What plan was used for Kelli Nielsen’s August 6, 2026 FSBW share purchase?

The shares were acquired under FS Bancorp’s Nonqualified 2022 Stock Purchase Plan, which, according to the disclosure, includes a 25% match. This indicates a company contribution on top of the executive’s own stock purchase.

FS Bancorp EVP buys shares via stock plan

Q: What insider transaction did FSBW executive Kelli Nielsen report on this Form 4?

Kelli Nielsen reported acquiring 17.333 shares of FS Bancorp common stock on 2026-08-06, purchased at $43.27 per share under the company’s Nonqualified 2022 Stock Purchase Plan, which includes a 25% match on purchases.

Q: At what price were the FS Bancorp (FSBW) shares acquired by Kelli Nielsen?

The reported acquisition price was $43.27 per share for 17.333 shares of FS Bancorp common stock. This transaction occurred under the Nonqualified 2022 Stock Purchase Plan, which provides a 25% matching feature on participant purchases.

Q: How many FS Bancorp (FSBW) shares does Kelli Nielsen hold through the ESOP?

The filing reports an indirect holding of 2,681 shares of FS Bancorp common stock held “By ESOP”. This is separate from Nielsen’s directly held shares related to the stock purchase plan transaction on the same date.

Q: Was Kelli Nielsen’s FS Bancorp (FSBW) transaction under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed for this filing. The transaction is instead described as a purchase under the Nonqualified 2022 Stock Purchase Plan with a 25% company match.

FS Bancorp, Inc. executive Kelli Nielsen, Chief Retail Banking EVP, reported an acquisition of 17.333 shares of common stock on 2026-08-06.

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Form Type

Rhea-AI Filing Summary

FS Bancorp, Inc. executive Kelli Nielsen, Chief Retail Banking EVP, reported an acquisition of 17.333 shares of common stock on 2026-08-06. The shares were purchased at $43.27 per share under the company’s Nonqualified 2022 Stock Purchase Plan, which includes a 25% matching component. Following this activity, an indirect holding of 2,681 shares is reported through an ESOP, in addition to separate directly held shares.

Insider Trade Summary

Other: 17.333 shares

Other 3 txns

Insider Nielsen Kelli

Role Chief Retail Banking, EVP

Type	Security	Shares	Price	Value
Other	Common Stock ^F1	17.333	$43.27	$750.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 16,167.333 shares (Direct); Common Stock — 2,681 shares (Indirect, By ESOP)

Footnotes (1)

F1. These shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan and includes a 25% match.

Key Figures

Shares acquired: 17.333 shares Purchase price: $43.27 per share Indirect ESOP holdings: 2,681 shares +1 more

4 metrics

Shares acquired 17.333 shares Common stock acquired on 2026-08-06 under Nonqualified 2022 Stock Purchase Plan

Purchase price $43.27 per share Price for the 17.333 common shares acquired on 2026-08-06

Indirect ESOP holdings 2,681 shares Indirect ownership reported as “By ESOP” after the transaction

Restructuring shares 17.333 shares Shares classified in transaction summary as restructuring (code J) on 2026-08-06

Key Terms

Nonqualified 2022 Stock Purchase Plan, ESOP, indirect ownership

3 terms

Nonqualified 2022 Stock Purchase Plan financial

"These shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan"

ESOP financial

"total_shares_following_transaction 2681.0000, nature_of_ownership By ESOP"

An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.

indirect ownership financial

"ownership_type indirect, nature_of_ownership By ESOP"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did FSBW executive Kelli Nielsen report on this Form 4?

Kelli Nielsen reported acquiring 17.333 shares of FS Bancorp common stock on 2026-08-06, purchased at $43.27 per share under the company’s Nonqualified 2022 Stock Purchase Plan, which includes a 25% match on purchases.

At what price were the FS Bancorp (FSBW) shares acquired by Kelli Nielsen?

The reported acquisition price was $43.27 per share for 17.333 shares of FS Bancorp common stock. This transaction occurred under the Nonqualified 2022 Stock Purchase Plan, which provides a 25% matching feature on participant purchases.

How many FS Bancorp (FSBW) shares does Kelli Nielsen hold through the ESOP?

The filing reports an indirect holding of 2,681 shares of FS Bancorp common stock held “By ESOP”. This is separate from Nielsen’s directly held shares related to the stock purchase plan transaction on the same date.

Was Kelli Nielsen’s FS Bancorp (FSBW) transaction under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed for this filing. The transaction is instead described as a purchase under the Nonqualified 2022 Stock Purchase Plan with a 25% company match.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/10/2026 - 02:22 PM Accepted by SEC EDGAR 08/10/2026 - 02:21 PM

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^*

Nielsen Kelli

(Last)

(First)

(Middle)

C/O FS BANCORP, INC.

6920 220TH STREET SW

(Street)

MOUNTLAKE TERRACE

WASHINGTON

98043

(City)

(State)

(Zip)

UNITED STATES

(Country)

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 Retail Banking, EVP

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/06/2026		J⁽¹⁾		17.333	A	$43.27	144.333	D
Common Stock								16,023	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. These shares were purchased under the Issuer's Nonqualified 2022 Stock Purchase Plan and includes a 25% match.

	/s/Kelli Nielsen	08/10/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR