Brautigam exercises options in Lake Shore Bancorp

Lake Shore Bancorp director Sharon E. Brautigam reported an option exercise and updated holdings of the company’s common stock.

Rhea-AI Filing Summary

Lake Shore Bancorp director Sharon E. Brautigam reported an option exercise and updated holdings of the company’s common stock. She exercised stock options to acquire 1,028 shares of common stock at $7.89 per share, a routine derivative exercise rather than an open‑market purchase or sale.

Following the transaction, she directly holds 24,842 shares of common stock. This direct position includes 893 shares of unvested restricted stock scheduled to vest on December 9, 2026 and 527 shares of unvested restricted stock scheduled to vest on March 18, 2027. She also has 1,542 remaining unvested options that were granted on April 23, 2024 and are scheduled to vest in five equal annual installments beginning on the first anniversary of that grant.

In addition to her direct holdings, the filing shows indirect ownership of 20,000 shares held by an IRA and 474 shares held by her spouse. The option exercise therefore represents a relatively small change compared with the overall share positions reported.

Insider Trade Summary

1,028 shares exercised/converted

Exercise 4 txns

Insider Brautigam Sharon E

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	1,028	$0.00	$0.00
Exercise	Common Stock	1,028	$7.89	$8K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 1,542 contracts (Direct); Common Stock — 24,842 shares (Direct); Common Stock — 474 shares (Indirect, By Spouse); Common Stock — 20,000 shares (Indirect, By IRA)

Footnotes (2)

1. F1. Includes 893 shares of unvested restricted stock which vest on December 9, 2026, and 527 shares of unvested restricted stock which vest on March 18, 2027.
2. F2. Includes 1,542 remaining unvested options, post transaction, 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.

Key Figures

Options exercised: 1,028 shares Exercise price: $7.89 per share Direct holdings post-transaction: 24,842 shares +5 more

8 metrics

Options exercised 1,028 shares Common Stock acquired via option exercise at $7.89 per share

Exercise price $7.89 per share Conversion or exercise price for 1,028 exercised options

Direct holdings post-transaction 24,842 shares Common Stock directly owned following the reported transactions

Indirect IRA holdings 20,000 shares Common Stock held indirectly by IRA

Indirect spouse holdings 474 shares Common Stock held indirectly by spouse

Unvested restricted stock 2026 893 shares Unvested restricted stock vesting on December 9, 2026

Unvested restricted stock 2027 527 shares Unvested restricted stock vesting on March 18, 2027

Remaining unvested options 1,542 options Unvested options granted April 23, 2024, vesting over five years

Key Terms

restricted stock, unvested options, IRA, Stock Option (Right to Buy), +1 more

5 terms

restricted stock financial

"Includes 893 shares of unvested restricted stock which vest on December 9, 2026, and 527 shares of unvested restricted stock which vest on March 18, 2027."

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.

unvested options financial

"Includes 1,542 remaining unvested options, post transaction, which were granted on April 23, 2024..."

IRA financial

"direct_or_indirect: I, 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.

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

indirect ownership financial

"ownership_type: indirect, ownership_code: I"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Sharon E. Brautigam report at Lake Shore Bancorp (LSBK)?

Sharon E. Brautigam reported exercising stock options to acquire 1,028 shares of Lake Shore Bancorp common stock at $7.89 per share. This was a derivative exercise, not an open‑market trade, and updated her reported direct and indirect ownership positions.

How many Lake Shore Bancorp shares does Sharon E. Brautigam hold directly after this Form 4?

After the reported transactions, Sharon E. Brautigam directly holds 24,842 shares of Lake Shore Bancorp common stock. This figure includes both vested shares and specified unvested restricted stock scheduled to vest in 2026 and 2027 under the company’s equity awards.

What indirect Lake Shore Bancorp holdings are reported for Sharon E. Brautigam on this Form 4?

The filing shows 20,000 Lake Shore Bancorp common shares held indirectly through an IRA and 474 shares held indirectly by her spouse. These positions are reported as indirect ownership, separate from her directly held common stock and option awards.

What unvested restricted stock awards does Sharon E. Brautigam have from Lake Shore Bancorp?

Footnotes state that her direct holdings include 893 shares of unvested restricted stock vesting on December 9, 2026, and 527 shares of unvested restricted stock vesting on March 18, 2027. These awards form part of her long‑term equity compensation.

How many Lake Shore Bancorp stock options remain unvested for Sharon E. Brautigam?

Footnotes report 1,542 remaining unvested options after the transaction. These options were granted on April 23, 2024, and are scheduled to vest in five equal annual installments beginning on the first anniversary of that grant date, subject to award terms.

At what price did Sharon E. Brautigam exercise Lake Shore Bancorp stock options?

She exercised options covering 1,028 shares of Lake Shore Bancorp common stock at a conversion or exercise price of $7.89 per share. This option exercise converted a derivative position into additional directly held common shares reported in her ownership totals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/04/2026 - 04:30 PM Learn about SEC filing dates

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^*

Brautigam Sharon E

(Last) (First) (Middle)

C/O 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/04/2026		M		1,028	A	$7.89	24,842(1)	D
Common Stock								474	I	By Spouse
Common Stock								20,000	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)	$7.89	06/04/2026		M			1,028	(2)	04/22/2034	Common Stock	1,028	$0	1,542	D

Explanation of Responses:

1. Includes 893 shares of unvested restricted stock which vest on December 9, 2026, and 527 shares of unvested restricted stock which vest on March 18, 2027.

2. Includes 1,542 remaining unvested options, post transaction, 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.

	/s/ Taylor M. Gilden, pursuant to power of attorney	06/04/2026
	** 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)