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

Rhea-AI Filing Summary

Victoria Jarman, an officer and director of FS Bancorp, Inc. (FSBW), reported equity awards on Form 4. On 08/15/2025 she was granted 2,000 restricted shares under the 2018 Equity Incentive Plan and 4,000 stock options with a $40.14 exercise price that expire 08/15/2035. The restricted shares and options vest in four equal annual installments beginning 08/15/2026. Following the transactions she beneficially owned 21,800 common shares directly and 6,089 indirectly via an ESOP; she disposed of 1,371 shares per the Form 4 entries. The Form 4 is signed 08/18/2025.

Positive

• Time‑vested structure: restricted shares and options vest 25% per year beginning 08/15/2026, aligning officer incentives with long‑term performance
• Clear disclosure: Form 4 reports grant dates, quantities, exercise price ($40.14), expiration (08/15/2035), and beneficial ownership totals
• Officer holdings disclosed: reports 21,800 direct shares and 6,089 indirect shares via ESOP, improving transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Senior officer received time‑vested equity and options, aligning compensation with long‑term performance without immediate cash proceeds.

The 2,000 restricted shares and 4,000 options awarded on 08/15/2025 vest over four years starting 08/15/2026, linking compensation to tenure and future stock performance. The options carry a $40.14 strike and expire in 2035, providing long-term upside if the stock appreciates above the strike. The filing also records a small disposal of 1,371 shares and shows current beneficial ownership levels: 21,800 direct and 6,089 indirect via ESOP. For investors, these are routine, retention‑oriented grants rather than extraordinary transactions.

Corporate Governance Expert

TL;DR: Standard equity awards under the company's 2018 plan with multi‑year vesting, reflecting common executive compensation practice.

The awards are documented as granted pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan with explicit vesting schedule of 25% per year beginning 08/15/2026. The Form 4 discloses direct and indirect holdings and the ESOP interest, meeting Section 16 reporting requirements. No additional governance actions or amendments are reported within 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^*

Jarman Victoria

(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)
	CHR & WOW! 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)	21,800	D
Common Stock								1,371	D
Common Stock								6,089	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		4,000		(2)	08/15/2035	Common Stock	4,000	$0	45,900	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/Victoria Jarman	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 equity awards did Victoria Jarman report for FSBW on 08/15/2025?

She was granted 2,000 restricted shares and 4,000 stock options (exercise price $40.14, expiration 08/15/2035).

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

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

How many shares does Victoria Jarman beneficially own after the reported transactions?

The Form 4 shows 21,800 common shares beneficially owned directly and 6,089 beneficially owned indirectly via an ESOP.

Did Victoria Jarman dispose of any FSBW shares in this filing?

Yes, the filing lists a disposal of 1,371 common shares in the reported transactions.

Under what plan were the awards granted?

The awards were granted pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan as stated in the Form 4.