Bring 4 cups of water, salt, and lemon slice to a boil in a medium saucepan. Reduce the heat to medium and add the shrimp. Cook until the shrimp have just turned pink, about 3-5 minutes. Using a slotted spoon, remove the shrimp, place them in a bowl, and cover with plastic wrap. Set aside until cool enough to peel.

In the bowl of a food processor, add the cooled and peeled shrimp. Using several 1-second pulses, process the shrimp to break into smaller pieces. Add the cream cheese, lemon juice, Sherry, chives, and shallots; season with salt to taste. Process until a smooth paste has formed. Transfer the mixture to a serving bowl and cover with plastic wrap. Chill for at least 1 hour before serving. Spread can be made up to 3 days in advance and stored in an airtight container in the refrigerator. Remove from the refrigerator at least 30 minutes before serving. Enjoy!