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.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Shore Bancshares Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001035092-25-000026), on December 17, 2025, and is solely responsible for the information contained therein.
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