[Form 4] TFS Financial CORP Insider Trading Activity

Rhea-AI Filing Summary

TFS Financial Corporation's Chief Innovation Officer reported equity award activity dated December 10, 2025. The officer acquired 8,730, 2,167 and 2,134 common shares at $0 per share through the vesting and settlement of performance and restricted stock units, then delivered 8,908 shares at $13.91 per share to the company to cover tax withholding.

After these transactions, the officer directly held 18,536 common shares, with additional indirect holdings of 16,742 shares through an ESOP and 9,177 shares in a 401k. The 8,730-share award reflects a 90.0% achievement on a 9,700-unit performance share target for the two fiscal year period ended September 30, 2024. Remaining incentives include performance share units covering 5,700 shares, 2,167 unvested restricted stock units and stock options for 5,000 shares exercisable at $14.74 per share.

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)
12/10/2025

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	12/10/2025		M		8,730(1)	A	$0	23,143	D
Common Stock	12/10/2025		M		2,167(1)	A	$0	25,310	D
Common Stock	12/10/2025		M		2,134(1)	A	$0	27,444	D
Common Stock	12/10/2025		F		8,908(2)	D	$13.91	18,536	D
Common Stock								16,742	I	ESOP(3)
Common Stock								9,177	I	401k(3)

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	(4)	12/10/2025		M			8,730	(5)	(5)	Common Stock	8,730	$0	0	D
Restricted Stock Units	(4)	12/10/2025		M			2,134	(6)	(6)	Common Stock	2,134	$0	0	D
Restricted Stock Units	(4)	12/10/2025		M			2,167	(7)	(7)	Common Stock	2,167	$0	2,167	D
Performance Restricted Share Units	(4)							(8)	(8)	Common Stock	5,700		5,700	D
Employee Stock Option (right to buy)	$14.74							(9)	01/15/2028	Common Stock	5,000		5,000	D

Explanation of Responses:

1. These common shares were acquired upon the vesting and settlement of certain restricted stock units (RSUs) or performance share units (PSUs).

2. These common shares were delivered to the issuer to pay for applicable withholding tax due upon the exercise of certain restricted stock units or performance share units.

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

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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	12/12/2025
	** 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).
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FAQ

What insider stock transactions did TFS Financial (TFSL) report on December 10, 2025?

The Chief Innovation Officer acquired 8,730, 2,167 and 2,134 common shares at $0 per share from vested performance and restricted stock units, and then delivered 8,908 shares at $13.91 per share to the company to cover tax withholding.

How many TFS Financial (TFSL) shares does the executive own after these transactions?

Following the reported activity, the executive directly owns 18,536 common shares, with additional indirect ownership of 16,742 shares through an ESOP and 9,177 shares in a 401k plan.

What performance share award resulted in the 8,730-share grant at TFS Financial (TFSL)?

The 8,730-share grant comes from achieving 90.0% of a 9,700 Performance Share Unit target tied to a two fiscal year period ended September 30, 2024, with shares vesting and distributing on December 10, 2025.

What price was used to satisfy tax withholding on the TFS Financial (TFSL) shares?

The filing reports that 8,908 shares of common stock were delivered to the issuer at $13.91 per share to pay applicable withholding tax due on the vested awards.

What equity incentives remain outstanding for this TFS Financial (TFSL) executive?

Outstanding incentives include performance share units covering 5,700 shares, 2,167 restricted stock units that remain unvested, and 5,000 employee stock options exercisable at $14.74 per share with an expiration date of January 15, 2028.

How are TFS Financial (TFSL) restricted and performance stock units structured for this officer?

Each restricted stock unit and performance stock unit represents a contingent right to receive one share of TFS Financial common stock and carries dividend equivalent rights equal to any cash dividend paid per share while the award is outstanding.