[Form 4] FS Bancorp, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kelli Nielsen, CRB Officer and EVP of FS Bancorp, Inc. (FSBW), reported Section 16 activity on 08/15/2025. She was awarded 2,000 restricted shares under the 2018 Equity Incentive Plan that vest 25% per year beginning 08/15/2026, and was granted 4,000 stock options exercisable at $40.14 with the same annual 25% vesting starting 08/15/2026 and a stated expiration of 08/15/2035. The filing also shows a disposition of 861 common shares at $40.14. Post-transactions, reported beneficial ownership includes 48,275 shares of common stock (including direct and ESOP-held amounts reported).

Insights

Financial Analyst

TL;DR: Insider received equity awards and options with multi-year vesting and also disposed of a small block of shares.

The grants align management incentives with shareholder value over several years via time-based vesting. The $40.14 exercise price on options is explicit, and the disposal of 861 shares at the same price is recorded. These transactions are typical compensation and liquidity actions for senior officers and are not presented as part of a broader change in control or extraordinary event.

Corporate Governance Expert

TL;DR: Report reflects routine equity compensation subject to standard vesting; disclosures appear complete for Section 16 purposes.

The filing documents restricted stock and option awards under the companys 2018 Equity Incentive Plan with clear vesting schedules beginning 08/15/2026 and an options expiration date of 08/15/2035. The form is signed and dated 08/18/2025, satisfying filing formalities. No governance or related-party issues are stated in the document.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nielsen Kelli

(Last) (First) (Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW

(Street)

MOUNTLAKE TERRACE WA 98043

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FS Bancorp, Inc. [ FSBW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CRB Officer, EVP

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/15/2025		A		2,000	A	(1)	16,884	D
Common Stock	08/15/2025		F		861	D	$40.14	16,023	D
Common Stock								71	D
Common Stock								2,681	I	By ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$40.14	08/15/2025		A		4,000		(2)	08/15/2035	Common Stock	4,000	$0	48,275	D

Explanation of Responses:

1. Represents award of restricted stock pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests in equal installments of 25% per year beginning on August 15, 2026.

2. Stock Options awarded pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests in equal installments of 25% per year beginning on August 15, 2026.

	/s/Kelli Nielsen	08/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What equity awards did Kelli Nielsen report on Form 4 for FSBW?

The Form 4 shows an award of 2,000 restricted shares and grant of 4,000 stock options under the 2018 Equity Incentive Plan.

When do the restricted shares and options vest for Kelli Nielsen?

Both the restricted shares and the options vest in equal 25% installments per year beginning 08/15/2026.

What is the exercise price and expiration for the options reported?

The reported stock options have an exercise price of $40.14 and an expiration date of 08/15/2035.

Did Kelli Nielsen sell or dispose of any shares in this filing?

Yes, the filing reports a disposition of 861 common shares at a price of $40.14 on 08/15/2025.

What total common stock ownership is shown after the transactions?

The filing reports a total of 48,275 common shares beneficially owned following the reported transactions.