LIDDELL KIM C 4

What Happened

• Kim C. Liddell, Director and President & CEO of Lake Shore Bancorp (LSBK), had 765 shares withheld to satisfy tax withholding obligations tied to the vesting of restricted stock. The withholding was based on a market price of $15.43 per share, producing proceeds/value of $11,804. This was a tax-withholding transaction (code F), not an open-market sale or purchase.

Key Details

• Transaction date: March 12, 2026 (reported March 13, 2026)
• Withheld shares: 765 at $15.43/share — total value ≈ $11,804
• Transaction type: F = tax withholding of restricted shares (cashless method to cover taxes)
• Vesting details in footnotes:
  • Grant dated Mar 12, 2025: 2,121 shares vested on Mar 12, 2026; 6,363 remaining unvested from that grant.
  • Grant dated Apr 23, 2024: 1,748 shares vested on Apr 23, 2025; 5,247 remaining unvested from that grant.
  • Some shares were acquired via an Employee Stock Ownership Plan allocation (footnote).
• Filing timeliness: Report filed promptly (no late filing indicated).

Context

• This was a routine tax-withholding (cashless) action tied to restricted stock vesting — common executive compensation administration and not a directional trading signal. It should not be interpreted as a discretionary sale indicating bearish sentiment.