[Form 4] TFS Financial CORP Insider Trading Activity

Rhea-AI Filing Summary

TFS Financial Corp (TFSL)

On November 25, 2025, the officer earned 12,400 Performance Share Units after achieving 100% of the performance target for an award granted March 4, 2024, tied to results for the two fiscal years ended September 30, 2025. The related shares and dividend equivalents are scheduled to vest and be delivered on December 10, 2026.

The filing also notes prior grants of 15,900 Restricted Stock Units from December 19, 2024 and 18,990 shares from a November 21, 2024 PSU award earned at 90.0% of target, plus multiple earlier RSU and stock option grants, including options for 187,500, 79,400 and 49,200 shares.

11/26/2025 - 10:07 AM

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^*

Zbanek Cathy 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 Synergy 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								73,197	D
Common Stock								5,325	I	By 401(k)(1)
Common Stock								13,760	I	By ESOP(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		12,400		(3)	(3)	Common Stock	12,400	$0	12,400	D
Restricted Stock Units	(2)							(4)	(4)	Common Stock	15,900		15,900	D
Performance Restricted Share Units	(2)							(5)	(5)	Common Stock	18,990		18,990	D
Restricted Stock Units	(2)							(6)	(6)	Common Stock	9,467		9,467	D
Restricted Stock Units	(2)							(7)	(7)	Common Stock	4,667		4,667	D
Employee Stock Option (right to buy)	$14.74							(8)	01/05/2028	Common Stock	187,500		187,500	D
Employee Stock Option (right to buy)	$19.31							(9)	12/15/2026	Common Stock	79,400		79,400	D
Employee Stock Option (right to buy)	$19.06							(10)	12/17/2025	Common Stock	49,200		49,200	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 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.

4. 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.

5. On November 21, 2024, the reporting person achieved performance level of 90.0% on a target award of 21,000 Performance Share Units ("PSUs"), resulting in a total earned award of 18,990 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 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.

7. On December 15, 2022, the reporting person received a grant of 14,000 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2023.

8. 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.

9. 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.

10. As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 49,200 stock options on December 15, 2015. 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 insider activity did TFS Financial Corp (TFSL) report in this Form 4?

The filing reports equity awards and updated holdings for the Chief Synergy Officer, including earned Performance Share Units, Restricted Stock Units, and previously granted stock options.

How many TFS Financial (TFSL) common shares does the officer now hold directly and indirectly?

The officer holds 73,197 shares of common stock directly, plus 5,325 shares through a 401(k) plan and 13,760 shares through an ESOP.

What was the outcome of the November 25, 2025 Performance Share Unit award for TFSL?

On November 25, 2025, the officer achieved 100% of the performance level on a target award of 12,400 Performance Share Units, resulting in an earned award of 12,400 shares scheduled to vest and distribute on December 10, 2026.

What other recent equity grants to the TFSL officer are disclosed?

The filing notes a grant of 15,900 Restricted Stock Units on December 19, 2024 vesting in three annual installments beginning December 10, 2025, and an earned award of 18,990 shares from a November 21, 2024 Performance Share Unit award based on a 90.0% performance level.

Which stock option grants for TFS Financial (TFSL) are outstanding for the officer?

Outstanding grants include stock options for 187,500 shares with an exercise price of $14.74, 79,400 shares at $19.31, and 49,200 shares at $19.06, each vesting in three equal annual installments from their respective initial vesting dates.

Do the TFSL restricted and performance stock units include dividend equivalent rights?

Yes. Each restricted and performance stock unit represents a contingent right to receive one TFSL common share and is entitled to dividend equivalent rights in cash equal to any cash dividend paid per share during the award period.