TFS Financial CORP — Director's Dealing 2016

May 25, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2016-05-25

Reporting Person: Huml Paul J (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-25	Common Stock	M	25000	$11.74	Acquired	49387	Direct
2016-05-25	Common Stock	F	18881	$18.41	Disposed	30506	Direct
2016-05-25	Common Stock	S	6119	$18.40	Disposed	24387	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-25	Employee Stock Option (right to buy)	$11.74	M	25000	Disposed	2018-08-10	Common Stock (25000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	36709	Indirect
Common Stock	6232	Indirect
Common Stock	4700	Indirect
Common Stock	2000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Common Stock (4500.0)	4500	Direct
Restricted Stock Units	$		Common Stock (20400.0)	20400	Direct
Employee Stock Option (right to buy)	$14.81	2025-05-28	Common Stock (108300.0)	108300	Direct
Employee Stock Option (right to buy)	$14.85	2024-12-18	Common Stock (32400.0)	32400	Direct
Employee Stock Option (right to buy)	$8.61	2021-12-15	Common Stock (40000.0)	40000	Direct
Employee Stock Option (right to buy)	$19.06	2025-12-17	Common Stock (49200.0)	49200	Direct
Restricted Stock Units	$		Common Stock (2200.0)	2200	Direct

Footnotes

F1: Represents shares of common stock withheld by the issuer in payment by the reporting person for the exercise price and applicable taxes due. This transaction is exempt under Rule 16b-3(e).

F2: Shares are held with shared voting power with spouse.

F3: Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

F4: As reported on Form 4 filed August 13, 2008, the reporting person received options to purchase 50,000 shares, which vest in three equal annual installments beginning on August 11, 2011. The reporting person previously exercised 25,000 of these stock options.

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: As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 4,500 Restricted Stock Units ("RSUs") on December 15, 2015. These RSUs vest in three equal annual installments beginning December 10, 2016.

F7: As reported on a Form 4 dated May 29, 2015, the reporting person received a grant of 20,400 Restricted Stock Units ("RSUs"). The RSUs vest in five equal annual installments beginning on May 28, 2016.

F8: As reported on a Form 4 dated May 29, 2015, the reporting person received a grant of 108,300 stock options on May 28, 2015. These stock options vest in five equal annual installments beginning May 28, 2016.

F9: As reported on a Form 4 dated December 19, 2014, the reporting person received a grant of 32,400 stock options. These stock options vest in three equal annual installments beginning December 10, 2015.

F10: The reporting person received a grant of 40,000 stock options that vest 100% on December 15, 2014.

F11: As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 49,200 stock options on December 15, 2015. These stock options vest in three equal annual installments beginning December 10, 2016.

F12: As reported on a Form 4 dated December 19, 2014, the reporting person received a grant of 3,300 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2015.