TFS Financial (TFSL) officer exercises options; shares withheld for tax
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
TFS Financial CORP executive Cathy W. Zbanek reported compensation-related equity activity. On June 15, 2026, she exercised employee stock options to acquire 67,500 shares of common stock at $14.74 per share, converting a derivative position into common stock.
A separate F-code entry shows 61,334 common shares delivered to the issuer at $16.92 per share to pay the option exercise price and related withholding taxes, rather than an open-market sale. After these transactions, she directly held 136,319 common shares, along with remaining stock options and restricted stock units that may settle into additional shares over time.
Positive
- None.
Negative
- None.
Insider Trade Summary
67,500 shares exercised/converted
Mixed
10 txns
Insider
Zbanek Cathy W
Role
Chief Synergy Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 67,500 | $14.74 | $995K |
| Exercise | Common Stock | 67,500 | $14.74 | $995K |
| Tax Withholding | Common Stock | 61,334 | $16.92 | $1.04M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Performance Restricted Share Units | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (right to buy) — 0 shares (Direct, null);
Common Stock — 136,319 shares (Direct, null);
Restricted Stock Units — 15,800 shares (Direct, null);
Performance Restricted Share Units — 12,400 shares (Direct, null);
Common Stock — 14,234 shares (Indirect, By ESOP)
Footnotes (1)
- These common shares were acquired upon the exercise and settlement of certain stock options. These common shares were delivered to the issuer to pay for the options exercise price and applicable withholding tax due upon the exercise of certain stock options. Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended. As reported on a Form 4 dated January 8, 2018, the reporting person received a grant of 187,500 stock options. These stock options vest in three equal annual installments beginning December 10, 2018. 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. On December 18, 2025, the reporting person received a grant of 15,800 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2026. On March 4, 2024, the reporting person received a grant of 14,200 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2024. On December 19, 2024, the reporting person received a grant of 15,900 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2025. On November 25, 2025, the reporting person achieved performance level of 100% on a target award of 12,400 Performance Share Units ("PSUs"), resulting in a total earned award of 12,400 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. As reported on a Form 4 dated December 15, 2016, the reporting person received a grant of 79,400 stock options. These stock options vest in three equal annual installments beginning December 10, 2017.
Key Figures
Options exercised: 67,500 shares
Option exercise price: $14.74/share
Shares delivered for tax and exercise: 61,334 shares
+5 more
8 metrics
Options exercised
67,500 shares
Employee stock options exercised on June 15, 2026 at $14.74
Option exercise price
$14.74/share
Exercise or conversion price for 67,500-share option grant
Shares delivered for tax and exercise
61,334 shares
Common shares delivered to issuer at $16.92 for exercise price and taxes
Disposition share price
$16.92/share
Price per share on F-code tax-withholding disposition of common stock
Direct common shares after transactions
136,319 shares
Total direct TFS Financial common stock holding after reported transactions
Unexercised stock options
79,400 underlying shares
Employee stock option with $19.31 exercise price expiring Dec 15, 2026
401(k) indirect holdings
5,323 shares
Common stock held indirectly via 401(k) plan
ESOP indirect holdings
14,234 shares
Common stock held indirectly via ESOP
Key Terms
tax-withholding disposition, Employee Stock Option (right to buy), Performance Restricted Share Units, Restricted Stock Units, +1 more
5 terms
tax-withholding disposition financial
"transaction_action: "tax-withholding disposition" for the F-code common stock entry"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Employee Stock Option (right to buy) financial
"security_title: "Employee Stock Option (right to buy)" with underlying common stock shares"
Restricted Stock Units financial
"security_title: "Restricted Stock Units" representing rights to receive common stock"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
dividend equivalent rights financial
"footnote: units are entitled to dividend equivalent rights in cash per dividend"
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
FAQ
What did TFSL officer Cathy Zbanek report in this Form 4?
Cathy W. Zbanek reported exercising employee stock options for 67,500 TFS Financial common shares at $14.74 per share. She also reported a related tax-withholding disposition where 61,334 shares were delivered back to the issuer to cover the exercise price and taxes.
Were there any open-market stock sales by TFSL insider Cathy Zbanek?
The filing shows no open-market sales by Cathy Zbanek. The only disposition is an F-code transaction where 61,334 shares were delivered to TFS Financial to pay the option exercise price and applicable withholding taxes, as described in the transaction description and related footnote.
What stock options did Cathy Zbanek exercise in this TFSL Form 4?
She exercised employee stock options covering 67,500 shares of TFS Financial common stock at an exercise price of $14.74 per share. A corresponding derivative entry shows the option position reduced to zero shares following this M-code exercise transaction.
Does Cathy Zbanek still hold unexercised options or RSUs in TFSL?
Yes. The derivative summary shows an option grant for 79,400 shares at a $19.31 exercise price expiring December 15, 2026, plus several performance and restricted stock unit awards that each represent contingent rights to receive TFS Financial common shares.
What indirect holdings in TFS Financial stock does Cathy Zbanek report?
She reports indirect ownership of TFS Financial common stock through benefit plans. The filing lists 5,323 shares held via a 401(k) and 14,234 shares held through an ESOP, both categorized as indirect ownership entries on the non-derivative holdings table.