Lake Shore Bancorp (LSBK) director receives 573 restricted shares in equity award

Rhea-AI Filing Summary

Lake Shore Bancorp director Ronald J. Passafaro reported a stock award of 573 shares of common stock. The shares were granted at no cost as restricted stock and will vest on March 18, 2027. After this grant, he directly holds 45,837 common shares, which include the unvested restricted stock, and indirectly holds 2,438 shares through an IRA. He also has stock options exercisable for 10,749 common shares at an exercise price of $14.85 per share, expiring on December 9, 2035, with vesting scheduled at 20% per year starting December 9, 2026. This filing reflects routine equity compensation rather than an open-market purchase or sale.

Insights

Equity compensation and insider-transactions analyst

Routine director equity award with no open‑market trading.

The filing shows Ronald J. Passafaro, a director of Lake Shore Bancorp, receiving 573 restricted shares of common stock as compensation. The award is priced at $0 per share, indicating a grant rather than a purchase.

The restricted shares vest on March 18, 2027, aligning director incentives with longer-term company performance. Post-grant, he holds 45,837 common shares directly and 2,438 indirectly via an IRA, plus options over 10,749 shares at $14.85 expiring in 2035.

Because there are no reported sales or option exercises, this is a routine compensation event with limited signaling value for investors. Future company filings may update vesting, exercises, or changes in his equity position as these awards mature.

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
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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^*

Passafaro Ronald J

(Last) (First) (Middle)

C/O 31 EAST FOURTH STREET

(Street)

DUNKIRK NEW YORK 14048

(City) (State) (Zip)

UNITED STATES

(Country)

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

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

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

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

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	03/18/2026		A		573(1)	A	$0.00	45,837(2)	D
Common Stock								2,438	I	By IRA

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)	$14.85							(3)	12/09/2035	Common Stock	10,749		10,749	D

Explanation of Responses:

1. Shares of restricted stock vest on March 18, 2027.

2. Includes 573 shares of unvested restricted stock which vest on March 18, 2027.

3. Stock options vest at a rate of 20% per year commencing on December 9, 2026.

	/s/ Taylor M. Gilden, pursuant to power of attorney	03/20/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Lake Shore Bancorp (LSBK) director Ronald J. Passafaro report in this Form 4?

Ronald J. Passafaro reported receiving 573 shares of Lake Shore Bancorp common stock as a restricted stock award. The grant was at no cost and is part of his director compensation, not an open-market share purchase or sale.

When do Ronald Passafaro’s new restricted Lake Shore Bancorp (LSBK) shares vest?

The 573 restricted shares granted to Ronald Passafaro vest on March 18, 2027. Until vesting, the shares are subject to restrictions, but they are already included in his reported direct holdings of Lake Shore Bancorp common stock.

How many Lake Shore Bancorp (LSBK) shares does Ronald Passafaro hold after this transaction?

After the award, Ronald Passafaro directly holds 45,837 shares of Lake Shore Bancorp common stock, including the 573 unvested restricted shares, and indirectly holds 2,438 additional shares through an IRA, reflecting his total reported equity position in this filing.

Did Ronald Passafaro buy or sell Lake Shore Bancorp (LSBK) shares on the market?

No open-market purchases or sales were reported. The filing shows a grant of 573 restricted shares at a price of $0.00 per share, indicating compensation, not trading. No sale or purchase codes appear in this Form 4 transaction summary.

What stock options in Lake Shore Bancorp (LSBK) does Ronald Passafaro hold?

Ronald Passafaro holds stock options over 10,749 Lake Shore Bancorp common shares at an exercise price of $14.85 per share. These options expire on December 9, 2035, and vest 20% per year beginning December 9, 2026, according to the footnotes.

Is the Form 4 filing for Ronald Passafaro considered routine for Lake Shore Bancorp (LSBK)?

Yes, the Form 4 reflects a routine equity compensation grant of restricted stock to a director. There are no reported sales, exercises, or large shifts in ownership, so the activity appears administrative rather than a significant directional market signal.