FORM 4 [X] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Adam Judith Z 2. Issuer Name and Ticker or Trading Symbol TFS Financial CORP [ TFSL ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Former Chief Risk Officer
(Last)         (First)         (Middle)
7007 BROADWAY AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)
1/4/2021
(Street)
CLEVELAND, OH 44105
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  1/4/2021    M    17000 (1) A $0  83780  D   
Common Stock  1/4/2021    F    4838 (2) D $17.63  78942  D   
Common Stock                 9968  I  ESOP (3)
Common Stock                 56657  I  401(k) (3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units   (4) 1/4/2021    M        17000    (1)  (1) Common Stock  17000.0  $0  0  D   
Employee Stock Option (right to buy)  $15.08                   (5) 6/1/2023 (1) Common Stock  26000.0    26000  D   
Employee Stock Option (right to buy)  $14.74                   (6) 6/1/2023 (1) Common Stock  17000.0    17000  D   

Explanation of Responses:
(1)  In connection with the retirement of the reporting person effective June 1, 2020, remaining restricted stock units to be issued under the accelerated vesting is issued six months after the reporting person's retirement, in accordance with IRS Section 409A regulations. In addition, all remaining stock options have an adjusted expiration date of June 1, 2023.
(2)  These common shares were delivered to the issuer to pay for the applicable withholding tax due upon vesting of certain restricted stock units.
(3)  Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.
(4)  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.
(5)  As reported on a Form 4 dated December 15, 2014, the reporting person received a grant of 26,000 stock options. These stock options vest 100% on December 10, 2017.
(6)  On January 5, 2018, the reporting person received a grant of 17,000 stock options. These options fully vest on December 10, 2020.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Adam Judith Z
7007 BROADWAY AVENUE
CLEVELAND, OH 44105


Former Chief Risk Officer

Signatures
/s/ Paul J. Huml, Pursuant to Power of Attorney 1/6/2021
**Signature of Reporting Person Date
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