TFS Financial CORP — Director's Dealing 2017

May 31, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2017-05-28

Reporting Person: Huml Paul J (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-28	Common Stock	M	4080	—	Acquired	28467	Direct
2017-05-28	Common Stock	F	1981	$15.91	Disposed	26486	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-28	Restricted Stock Units	$	M	4080	Disposed		Common Stock (4080.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	38105	Indirect
Common Stock	6858	Indirect
Common Stock	4700	Indirect
Common Stock	2000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Common Stock (3000.0)	3000	Direct
Restricted Stock Units	$		Common Stock (1100.0)	1100	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)	$19.31	2026-12-15	Common Stock (67200.0)	67200	Direct
Employee Stock Option (right to buy)	$19.06	2025-12-17	Common Stock (49200.0)	49200	Direct
Restricted Stock Units	$		Common Stock (4900.0)	4900	Direct
Employee Stock Option (right to buy)	$14.81	2025-05-28	Common Stock (108300.0)	108300	Direct

Footnotes

F1: These common shares were acquired upon the vesting and settlement of certain restricted stock units.

F2: These common shares were delivered to the issuer to pay for the applicable withholding tax due upon vesting of certain restricted stock units.

F3: Shares are held with shared voting power with spouse.

F4: Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.

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 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.

F7: 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.

F8: 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.

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: On December 15, 2016, the reporting person received a grant of 67,200 stock options. These stock options vest in three equal annual installments beginning on December 10, 2017.

F12: 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.

F13: On December 15, 2016, the reporting person received a grant of 4,900 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2017.

F14: 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.