Lake Shore Bancorp chair exercises 14,563 options
Lake Shore Bancorp, Inc. (LSBK) director and Chairman of the Board Kevin M. Sanvidge exercised stock options for 14,563 shares of common stock on September 8, 2026 at an exercise price of $10.62 per share (rounded from $10.61392708).
Rhea-AI Filing Summary
Lake Shore Bancorp, Inc. (LSBK) director and Chairman of the Board Kevin M. Sanvidge exercised stock options for 14,563 shares of common stock on September 8, 2026 at an exercise price of $10.62 per share (rounded from $10.61392708). After the exercise, he held 71,887 common shares directly, including unvested restricted stock, and retained options on 2,570 underlying shares at an exercise price of $7.89 per share. He also reported 3,150 shares of common stock held indirectly as custodian for his grandchildren. No Rule 10b5-1 trading plan is reported.
Positive
- None.
Negative
- None.
Insider Trade Summary
14,563 shares exercised/converted
Exercise
4 txns
Insider
Sanvidge Kevin M.
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Option (right to buy) F1, F3 | 14,563 | $0.00 | $0.00 |
| Exercise | Common Stock F1, F2 | 14,563 | $10.62 | $155K |
| holding | Option (right to buy) F4 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Option (right to buy) — 2,570 contracts (Direct);
Common Stock — 71,887 shares (Direct);
Common Stock — 3,150 shares (Indirect, As Custodian for Grandchildren)
Footnotes (4)
- F1. Exercise price amounted to $10.61392708, which represents the original exercise price of $14.38, updated for the 1.3549 to 1.00 exchange in connection with the Company's mutual to stock conversion, so that the aggregate cost of the options remained unchanged after conversion. This and previous filings present the exercise price rounded up to the nearest whole penny, or $10.62. No fractional shares were issued to the reporting person.
- F2. Includes 893 shares of unvested restricted stock which vest on December 9, 2026, and 893 shares of unvested restricted stock which vest on March 18, 2027.
- F3. Options are fully vested.
- F4. Includes 2,056 remaining unvested options which were granted on April 23, 2024 and were scheduled to vest in five equal annual installments beginning on the first anniversary of the grant. 514 options are vested and exercisable.
Key Figures
Options Exercised: 14,563 shares
Exercise Price: $10.62 per share
Direct Common Shares After Transaction: 71,887 shares
+4 more
7 metrics
Options Exercised
14,563 shares
Common stock acquired upon option exercise on September 8, 2026
Exercise Price
$10.62 per share
Rounded exercise price for the 14,563 options exercised, from $10.61392708
Direct Common Shares After Transaction
71,887 shares
Direct holdings of common stock following the September 8, 2026 exercise
Unvested Restricted Stock
1,786 shares
893 shares vesting December 9, 2026 and 893 shares vesting March 18, 2027
Remaining Option Exercise Price
$7.89 per share
Exercise price of options expiring April 22, 2034 covering 2,570 underlying shares
Remaining Option Underlying Shares
2,570 shares
Underlying common shares for options expiring April 22, 2034
Indirectly Held Shares
3,150 shares
Common stock held as custodian for grandchildren
Key Terms
Option (right to buy), Exercise or conversion of derivative security, restricted stock, indirect, +1 more
5 terms
Option (right to buy) financial
"Security title is listed as Option (right to buy) for the derivative"
Exercise or conversion of derivative security financial
"Transaction code description states Exercise or conversion of derivative security"
restricted stock financial
"Includes 893 shares of unvested restricted stock which vest on December 9, 2026"
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.
indirect financial
"Ownership type is indirect as Custodian for Grandchildren"
mutual to stock conversion financial
"Exercise price updated for the 1.3549 to 1.00 exchange in connection with the Company’s mutual to stock conversion"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did LSBK’s Chairman Kevin M. Sanvidge report on this Form 4?
He reported exercising options to acquire 14,563 shares of Lake Shore Bancorp common stock on September 8, 2026 at an exercise price of $10.62 per share, resulting from an option originally priced at $14.38 and adjusted in a prior exchange.
What stock options in LSBK does Kevin M. Sanvidge still hold after this Form 4?
He continues to hold options on 2,570 underlying shares of Lake Shore Bancorp common stock at an exercise price of $7.89 per share, expiring on April 22, 2034. These include 2,056 remaining unvested options and 514 vested and exercisable options.
Were the exercised LSBK options fully vested at the time of exercise?
Yes. The filing notes that the 14,563 options exercised on September 8, 2026 were fully vested at the time of exercise, and that no fractional shares were issued to the reporting person in connection with this exercise.
Was the LSBK option exercise made under a Rule 10b5-1 trading plan?
No. The Form 4 indicates the Rule 10b5-1 checkbox is not marked, so no Rule 10b5-1 trading plan is reported in connection with the September 8, 2026 option exercise and share acquisition.
AI-generated analysis. How Rhea-AI works. Not financial advice.
