Form 4: Lake Shore Bancorp Executive Werdein Reports Stock Transactions
SEC Form 4 Filing
Jeffrey M. Werdein, EVP of Commercial Division at Lake Shore Bancorp, reports acquisition and disposal of common stock and stock options.
Summary
- Jeffrey M. Werdein, an executive at Lake Shore Bancorp, filed a Form 4 detailing changes in beneficial ownership.
- On March 12, 2025, Werdein acquired 3,014 shares of common stock.
- Werdein also disposed of 4,305 shares of common stock held indirectly through an Employee Stock Ownership Plan (ESOP).
- Following these transactions, Werdein directly owns 23,768 shares of common stock, including 2,534 shares of restricted stock vesting at 25% per year starting April 23, 2025, and 3,014 shares of restricted stock vesting at 25% per year starting March 12, 2026.
- Werdein also holds options to buy 17,073 shares of common stock at an exercise price of $14.38, which are fully vested.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment.
Industry Context
Form 4 filings are standard disclosures required by the SEC for corporate insiders, providing transparency into their trading activities and holdings in their own company's stock.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 03/12/2025 | Date of earliest transaction: acquisition of 3,014 shares of common stock and disposal of 4,305 shares through ESOP. |
| 03/14/2025 | Date of signature on the Form 4 filing. |
| 04/23/2025 | Commencement date for vesting of 2,534 shares of restricted stock at a rate of 25% per year. |
| 03/12/2026 | Commencement date for vesting of 3,014 shares of restricted stock at a rate of 25% per year. |
| 10/21/2026 | Expiration date for stock options. |
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