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TFS Financial CORP·4

May 27, 3:31 PM ET

Zbanek Cathy W 4

4 · TFS Financial CORP · Filed May 27, 2026

Research Summary

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TFS Financial (TFSL) Chief Synergy Officer Cathy Zbanek Exercises Options

What Happened
Cathy W. Zbanek, Chief Synergy Officer of TFS Financial Corporation (TFSL), exercised 60,000 stock options on 2026-05-26. The filing reports the 60,000 shares from the exercise at $14.74 per share (reported value $884,400). Of those shares, 56,749 were delivered back to the issuer to satisfy the option exercise price and applicable withholding taxes (reported at $15.97 per share; $906,282). Net result: Zbanek retained 3,251 shares from this transaction (60,000 − 56,749).

Key Details

  • Transaction date: 2026-05-26. Filing date: 2026-05-27 (timely).
  • Option exercise (code M): 60,000 shares acquired at $14.74, reported value $884,400.
  • Share delivery for exercise/taxes (code F): 56,749 shares delivered to issuer at $15.97, reported value $906,282.
  • Net shares retained from this event: 3,251 shares.
  • Footnotes: shares were issued upon exercise of previously granted options (see F1); the options originated from grants reported on Form 4s in 2016 and 2018 (F10, F4). F2 confirms the 56,749 shares were used to pay exercise price and withholding tax. Other grants/awards (RSUs/PSUs) and vesting schedules are noted in the filing (F5–F9).
  • Filing timeliness: not reported late.

Context

  • This was an option exercise with a share-withholding (net-share) settlement: the insider exercised options and turned in most of the resulting shares to cover costs and tax withholding rather than buying shares on the open market. Such cashless/net-share settlements are common and routine for executives exercising options and do not by themselves signal a bullish or bearish view.
  • Derivative transaction codes: M = option exercise/conversion, F = shares delivered for exercise price/tax withholding.

Insider Transaction Report

Form 4
Period: 2026-05-26
TFS Financial CORPTFSL
Zbanek Cathy W
Chief Synergy Officer
Transactions
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-05-26$14.74/sh+60,000$884,400→ 121,101 total
  • Tax Payment

    Common Stock

    [F2]
    2026-05-26$15.97/sh−56,749$906,282→ 64,352 total
  • Exercise/Conversion

    Employee Stock Option (right to buy)

    [F4]
    2026-05-26$14.74/sh−60,000$884,400→ 127,500 total
    Exercise: $14.74Exp: 2028-01-05→ Common Stock (60,000 underlying)
Holdings

  • Common Stock

    [F3]
    (indirect: By ESOP)
    14,234

  • Common Stock

    [F3]
    (indirect: By 401(k))
    5,323

  • Restricted Stock Units

    [F5][F6]
    → Common Stock (15,800 underlying)
    15,800

  • Restricted Stock Units

    [F5][F7]
    → Common Stock (4,734 underlying)
    4,734

  • Restricted Stock Units

    [F5][F8]
    → Common Stock (10,600 underlying)
    10,600

  • Performance Restricted Share Units

    [F5][F9]
    → Common Stock (12,400 underlying)
    12,400

  • Employee Stock Option (right to buy)

    [F10]
    Exercise: $19.31Exp: 2026-12-15→ Common Stock (79,400 underlying)
    79,400
Footnotes (10)
  • [F1]These common shares were acquired upon the exercise and settlement of certain stock options.
  • [F10]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.
  • [F2]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.
  • [F3]Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.
  • [F4]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.
  • [F5]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.
  • [F6]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.
  • [F7]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.
  • [F8]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.
  • [F9]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.
Signature
/s/ Susanne N. Miller, Pursuant to Power of Attorney|2026-05-27

Documents

1 file
  • 4
    wk-form4_1779910271.xmlPrimary

    FORM 4