Document:

EXHIBIT 10.2

amended and restated One-Year Change of Control Agreement

This Amended and Restated Change of Control Agreement (the "Agreement") is made and entered into as of January 25, 2018 (the "Effective Date") by and among Lake Shore Savings Bank, a federally-chartered savings bank having an office at 31 East Fourth Street, Dunkirk, New York 14048 (the "Bank"), Lake Shore Bancorp, Inc., a federally-chartered corporation having an office at 31 East Fourth Street, Dunkirk, New York 14048 (the "Company") and Rachel A. Foley (the "Officer").

Introductory Statement

WHEREAS, the Executive is currently employed as an officer of the Bank;

WHEREAS, the Executive and the Bank previously entered into a change in control agreement, dated as of January 27, 2010 (the "Prior Agreement");

WHEREAS, the Executive and the Bank desire to amend and restate the Prior Agreement in order to clarify certain provisions of the Prior Agreement and to assure the continued availability of the Executive's services;

WHEREAS, in order to induce Executive to remain in the employ of the Bank and in consideration of Executive's agreeing to remain in the employ of the Bank, the parties desire to specify the severance benefits which shall be due Executive in the event that the Executive's employment with the Bank is terminated under specified circumstances including a change in control of the Company or Bank; and

 WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.

WHEREAS, for these reasons, this Agreement assures that the Executive's compensation will be continued for a period of one (1) year if the Executive's employment terminates after a Change of Control (the "Assurance Period").

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the terms and conditions hereinafter provided, the parties hereby agree as follows:

Agreement

		Section 1.	
Effective Date; Term; Change of Control and Pending Change of Control Defined

(a) The term of this Agreement shall begin as of the Effective Date and shall continue for twelve (12) full calendar months thereafter, unless extended further as provided in Section 1(b) (the "Term").

(b) Commencing on January 25, 2019 (the "Anniversary Date") and continuing on each Anniversary Date thereafter, the Term of this Agreement shall be extended for an additional year such that the remaining Term shall be twelve (12) months ("Renewal Term"), until such time as the Board or the Officer elects not to extend the Term of the Agreement by giving written notice to the other party at least fifteen (15) days prior to the last day of the Renewal Term, in which case the Term of this Agreement shall be fixed and shall terminate at the end of the Renewal Term.  Prior to each Anniversary Date, members of the Board who are not Bank or Company employees ("Outside Directors") will conduct a comprehensive performance evaluation and review of the Officer for purposes of determining whether to extend this Agreement, and the results thereof will be included in the minutes of the Board's meeting.

(c) For purposes of this Agreement, the term "Change in Control" shall mean the consummation by the Company or the Bank, in a single transaction or series of related transactions, of any of the following:

(i) Merger:  The Company or the Bank merges into or consolidates with another entity, or merges another bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

(ii) Acquisition of Significant Share Ownership:  There is filed, or is required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company's or the Bank's voting securities; provided, however, this clause (ii) shall not apply to beneficial ownership of the Company's or the Bank's voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities;

(iii) Change in Board Composition:  During any period of two consecutive years, individuals who constitute the Company's or the Bank's board of directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company's or the Bank's board of directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period or who is appointed to the board as the result of a directive, supervisory agreement or order issued by the primary  regulator of the Company or the Bank or by the Federal Deposit Insurance Corporation ("FDIC") shall be deemed to have also been a director at the beginning of such period; or

(iv) Sale of Assets:  The Company or the Bank sells to a third party all or substantially all of its assets.

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Notwithstanding anything in this Agreement to the contrary, in no event shall a reorganization of Lake Shore, MHC, the Company or Bank solely within its corporate structure, including a second-step conversion from mutual to stock form of Lake Shore, MHC, constitute a "Change in Control" for purposes of this Agreement.

(d) For purposes of this Agreement, a "Pending Change of Control" shall mean: (i) the signing of a definitive agreement for a transaction which, if consummated, would result in a Change of Control; (ii) the commencement of a tender offer which, if successful, would result in a Change of Control; provided, however, that the Change of Control contemplated does, in fact, occur; or (iii) the circulation of a proxy statement seeking proxies in opposition to management in an election contest which, if successful, would result in a Change of Control; provided, however, that the Change of Control contemplated does, in fact, occur.

		Section 2.	
Discharge Prior to a Change of Control

The Bank may discharge the Officer at any time prior to the occurrence of a Pending Change of Control or a Change of Control for any reason or for no reason.  In such event:

(a) The Bank shall pay to the Officer (or, in the event of her death, her estate) her earned but unpaid compensation (including, without limitation, salary and all other items which constitute wages under applicable law) as of the date of her termination of employment.  This payment shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in no event later than thirty (30) days after the date of the Officer's termination of employment.

(b) The Bank shall provide the benefits, if any, due to the Officer (or, in the event of her death, her estate, surviving dependents or her designated beneficiaries) under the employee benefit plans and programs and compensation plans and programs maintained for the benefit of the officers and employees of the Bank.  The time and manner of payment or other delivery of these benefits and the recipients of such benefits shall be determined according to the terms and conditions of the applicable plans and programs.

The payments and benefits described in sections 2(a) and (b) shall be referred to in this Agreement as the "Standard Termination Entitlements."

The Officer, the Company and the Bank agree that the termination benefits described in this Section 2 are intended to be exempt from Section 409A ("Section 409A") of the Internal Revenue Code of 1986, as amended (the "Code") pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals, or pursuant to Treasury Regulation Section 1.409A-1(b)(1) as non-taxable benefits.

		Section 3.	
Termination Due to Death

The Officer's employment with the Bank shall terminate, automatically and without any further action on the part of any party to this Agreement, on the date of the Officer's death.  In such event, the Bank shall pay and deliver to her estate and surviving dependents and beneficiaries, as applicable, the Standard Termination Entitlements within the timeframes contained in Section 2.

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The Officer, the Company and the Bank agree that the termination benefits described in this Section 3 are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals or pursuant to Treasury Regulation Section 1.409A-1(b)(1) as non-taxable benefits.

		Section 4.	
Termination Due to Disability after Change of Control or Pending Change of Control

The Bank may terminate the Officer's employment upon a determination, by vote of a majority of the members of the Board of Directors of the Bank, acting in reliance on the written advice of a medical professional acceptable to them, that the Officer is suffering from a physical or mental impairment which, at the date of the determination, (i) has prevented the Officer from performing her assigned duties on a substantially full-time basis for a period of at least one hundred and eighty (180) days during the one (1) year period ending with the date of the determination, or (ii) is likely to result in death or prevent the Officer from performing her assigned duties on a substantially full-time basis for a period of at least one hundred and eighty (180) days during the one (1) year period beginning with the date of the determination.  In such event:

(a) The Bank shall pay and deliver to the Officer (or in the event of her death before payment, to her estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements within the timeframes described in Section 2.

(b) In addition to the Standard Termination Entitlements, if the Officer is terminated under this Section 4 after the occurrence of a Change of Control or a Pending Change of Control, the Bank shall continue to pay the Officer her base salary, at the annual rate in effect as determined immediately prior to the termination of her employment, for a period ending on the earliest of: (i) the expiration of one hundred and eighty (180) days after the date of termination of her employment; (ii) the date on which long-term disability insurance benefits are first payable to   him under any long-term disability insurance plan covering employees of the Bank (the "LTD Eligibility Date"); (iii) the date of her death; and (iv) the expiration of the Assurance Period (the "Initial Continuation Period").  If the end of the Initial Continuation Period is neither the LTD Eligibility Date nor the date of her death, the Bank shall continue to pay the Officer her base salary, at an annual rate equal to sixty percent (60%) of the annual rate in effect for her immediately prior to the termination of her employment, during an additional period ending on the earliest of the LTD Eligibility Date, the date of her death or the expiration of the Assurance Period.

(c) Notwithstanding anything in this Agreement to the contrary, in the event the Officer does not cooperate with a medical professional, as described in Section 4 of this Agreement, or if the Officer does not consent to sharing the medical professional's findings with the Board of Directors, no disability benefit shall be paid to the Officer pursuant to this Agreement.

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A termination of employment due to disability under this Section 4 shall be effected by a notice of termination given to the Officer by the Bank and shall take effect on the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer.

The Officer, the Company and the Bank agree that the termination benefits described in this Section 4 are intended to be exempt from Section 409A.

		Section 5.	
Termination for Cause after Change of Control or Pending Change of Control

(a) The Bank may immediately terminate the Officer's employment with "Cause" during the Term of this Agreement, but a termination shall be deemed to have occurred with "Cause" only if the Board and the Board of Directors of the Company, by separate majority votes of their entire membership, determine that the Officer should be discharged because of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist order, or any material breach of this Agreement.  A termination of employment due to Cause under this Section 5 shall be effected by notice of termination given to the Officer by the Bank or the Company and shall take effect on the later of the effective date of termination specified in such notice or the date on which the notice of termination is deemed given to the Officer.

(b) If the Officer is discharged with Cause during the Term, the Bank shall pay and provide to her (or, in the event of her death, to her estate, her surviving beneficiaries and her dependents) the Standard Termination Entitlements only, within the timeframes described in Section 2.

		Section 6.	
Termination without Cause after Change of Control or Pending Change of Control

Within twenty-four months following the occurrence of a Change of Control or Pending Change of Control, upon the Officer's voluntary termination of employment for Good Reason or the Officer's involuntary termination for a reason other than Cause:

(a) The Bank shall pay and deliver to the Officer (or in the event of her death before payment, to her estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements within the timeframes described in Section 2.

(b) In addition to the Standard Termination Entitlements:

(i) During the Assurance Period, the Bank shall provide for the Officer and her dependents continued medical and dental insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Officer's resignation.  The coverage provided under this Section 6(b)(i) may, at the election of the Bank, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this Section 6(b)(i).

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(ii) The Bank shall make a lump sum payment to the Officer (or, in the event of her death before payment, to her estate), in an amount equal to the value of the salary and bonus that the Officer received in the calendar year preceding the calendar year in which the termination of employment with the Bank occurs to compensate the Officer for the payments the Officer would have received during the Assurance Period.  Such lump sum shall be paid in lieu of all other payments of salary and bonus provided for under this Agreement in respect of the period following any such termination.  Such payment shall be made (without discounting for early payment) within ten (10) days following the Officer's termination of employment.

The payments and benefits described in Section 6(b) are referred to in this Agreement as the "Additional Change of Control Entitlements."

The Officer, the Company and the Bank agree that the termination benefits described in this Section 6 are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals or pursuant to Treasury Regulation Section 1.409A-1(b)(1) as non-taxable benefits.

		Section 7.	
Resignation

(a) The Officer may resign from her employment with the Bank at any time.  A resignation under this Section 7 shall be effected by notice of resignation given by the Officer to the Bank and shall take effect on the effective date of termination specified in such notice.  The Officer's resignation of any of the positions within the Bank or the Company to which  she has been assigned shall be deemed a resignation from all such positions.

(b) The Officer's resignation shall be deemed to be for "Good Reason" if the effective date of resignation occurs during the Term, on or after the effective date of a Change of Control and within ninety (90) days after any of the following; provided that the Officer shall have given notice of the basis for termination for good reason to the Bank, and the Bank has not fully remedied such basis for termination within thirty (30) days after such notice is deemed given:

(i) the failure of the Bank (whether by act or omission of the Board of Directors, or otherwise) to appoint or re-appoint or elect or re-elect the Officer to the position with Bank that she held immediately prior to the Change of Control (the "Assigned Office");

(ii) a material failure by the Bank, whether by amendment of the certificate of incorporation or organization, by-laws, action of the Board of Directors of the Bank or otherwise, to vest in the Officer the functions, duties, or responsibilities customarily associated with the Assigned Office; provided that the Officer shall have given notice of such failure to the Bank, and the Bank has not fully cured such failure within thirty (30) days after such notice is deemed given;

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(iii) any reduction of the Officer's rate of base salary in effect from time to time, whether or not material, or any failure (other than due to reasonable administrative error that is cured promptly upon notice) to pay any portion of the Officer's compensation as and when due;

(iv) any change in the terms and conditions of any compensation or benefit program in which the Officer participates which, either individually or together with other changes, has a material adverse effect on the aggregate value of her total compensation package; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty (30) days after such notice is deemed given; provided, however, that this Section 7(b)(iv) shall not apply if the change in the terms and conditions of the compensation or benefit program affects all participants in such program equally;

(v) any material breach by the Bank of any material term, condition or covenant contained in this Agreement; provided that the Officer shall have given notice of such material adverse effect to the Bank, and the Bank has not fully cured such material adverse effect within thirty (30) days after such notice is deemed given; or

(vi) a change in the Officer's principal place of employment to a place that is not the principal executive office of the Bank, or a relocation of the Bank's principal executive office to a location that is both more than thirty-five (35) miles away from the Officer's principal residence and more than thirty-five (35) miles away from the location of the Bank's principal executive office on the day before the occurrence of the Change of Control.

In all other cases, a resignation by the Officer shall be deemed to be without Good Reason. In the event of resignation, the Officer shall state in her notice of resignation whether she considers her resignation to be a resignation with Good Reason, and if she does, she shall state in such notice the grounds which constitute Good Reason.  The Officer's determination of the existence of Good Reason shall be conclusive in the absence of fraud, bad faith or manifest error.

(c) In the event of the Officer's resignation for any reason, the Bank shall pay and deliver the Standard Termination Entitlements within the timeframes described in Section 2.  In the event of the Officer's resignation with Good Reason, the Bank shall also pay and deliver the Additional Change of Control Entitlements within the timeframes described in Section 6.

(d) The Officer, the Company and the Bank agree that the termination benefits described in this Section 7 are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals or pursuant to Treasury Regulation Section 1.409A-1(b)(1) as non-taxable benefits.

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		Section 8.	
Terms and Conditions of the Additional Change of Control Entitlements

[Reserved]

		Section 9.	
No Effect on Employee Benefit Plans or Programs

The termination of the Officer's employment during the Assurance Period or thereafter, whether by the Bank or by the Officer, shall have no effect on the rights and obligations of the parties hereto under the Bank's qualified or non-qualified plans.

		Section 10.	
Successors and Assigns

This Agreement will inure to the benefit of and be binding upon the Officer, her legal representatives and beneficiaries, and the Company and the Bank and their respective successors and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of the assets and business of the Company or the Bank may be sold or otherwise transferred.  Failure of the Bank to obtain from any successor its express written assumption of the Company's or Bank's obligations hereunder at least sixty (60) days in advance of the scheduled effective date of any such succession shall, if such succession constitutes a Change of Control, constitute Good Reason for the Officer's resignation on or at any time during the Term following the occurrence of such succession.

		Section 11.	
Notices

Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally, or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below or at such other address as one (1) such party may by written notice specify to the other party:

If to the Officer:

To the last address for the Officer contained in the records of the Company or Bank

If to the Company or the Bank:

Lake Shore Bancorp, Inc.

31 East 4th Street

Dunkirk, New York 14048

Attention:     Chairman, Compensation Committee

of the Board of Directors

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		Section 12.	
Disputes; Arbitration

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator, mutually acceptable to the Bank and Officer, sitting in a location selected by the Bank within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association's National Rules for the Resolution of Employment Disputes ("National Rules") then in effect.  Judgment may be entered on the arbitrator's award in any court having jurisdiction.

To the extent that such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Officer pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been settled by Officer and the Bank or resolved in Officer's favor, and such reimbursement shall occur no later than sixty (60) days after the end of the year in which the dispute is settled or resolved in Officer's favor.

		Section 13.	
Severability

A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or enforceability of any other provision hereof.

		Section 14.	
Waiver

Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant, or condition.  A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought.  Any waiver or relinquishment of any right or power hereunder at any one (1) or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times.

		Section 15.	
Counterparts

This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.

		Section 16.	
Governing Law

This Agreement shall be governed by the laws of the State of New York but only to the extent not superseded by federal law.

		Section 17.	
Headings and Construction

The headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any Section.  Any reference to a Section number shall refer to a Section of this Agreement, unless otherwise stated.

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		Section 18.	
Entire Agreement; Modifications

This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof, including the Prior Agreement.  No modifications of this Agreement shall be valid unless made in writing and signed by the parties hereto.  Notwithstanding the preceding sentence, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with Section 409A and shall be subject to amendment in the future, in such manner as the Company and the Bank may deem necessary or appropriate to effect such compliance; provided that any such amendment shall preserve for the Officer the benefit originally afforded pursuant to this Agreement.

		Section 19.	
Required Regulatory Provisions

The following provisions are included for the purposes of complying with various laws, rules and regulations applicable to the Bank:

(a) The compensation payable to the Officer hereunder shall be further reduced (but not below zero) if such reduction would avoid the assessment of excise taxes on excess parachute payments (within the meaning of Section 280G of the Code).

(b) Notwithstanding anything herein contained to the contrary, any payments made to the Officer by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act ("FDI Act"), 12 U.S.C. §1828(k), and any regulations promulgated thereunder, including FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

(c) Notwithstanding anything herein contained to the contrary, the Bank's Board of Directors may terminate the Officer's employment at any time, but any termination by the Bank's Board of Directors other than termination for Cause, shall not prejudice the Officer's right to compensation or other benefits under this Agreement. The Officer shall have no right to receive compensation or other benefits for any period after termination for Cause.

(d) Notwithstanding anything herein contained to the contrary, if the Officer is suspended from office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice served under Section 8(e)(3) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(3) or 1818(g)(1), the Bank's obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings.  If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the Officer all or part of the compensation withheld while the Bank's obligations hereunder were suspended and (ii) reinstate, in whole or in part, any of the obligations which were suspended.

(e) Notwithstanding anything herein contained to the contrary, if the Officer is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDI Act, 12 U.S.C. §1818(e)(4) or (g)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights and obligations of the Bank and the Officer shall not be affected.

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(f) Notwithstanding anything herein contained to the contrary, if the Bank is in default (within the meaning of Section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the date of default, but vested rights and obligations of the Bank and the Officer shall not be affected.

(g) Notwithstanding anything herein contained to the contrary, all prospective obligations of the Bank hereunder shall be terminated, except to the extent that a continuation of this Agreement is necessary for the continued operation of the Bank:  (i) by the Director of the Office of the Comptroller of the Currency ("OCC") or her designee or the Federal Deposit Insurance Corporation ("FDIC"), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the FDI Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OCC or her designee at the time such Director or designee approves a supervisory merger to resolve problems related to the operation of the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition.  The vested rights and obligations of the parties shall not be affected.

If and to the extent that any of the foregoing provisions shall cease to be required or by applicable law, rule or regulation, the same shall become inoperative as though eliminated by formal amendment of this Agreement.

		Section 20.	
Guaranty

The Company hereby irrevocably and unconditionally guarantees to the Officer the payment of all amounts, and the performance of all other obligations, due from the Bank in accordance with the terms of this Agreement as and when due without any requirement of presentment, demand of payment, protest or notice of dishonor or nonpayment.

		Section 21.	
Payments to Specified Employees

Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a specified employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 1(b), the payment shall be paid into a rabbi trust for the benefit of the Officer as if the six (6)-month delay was not imposed with such amounts then being distributed to the Officer as soon as permissible under Section 409A.  Notwithstanding anything in this Agreement to the contrary, an Officer's termination of employment shall be defined to mean a "separation from service" within the meaning of Section 409A and Treas. Reg. 1.409A-1(h).

		Section 22.	
Involuntary Termination Payments to Employees (Safe Harbor)

In the event a payment is made to an employee upon an involuntary termination of employment, as deemed pursuant to this Agreement, such payment will not be subject to Section 409A provided that such payment does not exceed two (2) times the lesser of (i) the sum of the Officer's annualized compensation based on the taxable year immediately preceding the year in which termination of employment occurs or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Officer terminates service (the "Safe Harbor Amount").   However, if such payment exceeds the Safe Harbor Amount, only the amount in excess of the Safe Harbor Amount will be subject to Section 409A.  In addition, if such Officer is considered a key employee, such payment in excess of the Safe Harbor Amount will have its timing delayed and will be subject to the six (6)-month wait-period imposed by Section 409A as provided in Section 21 of this Agreement.  The Officer and the Bank agree that the termination benefits described in this Section 22 are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) as the safe harbor for separation pay due to involuntary separation from service.

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In Witness Whereof, the Bank and the Company have caused this Agreement to be executed and the Officer has hereunto set his hand, all as of the day and year first above written.

	 	 	 /s/ Rachel A. Foley
	 	 	
Rachel A. Foley

Chief Financial Officer and Treasurer

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	
Lake Shore Savings Bank

	
Attest:

	 	 
	 	 	 	 
	
By:  

	 /s/ Wendy Harrington	
By:  

	                          /s/ Daniel P. Reininga
	 	
Name: Wendy Harrington

	 	
Name:               Daniel P. Reininga

	 	
Title:    Corporate Secretary

	 	
Title: President and Chief Executive Officer

	 	 	 	 
	
[Seal]

	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
Lake Shore Bancorp, Inc.

	
Attest:

	 	 
	 	 	 	 
	
By:  

	 /s/ Wendy Harrington	
By:  

	                          /s/ Daniel P. Reininga
	 	
Name: Wendy Harrington

	 	
Name:               Daniel P. Reininga

	 	
Title:    Corporate Secretary

	 	
Title: President and Chief Executive Officer

	 	 	 	 
	
[Seal]

	 	 

12Exhibit

Exhibit 10.1

LEVI STRAUSS & CO. 
2016 EQUITY INCENTIVE PLAN

STOCK APPRECIATION RIGHT GRANT NOTICE

Levi Strauss & Co. (the “Company”), pursuant to its 2016 Equity Incentive Plan (the “Plan”), hereby grants to Participant a Stock Appreciation Right covering the number of Common Stock equivalents (the “Stock Appreciation Rights”) set forth below (the “Award”). This Award is evidenced by and is subject to all of the terms and conditions of this Stock Appreciation Right Grant Notice (the “Grant Notice”), a Stock Appreciation Right Agreement (the “Award Agreement”), and the Plan, all of which are available to the Participant.

	
		
	Participant:
	 

	Employee ID:
	 

	Date of Grant:
	 

	Vesting Commencement Date:
	 

	Number of Stock Appreciation Rights:
	 

	Strike Price (Fair Market Value on Date of Grant):
	 

	Expiration Date:
	 

		
	Vesting Schedule:
	[________________].

Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and agrees to, this Stock Appreciation Right Grant Notice, the Award Agreement, and the Plan. Participant further acknowledges that as of the Date of Grant, this Stock Appreciation Right Grant Notice, the Award Agreement, and the Plan set forth the entire understanding between Participant and the Company regarding the award of the Stock Appreciation Rights and supersede all prior oral and written agreements on that subject with the exception of (i) awards previously granted and delivered to Participant under the Plan, and (ii) the following agreements only: [For CEO only: Grant subject to terms of employment agreement between Charles V. Bergh and the Company dated June 9, 2011].

LEVI STRAUSS & CO.
By:

Date: [DATE]

STOCK APPRECIATION RIGHT AGREEMENT

Pursuant to your Stock Appreciation Right Grant Notice (“Grant Notice”) and this Stock Appreciation Right Agreement (the “Award Agreement”), Levi Strauss & Co. (the “Company”) has granted you a Stock Appreciation Right under its 2016 Equity Incentive Plan (the “Plan”) covering the number of Common Stock equivalents as indicated in your Grant Notice (collectively, the “Award”). Defined terms not explicitly defined in this Award Agreement but defined in the Plan shall have the same definitions as in the Plan.

The details of your Award are as follows:

1.VESTING. Subject to the conditions and limitations contained herein, your Award shall vest as provided in your Grant Notice, provided that vesting shall cease upon the termination of your Continuous Service except as otherwise stated herein.

(a)VESTING DURING SEVERANCE PERIOD. If you are eligible for severance under a Company severance plan that provides for continued vesting, and the date your Continuous Service terminates is at least 12 months after the Date of Grant of this Award, your Award will continue to vest as if you had remained in Continuous Service during the severance period, subject to all of the terms and conditions imposed on such continued vesting under the applicable severance plan.

(b)RETIREMENT. [For W LT members, other than CEO: In the event you qualify for early retirement (i.e., at least 60 years old with five years of Continuous Service) or normal retirement (i.e., at least 55 years old with 10 years of Continuous Service), and the date your Continuous Service terminates is at least 12 months after the Date of Grant of this Award, your Award will continue to vest and become exercisable as if you had remained in Continuous Service through each of the respective
vesting dates set forth in the Grant Notice and shall remain exercisable through the seventh (7th) anniversary of the Date of Grant of this Award subject to Section 8(a) of the Plan; provided, however, that vesting shall cease, and any then unvested portion of the Award shall expire, if you accept other
employment or professional relationship with a competitor of the Company (defined as another company primarily engaged in the apparel design or apparel retail business or any retailer with apparel sales in excess of $500 million annually), in which case you will have the time period set forth in Section 5(b) to
exercise the vested portion of your Award, or if you breach your remaining obligations to the Company
(e.g., your duty to protect confidential information and/or agreement not to solicit Company employees), in which case your Award will immediately terminate.] OR [For CEO: In the event of your Retirement (as defined in your employment agreement with the Company dated June 9, 2011) that occurs at least 12 months after the Date of Grant of this Award, your Award will continue to vest and become exercisable as if you had remained in Continuous Service through each of the respective vesting dates set forth in the
Grant Notice and shall remain exercisable through the seventh (7th) anniversary of the Date of Grant of this Award subject to Section 8(a) of the Plan.]

(c)DISABILITY OR DEATH. In the event your Continuous Service terminates due to Disability or death, your Award will immediately accelerate in full.

2.NUMBER OF SHARES AND STRIKE PRICE. The number of Common Stock equivalents subject to your Award and your strike price per share are set forth in your Grant Notice and may be adjusted from time to time in accordance with Section 11(a) of the Plan.

3.CALCULATION OF APPRECIATION. The amount payable upon exercise of each vested Award shall be equal to the excess of (i) the Fair Market Value per share of Common Stock on the date of exercise, over (ii) the Fair Market Value per share of Common Stock on the date of grant of the Award (as indicated in your Grant Notice).

4.PAYMENT. Subject to Section 12, the amount payable upon exercise of your Award shall be settled in whole shares of Common Stock rounded down to the nearest whole share based on the Fair Market Value of such shares at the time of exercise.

5.TERM. You may not exercise your Award before the commencement or after the expiration of its term. 

The term of your Award commences on the Date of Grant and expires upon the earliest of the following:

(a)immediately upon the termination of your Continuous Service for Cause;

(b)three (3) months after the termination of your Continuous Service for any reason other than Cause or your Retirement, Disability, death[, For CEO: a termination described in Section 13(c) of your employment agreement with the Company dated June 9, 2011 that entitles you to accelerated vesting of the Award (a “Qualifying CIC Termination”)] or, if applicable, the end of the severance period in Section 1(a) above; provided, however, (i) that if during any part of such three (3) month period your Award is not exercisable solely because of a condition set forth in Section 6, your Award shall not expire until the earlier of (A) the Expiration Date, or (B) the date it shall have been exercisable for an aggregate period of three (3) months after the termination of your Continuous Service or, if applicable, the end of the severance period in Section 1(a) above, and (ii) that prior to an IPO Date, the provisions of Section 8(a) of the Plan will have the effect of either limiting or extending the period during which exercise is permitted, depending upon the date on which the termination of your Continuous Services occurs;

(c)eighteen (18) months after the termination of your Continuous Service due to your Disability or Retirement that does not qualify for continued vesting under Section 1(b) hereof [For CEO: or a Qualifying CIC Termination”)]; provided, however, that prior to an IPO Date, the provisions of Sections 7(c)(ix) and 8(a) of the Plan will have the effect of limiting the period during which exercise is permitted;

(d)eighteen (18) months after your death if you die either during your Continuous Service or within three (3) months after your Continuous Service terminates; provided, however, that prior to an IPO Date, the provisions of Sections 7(c)(x) and 8(a) of the Plan will have the effect of limiting the period during which exercise is permitted;

		
	(e)
	the Expiration Date indicated in your Grant Notice; or

		
	(f)
	the day before the seventh (7th) anniversary of the Date of Grant.

6.SECURITIES LAW COMPLIANCE. Notwithstanding anything to the contrary contained herein, you may not exercise your Award unless either (i) the shares of Common Stock issuable upon such exercise are then registered under the Securities Act, or (ii) the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your Award also must comply with other applicable laws and regulations governing your Award, and you may not exercise your Award if the Company determines that such exercise would not be in material compliance with such laws and regulations.

		
	7.
	EXERCISE.

(a)You may exercise the vested portion of your Award during its term by delivering a notice of exercise to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then require. The exercise date shall be the business day on which your signed notice of exercise is received by the Company. If the notice of exercise is received after normal business hours for a given day, then the exercise date shall be considered to be the following business day. Notwithstanding the foregoing, prior to an IPO Date, you may exercise a vested Award only during the period or periods and subject to the further conditions set forth in Section 8(a) of the Plan.

(b)As a condition of exercise of the vested portion of your Award for shares of Common Stock, you will be required to enter into the Stockholders’ Agreement (or any successor to that agreement) and such other agreements as the Company may require pursuant to Section 8(f) of the Plan.

(c)By exercising your Award you agree that you shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by you, for a period of time specified by the managing underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of a registration statement of the Company filed under the Securities Act (the “Lock Up Period”) in connection with an initial public offering of Common Stock, if any; provided, however, that nothing contained in this section shall prevent the exercise of a repurchase right, if any, in favor of the Company during the Lock Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the 

underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 7(c) and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

8.TRANSFERABILITY. Your Award is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your Award.

9.PUT RIGHT. Prior to an IPO Date, you, pursuant to the provisions of Section 8 of the Plan, shall have the right, but not the obligation, to require the Company to repurchase any or all of the shares of Common Stock acquired pursuant to the exercise of your Award.

10.CALL RIGHT. Prior to an IPO Date, the Company, pursuant to the provisions of Section 8 of the Plan, shall have the right, but not the obligation, to repurchase all of the shares of Common Stock theretofore or thereafter acquired pursuant to the exercise of your Award.

11.AWARD NOT A SERVICE CONTRACT. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or any Affiliate, or of the Company or an Affiliate to continue your employment or service. In addition, nothing in your Award shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors, officers or employees to continue any relationship that you might have as a Director or Consultant for the Company or any Affiliate.

		
	12.
	WITHHOLDING OBLIGATIONS.

(a)At the time you exercise your Award, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your Award.

(b)Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal conditions or restrictions, the Company may withhold from shares of Common Stock otherwise issuable to you upon the exercise of your Award a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such other amount as may be necessary to avoid variable award accounting).
(c)You may not exercise your Award unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your Award when desired even though your Award is vested, and the Company shall have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein unless such obligations are satisfied.

13.PERSONAL DATA. You understand that your employer, the Company, or an Affiliate hold certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, national social insurance number, salary, nationality, job title, and details of all shares of Common Stock granted, cancelled, vested, unvested, or outstanding (the “Personal Data”). Certain Personal Data may also constitute “Sensitive Personal Data” within the meaning of applicable local law. Such data include but are not limited to Personal Data and any changes thereto, and other appropriate personal and financial data about you. You hereby provide express consent to the Company or an Affiliate to process any such Personal Data and Sensitive Personal Data. You also hereby provide express consent to the Company and/or an Affiliate to transfer any such Personal Data and Sensitive Personal Data outside the country in which you are employed or retained, including the United States. The legal persons for whom such Personal Data are intended are the Company and any broker company providing services to the Company in connection with the administration of the Plan. You have been informed of your right to access and correct your Personal Data by applying to the Company representative identified on the Grant Notice.

14.ADDITIONAL AGREEMENTS AND ACKNOWLEDGEMENTS. You hereby agree and acknowledge that:

(a)The rights and obligations of the Company with respect to your Award shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns.

(b)You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

(c)You have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award.

(d)You will not question or contest in any way, whether pursuant to legal proceedings or otherwise, the Board’s determination of the Fair Market Value of Common Stock, whether for purposes of determining the strike price of your Award, the number of shares of Common Stock payable on exercise of your Award, or the amount payable on exercise of your put right or the Company’s call right pursuant to Section 8 of the Plan.

(e)You will not question or contest in any way, whether pursuant to legal proceedings or otherwise, the Company’s determination, pursuant to Section 8(e) of the Plan, to (i) reject, in whole or in part, your exercise of a put right or (ii) not exercise, in whole or in part, the Company’s call right.

(f)This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

(g)All obligations of the Company under the Plan and this Agreement shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

(h)Participation in the Plan is voluntary, and therefore, you must accept the terms and conditions of the Plan and this Award as a condition to participate in the Plan and receive this Award.

(i)The Plan is discretionary in nature and the Company can amend, cancel, or terminate it at any time.

(j)This Award and any other awards under the Plan are voluntary and occasional and do not create any contractual or other right to receive future awards or other benefits in lieu of future awards, even if similar awards have been granted repeatedly in the past.

(k)All determinations with respect to any such future awards, including, but not limited to, the time or times when such awards are made, the number of shares of Common Stock, and performance and other conditions applied to the awards, will be at the sole discretion of the Company.

(l)The value of the shares of Common Stock and this Award is an extraordinary item of compensation, which is outside the scope of your employment or service contract, if any.

(m)The shares of Common Stock, this Award, or any income derived therefrom are a potential bonus payment not paid in lieu of any cash salary compensation and not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, life or accident insurance benefits, pension or retirement benefits or similar payments.

(n)In the event of the termination of your Continuous Service, your eligibility to receive shares of Common Stock or payments under this Award or the Plan, if any, will terminate effective as of the date that you are no longer actively employed or retained regardless of any reasonable notice period mandated under local law, except as expressly provided in this Award Agreement.

(o)In the event of the termination of your Continuous Service for Cause, the Company, in its sole discretion, may, in accordance with Section 7(c)(xi) of the Plan, rescind any transfer of Common Stock to you that occurred within six (6) months prior to such termination of Continuous Service or demand that you pay over to the Company the proceeds received by you upon the sale, transfer or other transaction involving the Common Stock in such manner and on such terms and conditions as the Company may require, and the Company shall be entitled to set-off against the amount of such proceeds any amount you owe to the Company to the fullest extent permitted by law.

(p)The future value of the shares of Common Stock is unknown and cannot be predicted with certainty.

(q)No claim or entitlement to compensation or damages arises from the termination of this Award or diminution in value of the shares of Common Stock and you irrevocably release the Company and its Affiliates, from any such claim that may arise.

(r)The Plan and this Award set forth the entire understanding between you, the Company and any Affiliate regarding the acquisition of the shares of Common Stock and supersede all prior oral and written agreements pertaining to this Award.

15.NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.

16.HEADINGS. The headings of the Sections in this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement or to affect the meaning of this Agreement.

17.SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any
portion of this Agreement or  the Plan not declared to be unlawful or  invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

18.GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control.

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