On February 14, 2023, Steven W. Schiavone, Controller and Principal Accounting Officer submitted notice of his resignation from Lake Shore Bancorp, Inc, effective March 3, 2023. Mr. Schiavone did not cite any disagreements with the Company, the MHC or the Bank. In connection with Mr. Schiavone's resignation, Rachel A. Foley, age 54, who currently serves as Chief Financial Officer and Treasurer of the Company, the MHC and the Bank, has also been appointed Principal Accounting Officer of each entity effective March 3, 2023.

Ms. Foley has been Chief Financial Officer since March 2006. A description of the compensation arrangements between the Company, the MHC and the Bank and Ms. Foley can be found in the Company's proxy statement for its 2022 annual meeting of stockholders, filed with the Securities and Exchange Commission (the “SEC”) on April 7, 2022 and as subsequently updated by the Current Report on Form 8-K filed with the SEC on December 28, 2022.