Zbanek Cathy W 4

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.