TFS Financial CORP — Director's Dealing 2011

Dec 20, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2011-12-19

Reporting Person: PAULETT TERENCE C (Chief Risk Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-19	Employee Stock Option (right to buy)	$8.61	A	40000	Acquired	2021-12-14	Common Stock (40000)	Direct
2011-12-19	Restricted Stock Units	$	A	20000	Acquired		Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5725	Indirect
Common Stock	3946	Indirect
Common Stock	13484	Direct
Common Stock	2700	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$11.74	2018-08-10	Common Stock (50000)	50000	Direct

Footnotes

F1: Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

F2: The reporting person received a grant of 50,000 stock options that vest in three equal annual installments beginning August 11, 2011.

F3: Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted 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.

F4: The reporting person received a grant of 20,000 Restricted Stock Units ("RSUs") on December 19, 2011 which vest 100% on December 15, 2014.

F5: The reporting person received a grant of 40,000 stock options on December 19, 2011 which vest 100% on December 15, 2014.