Mehltretter John L 4

What Happened

• John L. Mehltretter, a director of Lake Shore Bancorp, received a derivative award of 5,237 shares on December 9, 2025. The transaction is reported as acquired at $0.00 (recorded value $0).
• This was an award/grant rather than an open-market purchase or sale, so it represents compensation or a grant rather than a buy/sell market signal.

Key Details

• Transaction date: December 9, 2025; Form 4 filed January 23, 2026 (filing reported later than the transaction date).
• Transaction type/code: A (award/grant/acquisition of derivative securities).
• Shares awarded: 5,237 shares; acquisition price per share reported as $0.00 (total reported value $0).
• Shares owned after transaction: Not specified in the filing.
• Relevant footnotes from the filing:
  • F1: Includes 1,005 shares of restricted stock that vest on March 12, 2026.
  • F2: Notes a separate stock-option vesting schedule — options vest at 20% per year commencing on December 9, 2026.
  • F3: Notes 1,493 options that vested on April 23, 2025 and 5,975 options that remain unvested and will vest in four equal annual installments beginning April 23, 2026.
• Timeliness: The Form 4 was filed after the transaction date (filed Jan 23, 2026 for a Dec 9, 2025 transaction), so public disclosure was delayed.

Context

• This transaction is a compensation-related award (derivative/restricted shares). Restricted shares typically vest over time and are not immediate open-market purchases — they do not necessarily indicate immediate insider buying interest.
• Footnotes indicate portions of these holdings/related option grants have specific vesting schedules; vesting timing affects when the insider can sell shares and the economic benefit is realized.