Lake Shore Bancorp (LSBK) EVP Jeffrey Werdein Exercises Options

What Happened
Jeffrey M. Werdein, EVP — Commercial Division of Lake Shore Bancorp (LSBK), exercised 23,132 stock options on August 21, 2026. The options were exercised at an adjusted exercise price of about $10.62 per share (aggregate cost ~$245,662). To cover the exercise price and tax withholding, the company withheld 16,525 of the newly acquired shares (valued by the filing at $17.25 per share, aggregate ~$285,056). After the net settlement, Werdein retained 6,607 shares (23,132 acquired − 16,525 withheld). No shares were sold in the open market.

Key Details

• Transaction date: 2026-08-21 (filed 2026-08-25; filing is within the required two business days)
• Option exercise: 23,132 shares acquired at ~$10.62/share (aggregate ~$245,662)
• Withholding/tax settlement: 16,525 shares withheld at $17.25/share (aggregate ~$285,056) — not an open-market sale
• Net shares retained: 6,607
• Footnotes of note:
  • F1: Exercise price reflects adjustment from a mutual-to-stock conversion; exercise price rounded to $10.62 in filing.
  • F2: Withheld shares satisfy exercise price and tax liability via net settlement.
  • F8: Options were fully vested.
  • Other footnotes list unvested restricted stock grants and ESOP allocations; see the Form 4 for full beneficial-ownership detail.
• Shares owned after the transaction: net increase of 6,607 shares from this exercise (see Form 4 for total beneficial holdings).

Context
This was an option exercise with net-share settlement (a common cashless exercise): the company withheld a portion of the newly issued shares to pay the exercise cost and taxes rather than the insider selling shares on the open market. Such transactions generally reflect compensation mechanics more than a directional market bet; no open-market sales were reported in this filing.