[Form 4] TFS Financial CORP Insider Trading Activity

Rhea-AI Filing Summary

TFS Financial Corporation (TFSL) filed a Form 4 reporting equity awards and holdings for its Chairman, President and CEO, who is also a director. The filing shows the executive’s beneficial ownership of common stock across direct holdings and multiple indirect accounts, including shares held by a spouse, in family trusts, an ESOP, and a 401(k) plan.

On November 25, 2025, the executive earned 20,400 Performance Restricted Share Units after achieving 100% of a performance target tied to results over the two fiscal years ended September 30, 2025; these shares and related dividend equivalents are scheduled to vest and be distributed on December 10, 2026. The report also details previously granted Restricted Stock Units and Performance Share Units from 2008, 2009, 2010, 2012, 2015, 2022 and 2024, with vesting in installments on specified future dates, plus an employee stock option for 196,700 shares at an exercise price of $19.06.

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

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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^*

Stefanski Marc A

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman, President and CEO

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								93,429	D
Common Stock								24,700	I	By Spouse
Common Stock								37,150	I	Trustee for daughter's trust
Common Stock								20,389	I	Trust Beneficiary
Common Stock								54,738	I	Trustee for sibling trust
Common Stock								10,916	I	BY ESOP(1)
Common Stock								111,499	I	By 401(k)(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		20,400		(3)	(3)	Common Stock	20,400	$0	20,400	D
Restricted Stock Units	(2)							(4)	(4)	Common Stock	40,400		40,400	D
Restricted Stock Units	(2)							(5)	(5)	Common Stock	13,400		13,400	D
Restricted Stock Units	(2)							(6)	(6)	Common Stock	27,134		27,134	D
Performance Restricted Share Units	(2)							(7)	(8)	Common Stock	36,180		36,180	D
Restricted Stock Units	(2)							(9)	(9)	Common Stock	33,400		33,400	D
Restricted Stock Units	(2)							(10)	(10)	Common Stock	35,700		35,700	D
Restricted Stock Units	(2)							(11)	(11)	Common Stock	693,048		693,048	D
Employee Stock Option (right to buy)	$19.06							(12)	12/17/2025	Common Stock	196,700		196,700	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 20,400 Performance Share Units ("PSUs"), resulting in a total earned award of 20.400 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. On December 19, 2024, the reporting person received a grant of 40,400 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2025.

5. On December 15, 2022, the reporting person received a grant of 40,200 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 40,700 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 40,200 Performance Share Units ("PSUs"), resulting in a total earned award of 36,180 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 November 21, 2024, the reporting person achieved performance level of 90.0% on a target award of 40,200 Performance Share Units ("PSUs"), resulting in a total earned award of 36,180 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.

9. As reported on a Form 4 dated May 14, 2009, the reporting person received a grant of 33,400 restricted stock units that vest in four equal annual installments beginning on May 12, 2010. Vested shares may be distributed to the reporting person only after the person's termination of employment with TFS Financial Corporation.

10. As reported on a Form 4 dated May 18, 2010, the Reporting Person received a grant of 35,700 restricted stock units that vest in four equal installments beginning on May 14, 2011. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

11. As reported on a Form 4 dated August 13, 2008, the Reporting Person received a grant of 701,800 Restricted Stock Units ("RSUs") on August 11, 2008. These RSUs vest 10% on each of the third through the ninth anniversaries of the date of the grant and 30% on the tenth anniversary of the date of the grant. Vested shares may be distributed to the Reporting Person only after the person's termination of employment from TFS Financial Corporation. 3,387 shares were delivered to the issuer on August 13, 2012; and 5,365 shares were delivered to the issuer on August 11, 2015; to pay for the applicable withholding tax due upon vesting.

12. As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 196,700 stock options. These stock options vest in three equal annual installments beginning December 10, 2016.

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 did TFS Financial (TFSL) disclose in this Form 4 filing?

The filing reports the Chairman, President and CEO’s beneficial ownership of TFS Financial Corporation common stock, including direct holdings, indirect family and trust holdings, equity awards such as restricted stock units and performance share units, and an outstanding stock option grant.

What new performance share award did the TFSL CEO earn on November 25, 2025?

On November 25, 2025, the executive achieved 100% of a target award of 20,400 Performance Restricted Share Units, tied to performance over the two fiscal years ended September 30, 2025. The resulting shares and associated cash dividend equivalents will vest and be distributed on December 10, 2026.

What restricted stock units are currently reported for the TFSL CEO?

The report lists several Restricted Stock Unit (RSU) positions, including: a grant of 40,400 RSUs from December 19, 2024 that vests in three equal annual installments beginning December 10, 2025; grants of 40,200 and 40,700 RSUs from December 15, 2022 and March 4, 2024 respectively, each vesting in three equal annual installments beginning December 10, 2023 and December 10, 2024; and older RSU grants from 2008, 2009 and 2010 with multi-year vesting schedules and distribution generally after termination of employment.

What performance share units from earlier awards does the TFSL CEO hold?

The filing notes that on November 21, 2024, the executive achieved a 90.0% performance level on a target of 40,200 Performance Share Units, resulting in an earned award of 36,180 shares. Those shares, along with dividend equivalent cash payments, are scheduled to vest and be distributed on December 10, 2025.

What stock options are reported for the TFSL CEO in this Form 4?

The executive holds an Employee Stock Option to purchase 196,700 shares of TFS Financial common stock at an exercise price of $19.06 per share. The option grant was originally received on December 17, 2015 and vests in three equal annual installments beginning December 10, 2016.

How much TFS Financial (TFSL) common stock does the CEO beneficially own directly and indirectly?

The filing lists 93,429 shares of common stock held directly, along with indirect holdings of 24,700 shares by a spouse, 37,150 shares as trustee for a daughter’s trust, 20,389 shares as a trust beneficiary, 54,738 shares as trustee for a sibling trust, 10,916 shares held by an ESOP, and 111,499 shares held in a 401(k) plan.