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  4. [Form 4] Lake Shore Bancorp, Inc. /MD/ Insider Trading Activity

Lake Shore Bancorp (LSBK) EVP exercises 23K options, no market sale

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Lake Shore Bancorp, Inc. (LSBK) executive Jeffrey M. Werdein, EVP–Commercial Division, exercised options for 23,132 shares of common stock on August 21, 2026 at an exercise price effectively rounded to $10.62 per share, fully vesting the options and leaving no options from this grant outstanding. To satisfy the option exercise price and related tax liabilities, 16,525 shares of common stock were withheld by the issuer through net settlement; the company states that no shares were sold in the open market. Following these transactions, Werdein reports indirect holdings of 20,000 shares held by an IRA, 7,782 shares held through an ESOP allocation, and 2,000 shares held by his spouse, and his direct holdings include unvested restricted stock awards of 3,025, 3,063, and 1,717 shares from prior grants; shares previously reported through his son are no longer attributed to him because he has no pecuniary interest in them.

Positive

  • None.

Negative

  • None.
Insider Werdein Jeffrey M.
Role EVP-Commercial Division
Type Security Shares Price Value
Exercise Option (right to buy) F1, F8 23,132 $0.00 $0.00
Exercise Common Stock F1 23,132 $10.62 $246K
Exercise Price or Tax Liability Common Stock F2, F3, F4, F5 16,525 $17.25 $285K
holding Common Stock -- -- --
holding Common Stock F6 -- -- --
holding Common Stock F7 -- -- --
Holdings After Transaction: Option (right to buy) — 0 shares (Direct); Common Stock — 60,862 shares (Direct); Common Stock — 20,000 shares (Indirect, By IRA); Common Stock — 7,782 shares (Indirect, By ESOP); Common Stock — 2,000 shares (Indirect, By Spouse)
Footnotes (8)
  1. F1. Exercise price amounted to $10.61342469, 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.
  2. F2. The number of shares reported as disposed of represents shares withheld by the issuer through net settlement to satisfy the exercise price of the option award and the tax liability incident to the withholding of shares. No shares were sold in the open market.
  3. F3. 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.
  4. F4. 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.
  5. F5. 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.
  6. F6. These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation.
  7. F7. Shares previously reported as indirectly beneficially owned through the reporting person's son are no longer reported because the reporting person has no pecuniary interest in such shares and therefore is not deemed the beneficial owner of those shares.
  8. F8. Options are fully vested.
Options Exercised 23,132 shares Options exercised into common stock on August 21, 2026
Option Exercise Price $10.61342469 per share Exercise price adjusted for 1.3549 to 1.00 exchange, rounded in filings to $10.62
Shares Withheld for Exercise Price and Taxes 16,525 shares Common shares withheld by issuer via net settlement; no open-market sales
Indirect Holdings by IRA 20,000 shares Indirectly owned common stock held by IRA after reported transactions
Indirect Holdings by ESOP 7,782 shares Shares acquired pursuant to an Employee Stock Ownership Plan allocation
Indirect Holdings by Spouse 2,000 shares Common stock indirectly owned through spouse after reported transactions
Unvested Restricted Stock Grant 2026 3,025 shares Granted March 18, 2026; vests in four equal annual installments
Unvested Restricted Stock Grant 2025 3,063 shares Granted March 12, 2025; remaining unvested shares vest in four annual installments
net settlement financial
"shares reported as disposed of represents shares withheld by the issuer through net settlement"
Employee Stock Ownership Plan Allocation financial
"These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation."
mutual to stock conversion financial
"updated for the 1.3549 to 1.00 exchange in connection with the Company's mutual to stock conversion"
pecuniary interest financial
"no pecuniary interest in such shares and therefore is not deemed the beneficial owner"

FAQ

What did Lake Shore Bancorp (LSBK) EVP Jeffrey M. Werdein report in this Form 4?
Jeffrey M. Werdein reported exercising 23,132 options for Lake Shore Bancorp common stock on August 21, 2026. The options were fully vested, converted into common shares, and a portion of the resulting shares was withheld to cover the exercise price and related tax obligations.

How many Lake Shore Bancorp (LSBK) shares did Werdein receive and how many were withheld?
Werdein exercised options into 23,132 shares of Lake Shore Bancorp common stock. Of these, 16,525 shares were withheld by the issuer through net settlement to pay the option exercise price and tax liabilities, with the remaining shares retained by him.

Were any Lake Shore Bancorp (LSBK) shares sold in the open market in this Form 4?
No. A footnote states that the 16,525 shares reported as disposed of were withheld by the issuer to satisfy the exercise price and tax liability, and that no shares were sold in the open market in connection with these transactions.

What are Jeffrey M. Werdein’s indirect holdings of Lake Shore Bancorp (LSBK) shares after these transactions?
After these transactions, Werdein reports indirect beneficial ownership of 20,000 shares held by an IRA, 7,782 shares acquired through an Employee Stock Ownership Plan allocation, and 2,000 shares held by his spouse.

What unvested restricted stock awards does Werdein hold in Lake Shore Bancorp (LSBK)?
Werdein’s reported direct holdings include unvested restricted stock awards of 3,025 shares granted March 18, 2026, 3,063 shares granted March 12, 2025, and 1,717 shares granted April 23, 2024, each vesting in four equal annual installments beginning on the first anniversary of the grant.

Were these Lake Shore Bancorp (LSBK) transactions made under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox is not marked, and there is no footnote indicating that the transactions were executed pursuant to a Rule 10b5-1 trading plan or similar pre-arranged trading arrangement.

Why are shares previously attributed to Werdein through his son no longer reported for Lake Shore Bancorp (LSBK)?
A footnote states that shares previously reported as indirectly beneficially owned through Werdein’s son are no longer reported because he has no pecuniary interest in those shares and therefore is not deemed their beneficial owner.

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SEC Form 4
FORM 4UNITED 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*
Werdein Jeffrey M.
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
EVP-Commercial Division
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/21/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock08/21/2026M23,132A$10.62(1)77,387D
Common Stock08/21/2026F16,525(2)D$17.2560,862(3)(4)(5)D
Common Stock20,000IBy IRA
Common Stock7,782(6)IBy ESOP
Common Stock2,000I(7)By Spouse
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Option (right to buy)$10.62(1)08/21/2026M23,132 (8)10/21/2026Common Stock23,132$00D
Explanation of Responses:
1. Exercise price amounted to $10.61342469, 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.
2. The number of shares reported as disposed of represents shares withheld by the issuer through net settlement to satisfy the exercise price of the option award and the tax liability incident to the withholding of shares. No shares were sold in the open market.
3. 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.
4. 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.
5. 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.
6. These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation.
7. Shares previously reported as indirectly beneficially owned through the reporting person's son are no longer reported because the reporting person has no pecuniary interest in such shares and therefore is not deemed the beneficial owner of those shares.
8. Options are fully vested.
/s/ Taylor M. Gilden, pursuant to power of attorney08/25/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR