Lake Shore Bancorp (LSBK) CEO uses 765 shares to cover tax on vesting

Rhea-AI Filing Summary

Lake Shore Bancorp insider Kim C. Liddell, who serves as director, president and CEO of the bank, had 765 shares of common stock withheld on March 12, 2026 at $15.43 per share to cover a tax liability tied to vesting restricted stock.

After this tax-withholding disposition, Liddell holds 64,713 common shares directly, plus indirect holdings of 10,000 shares by spouse, 41,661 shares in an IRA, and 677 shares through an ESOP. Footnotes note 6,363 remaining restricted shares from a March 12, 2025 grant and 5,247 remaining restricted shares from an April 23, 2024 grant, each vesting in four annual installments.

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

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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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

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	03/12/2026		F		765(1)	D	$15.43	64,713(2)(3)	D
Common Stock								10,000	I	By Spouse
Common Stock								41,661	I	By IRA
Common Stock								677(4)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 $15.43 per share.

2. Includes 6,363 remaining shares of restricted stock that were granted on March 12, 2025 and vest in four equal annual installments beginning on the first anniversary of the grant. 2,121 shares vested on March 12, 2026.

3. Includes 5,247 remaining shares of restricted stock that were granted on April 23, 2024 and vest in four equal annual installments beginning on the first anniversary of the grant. 1,748 shares vested on April 23, 2025.

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

	/s/ Taylor M. Gilden, Pursuant to Power of Attorney	03/13/2026
	** 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).
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FAQ

What insider transaction did LSBK executive Kim C. Liddell report?

Kim C. Liddell reported a tax-withholding disposition of 765 Lake Shore Bancorp common shares. The shares were withheld on March 12, 2026 at $15.43 per share to pay taxes arising from vesting restricted stock awards granted under prior equity grants.

Was the LSBK Form 4 transaction an open-market sale of shares?

No, the Form 4 shows a tax-withholding disposition, not an open-market sale. Shares were withheld by the issuer to satisfy a tax liability when restricted stock vested, based on a market price of $15.43 per share disclosed in the filing footnotes.

How many Lake Shore Bancorp shares does Kim C. Liddell hold after the transaction?

After the reported transaction, Liddell holds 64,713 common shares directly. He also has indirect holdings of 10,000 shares by spouse, 41,661 shares through an IRA, and 677 shares via an ESOP allocation, according to the ownership detail disclosures.

What restricted stock awards remain for Kim C. Liddell at LSBK?

Footnotes state Liddell has 6,363 remaining restricted shares from a March 12, 2025 grant and 5,247 remaining restricted shares from an April 23, 2024 grant. Each award vests in four equal annual installments beginning on its first anniversary.

How many LSBK shares were used to cover taxes in this Form 4 filing?

The filing reports that 765 common shares were withheld to cover a tax liability. These shares related to the vesting of restricted stock on March 12, 2026, with the tax payment calculated using a market price of $15.43 per share, as described in the footnote.

What indirect Lake Shore Bancorp holdings does Kim C. Liddell report?

Liddell reports indirect ownership of 10,000 common shares held by his spouse, 41,661 common shares held in an IRA, and 677 common shares held through an Employee Stock Ownership Plan allocation, in addition to his directly owned shares reported on the Form 4.