FSBW Insider Filing: Benjamin Crowl Receives Restricted Stock and Options

Rhea-AI Filing Summary

Benjamin Crowl, Chief Lending Officer and EVP of FS Bancorp, Inc. (FSBW), reported equity awards and option grants on 08/15/2025. He received 2,000 restricted shares under the 2018 Equity Incentive Plan, bringing his reported direct beneficial ownership to 16,789 shares after the award. He was also granted 6,000 stock options with a $40.14 exercise price and an expiration date of 08/15/2035, bringing total reported beneficial ownership of underlying shares to 27,684 shares. The restricted shares and options vest in equal 25% annual installments beginning on 08/15/2026. The Form 4 is signed by Crowl on 08/18/2025.

Positive

• Received 2,000 restricted shares under the 2018 Equity Incentive Plan, increasing direct ownership to 16,789 shares
• Granted 6,000 stock options with a clear exercise price of $40.14 and expiration 08/15/2035
• Vesting schedule defined: awards vest 25% per year beginning 08/15/2026, indicating retention alignment

Negative

• None.

Insights

Financial Analyst

TL;DR: Executive received time‑vested equity and options, modestly increasing reported ownership; impact appears routine and alignment‑focused.

The grant of 2,000 restricted shares and 6,000 options is disclosed as compensation under the 2018 Equity Incentive Plan. The awards vest 25% annually starting August 15, 2026, indicating multi‑year retention incentives rather than immediate liquidity. The option exercise price is stated at $40.14 with a 2035 expiration, and the report shows total beneficial ownership figures post‑award: 16,789 shares direct and 27,684 shares when including underlying options. For investors, this is a common executive compensation disclosure that increases insider alignment without immediate share dilution.

Corporate Governance Expert

TL;DR: Grants follow standard equity plan structure with multi‑year vesting; disclosure is complete and timely per Section 16 filing.

The filing documents an award of restricted stock and stock options under the company’s 2018 Equity Incentive Plan with explicit vesting schedules and an exercise price for options. The Form 4 was filed and signed within a few days of the 08/15/2025 transaction, meeting reporting expectations. Vesting beginning in 2026 suggests retention intent. No departures, amendments, or related‑party caveats are disclosed in this filing.

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^*

Crowl Ben

(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 Lending 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)	16,789	D
Common Stock								90	D
Common Stock								986	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	27,684	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/ Benjamin Crowl	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.
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 did Benjamin Crowl report in the FSBW Form 4 filing?

The filing reports receipt of 2,000 restricted shares and 6,000 stock options, with post‑award beneficial ownership reported as 16,789 direct shares and 27,684 shares including options.

When do the restricted shares and options vest for FSBW insider Crowl?

The awards vest in equal installments of 25% per year beginning on 08/15/2026.

What is the exercise price and expiration for the options reported in the FSBW Form 4?

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

When was the Form 4 signed and filed for the FSBW transaction?

The Form 4 bears the signature of Benjamin Crowl dated 08/18/2025 and reports transactions dated 08/15/2025.

How many total shares does Crowl beneficially own after the reported transactions?

The filing reports 16,789 shares directly beneficially owned and 27,684 shares when including the shares underlying options.