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

Rhea-AI Filing Summary

Sean McCormick, Chief Credit Administration Officer and director of FS Bancorp, Inc. (FSBW), received equity awards on 08/15/2025. The filing reports receipt of 1,800 shares of restricted common stock and an award of options to buy 3,600 shares at an exercise price of $40.14 per share. After the transactions McCormick beneficially owns 7,200 shares in total, including 4,380 shares held indirectly through an ESOP. The restricted shares and options vest in four equal annual installments beginning August 15, 2026; the options expire August 15, 2035.

Positive

• Equity awards disclosed: 1,800 restricted shares and 3,600 stock options were granted on 08/15/2025
• Clear vesting schedule: Both restricted shares and options vest 25% per year beginning 08/15/2026
• Options terms provided: Exercise price $40.14 and expiration date 08/15/2035
• Complete Section 16 disclosure: Reporting person, transaction details, and signature are included

Negative

• None.

Insights

Corporate Compensation Analyst

TL;DR: Routine executive equity grant aligns compensation with shareholder interests; standard multi-year vesting preserves retention.

The Form 4 documents a compensation-related equity grant to a named officer and director: 1,800 restricted shares and 3,600 stock options at a $40.14 strike. Vesting occurs 25% yearly starting August 15, 2026, which is a common retention structure. The options have a 10-year term to 2035, consistent with typical incentive award design. The filing reports total beneficial ownership of 7,200 shares, including indirect ESOP holdings, but provides no valuation, company-wide equity pool size, or materiality context.

Securities Compliance Specialist

TL;DR: Disclosure appears complete for Section 16 reporting: transaction dates, amounts, vesting, and signature are provided.

The Form 4 includes the reporting person, relationship to issuer, transaction date (08/15/2025), transaction codes, award descriptions, vesting schedule, option strike ($40.14), exercise/expiration information, and a manual signature dated 08/18/2025. There is no indication of amendments or corrective disclosure. The filing meets disclosure elements required for changes in beneficial ownership, but does not include broader compensation plan metrics.

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
Estimated average burden
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^*

McCormick Sean

(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 Credit Admin. Officer

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		1,800	A	(1)	3,600	D
Common Stock								4,380	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		3,600		(2)	08/15/2035	Common Stock	3,600	$0	7,200	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/Sean McCormick	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 FS Bancorp (FSBW) insider Sean McCormick receive on 08/15/2025?

He was awarded 1,800 restricted shares and 3,600 stock options with a $40.14 exercise price.

When do the restricted shares and options granted to Sean McCormick vest?

Vesting is in four equal installments (25% per year) beginning on August 15, 2026.

How many FS Bancorp shares does Sean McCormick beneficially own after the transaction?

He beneficially owns 7,200 shares following the reported transactions, including indirect ESOP holdings of 4,380 shares.

What is the expiration date of the options awarded to Sean McCormick?

The options expire on August 15, 2035 and were granted with an exercise price of $40.14.