Werdein Jeffrey M. 4
4 · Lake Shore Bancorp, Inc. /MD/ · Filed Apr 24, 2026
Research Summary
AI-generated summary of this filing
Lake Shore Bancorp (LSBK) EVP Jeffrey Werdein Withholds 302 Shares for Taxes
What Happened Jeffrey M. Werdein, Executive Vice President — Commercial Division at Lake Shore Bancorp (LSBK), had 302 shares withheld on April 23, 2026 to satisfy tax withholding obligations tied to restricted stock vesting. The shares were valued at $15.85 each for a total of $4,787. This was a tax-withholding disposition (code F), not an open-market sale.
Key Details
- Transaction date and filing: transaction occurred on 2026-04-23; Form 4 filed 2026-04-24 (filed the next day, timely).
- Transaction: 302 shares withheld to cover tax liability at $15.85 per share (total ~$4,787). Transaction code: F (tax withholding/settlement).
- Vesting context: Footnote F4 indicates 858 shares vested on April 23, 2026 (grant dated April 23, 2024); 302 of those vested shares were withheld for taxes.
- Other holdings noted in the filing: unvested restricted stock of 3,025 shares (grant 3/18/2026, vesting in four equal installments), 3,063 remaining unvested shares (grant 3/12/2025), and 1,717 remaining unvested shares from the 4/23/2024 grant after the 858-share vesting. The filing also references ESOP-allocated shares (F5) and fully vested options (F6).
- Shares owned after transaction: the filing lists unvested and plan-related balances in footnotes; the exact total post-transaction beneficial ownership is reported in the Form 4 footnotes rather than a single summarized line.
Context
- This was a routine tax-withholding disposition tied to restricted stock vesting (common practice). Such withholdings are administrative and do not necessarily signal a buy/sell decision about the company's prospects.
- The filing does not reflect an open-market sale or purchase by the insider; it simply documents how vested shares were used to cover taxes.
Insider Transaction Report
Form 4
Werdein Jeffrey M.
EVP-Commercial Division
Transactions
- Tax Payment
Common Stock
[F1][F2][F3][F4]2026-04-23$15.85/sh−302$4,787→ 54,255 total
Holdings
- 20,000(indirect: By IRA)
Common Stock
- 7,782(indirect: By ESOP)
Common Stock
[F5] - 2,000(indirect: By Spouse)
Common Stock
- 1,056(indirect: By Son)
Common Stock
- 23,132
Stock Option (Right to Buy)
[F6]Exercise: $10.62Exp: 2026-10-21→ Common Stock (23,132 underlying)
Footnotes (6)
- [F1]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 $15.85 per share.
- [F2]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.
- [F3]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.
- [F4]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. 858 shares vested on April 23, 2026.
- [F5]These shares were acquired pursuant to an Employee Stock Ownership Plan Allocation.
- [F6]Options are fully vested.
Signature
/s/ Taylor M. Gilden, pursuant to power of attorney|2026-04-24