[Form 4] TFS Financial CORP Insider Trading Activity

Rhea-AI Filing Summary

TFS Financial Corp (TFSL) filed a Form 4 for its Chief Innovation Officer reporting equity awards and updated holdings. On November 25, 2025, the officer earned 5,700 Performance Share Units (PSUs) at a 100% performance level from a March 4, 2024 award tied to results over the two fiscal years ended September 30, 2025. These PSUs, each representing one share of common stock with dividend-equivalent cash rights, will vest and be distributed on December 10, 2026. The filing also notes an earlier 8,730-share PSU award earned at 90.0% of target from a December 15, 2022 grant, scheduled to vest on December 10, 2025, plus previously granted restricted stock units and 5,000 stock options at an exercise price of $14.74. Following the reported transactions, the officer beneficially owns common stock directly and through ESOP and 401(k) accounts, as well as multiple RSU and PSU awards.

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

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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^*

Mulhern Timothy W

(Last) (First) (Middle)

7007 BROADWAY AVENUE

(Street)

CLEVELAND OH 44105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TFS Financial CORP [ TFSL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Innovation Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

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								14,413	D
Common Stock								16,742	I	ESOP(1)
Common Stock								9,177	I	401k(1)

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
Performance Restricted Share Units	(2)	11/25/2025		A		5,700		(3)	(3)	Common Stock	5,700	$0	5,700	D
Restricted Stock Units	(4)							(5)	(5)	Common Stock	2,134		2,134	D
Restricted Stock Units	(4)							(6)	(6)	Common Stock	4,334		4,334	D
Performance Restricted Share Units	(4)							(7)	(7)	Common Stock	8,730		8,730	D
Employee Stock Option (right to buy)	$14.74							(8)	01/15/2028	Common Stock	5,000		5,000	D

Explanation of Responses:

1. Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

2. Each restricted and performance stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted and performance stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock.

3. On November 25, 2025, the reporting person achieved performance level of 100% on a target award of 5,700 Performance Share Units ("PSUs"), resulting in a total earned award of 5,700 shares. This represents the final determination a March 4, 2024 award that was dependent on certain performance results during the two fiscal year period ended September 30, 2025. Each PSU represents a contingent right to receive one share of TFS Financial Corporation common stock and are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock during the period the award was outstanding. The shares and dividend equivalent payment will vest and distribute to the reporting person on December 10, 2026.

4. Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock.

5. On December 15, 2022, the reporting person received a grant of 6,400 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2023.

6. On March 4, 2024, the reporting person received a grant of 6,500 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2024.

7. On November 21, 2024, the reporting person achieved performance level of 90.0% on a target award of 9,700 Performance Share Units ("PSUs"), resulting in a total earned award of 8,730 shares. This represents the final determination a December 15, 2022 award that was dependent on certain performance results during the two fiscal year period ended September 30, 2024. Each PSU represents a contingent right to receive one share of TFS Financial Corporation common stock and are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock during the period the award was outstanding. The shares and dividend equivalent payment will vest and distribute to the reporting person on December 10, 2025.

8. On January 5, 2018, the reporting person received a grant of 5,000 stock options. These options fully vest on December 10, 2020.

Remarks:

	/s/ Susanne N. Miller, Pursuant to Power of Attorney	11/26/2025
	** 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 insider activity did TFSL report in this Form 4?

The Form 4 shows TFS Financial Corp’s Chief Innovation Officer earned 5,700 Performance Share Units on November 25, 2025 after achieving a 100% performance level on a March 4, 2024 award.

How many TFS Financial (TFSL) PSUs were earned based on 2025 performance?

The officer earned 5,700 PSUs at a 100% performance level from a target award of 5,700 units tied to a two fiscal year period ended September 30, 2025.

When will the new TFSL Performance Share Units vest and be paid?

The 5,700 Performance Share Units and related dividend-equivalent cash payment will vest and be distributed to the officer on December 10, 2026.

What prior performance award is disclosed for TFSL’s Chief Innovation Officer?

The filing notes that on November 21, 2024, the officer earned 8,730 PSUs at 90.0% of a 9,700-unit target from a December 15, 2022 award, scheduled to vest on December 10, 2025.

What other equity awards does the TFSL officer hold?

The officer holds restricted stock units from 6,400-unit and 6,500-unit grants that vest in three annual installments, as well as 5,000 stock options with a $14.74 exercise price expiring on January 15, 2028.

How does the Form 4 describe dividend rights on TFSL RSUs and PSUs?

Both restricted and performance stock units carry dividend equivalent rights, paying cash equal to any cash dividend per share of TFS Financial common stock during the vesting period.