Werdein Jeffrey M. 4

What Happened
Jeffrey M. Werdein, EVP–Commercial Division of Lake Shore Bancorp (LSBK), had 368 shares withheld on March 12, 2026 to satisfy tax withholding related to the vesting of restricted stock. The shares were valued at $15.43 each for a total of $5,678 (reported as transaction code F — payment of tax liability via share withholding). This is a routine tax-withholding event rather than an open-market sale.

Key Details

• Transaction date: March 12, 2026; reported March 13, 2026 (timely filing).
• Withheld/Disposed: 368 shares at $15.43 per share; total value reported $5,678.
• Reason: Tax withholding incident to the vesting of restricted stock (F1).
• Related vesting: Footnotes indicate 1,021 shares vested on March 12, 2026 from a March 12, 2025 grant (the filing notes 3,063 remaining from that grant after vesting — F2). Additional restricted shares from an April 23, 2024 grant (858 vested previously; 2,575 remain — F3).
• Other notes: Some shares were acquired via an Employee Stock Ownership Plan allocation (F4); options (if any) are fully vested (F5).
• Shares owned after transaction: not specified in the excerpt provided.

Context
A withholding (code F) is a routine administrative transaction to cover tax obligations when restricted stock vests. It does not necessarily indicate the insider is selling shares for investment reasons. For retail investors, such withholdings are common and generally not a signal of confidence or concern by the insider.