FS Bancorp (NASDAQ: FSBW) EVP adds stock through 2022 purchase plan

Rhea-AI Filing Summary

FS Bancorp, Inc. executive Kelli Nielsen, Chief Retail Banking EVP, reported an other-type acquisition of 18 shares of common stock at $41.37 per share. A footnote explains these shares were purchased under the issuer's Nonqualified 2022 Stock Purchase Plan and include a 25% matching component.

Following this transaction, Nielsen directly holds 16,023 common shares, plus 127 shares tied to this plan entry, and indirectly holds 2,681 shares through an ESOP. The filing reflects a small, compensation-related ownership increase rather than an open-market trade.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Nielsen Kelli

Role Chief Retail Banking, EVP

Type	Security	Shares	Price	Value
Other	Common Stock	18	$41.37	$744.66
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 127 shares (Direct, null); Common Stock — 2,681 shares (Indirect, By ESOP)

Footnotes (1)

1. [object Object]

Key Figures

Plan transaction size: 18 shares Plan transaction price: $41.37 per share Direct holdings after transaction: 16,023 shares +3 more

6 metrics

Plan transaction size 18 shares Common Stock under Nonqualified 2022 Stock Purchase Plan

Plan transaction price $41.37 per share Price for 18-share transaction coded J on 2026-05-06

Direct holdings after transaction 16,023 shares Common Stock directly owned as of 2026-05-06

ESOP indirect holdings 2,681 shares Common Stock held indirectly by ESOP as of 2026-05-06

Direct plan-related balance 127 shares Total shares following 18-share J-code transaction

Restructuring shares 18 shares transactionSummary restructuringShares for J-code event

Key Terms

Nonqualified 2022 Stock Purchase Plan, ESOP, Form 4, other acquisition or disposition, +1 more

5 terms

Nonqualified 2022 Stock Purchase Plan financial

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

ESOP financial

"direct_or_indirect: I, 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.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

other acquisition or disposition financial

"transaction_code_description: Other acquisition or disposition"

indirect ownership financial

"ownership_type: indirect, ownership_code: I"

Form 4 Insider Transactions: What Each Field Means →

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)
05/06/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/06/2026		J(1)		18	A	$41.37	127	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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	05/07/2026
	** 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)

FAQ

What did FS Bancorp (FSBW) executive Kelli Nielsen report in this Form 4?

Kelli Nielsen reported an other-type acquisition of 18 FS Bancorp common shares at $41.37 each. A footnote states the shares were purchased under the Nonqualified 2022 Stock Purchase Plan and include a 25% match, indicating a compensation-related transaction.

How many FS Bancorp (FSBW) shares does Kelli Nielsen hold after this filing?

After the reported transaction, Kelli Nielsen holds 16,023 FS Bancorp common shares directly and 2,681 shares indirectly through an ESOP. The Form 4 also shows 127 shares in the direct account tied to this plan-related entry on the same date.

Was the FS Bancorp (FSBW) Form 4 transaction an open-market buy or sell?

No, the Form 4 classifies the event under code J, an “other acquisition or disposition,” not a standard market buy or sell. A footnote clarifies the 18 shares were purchased under the Nonqualified 2022 Stock Purchase Plan with a 25% match component.

What is the price and size of the FS Bancorp (FSBW) shares in this Form 4?

The filing shows 18 FS Bancorp common shares associated with the transaction at $41.37 per share. This is a relatively small, plan-based acquisition, recorded with transaction code J, and described in the footnote as a purchase under the company’s stock purchase plan.

How are indirect holdings reported for Kelli Nielsen in FS Bancorp (FSBW)?

Indirect ownership is reported as 2,681 FS Bancorp common shares held “By ESOP.” The entry is marked as indirect with ownership code I, indicating the shares are held through an employee stock ownership plan rather than directly in Nielsen’s personal brokerage account.