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

Rhea-AI Filing Summary

Joseph P. Zavaglia, a director of FS Bancorp, Inc. (FSBW), reported equity award transactions dated 08/15/2025. The filing shows an acquisition of 750 restricted shares under the FS Bancorp 2018 Equity Incentive Plan that vest on August 15, 2026. The report also records a derivative award of 1,500 stock options with a stated exercise price of $40.14 that vest on August 15, 2026 and show an expiration date of 08/15/2035. Following the reported transactions the filing lists total beneficial ownership figures including 16,060 shares of common stock attributable after the option award and 9,344 shares held directly after the restricted stock award.

Positive

• Director received restricted stock and options, which aligns management interests with shareholders through equity compensation
• Vesting date one year out (08/15/2026) promotes short-term retention and continued alignment

Negative

• None.

Insights

Securities Analyst

TL;DR: Director received restricted stock and options that vest in one year; increases his long-term equity exposure at a $40.14 strike.

The Form 4 documents routine equity compensation to an insider: a 750-share restricted stock award and 1,500 stock options under the companys 2018 Equity Incentive Plan, both vesting on 08/15/2026. The options carry a $40.14 exercise price and an indicated expiration of 08/15/2035, which aligns incentives toward multi-year retention. The reported beneficial ownership figures (for example 16,060 shares after the derivative award) reflect the accounting of these grants but do not provide cash flow or tax implications.

Corporate Governance Expert

TL;DR: Compensation grants to a director are standard governance practice to align interests; vesting schedule is one year.

From a governance perspective, the filing discloses standard equity grants to a director with a one-year vesting cliff (vesting on 08/15/2026). The disclosure names the reporting person as a Director and shows the awards were made pursuant to the company's 2018 Equity Incentive Plan. No departures, accelerated vesting, or unusual transfer restrictions are disclosed. The filing is a routine Section 16 report reflecting compensation-related issuances rather than open-market trading.

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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hours per response:			0.5

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^*

Zavaglia Joseph P.

(Last) (First) (Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW, SUITE 300

(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)

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

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		750	A	(1)	9,344	D
Common Stock	08/15/2025		F		188	D	$40.14	9,156	D
Common Stock								542	D
Common Stock								9,614	I	BY IRA

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		1,500		(2)	08/15/2035	Common Stock	1,500	$0	16,060	D

Explanation of Responses:

1. Represents award of restricted stock pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests on August 15, 2026.

2. Stock Options awarded pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan. Vests on August 15, 2026.

	/s/ Joseph P. Zavaglia	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).
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FAQ

Who filed the Form 4 for FSBW and what is their relationship to the company?

The Form 4 was filed by Joseph P. Zavaglia, who is reported as a Director of FS Bancorp, Inc.

What equity awards did Joseph P. Zavaglia receive on 08/15/2025?

He received a 750-share restricted stock award and a grant of 1,500 stock options under the 2018 Equity Incentive Plan.

When do the restricted shares and options vest?

Both the restricted stock award and the stock options vest on August 15, 2026 as stated in the filing.

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

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

How many shares does the filing show as beneficially owned after the transactions?

The filing lists beneficial ownership figures that include 9,344 shares (direct) and 16,060 shares after accounting for the derivative award.