Shore Bancshares Inc. has announced the implementation of a new Change in Control Severance Plan, consolidating its severance arrangements for executive officers and key employees. Under the plan, President and CEO James M. Burke, Executive Vice President and CFO Charles S. Cullum, and Executive Vice President and COO Donna J. Stevens have each entered participation agreements. In the event of a Qualifying Termination following a change in control, Mr. Burke will receive a lump sum severance payment equal to three times the sum of his base pay and target bonus, while Mr. Cullum and Ms. Stevens will each receive two times their respective sums. The plan also provides for a lump sum payment covering continued health insurance premiums for a specified period. Additionally, Mr. Burke is subject to a one-year non-competition and non-solicitation agreement, while Mr. Cullum and Ms. Stevens are subject to a one-year non-solicitation restriction. Severance benefits under this plan replace any prior arrangements for the covered participants.