Is Reorganizing Indexes required after ShrinkDatabase or can I just reogranize index with fragmentation more than 10%?
I would recommend you to remove -- shrink database, as it will cause more fragmentation. Basically you are doubling your work by performing Shrink database.

Read this : http://www.sqlskills.com/blogs/paul/why-you-should-not-shrink-your-data-files/

Also, I would suggest to use Ola's maintenance scripts which are "the best" out for SQL Server community http://ola.hallengren.com/ 

You should never reorganize or rebuild all your indexes as its a costly operation and should be done during maintenance window, rather depending on the level of fragmentation 
e.g. 
less than 10% ==> dont do anything
10 - 30 % ==> do a reorganize
30% an above ==> rebuild