividends.</B> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><B>Delivery of Shares of Common Stock.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><B>Change in Control.</B> In the event of the Participant&rsquo;s involuntary termination for Good Reason
following a Change in Control, all RSUs subject to this Agreement will become fully vested. A &ldquo;<B>Change in Control</B>&rdquo; will
be deemed to have occurred as described in Article IX of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><B>Adjustment Provisions. </B><FONT STYLE="background-color: white">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>Effect of Termination of Service on RSU Award.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Notwithstanding
Sections 4 and 7 above or other provisions in the Long Term Incentive Program (&ldquo;LTIP&rdquo;), the following special vesting conditions will apply
if the Participant terminates service with the Company or the Bank before this RSU Award fully vests:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Death.</B> <FONT STYLE="background-color: white">In the event of the Participant&rsquo;s death, any
unvested RSUs subject to this Agreement will vest.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Disability.</B> In the event of the Participant&rsquo;s separation from service by reason of the Participant&rsquo;s
Disability, any unvested shares RSUs subject to this Agreement <FONT STYLE="background-color: white">will</FONT> vest. A Participant&rsquo;s
Disabled status must become effective prior to the date of the Participant&rsquo;s separation from service with the Company or the Bank
in order to be recognized under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><B>Required Tax Obligations.</B> 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 &ldquo;<U>Required Tax Obligations</U>&rdquo;).
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&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><B>Modification or Amendment. </B>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&rsquo;s rights
hereunder without the Participant&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><B>No Continuation of Service.</B> Neither the Plan nor this Agreement will confer upon the Participant
any right to continue in service with the Company or the Bank.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><B>Transferability.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><B>Beneficiary.</B> 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&rsquo;s death.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><B>Interpretation</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><B>Electronic Delivery</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><B>Entire Agreement.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="text-align: justify"><B>Governing Law.</B> 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. <FONT STYLE="background-color: white">Notwithstanding anything
to the contrary herein, the grant and vesting of RSU Awards hereunder are conditioned upon and subject to compliance with Section&nbsp;18(k)
of the Federal Deposit Insurance Act, 18 U.S.C. 1828(k), and the rules and regulations promulgated thereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="text-align: justify"><B>Execution.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.</FONT></TD><TD STYLE="text-align: justify"><B>Notices</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Policies and Restrictions</B></FONT>. <FONT STYLE="font-size: 10pt">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 &ldquo;<B>Policies</B>&rdquo;). In addition, the
Participant agrees and consents to the Company&rsquo;s application, implementation and enforcement of (a)&nbsp;the Policies and (b)&nbsp;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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature page
follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>IN
WITNESS WHEREOF</B>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SHORE BANCSHARES, INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Duly Authorized Representative of the Company</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in; background-color: white">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 50%; text-align: left"></TD><TD STYLE="text-align: justify; width: 50%"><B>PARTICIPANT&rsquo;S ACCEPTANCE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
undersigned hereby accepts the foregoing RSU Award and agrees to the terms and conditions hereof, including the terms and provisions of
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%"><B>PARTICIPANT</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Date</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in; background-color: white"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2517221d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PERFORMANCE STOCK
UNIT AGREEMENT<BR>
SHORE BANCSHARES, INC.<BR>
2025 EQUITY INCENTIVE PLAN<BR>
&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Performance Stock
Unit (&ldquo;PSU&rdquo;) agreement (&ldquo;<B>Agreement</B>&rdquo;) is and will be subject in every respect to the provisions of the <B><I>Shore
Bancshares, Inc. 2025 Equity Incentive Plan</I></B> (the &ldquo;<B>Plan</B>&rdquo;) 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 &ldquo;<B>Participant</B>&rdquo;) 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
 &ldquo;<B>Committee</B>&rdquo;) or the Board of Directors of Shore Bancshares, Inc. <B>(</B>the <B>&ldquo;Company&rdquo;)</B> will be
final, binding and conclusive upon the Participant and the Participant&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; width: 15%"><B>Name of Participant:</B></TD>
                                                                                                                          <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 35%">&nbsp;</TD>
                                                                                                                          <TD STYLE="text-align: justify">&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><B>Date of Grant:</B>  __________________________, 20____.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; width: 0.5in"><B>(a)</B></TD>
                                                                                                                          <TD STYLE="text-align: justify"><B>PSU Award Opportunity (as a percentage of Base Salary)</B> __________%</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Number of PSUs awarded on Date of Grant<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></B>:
__________________________</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)</B></FONT></TD><TD STYLE="text-align: justify">[PERFORMANCE CRITERIA AND PERFORMANCE PERIOD]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B>Vesting.</B> Units subject to this PSU Award will vest according to performance against pre-established
goals set for in Long Term Incentive Program (&ldquo;LTIP&rdquo;), as approved by the Committee and this Agreement (threshold, target
and stretch).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">If a vesting date
falls on a non-business day, the PSU Award will vest on the next business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><I>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.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>Terms and Conditions.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Voting</B><I>.</I> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Dividends.</B> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><B>Delivery of Shares of Common Stock.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><B>Change in Control.</B> 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&rsquo;s involuntary termination
for Good Reason. A &ldquo;<B>Change in Control</B>&rdquo; will be deemed to have occurred as described in Article IX of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><B>Adjustment Provisions. </B><FONT STYLE="background-color: white">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>Effect of Termination of Service on PSU Award.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Death.</B> <FONT STYLE="background-color: white">In the event of the Participant&rsquo;s death, any
unvested PSUs subject to this Agreement will vest at target.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Disability.</B> In the event of the Participant&rsquo;s separation from service by reason of the Participant&rsquo;s
Disability, any unvested shares PSUs subject to this Agreement <FONT STYLE="background-color: white">will</FONT> vest at target. A Participant&rsquo;s
Disabled status must become effective prior to the date of the Participant&rsquo;s separation from service with the Company or the Bank
in order to be recognized under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><B>Required Tax Obligations.</B> 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 &ldquo;<U>Required Tax Obligations</U>&rdquo;).
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&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><B>Modification or Amendment. </B>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&rsquo;s rights
hereunder without the Participant&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><B>No Continuation of Service.</B> Neither the Plan nor this Agreement will confer upon the Participant
any right to continue in service with the Company or the Bank.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><B>Transferability.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><B>Beneficiary.</B> 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&rsquo;s death.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><B>Interpretation</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><B>Electronic Delivery</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><B>Entire Agreement.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="text-align: justify"><B>Governing Law.</B> 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. <FONT STYLE="background-color: white">Notwithstanding anything
to the contrary herein, the grant and vesting of PSU Awards hereunder are conditioned upon and subject to compliance with Section&nbsp;18(k)
of the Federal Deposit Insurance Act, 18 U.S.C. 1828(k), and the rules and regulations promulgated thereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="text-align: justify"><B>Execution.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.</FONT></TD><TD STYLE="text-align: justify"><B>Notices</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Policies and Restrictions</B></FONT>. <FONT STYLE="font-size: 10pt">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 &ldquo;<B>Policies</B>&rdquo;). In addition, the
Participant agrees and consents to the Company&rsquo;s application, implementation and enforcement of (a)&nbsp;the Policies and (b)&nbsp;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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature page
follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>IN
WITNESS WHEREOF</B>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SHORE BANCSHARES, INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Duly Authorized Representative of the Company</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 50%; text-align: left"></TD><TD STYLE="text-align: justify; width: 50%"><B>PARTICIPANT&rsquo;S ACCEPTANCE</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
undersigned hereby accepts the foregoing PSU Award and agrees to the terms and conditions hereof, including the terms and provisions of
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%"><B>PARTICIPANT</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Date</TD></TR>
     </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm2517221d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>RESTRICTED STOCK AWARD
AGREEMENT<BR>
SHORE BANCSHARES, INC.<BR>
2025 EQUITY INCENTIVE PLAN<BR>
 &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Restricted Stock
award agreement (&ldquo;<B>Restricted Stock Award</B>&rdquo; or <B>Agreement</B>&rdquo;) is and will be subject in every respect to the
provisions of the <B><I>Shore Bancshares, Inc. 2025 Equity Incentive Plan</I></B> (the &ldquo;<B>Plan</B>&rdquo;) 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
 &ldquo;<B>Participant</B>&rdquo;) 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 &ldquo;<B>Committee</B>&rdquo;) or the Board of Directors of Shore Bancshares, Inc.
(the <B>&ldquo;Company&rdquo;)</B> will be final, binding and conclusive upon the Participant and the Participant&rsquo;s heirs, legal
representatives, successors and permitted assigns. Capitalized terms used herein but not defined will have the same meaning as in the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD STYLE="white-space: nowrap; text-align: justify; width: 15%"><B>Name of Participant:</B></TD>
                                                                                                <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 35%">&nbsp;</TD>
                                                                                                <TD STYLE="text-align: justify">&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B>Date of Grant:</B>  __________________________, 20____</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B>Number
                                            of shares of Common Stock subject to this Restricted Stock Award:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B>Vesting Schedule.</B> Except as otherwise provided in this Agreement or the Plan, this Restricted Stock Award shall vest in accordance with the following schedule:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Vesting Date (1)(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number
    of Shares of <BR>
Common Stock Vesting</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">If a Vesting Date falls on a non-business day, the Restricted Stock Award will vest on the next business
day.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><I>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.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>Terms and Conditions.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Voting</B>. The Participant will have the right to vote the unvested shares of Restricted Stock awarded
hereunder on matters which require a stockholder vote.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Dividends.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><B>Delivery of Shares of Common Stock.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><B>Change in Control.</B> In the event of the Participant&rsquo;s Involuntary Termination following a
Change in Control, all Restricted Stock Awards subject to this Agreement will become fully vested. A &ldquo;<B>Change in Control</B>&rdquo;
will be deemed to have occurred as described in Section 9.3 of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><B>Adjustment Provisions. </B><FONT STYLE="background-color: white">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>Effect of Termination of Service on Restricted Stock Award.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><B>Death.</B> <FONT STYLE="background-color: white">In the event of the Participant&rsquo;s Termination
of Service by reason of the Participant&rsquo;s death, any unvested shares of Common Stock subject to this Agreement will vest.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Disability.</B> In the event of the Participant&rsquo;s Termination of Service by reason of the Participant&rsquo;s
Disability, any unvested shares of Common Stock subject to this Agreement <FONT STYLE="background-color: white">will</FONT> vest. A Participant&rsquo;s
Disabled status must become effective prior to the date of the Participant&rsquo;s separation from service with the Company or the Bank
in order to be recognized under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><B>Tax Matters; Section&nbsp;83(b) Election.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>(a)</I></B></FONT></TD><TD STYLE="text-align: justify"><B>Required Tax Obligations.</B> 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 &ldquo;<U>Required Tax
Obligations</U>&rdquo;). 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. <I>Directors are self-employed
and not subject to mandatory tax withholding.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><B>Section 83(b) Election.</B> Unless prohibited by the Committee, the Participant may make an election,
within thirty (30)&nbsp;days of the Date of Grant, pursuant to Section&nbsp;83(b) of the <FONT STYLE="background-color: white">Code</FONT>,
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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><B>Modification or Amendment. </B>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&rsquo;s rights
hereunder without the Participant&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><B>No Continuation of Service.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><B>Transferability.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><B>Beneficiary.</B> 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&rsquo;s death.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><B>Interpretation</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><B>Electronic Delivery</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><B>Entire Agreement.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="text-align: justify"><B>Governing Law.</B> 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. <FONT STYLE="background-color: white">Notwithstanding anything
to the contrary herein, the grant and vesting of Restricted Stock Awards hereunder are conditioned upon and subject to compliance with
Section&nbsp;18(k) of the Federal Deposit Insurance Act, 18 U.S.C. 1828(k), and the rules and regulations promulgated thereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="text-align: justify"><B>Execution.</B> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.</FONT></TD><TD STYLE="text-align: justify"><B>Notices</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">21.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Policies and Restrictions</B>.
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 &ldquo;<B>Policies</B>&rdquo;). In addition, the Participant agrees and consents to the Company&rsquo;s application,
implementation and enforcement of (a)&nbsp;the Policies and (b)&nbsp;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.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature page
follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>IN
WITNESS WHEREOF</B>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SHORE BANCSHARES, INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Duly Authorized Representative of the Company</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in; background-color: white">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 50%; text-align: left"></TD><TD STYLE="text-align: justify; width: 50%"><B>PARTICIPANT&rsquo;S ACCEPTANCE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%"><B>PARTICIPANT</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Date</TD></TR>
     </TABLE>

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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>tm2517221d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHORE BANCSHARES, INC. 2025 EQUITY INCENTIVE
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Restricted Stock Unit (&ldquo;RSU&rdquo;)
Agreement for Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT, dated as of
_______________________, between SHORE BANCSHARES, INC., a Maryland corporation (the &ldquo;Company&rdquo;), and ______________________
(&ldquo;Participant&rdquo;), is made pursuant and subject to the provisions of the <B>Shore Bancshares, Inc. 2025 Equity Incentive Plan</B>
(&ldquo;Plan&rdquo;). All capitalized terms used but not defined herein shall have the meanings given such terms in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Award
of RSUs.</U></B> Pursuant to the Plan, the Company, on _____________, 202__(the &ldquo;Date of Grant&rdquo;), granted Participant ________________________
Restricted Stock Units (&ldquo;Restricted Stock Units or RSUs&rdquo;), subject to the terms and conditions of the Plan and subject further
to the terms and conditions set forth herein (the &ldquo;Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Restrictions</U></B>.
Except as provided in this Agreement, this RSU Award is not transferable and is subject to a substantial risk of forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Vesting</U></B>.
Participant&rsquo;s interest in the Restricted Stock Units shall become transferable and non-forfeitable (&ldquo;Vested&rdquo;) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Date</B></FONT></TD>
    <TD STYLE="width: 51%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Restricted Stock Units</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&rsquo;s death
or separation from service due to Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Forfeiture</U></B>.
Upon the termination of Participant&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>&#8239;<U>Shareholder
Rights</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><B>Voting</B><I>.</I> 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.8in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><B>Dividends</B>. 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Delivery
of Shares of Common Stock. <FONT STYLE="font-weight: normal">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.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Fractional
Shares</U></B>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Taxes</U></B>.
All income recognized upon the vesting of this RSU Award will be noted on a Form 1099 issued by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>No
Right to Continued Service</U></B>. This Agreement does not confer upon Participant any right with respect to continuance of service with
the Company or Shore United Bank (&ldquo;Bank&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Governing
Law</U></B>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Participant
Bound by Plan</U></B>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Entire
Agreement</U></B>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Binding
Effect</U></B>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this Agreement to be signed on its behalf, and the Participant has affixed his signature hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">SHORE BANCSHARES, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Printed Name)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PARTICIPANT</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Signature</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Printed Name)</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><B>&#8239;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&#8239;</P>

<P STYLE="margin: 0pt 0">&#8239;</P>

<P STYLE="margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>tm2517221d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/ Crowe LLP</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><FONT STYLE="font-size: 10pt">Livingston, New Jersey</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">June 4, 2025</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>8
<FILENAME>tm2517221d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shore Bancshares, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1: Newly Registered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; border: Black 1pt solid; padding-right: 1.25pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class Title</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Calculation<BR>
 Rule</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
 Registered <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
 Maximum<BR>
 Offering Price<BR>
 Per Share <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum<BR>
 Aggregate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering Price <SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><B>Fee
    Rate</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of<BR>
 Registration</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.25pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rule 457(c)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and Rule 457(h)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">1,073,967<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$14.61</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,690,657</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00015310</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$2,402.24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.25pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rule 457(c)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and Rule 457(h)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">250,000<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$14.61</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$3,652,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">0.00015310</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$559.20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.25pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$19,343,157</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$2,961.44</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.25pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.25pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$2,961.44</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">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&rsquo;s
common stock as reported on the NASDAQ Global Select Market on June 4, 2025.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
