Zbanek Cathy W 4

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).