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

Rhea-AI Filing Summary

FS Bancorp insider Shana Allen received equity awards and stock options on 08/15/2025. The filing shows an award of 2,000 restricted shares and an acquisition code F disposition of 424 shares sold at $40.14, leaving 6,439 shares directly owned. The reporting person also holds 209 shares disposed and 8,766 shares indirectly via an ESOP, with total reported beneficial ownership figures shown. Additionally, Allen was granted 6,000 stock options with an exercise price of $40.14 that vest 25% per year beginning 08/15/2026 and expire 08/15/2035. The restricted shares also vest 25% per year beginning 08/15/2026.

Positive

• Time-based vesting for restricted shares and options (25% per year) supports retention incentives
• Transparent disclosure of grant terms, exercise price ($40.14), expiration (08/15/2035), and ESOP indirect holdings

Negative

• Potential future dilution from 6,000 option shares if exercised
• Sale of 424 shares on the same date reduces direct holdings by that amount

Insights

Financial Analyst

TL;DR: Insider received equity and options, modest in size, with multi-year vesting to align incentives.

The Form 4 documents a grant of 2,000 restricted shares and 6,000 stock options to the Chief Information Officer and EVP, plus a reported sale of 424 shares at $40.14. Vesting schedules for both restricted stock and options begin 08/15/2026 at 25% per year, indicating multi-year retention incentives. The option exercise price is $40.14 and options expire on 08/15/2035. Transactions modestly change direct holdings and establish future potential dilution if options are exercised.

Corporate Governance Expert

TL;DR: Grants follow a standard equity incentive plan structure with time-based vesting, consistent with retention practices.

The disclosure identifies awards under the 2018 Equity Incentive Plan with standard four-year cliff/annual vesting in equal installments of 25% starting one year after grant. The filing is clear on award type, vesting, and exercise terms, and includes an ESOP-related indirect holding. Documentation appears to comply with Section 16 reporting requirements and provides necessary transparency on insider compensation events.

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

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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^*

Allen Shana

(Last) (First) (Middle)

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)
	Chief Information 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)	6,863	D
Common Stock	08/15/2025		F		424	D	$40.14	6,439	D
Common Stock								209	D
Common Stock								8,766	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		6,000		(2)	08/15/2035	Common Stock	6,000	$0	18,500	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/Shana Allen	08/15/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Shana Allen report on Form 4 for FSBW?

The Form 4 reports an award of 2,000 restricted shares, a sale of 424 shares at $40.14, other reported dispositions totaling 209 shares, and a grant of 6,000 stock options.

What are the vesting terms for the restricted shares and options?

Both the restricted stock award and the stock options vest in equal installments of 25% per year beginning on 08/15/2026.

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

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

How many shares does Allen beneficially own after the reported transactions?

The filing shows 6,439 shares directly owned following the transactions and 8,766 shares indirectly owned via an ESOP.

Under which plan were the awards granted?

The restricted stock and options were awarded pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan.