TFS Financial CORP — Director's Dealing 2016

May 19, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2016-05-17

Reporting Person: Stefanski Marc A (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-17	Common Stock	M	300000	$11.74	Acquired	300000	Direct
2016-05-17	Common Stock	F	244043	$18.20	Disposed	55957	Direct
2016-05-17	Common Stock	S	55957	$17.86	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-17	Employee Stock Option (right to buy)	$11.74	M	300000	Disposed	2018-08-10	Common Stock (300000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	86669	Indirect
Common Stock	6851	Indirect
Common Stock	17800	Indirect
Common Stock	20800	Indirect
Common Stock	115738	Indirect
Common Stock	7200	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Common Stock (22067.0)	22067	Direct
Employee Stock Option (right to buy)	$11.96	2019-05-11	Common Stock (299600.0)	299600	Direct
Restricted Stock Units	$		Common Stock (13867.0)	13867	Direct
Employee Stock Option (right to buy)	$8.61	2021-12-15	Common Stock (369000.0)	369000	Direct
Employee Stock Option (right to buy)	$14.85	2024-12-18	Common Stock (383600.0)	383600	Direct
Restricted Stock Units	$		Common Stock (17800.0)	17800	Direct
Employee Stock Option (right to buy)	$19.06	2025-12-17	Common Stock (196700.0)	196700	Direct
Restricted Stock Units	$		Common Stock (33400.0)	33400	Direct
Restricted Stock Units	$		Common Stock (693048.0)	693048	Direct
Restricted Stock Units	$		Common Stock (35700.0)	35700	Direct
Employee Stock Option (right to buy)	$14.0	2020-05-14	Common Stock (315500.0)	315500	Direct
Employee Stock Option (right to buy)	$11.64	2023-12-03	Common Stock (286500.0)	286500	Direct
Employee Stock Option (right to buy)	$9.43	2022-12-15	Common Stock (416700.0)	416700	Direct

Footnotes

F1: Represents shares of common stock delivered to the issuer in payment by the reporting person of the options exercise price and withholding tax. This transaction is exempt under Rule 16b-3(e).

F2: Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

F3: As reported on a Form 4 dated August 13, 2008, the reporting person received a grant of 2,530,700 stock options that vest in four equal annual installments beginning on August 11, 2012. The reporting person previously exercised 1,440,000 of these stock options.

F4: 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.

F5: As reported on a Form 4 dated December 19, 2014, the reporting person received a grant of 33,100 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2015.

F6: As reported on a Form 4 dated May 14, 2009, the reporting person received a grant for 299,600 stock options that vest in three equal annual installments beginning on May 12, 2010.

F7: As reported on a Form 4 dated December 12, 2013, the reporting person received a grant of 41,600 Restricted Stock Units ("RSU's") on December 3, 2013. These RSU's vest in three equal installments beginning December 3, 2014.

F8: As reported on a Form 4 dated December 20, 2011, the reporting person received a grant of 369,000 stock options that vest in three equal annual installments beginning on December 15, 2012.

F9: As reported on a Form 4 dated December 19, 2014, the reporting person received a grants of 383,600 stock options. These options vest in three equal annual installments beginning December 10, 2015.

F10: As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 17,800 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2016.

F11: As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 196,700 stock options. These stock options vest in three equal annual installments beginning December 10, 2016.

F12: As reported on a Form 4 dated May 14, 2009, the reporting person received a grant of 33,400 stock units that vest in four equal annual installments beginning on May 12, 2010. Vested shares may be distributed to the reporting person only after the person's termination of employment with TFS Financial Corporation.

F13: As reported on a Form 4 dated August 13, 2008, the Reporting Person received a grant of 701,800 Restricted Stock Units ("RSUs") on August 11, 2008. These RSUs 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 the person's termination of employment from TFS Financial Corporation. A total of 8,752 shares were delivered to the issuer to pay for the applicable withholding tax due upon vesting.

F14: As reported on a Form 4 dated May 18, 2010, the Reporting Person received a grant of 35,700 restricted stock units that vest in four equal 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.

F15: As reported on a Form 4 dated May 18, 2010, the reporting person received a grant of 315,500 stock options which vest in three equal annual installments beginning May 14, 2011.

F16: As reported on a Form 4 dated December 12, 2013, the reporting person received a grant of 286,500 stock options. These stock options vest in three equal installments beginning December 3, 2014.

F17: As reported on a Form 4 dated January 2, 2013, the reporting person received a grant of 416,700 stock options on December 28, 2012. These stock options vest in three equal installments beginning December 15, 2013.