FS Bancorp Adjusts Officer Compensation Arrangements

TL;DR

**FS Bancorp is changing how it pays its top brass, watch for impacts on costs and leadership stability.**

AI Summary

FS Bancorp, Inc. filed an 8-K on February 2, 2024, reporting an event that occurred on January 29, 2024, related to changes in its executive compensation arrangements. This filing indicates that the company is making adjustments to how it compensates its officers, which could impact future financial performance and executive retention. For investors, understanding these compensatory changes is crucial as they can influence the company's operational costs and the stability of its leadership team, potentially affecting stock value.

Why It Matters

Changes in executive compensation can affect a company's financial health and its ability to attract and retain top talent, directly influencing investor confidence and stock performance.

Risk Assessment

Risk Level: medium — Changes in compensatory arrangements can introduce uncertainty regarding executive retention and future financial obligations, posing a medium risk to investors.

Analyst Insight

Investors should monitor future filings and earnings calls for specific details regarding the compensatory arrangements, as these could impact the company's financial outlook and executive stability.

Key Players & Entities

• FS Bancorp, Inc. (company) — registrant
• January 29, 2024 (date) — date of earliest event reported
• February 2, 2024 (date) — filing date of the 8-K
• 001-35589 (other) — Commission File Number
• FSBW (other) — Trading Symbol for Common Stock
• $0.01 (dollar_amount) — par value per share of Common Stock

Forward-Looking Statements

• FS Bancorp, Inc. will provide more details on the specific changes to compensatory arrangements in future filings or investor communications. (FS Bancorp, Inc.) — medium confidence, target: Q1 2024 earnings report
• The adjustments to officer compensation could lead to a slight increase in general and administrative expenses for FS Bancorp, Inc. in the upcoming fiscal quarters. (FS Bancorp, Inc.) — low confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FSBW The NASDAQ Stock Mar

Filing Documents

• fsbanc8k12924.htm (8-K) — 28KB
• fsbanc8k12924exh101.htm (EX-10.1) — 50KB
• 0000939057-24-000032.txt ( ) — 222KB
• fsbw-20240129.xsd (EX-101.SCH) — 4KB
• fsbw-20240129_lab.xml (EX-101.LAB) — 22KB
• fsbw-20240129_pre.xml (EX-101.PRE) — 16KB
• fsbanc8k12924_htm.xml (XML) — 4KB

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Comepnsatory Arrangements of Certain Officers. (e) As of January 29, 2024, 1st Security Bank of Washington ("Bank"), the wholly-owned subsidiary of FS Bancorp, Inc. entered into change of control agreements with Shana Allen, Chief Information Officer, Stephanie Nicklaus, Chief Credit Officer and Ben Crowl, Chief Lending Officer. These agreements provide that if there is a change in control of the Bank during the term of the agreement, the executive will be entitled to a severance payment if the executive suffers an involuntary termination within six months preceding or twelve months following the change in control. The severance payment will be twelve months of the executive's then current salary, paid in a lump sum within 45 days of the termination. "Involuntary termination" means (1) termination of the executive's employment other than for cause, (2) a reduction of the executive's base salary, unless generally applicable to all senior officers of the Bank, (3) a material adverse change in the executive's benefits, contingent benefits or vacation, unless generally applicable to all senior officers of the Bank, (4) a relocation of more than 20 miles from Mountlake Terrace, Washington or (5) a material demotion of the executive, including but not limited to a material diminution of the executive's title, duties or responsibilities. Receipt of the severance payment is conditioned upon the executive signing a severance agreement containing a comprehensive release of claims. The foregoing description of the change in control agreements does not purport to be complete and is qualified in its entirety by reference to the form of change of control agreement, a copy of which is furnished as Exhibits 10.1 and is incorporated herein by reference.

01 Exhibits

Item 9.01 Exhibits (d) Exhibits 10.1 Form of Change of Control Agreements. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 2, 2024 FS BANCORP, INC. /s/ Matthew D. Mullet Matthew D. Mullet Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR