What was the nature of the 631-share disposition reported for LSBK?

The 631-share disposition was a tax-withholding transaction, not an open-market sale. Liddell elected to pay a tax liability arising from restricted stock vesting by having shares withheld, valued at a market price of $15.85 per share, as described in the filing’s footnote.

Lake Shore Bancorp (LSBK) CEO covers tax bill by withholding 631 shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Lake Shore Bancorp, Inc. insider Kim C. Liddell, described as Director, President and CEO of the bank, reported updated holdings of the company’s common stock. On April 23, 2026, 631 shares were withheld to cover a tax liability upon vesting of restricted stock at a market price of $15.85 per share.

After this tax-withholding disposition, Liddell directly held 70,367 common shares, which include several tranches of unvested restricted stock. Indirect holdings consist of 1,949 shares through an ESOP allocation, 41,661 shares in an IRA, and 10,000 shares held by a spouse.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider LIDDELL KIM C

Role null

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	631	$15.85	$10K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 70,367 shares (Direct, null); Common Stock — 10,000 shares (Indirect, By Spouse)

Footnotes (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 $15.85. Includes 6,363 remaining shares of unvested restricted stock that were granted on March 12, 2025 and were scheduled to vest in four equal annual installments beginning on the first anniversary of the grant. Includes 3,499 remaining shares of unvested restricted stock that were granted on April 23, 2024 and were scheduled to vest in four equal annual installments beginning on the first anniversary of the grant. 1,748 shares vested on April 23, 2026. Includes 6,285 shares of unvested restricted stock that were granted on March 18, 2026 and vest in four equal annual installments beginning on the first anniversary of the grant. These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation.

Key Figures

Tax-withheld shares: 631 shares Tax withholding price: $15.85 per share Direct holdings after transaction: 70,367 shares +5 more

8 metrics

Tax-withheld shares 631 shares Shares withheld to pay tax liability on restricted stock vesting at $15.85

Tax withholding price $15.85 per share Market price used to value shares withheld for tax

Direct holdings after transaction 70,367 shares Common stock directly held by Kim C. Liddell after April 23, 2026

ESOP indirect holdings 1,949 shares Indirect holdings through an Employee Stock Ownership Plan allocation

IRA indirect holdings 41,661 shares Indirect holdings reported as owned by IRA

Spousal holdings 10,000 shares Indirect holdings reported as owned by spouse

Unvested restricted stock (2025 grant) 6,363 shares Remaining unvested restricted stock from March 12, 2025 grant

Unvested restricted stock (2026 grant) 6,285 shares Unvested restricted stock from March 18, 2026 grant

Key Terms

restricted stock, Employee Stock Ownership Plan Allocation, tax liability, ESOP, +2 more

6 terms

restricted stock financial

"vesting of a security (restricted stock) based on a market price of $15.85"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Employee Stock Ownership Plan Allocation financial

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

tax liability financial

"elected to pay for a tax liability by withholding securities incident to the vesting"

ESOP financial

"nature_of_ownership": "By ESOP""

An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.

IRA financial

"nature_of_ownership": "By IRA""

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

unvested restricted stock financial

"Includes 6,363 remaining shares of unvested restricted stock that were granted"

Form 4 Insider Transactions: What Each Field Means →

04/24/2026 - 04:41 PM

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^*

LIDDELL KIM C

(Last)

(First)

(Middle)

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)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Dir., Pres. and CEO of Bank

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/23/2026		F		631⁽¹⁾	D	$15.85	70,367⁽²⁾⁽³⁾⁽⁴⁾	D
Common Stock								10,000	I	By Spouse
Common Stock								41,661	I	By IRA
Common Stock								1,949⁽⁵⁾	I	By ESOP

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $15.85.

2. Includes 6,363 remaining shares of unvested restricted stock that were granted on March 12, 2025 and were scheduled to vest in four equal annual installments beginning on the first anniversary of the grant.

3. Includes 3,499 remaining shares of unvested restricted stock that were granted on April 23, 2024 and were scheduled to vest in four equal annual installments beginning on the first anniversary of the grant. 1,748 shares vested on April 23, 2026.

4. Includes 6,285 shares of unvested restricted stock that were granted on March 18, 2026 and vest in four equal annual installments beginning on the first anniversary of the grant.

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

	/s/ Taylor M. Gilden, pursuant to power of attorney	04/24/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Kim C. Liddell report for Lake Shore Bancorp (LSBK)?

Kim C. Liddell reported a tax-withholding disposition of 631 Lake Shore Bancorp common shares. The shares were withheld to satisfy a tax liability tied to restricted stock vesting, using a market price of $15.85 per share, and updated his direct and indirect holdings.

How many Lake Shore Bancorp (LSBK) shares does Kim C. Liddell hold directly after this Form 4?

Following the tax-withholding event, Kim C. Liddell directly holds 70,367 shares of Lake Shore Bancorp common stock. This total includes multiple grants of restricted stock, both vested and unvested, with remaining unvested portions scheduled to vest in equal annual installments after their grant dates.

What indirect Lake Shore Bancorp (LSBK) holdings are associated with Kim C. Liddell?

Indirectly, Liddell is associated with 1,949 shares through an Employee Stock Ownership Plan allocation, 41,661 shares held by an IRA, and 10,000 shares held by his spouse. These positions are reported as indirect ownership interests in Lake Shore Bancorp common stock.

What unvested restricted stock does Kim C. Liddell still have in Lake Shore Bancorp (LSBK)?

Liddell’s holdings include 6,363 remaining unvested restricted shares from a March 12, 2025 grant, 3,499 remaining unvested shares from an April 23, 2024 grant, and 6,285 unvested shares from a March 18, 2026 grant, all vesting in four equal annual installments.