[Form 4] TFS Financial Corporation Insider Trading Activity

Rhea-AI Filing Summary

TFS Financial Corporation director and CFO Meredith S. Weil sold 15,000 shares on 09/02/2025 at $13.70 per share, reducing her direct holdings to 63,527 shares (held with shared voting power with spouse). The filing details multiple equity awards and derivative holdings: 19,170 performance stock units that will vest and distribute on 12/10/2025; a series of restricted stock units totaling 34,934 shares with staged vesting dates; and employee stock options covering 266,100 shares with exercise prices of $14.74, $19.31, and $19.06 and varying exercisable/expiration schedules. Some plan-held shares are held indirectly via a 401(k) and ESOP.

Positive

• Reporting person retains significant equity exposure through 266,100 stock options and 34,934 restricted/performance units representing potential future alignment with shareholders
• Performance stock units of 19,170 will vest and distribute on 12/10/2025, providing deferred compensation linked to past performance
• Some shares held indirectly via 401(k) and ESOP, indicating additional long-term ownership mechanisms

Negative

• Sale of 15,000 shares on 09/02/2025 at $13.70 reduced direct holdings to 63,527 shares
• Portion of holdings are exercisable options with exercise prices above and below current sale price, which may result in future dilution if exercised

Insights

Financial Analyst

TL;DR: Insider sale of 15,000 shares modestly reduces direct ownership but substantial vested and unvested equity positions remain.

The reported sale on 09/02/2025 at $13.70 for 15,000 shares lowers direct beneficial ownership to 63,527 shares while the reporting person retains large option and RSU/PSU positions totaling over 280,000 underlying shares. The presence of multiple long-dated option grants and PSUs that vest in 2025-2028 suggests continued alignment with shareholder value over time. This filing discloses both immediate liquidity via the sale and sustained compensation exposure to future stock performance.

Corporate Governance Expert

TL;DR: Transaction is a routine insider sale amid ongoing compensation awards and standard vesting schedules.

The Form 4 indicates the reporting person is both a director and CFO and that some shares are held with shared voting power with a spouse. Numerous equity awards and staged vesting (including dividend-equivalent entitlements on PSUs and RSUs) are documented, consistent with standard executive compensation practices. The filing includes a Section 16 disclosure of the sale and comprehensive grant histories, fulfilling reporting obligations.

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

OMB Number:			3235-0287
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hours per response:			0.5

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^*

WEIL MEREDITH S

(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)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		S		15,000	D	$13.7	63,527	D(1)
Common Stock								364	I	By 401(k)(2)
Common Stock								538	I	BY ESOP(2)

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	(3)							(4)	(4)	Common Stock	19,170		19,170	D
Restricted Stock Units	(3)							(5)	(5)	Common Stock	16,600		16,600	D
Restricted Stock Units	(3)							(6)	(6)	Common Stock	9,600		9,600	D
Restricted Stock Units	(3)							(7)	(7)	Common Stock	4,734		4,734	D
Restricted Stock Units	(3)							(8)	(8)	Common Stock	3,600		3,600	D
Employee Stock Option (right to buy)	$14.74							(9)	01/05/2028	Common Stock	187,500		187,500	D
Employee Stock Option (right to buy)	$19.31							(10)	12/15/2026	Common Stock	54,400		54,400	D
Employee Stock Option (right to buy)	$19.06							(11)	12/17/2025	Common Stock	24,200		24,200	D

Explanation of Responses:

1. Shares are held with shared voting power with spouse.

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

3. 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.

4. On November 21, 2024, the reporting person achieved performance level of 90.0% on a target award of 21,300 Performance Share Units ("PSUs"), resulting in a total earned award of 19,170 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.

5. On December 19, 2024, the reporting person received a grant of 16,600 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2025.

6. On March 4, 2024, the reporting person received a grant of 14,400 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 14,200 Restricted Stock Units (RSUs). These RSUs vest in three equal installments beginning December 10, 2023

8. As reported on a Form 4 dated September 29, 2011, the reporting person received a grant of 3,600 restricted stock units that vest in four equal annual installments beginning May 14, 2011. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

9. 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.

10. 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.

11. 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	09/04/2025
	** 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 transaction did Meredith S. Weil report for TFSL?

The insider sold 15,000 shares on 09/02/2025 at $13.70 per share, reducing direct beneficial ownership to 63,527 shares (held with shared voting power with spouse).

How many performance and restricted units does the reporting person hold for TFSL?

Performance stock units: 19,170 (vesting and distribution on 12/10/2025). Restricted stock units: 34,934 total across multiple grants with staged vesting schedules.

What employee stock options does the reporting person hold in TFSL?

Total options: 266,100 underlying shares across grants with exercise prices of $14.74, $19.31, and $19.06 and varying exercisable/expiration dates (including exercisable beginning 12/10/2018 and through 01/05/2028).

Are any shares held indirectly by the reporting person for TFSL?

Yes. The filing shows 364 shares indirectly held via a 401(k) and 538 shares indirectly held via an ESOP.

When will the 19,170 PSUs vest and distribute for TFSL?

The PSUs will vest and distribute on 12/10/2025.