Jeffrey M. Werdein - 21 Oct 2021 Form 4 Insider Report for LAKE SHORE BANCORP, INC. (LSBK)

Role: EVP-Commercial Division
Signature: /s/ Rachel A. Foley, pursuant to power of attorney
Issuer symbol: LSBK
Transactions as of: 21 Oct 2021
Net transactions value: -$7,863
Form type: 4
Filing time: 19 Nov 2021, 16:32:50 UTC
Next filing: 01 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LSBK	Common Stock	Tax liability	$7,863	-526	-3.6%	$14.95	14,024	21 Oct 2021	Direct
holding	LSBK	Common Stock						2,739	21 Oct 2021	By ESOP	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	LSBK	Stock Options (Right to Buy)						17,073	21 Oct 2021	Common Stock	17,073	$14.38	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares were acquired pursuant to an Employee Stock Ownership Plan allocation.
F2	Stock options vest at a rate of 20% per year commencing on October 21, 2017.