Lake Shore Bancorp (LSBK) EVP reports tax withholding, maintains sizable share and option holdings
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Lake Shore Bancorp EVP Jeffrey M. Werdein reported routine equity activity tied to compensation rather than market trading. On April 23, 2026, 302 shares of common stock were withheld at $15.85 per share to cover a tax liability upon vesting of restricted stock, a non-market disposition.
After this tax withholding, Werdein directly held 54,255 common shares and maintained indirect holdings of 1,056 shares by son, 2,000 by spouse, 7,782 via an Employee Stock Ownership Plan allocation, and 20,000 via an IRA. His equity exposure also includes a fully vested stock option covering 23,132 underlying common shares at an exercise price of $10.62 per share, expiring on October 21, 2026.
In addition, his position includes unvested restricted stock awards: 3,025 shares granted March 18, 2026 vesting in four annual installments, 3,063 remaining shares from a March 12, 2025 grant, and 1,717 remaining shares from an April 23, 2024 grant after 858 shares vested on April 23, 2026.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Werdein Jeffrey M.
Role
EVP-Commercial Division
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 302 | $15.85 | $5K |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 54,255 shares (Direct, null);
Stock Option (Right to Buy) — 23,132 shares (Direct, null);
Common Stock — 20,000 shares (Indirect, By IRA)
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 per share. Includes 3,025 shares of unvested restricted stock that were granted on March 18, 2026 and vest in four equal installments beginning on the first anniversary of the grant. Includes 3,063 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 1,717 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. 858 shares vested on April 23, 2026. These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation. Options are fully vested.
Key Figures
Tax withholding shares: 302 shares
Tax withholding price: $15.85 per share
Direct common shares after transaction: 54,255 shares
+5 more
8 metrics
Tax withholding shares
302 shares
Common stock withheld at $15.85 per share to cover tax liability on vesting
Tax withholding price
$15.85 per share
Market price used to value 302 withheld shares for tax payment
Direct common shares after transaction
54,255 shares
Direct LSBK common stock holdings following April 23, 2026 tax withholding
Indirect ESOP shares
7,782 shares
Common stock held indirectly via Employee Stock Ownership Plan allocation
Indirect IRA shares
20,000 shares
Common stock held indirectly by IRA
Stock option exercise price
$10.62 per share
Exercise price of fully vested stock option on 23,132 underlying shares
Underlying option shares
23,132 shares
Common shares underlying fully vested option expiring October 21, 2026
Unvested grant March 18, 2026
3,025 shares
Restricted stock vesting in four equal annual installments beginning first anniversary
Key Terms
restricted stock, Employee Stock Ownership Plan Allocation, Stock Option (Right to Buy), tax liability, +2 more
6 terms
restricted stock financial
"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 per share."
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."
Stock Option (Right to Buy) financial
"Stock Option (Right to Buy) ... Options are fully vested."
tax liability financial
"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 per share."
unvested restricted stock financial
"Includes 3,025 shares of unvested restricted stock that were granted on March 18, 2026 and vest in four equal installments..."
IRA financial
"Common Stock ... total_shares_following_transaction: 20000.0000 ... 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.
FAQ
What did LSBK executive Jeffrey M. Werdein report in this Form 4?
Jeffrey M. Werdein reported a tax-related share withholding, not an open-market trade. 302 Lake Shore Bancorp shares were withheld at $15.85 each to satisfy tax obligations from restricted stock vesting, while his overall share and option holdings remained substantial.
Was the Lake Shore Bancorp (LSBK) Form 4 a stock sale by Werdein?
No, it was not an open-market sale. The filing shows 302 shares of common stock were withheld to cover a tax liability from vesting restricted stock, a standard compensation-related transaction rather than a discretionary sale in the market.
What stock options does Werdein have in Lake Shore Bancorp (LSBK)?
Werdein holds a fully vested stock option on 23,132 underlying LSBK shares with an exercise price of $10.62 per share. These options remain outstanding and are scheduled to expire on October 21, 2026, providing additional potential equity exposure.
What restricted stock awards are outstanding for Werdein at Lake Shore Bancorp?
His position includes 3,025 unvested restricted shares granted March 18, 2026, 3,063 remaining unvested shares from a March 12, 2025 grant, and 1,717 remaining unvested shares from an April 23, 2024 grant, after 858 shares vested on April 23, 2026.