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

Rhea-AI Filing Summary

Erin Burr, CRO & CRA Officer, EVP of FS Bancorp, Inc. (FSBW), reported equity awards on 08/15/2025. The Form 4 shows a grant of 2,000 restricted shares and a grant of 4,000 stock options with an exercise price of $40.14. Following the transactions, Ms. Burr directly beneficially owns 27,841 common shares and, including other holdings and instruments, owns 32,008 shares in total. The restricted shares and options vest in four equal annual installments beginning August 15, 2026, and the options expire August 15, 2035. The filing is a routine disclosure of awards under the company’s 2018 Equity Incentive Plan.

Positive

• 2,000 restricted shares granted to the reporting officer, increasing direct ownership to 27,841 shares
• 4,000 stock options granted with an exercise price of $40.14, expanding total beneficial ownership to 32,008 shares
• Vesting schedule provided: 25% per year beginning August 15, 2026, which aligns incentives for multi-year retention

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received equity awards that increase equity stake; vesting schedule aligns incentives over four years.

The Form 4 documents a non-cash compensation event: 2,000 restricted shares and 4,000 options at a $40.14 exercise price. Post-transaction direct beneficial ownership is 27,841 shares and total reported beneficial ownership is 32,008. These are standard long-term incentive grants under the 2018 Equity Incentive Plan, with four-year vesting starting August 15, 2026, and option expiry in 2035. For financial modeling, treat this as dilution potential if options are exercised, but the filing contains no cash purchase or sale by the reporting person.

Corporate Governance Expert

TL;DR: Compensation disclosure is routine and conforms to equity-plan governance; vesting schedule is typical for retention.

The disclosure explicitly states awards were made pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan and provides clear vesting terms: 25% annually beginning August 15, 2026. The filing is properly signed and dated 08/18/2025. There are no indications of related-party transactions beyond standard officer awards and no amendments or corrective filings noted. This appears to be a routine governance disclosure of executive compensation in equity form.

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^*

Burr Erin

(Last) (First) (Middle)

C/O FS BANCORP, INC.

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)
	CRO & CRA 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)	27,841	D
Common Stock	08/15/2025		F		591	D	$40.14	27,250	D
Common Stock								2,675	D
Common Stock								7,875	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	32,008	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/Erin Burr	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.
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FAQ

What transactions did Erin Burr report on Form 4 for FSBW?

The Form 4 reports a grant of 2,000 restricted shares and a grant of 4,000 stock options (exercise price $40.14) on 08/15/2025.

How many FS Bancorp (FSBW) shares does Erin Burr beneficially own after the reported transactions?

After the reported transactions, Ms. Burr directly beneficially owns 27,841 common shares and beneficially owns 32,008 shares in total.

When do the restricted shares and options vest?

Both the restricted shares and the stock options vest in equal installments of 25% per year beginning August 15, 2026.

What is the expiration date for the stock options reported?

The stock options have an expiration date of August 15, 2035 according to the filing.

Under what plan were these equity awards granted?

The awards were made pursuant to the FS Bancorp, Inc. 2018 Equity Incentive Plan, as stated in the filing.