Taylor M. Gilden
About Taylor M. Gilden
Taylor M. Gilden is Chief Financial Officer and Treasurer of Lake Shore Bancorp, Inc. and Lake Shore Savings Bank; he was appointed CFO in August 2023 after serving briefly as Chief Strategy Officer since June 2023. He is 34 years old as of March 24, 2025, and holds a BS in Accounting and an MS in Finance from American University; prior roles include Senior VP & Controller at FVCbank (Jul 2022–May 2023), VP Finance at BayVanguard Bank (2018–2022), and Deloitte Audit & Assurance (2013–2018) . During his tenure, Company net income was $4.931M in 2024 (vs. $4.820M in 2023) and TSR on a fixed $100 basis improved to 101 from 83, reflecting positive shareholder return alignment with compensation outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lake Shore Bancorp / Lake Shore Savings Bank | Chief Strategy Officer, then Chief Financial Officer & Treasurer | Jun 2023–Aug 2023; Aug 2023–present | CFO during mutual-to-stock conversion; senior financial oversight |
| FVCbank (Fairfax, VA) | Senior Vice President & Controller | Jul 2022–May 2023 | Financial reporting and controls (banking) |
| BayVanguard Bank / predecessor 1880 Bank (Baltimore, MD) | Vice President of Finance | 2018–2022 | Finance leadership (banking) |
| Deloitte & Touche LLP | Audit & Assurance (Financial Services focus) | 2013–2018 | Audit experience in financial services |
External Roles
No external public company directorships or committee roles were disclosed in Company filings reviewed .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Paid ($) | 139,423 | 262,596 |
| Total Cash Compensation (Salary + Bonus + Non-Equity Incentive) ($) | 185,923 | 363,121 |
| Total Compensation ($) | 213,302 | 433,729 |
Other Fixed Compensation (2024 detail)
| Component (2024) | Amount ($) |
|---|---|
| Employer 401(k) Contribution | 19,959 |
| ESOP Contributions | 3,645 |
| Dividends on Unvested Stock Awards | 2,256 |
| Life Insurance Premiums (> $50k coverage) | 96 |
| Perquisites | — (none disclosed for Gilden in 2024) |
| All Other Compensation (Total) | 25,956 |
Performance Compensation
Annual Incentive (Cash Bonus)
| Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Annual Incentive Plan (corporate + individual metrics) | Not disclosed | 10%–37.5% of base salary | 38.3% of base salary (2024) | 100,525 (2024) | Cash; immediate (no vesting) |
Compensation Committee establishes corporate and individual metrics annually; specific metric names/weights not disclosed. CEO not involved in decisions regarding his own bonus; Committee presents measures to Board for approval .
Equity Awards (RSUs)
| Grant Year | Unvested RS at FY End (#) | Market Value at 12/31/2024 ($) | Vesting Schedule | Notes |
|---|---|---|---|---|
| 2024 grants | 4,177 | 57,392 (at $13.74/share) | 25% annually starting Apr 23, 2025; over 4 years | RS awards vest per schedule; dividends accrue on unvested RS |
Stock Options
| Status | Details |
|---|---|
| None outstanding for Gilden | No options granted in 2024 or 2023; no exercisable/unexercisable options listed for Gilden |
Equity Ownership & Alignment
| Ownership Item | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 9,047 (as of Mar 24, 2025) |
| Direct/IRA Holdings | 1,862 shares in IRA |
| ESOP Allocated | 265 shares (sole voting, no investment power) |
| Unvested Restricted Stock included in beneficial ownership | 6,920 shares (sole voting, no investment power) |
| Ownership as % of Shares Outstanding | <1% (asterisk in proxy table) |
| Anti-hedging / Anti-pledging | Company policy prohibits hedging and pledging Company stock |
Note: Unvested RS count differs by table timing—beneficial ownership at March 24, 2025 includes 6,920 unvested RS , while outstanding RS at FY-end shows 4,177 unvested at Dec 31, 2024 .
Employment Terms
| Term | Detail |
|---|---|
| Agreement date | Employment agreement effective March 11, 2025 |
| Role | Chief Financial Officer and Treasurer |
| Initial term & expiration | Term ends December 16, 2027; thereafter annual extensions to maintain a 3-year rolling term, subject to annual performance review/Board approval at least 90 days before anniversary |
| CIC term extension | If a change in control occurs, agreement term automatically renews for ≥36 months from CIC effective date |
| Base salary (agreement/current) | Agreement base salary $265,000; current base salary $265,000 |
| Annual bonus eligibility | Performance-based cash bonus per Annual Incentive Plan |
| Long-term incentive eligibility | Eligible at Compensation Committee’s discretion |
| Severance (without cause or for good reason) | Lump sum: Accrued Benefits + 1× base salary + average annual incentive (last 3 fiscal years); plus 12 months life/medical/dental continuation (cash lump sum equivalent) |
| Change-in-control severance | Lump sum: Accrued Benefits + 3× (base salary + average annual cash bonus); plus 36 months life/medical/dental continuation; excise tax gross-up for 280G/4999 |
| Trigger mechanics | Double-trigger (termination without cause or for good reason required); applies to terminations within 3 months before or 12 months after CIC |
| Restrictive covenants | Non-compete and non-solicit for 1 year post-termination (other than following CIC) |
| Clawback | Not specifically disclosed in proxy; Company has Code of Conduct and Insider Trading Policy |
Investment Implications
- Pay-for-performance alignment: 2024 cash incentive paid at 38.3% of base salary vs. a 10%–37.5% target range suggests above-target performance outcomes; RSU grants provide multi-year alignment via four-year vesting starting April 23, 2025 .
- Retention and change-in-control economics: Rolling three-year term and severance of 1× salary+bonus (12 months benefits) mitigate voluntary turnover risk; CIC economics of 3× salary+bonus with 36 months benefits and an excise tax gross-up are shareholder-unfriendly and elevate deal-related costs (red flag) .
- Insider selling pressure: RSU tranches vest annually beginning April 23, potentially increasing tradable shares at set intervals; while hedging/pledging is prohibited, vest events may correspond with open-window transactions and should be monitored for Form 4 activity and liquidity impact .
- Ownership alignment: Beneficial ownership is modest (<1% of outstanding) with RS exposure (6,920 unvested RS at Mar 24, 2025), offering alignment but limited downside co-investment relative to float; ESOP and dividend accruals further link compensation to equity performance .
- Execution track record and governance: Tenure spans the Company’s 2025 conversion and rechartering events (as signatory on multiple SEC filings), with SOX certifications evidencing internal control responsibility; Section 16(a) filings were timely and insider loans were ordinary-course, reducing governance risk signals .