Jeffrey M. Werdein - 27 Feb 2023 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: 27 Feb 2023
Net transactions value: -$9,688
Form type: 4
Filing time: 01 Mar 2023, 10:01:11 UTC
Previous filing: 19 Nov 2021
Next filing: 04 Mar 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LSBK	Common Stock	Award	$0	+2,015	+14%	$0.000000	16,039	27 Feb 2023	Direct	F1
transaction	LSBK	Common Stock	Tax liability	$9,688	-833	-5.2%	$11.63	15,206	27 Feb 2023	Direct
holding	LSBK	Common Stock						3,696	27 Feb 2023	By ESOP	F2

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	27 Feb 2023	Common Stock	17,073	$14.38	Direct	F3

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

Explanation of Responses:

Id	Content
F1	On February 26, 2020, the reporting person was granted 2,015 shares of restricted stock which vest on February 27, 2023, subject to satisfaction of certain performance criteria. The performance criteria were met, resulting in the vesting of 2,025 shares of restricted stock.
F2	These shares were acquired pursuant to an Employee Stock Ownership Plan allocation.
F3	Options are fully vested.