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TFS Financial CORP·4

Jun 10, 11:41 AM ET

Zbanek Cathy W 4

4 · TFS Financial CORP · Filed Jun 10, 2026

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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 June 9, 2026 (exercise price $14.74), generating a notional value of $884,400. To cover the exercise price and applicable withholding tax, 55,533 shares were delivered to the issuer at $16.49 per share (value $915,739). The option interests were converted/cancelled as part of the exercise. Net result: Zbanek retained 4,467 shares after the transaction (60,000 exercised minus 55,533 delivered). This appears to be a routine cashless/net-share settlement of options rather than an open-market purchase or sale.

Key Details

  • Transaction date: June 9, 2026.
  • Exercise: 60,000 shares exercised at $14.74 each (total $884,400). (Code M)
  • Withholding/payment: 55,533 shares delivered to issuer at $16.49 each to pay exercise price/taxes (total $915,739). (Code F)
  • Derivative disposition: the related option interest was converted/cancelled upon exercise (reported as disposition of the derivative instrument). (Code M, derivative line)
  • Net shares retained: +4,467 shares.
  • Footnotes: F1 confirms shares were acquired on exercise; F2 notes shares were delivered to pay exercise price and withholding tax; other footnotes detail original option grants and outstanding RSU/PSU awards.
  • Filing timeliness: Form 4 filed June 10, 2026 for a June 9 transaction (no indication of a late filing).

Context

  • This was effectively a cashless (net-share) option exercise: most shares were used to satisfy the exercise price and tax withholding, leaving a small net increase in holdings.
  • Such transactions are common when executives exercise vested options as part of compensation; because many shares were delivered back to the company to cover costs and taxes, this is not the same as an open-market sale signaling a change in sentiment.
  • The derivative line reflects the conversion/cancellation of the options upon exercise (standard reporting for option exercises).

Insider Transaction Report

Form 4
Period: 2026-06-09
TFS Financial CORPTFSL
Zbanek Cathy W
Chief Synergy Officer
Transactions
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-06-09$14.74/sh+60,000$884,400→ 124,352 total
  • Tax Payment

    Common Stock

    [F2]
    2026-06-09$16.49/sh−55,533$915,739→ 68,819 total
  • Exercise/Conversion

    Employee Stock Option (right to buy)

    [F4]
    2026-06-09$14.74/sh−60,000$884,400→ 67,500 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|2026-06-10

Documents

1 file
  • 4
    wk-form4_1781106104.xmlPrimary

    FORM 4