Werdein Jeffrey M. 4

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.