Lake Shore EVP reports tax-withholding share transfer

Lake Shore Bancorp, Inc. EVP-Commercial Division Jeffrey M. Werdein reported a compensation-related share disposition tied to tax withholding.

Rhea-AI Filing Summary

Lake Shore Bancorp, Inc. EVP-Commercial Division Jeffrey M. Werdein reported a compensation-related share disposition tied to tax withholding. He had 368 shares of Common Stock withheld at $15.43 per share to cover taxes on vesting restricted stock, a non-market transaction.

Following this, he directly owns 51,532 Common shares, plus indirect holdings of Common Stock through an IRA, an ESOP, his spouse, and his son. He also holds fully vested stock options to buy 23,132 Common shares at an exercise price of $10.62 per share, expiring on October 21, 2026, as well as remaining restricted stock awards described in the footnotes.

Insider Trade Summary

Exercise Price or Tax Liability: 368 shares

Exercise Price or Tax Liability 6 txns

Insider Werdein Jeffrey M.

Role EVP-Commercial Division

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	368	$15.43	$6K
holding	Stock Option (Right to Buy)	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 51,532 shares (Direct); Stock Option (Right to Buy) — 23,132 contracts (Direct); Common Stock — 20,000 shares (Indirect, By IRA); Common Stock — 6,510 shares (Indirect, By ESOP); Common Stock — 2,000 shares (Indirect, By Spouse); Common Stock — 1,056 shares (Indirect, By Son)

Footnotes (5)

1. F1. The reporting person elected to pay for a tax liability by withholding securities incident to the vesting of a security (restricted stock) based on a market price of $15.43 per share.
2. F2. Includes 3,063 remaining shares of restricted stock that were granted on March 12, 2025 and vest in four equal annual installments beginning on the first anniversary of the grant. 1,021 shares vested on March 12, 2026.
3. F3. Includes 2,575 remaining shares of restricted stock that were granted on April 23, 2024 and vest in four equal annual installments beginning on the first anniversary of the grant. 858 shares vested on April 23, 2025.
4. F4. These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation.
5. F5. Options are fully vested.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Lake Shore Bancorp (LSBK) report for Jeffrey M. Werdein?

Jeffrey M. Werdein reported a tax-withholding disposition of 368 Lake Shore Bancorp Common shares at $15.43 per share. The shares were withheld to cover taxes on vesting restricted stock, not sold in the open market, making this a routine compensation-related event.

How many Lake Shore Bancorp (LSBK) shares does Jeffrey M. Werdein own after this Form 4?

After the reported transaction, Jeffrey M. Werdein directly holds 51,532 Common shares of Lake Shore Bancorp. He also has additional indirect holdings through an IRA, an employee stock ownership plan, his spouse, and his son, as detailed in the ownership table.

Was the Lake Shore Bancorp (LSBK) Form 4 a market sale or just tax withholding?

The Form 4 shows a tax-withholding disposition, not a market sale. 368 shares were withheld at $15.43 per share to pay a tax liability on vesting restricted stock, so the transaction does not reflect an open-market decision to sell shares.

What stock option position does Jeffrey M. Werdein hold in Lake Shore Bancorp (LSBK)?

Jeffrey M. Werdein holds fully vested stock options linked to 23,132 Common shares at an exercise price of $10.62 per share. These options expire on October 21, 2026, providing him with potential future share acquisition rights.

What do the restricted stock footnotes disclose for Lake Shore Bancorp (LSBK) EVP Werdein?

Footnotes disclose remaining restricted stock awards, including 3,063 shares from a March 12, 2025 grant and 2,575 shares from an April 23, 2024 grant. These vest in four equal annual installments starting on each grant’s first anniversary.

How were some of Jeffrey M. Werdein’s Lake Shore Bancorp (LSBK) shares acquired?

A portion of Jeffrey M. Werdein’s holdings was acquired through an Employee Stock Ownership Plan (ESOP) allocation. The Form 4 notes ESOP-held shares separately, distinguishing them from directly held shares and other indirect holdings such as IRA, spouse, and son accounts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/13/2026 - 04:42 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Werdein Jeffrey M.

(Last) (First) (Middle)

C/O 31 EAST FOURTH STREET

(Street)

DUNKIRK NY 14048

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Lake Shore Bancorp, Inc. /MD/ [ LSBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP-Commercial Division

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/12/2026		F		368(1)	D	$15.43	51,532(2)(3)	D
Common Stock								20,000	I	By IRA
Common Stock								6,510(4)	I	By ESOP
Common Stock								2,000	I	By Spouse
Common Stock								1,056	I	By Son

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$10.62							(5)	10/21/2026	Common Stock	23,132		23,132	D

Explanation of Responses:

1. The reporting person elected to pay for a tax liability by withholding securities incident to the vesting of a security (restricted stock) based on a market price of $15.43 per share.

2. Includes 3,063 remaining shares of restricted stock that were granted on March 12, 2025 and vest in four equal annual installments beginning on the first anniversary of the grant. 1,021 shares vested on March 12, 2026.

3. Includes 2,575 remaining shares of restricted stock that were granted on April 23, 2024 and vest in four equal annual installments beginning on the first anniversary of the grant. 858 shares vested on April 23, 2025.

4. These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation.

5. Options are fully vested.

	/s/ Taylor M. Gilden, pursuant to power of attorney	03/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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