Form 4: TFS Financial CORP: CEO Marc Stefanski Reports Transactions Involving Company Stock and Derivatives
SEC Form 4
CEO Marc Stefanski reports multiple transactions involving TFS Financial CORP stock, including transfers to a daughter's trust, a sale, and holdings of restricted stock units and stock options.
Summary
- Marc Stefanski, Chairman, President, and CEO of TFS Financial CORP (TFSL), filed a Form 4 detailing changes in beneficial ownership.
- On February 28, 2023, Stefanski's daughter transferred 23,300 shares to her revocable trust, for which Stefanski serves as trustee.
- On December 15, 2023, Stefanski's daughter transferred 17,650 shares to her revocable trust, for which Stefanski serves as trustee.
- On September 10, 2024, Stefanski sold 20,000 shares of common stock at a price of $12.82.
- The report also details holdings of restricted stock units (RSUs) and stock options, with varying vesting schedules and conditions.
- Stefanski also indirectly owns shares through a spouse, sibling trust, as a trust beneficiary, through an ESOP, a 401(k), and a POA on a sibling's IRA.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document primarily reports transactions and holdings without expressing a clear positive or negative outlook.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Investors monitor these filings to gain insights into management's perspective on the company's stock.
Related Party Transactions
- The reporting person's daughter transferred shares of TFSL common stock from her directly held shares to her revocable trust for no consideration.
- The reporting person is trustee of the trust, but the sole beneficiary of the trust is the reporting person's daughter.
Stakeholder Impact
- The sale of shares by the CEO could be perceived negatively by shareholders if interpreted as a lack of confidence in the company, although the amount is relatively small compared to total holdings.
- The vesting of restricted stock units and stock options incentivizes the CEO to improve company performance, potentially benefiting shareholders.
Key Dates
| Date | Description |
|---|---|
| 08/11/2008 | Reporting Person received a grant of 701,800 Restricted Stock Units ('RSUs') |
| 05/14/2009 | The reporting person received a grant of 33,400 restricted stock units that vest in four equal annual installments beginning on May 12, 2010. |
| 05/18/2010 | The Reporting Person received a grant of 35,700 restricted stock units that vest in four equal installments beginning on May 14, 2011. |
| 08/13/2012 | 3,387 shares were delivered to the issuer to pay for the applicable withholding tax due upon vesting. |
| 12/19/2014 | The reporting person received a grants of 383,600 stock options. These options vest in three equal annual installments beginning December 10, 2015. |
| 08/11/2015 | 5,365 shares were delivered to the issuer to pay for the applicable withholding tax due upon vesting. |
| 12/17/2015 | The reporting person received a grant of 196,700 stock options. These stock options vest in three equal annual installments beginning December 10, 2016. |
| 12/16/2021 | The reporting person received a grant of 29,400 Restricted Stock Units (RSUs). |
| 12/16/2021 | reporting person achieved performance level of 95.0% on a target award of 13,200 Performance Share Units ('PSUs') |
| 12/15/2022 | The reporting person received a grant of 40,200 Restricted Stock Units (RSUs). |
| 02/28/2023 | Stefanski's daughter transferred 23,300 shares to her revocable trust. |
| 12/15/2023 | Stefanski's daughter transferred 17,650 shares to her revocable trust. |
| 11/21/2023 | reporting person achieved performance level of 95.0% on a target award of 13,200 Performance Share Units ('PSUs') |
| 03/04/2024 | The reporting person received a grant of 40,700 Restricted Stock Units (RSUs). |
| 09/10/2024 | Stefanski sold 20,000 shares of common stock at a price of $12.82. |
| 12/10/2024 | Shares and dividend equivalent payment will vest and distribute to the reporting person on December 10, 2024. |
| 12/17/2025 | Employee Stock Option (right to buy) $ 19.06 |
| 12/18/2024 | Employee Stock Option (right to buy) $ 14.85 |
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