TFS Financial CORP — Director's Dealing 2011

Feb 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2011-02-14

Reporting Person: Piterans Marianne (Director, Director of Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-14	Common Stock	P	11446	$10.71	Acquired	37629	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	50000	Direct
Common Stock	3918	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$14.00	2020-05-14	Common Stock (31500)	31500	Direct
Employee Stock Option (right to buy)	$11.96	2019-05-11	Common Stock (37500)	37500	Direct
Employee Stock Option (right to buy)	$11.74	2018-08-10	Common Stock (126500)	126500	Direct
Restricted Stock Units	$		Common Stock (4200)	4200	Direct
Restricted Stock Units	$		Common Stock (3600)	3600	Direct
Restricted Stock Units	$		Common Stock (35100)	35100	Direct

Footnotes

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

F2: The options vest in three equal annual installments beginning May 14, 2011.

F3: The options vest in three equal installments beginning on May 12, 2010.

F4: The options vest in four equal annual installments beginning on August 11, 2012.

F5: 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.

F6: The restricted stock units vest in four equal annual installments beginning on May 12, 2010. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

F7: The restricted stock units vest in four equal annual installments beginning on May 14, 2011. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.

F8: The restricted stock units vest 10% on each of the third through the ninth anniversaries of the date of the grant and 30% on the tenth anniversary of the date of the grant. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation.