Passafaro Ronald J 4

What Happened Ronald J. Passafaro, a director of Lake Shore Bancorp, received a grant/award of 10,749 shares (reported as a derivative award) on December 9, 2025. The Form 4 reports an acquisition price of $0.00, so the reported transaction value is $0. The award appears to be restricted/compensatory in nature rather than a market purchase.

Key Details

• Transaction date: 2025-12-09; Filing date (Form 4): 2026-01-23 (filed late relative to Form 4’s typical 2-business-day requirement).
• Shares granted: 10,749 shares; reported acquisition price: $0.00; reported value: $0.
• The filing notes that 773 of the shares are restricted stock that vest on March 12, 2026 (Footnote F1).
• Footnote F2 states stock options vest at 20% per year commencing December 9, 2026.
• Shares owned after the transaction are not specified in the provided excerpt.

Context This was a compensatory award (derivative/restricted shares), not an open-market purchase or sale. Such awards are commonly part of director compensation and do not necessarily signal the director’s near-term trading intent. The late filing delays public visibility of the transaction; investors should consider awards like this as routine compensation unless accompanied by significant open-market purchases or sales.