Director at Lake Shore Bancorp (NASDAQ: LSBK) granted 10,749 options

Rhea-AI Filing Summary

Lake Shore Bancorp, Inc. director Ronald J. Passafaro reported a grant of stock options on December 9, 2025. He received 10,749 stock options with an exercise price of $14.85 per share, which expire on December 9, 2035. The options were awarded at no cost and will vest at a rate of 20% per year starting on December 9, 2026.

After this grant, Passafaro holds 45,264 shares of Lake Shore Bancorp common stock directly, including 773 restricted shares scheduled to vest on March 12, 2026. He also indirectly holds 2,438 shares through an IRA.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Passafaro Ronald J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	10,749	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 10,749 shares (Direct); Common Stock — 45,264 shares (Direct); Common Stock — 2,438 shares (Indirect, By IRA)

Footnotes (1)

1. Includes 773 shares of restricted stock which vest on March 12, 2026. Stock options vest at a rate of 20% per year commencing on December 9, 2026.

Form 4 Insider Transactions: What Each Field Means →

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^*

Passafaro Ronald J

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/09/2025

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								45,264(1)	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	12/09/2025		A		10,749		(2)	12/09/2035	Common Stock	10,749	$0	10,749	D

Explanation of Responses:

1. Includes 773 shares of restricted stock which vest on March 12, 2026.

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

	/s/ Taylor M. Gilden, pursuant to power of attorney	01/23/2026
	** 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.

FAQ

Who is the insider in Lake Shore Bancorp (LSBK)'s latest Form 4?

The insider is Ronald J. Passafaro, a director of Lake Shore Bancorp, Inc., who filed a Form 4 detailing his recent equity grant and current holdings.

What stock options were granted to Ronald J. Passafaro at Lake Shore Bancorp (LSBK)?

Ronald J. Passafaro was granted 10,749 stock options (Right to Buy) on December 9, 2025 with an exercise price of $14.85 per share, expiring on December 9, 2035.

How do the Lake Shore Bancorp (LSBK) stock options granted to the director vest?

The stock options granted to Ronald J. Passafaro vest at a rate of 20% per year, commencing on December 9, 2026, according to the footnote disclosure.

How many Lake Shore Bancorp (LSBK) shares does Ronald J. Passafaro own after this Form 4?

Following the reported transactions, Ronald J. Passafaro beneficially owns 45,264 shares of common stock directly and 2,438 shares indirectly through an IRA.

What restricted stock does the Lake Shore Bancorp (LSBK) director hold?

His direct holdings include 773 shares of restricted stock, which are scheduled to vest on March 12, 2026, as noted in the Form 4 footnotes.

Are Ronald J. Passafaro’s Lake Shore Bancorp (LSBK) holdings direct or indirect?

He holds 45,264 shares of common stock directly and 2,438 shares indirectly, with the indirect shares held by an IRA.