FS Bancorp, Inc. — Director's Dealing 2014

May 12, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FS Bancorp, Inc. (FSBW)
CIK: 0001530249
Period of Report: 2014-05-08

Reporting Person: Adams Joseph C. (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-08	Common Stock	A	30605	—	Acquired	30605	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-08	Stock Option (Right to Buy)	$16.89	A	50000	Acquired	2024-05-08	Common Stock (50000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25000	Direct

Footnotes

F1: Represents award of restricted stock under the FS Bancorp, Inc. 2013 Equity Incentive Plan. Vests in equal installments of 20% per year beginning on May 8, 2015.

F2: Stock options awarded pursuant to the FS Bancorp, Inc. 2013 Equity Incentive Plan. Vests in equal installments of 20% per year beginning on May 8, 2015.