Form 4: TFS Financial Corp Executive Marc Stefanski Reports Share Transfers and Stock Option Holdings
SEC Form 4 Filing
TFS Financial Corp's Chairman, President, and CEO, Marc Stefanski, reported gifting shares and holding various stock options and restricted stock units.
Summary
- Marc Stefanski, Chairman, President, and CEO of TFS Financial Corp, filed a Form 4 detailing changes in his beneficial ownership of company stock.
- On December 13, 2024, Stefanski gifted 3,000 shares of common stock to his wife and 20,000 shares to his son's children's trust.
- He also reported holding 23,200 shares indirectly through his spouse, 37,150 shares as trustee for his daughter's trust, 54,738 shares as trustee for a sibling's trust, 31,089 shares as a trust beneficiary, 10,419 shares through an ESOP, 107,748 shares through a 401(k), and 7,200 shares through a POA on a sibling's IRA.
- Stefanski holds various restricted stock units (RSUs) and performance share units (PSUs), including 13,400 RSUs from a 2022 grant, 27,134 RSUs from a 2024 grant, and 36,180 PSUs from a 2022 award based on performance.
- He also holds 33,400 RSUs from a 2009 grant, 35,700 RSUs from a 2010 grant, and 693,048 RSUs from a 2008 grant, all of which vest over time and are distributable upon termination of employment.
- Additionally, Stefanski holds employee stock options for 196,700 shares at $19.06, vesting from 2016, and 383,600 shares at $14.85, vesting from 2015.
Sentiment
Score: 7
Explanation: The document is a routine filing showing standard executive compensation practices. The gifting of shares is neutral, and the vesting schedules are typical. The sentiment is slightly positive due to the alignment of executive interests with company performance.
Positives
- The reporting person holds a significant number of shares and stock options, indicating a strong alignment with the company's performance.
- The vesting schedules of the restricted stock units and stock options provide long-term incentives for the reporting person.
Risks
- The document does not indicate any specific risks.
Industry Context
This filing is a routine disclosure of changes in beneficial ownership by a company executive, which is common in the financial industry.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice in the financial industry.
- The vesting schedules and performance-based awards are typical for aligning executive interests with long-term company performance.
- Companies like JP Morgan Chase, Bank of America, and Wells Fargo also utilize similar equity-based compensation for their executives.
Related Party Transactions
- The reporting person gifted 3,000 shares to his wife and 20,000 shares to his son's children's trust.
Stakeholder Impact
- The share gifts and stock option holdings do not have a direct impact on stakeholders, but they do reflect the executive's stake in the company's success.
Key Dates
| Date | Description |
|---|---|
| 08/11/2008 | Grant date of 701,800 Restricted Stock Units (RSUs). |
| 05/12/2010 | First vesting date of 33,400 restricted stock units granted in 2009. |
| 05/14/2011 | First vesting date of 35,700 restricted stock units granted in 2010. |
| 08/13/2012 | 3,387 shares delivered to the issuer to pay for withholding tax on vested RSUs. |
| 12/10/2015 | First vesting date of 383,600 stock options granted in 2014. |
| 08/11/2015 | 5,365 shares delivered to the issuer to pay for withholding tax on vested RSUs. |
| 12/10/2016 | First vesting date of 196,700 stock options granted in 2015. |
| 12/15/2022 | Grant date of 40,200 Restricted Stock Units (RSUs) and Performance Share Units (PSUs). |
| 12/10/2023 | First vesting date of 40,200 Restricted Stock Units (RSUs) granted in 2022. |
| 03/04/2024 | Grant date of 40,700 Restricted Stock Units (RSUs). |
| 09/30/2024 | End of the two fiscal year period for performance results related to the 2022 PSU award. |
| 11/21/2024 | Performance level of 90% achieved on the 2022 PSU award. |
| 12/10/2024 | First vesting date of 40,700 Restricted Stock Units (RSUs) granted in 2024. |
| 12/13/2024 | Date of share gifts to spouse and son's children's trust. |
| 12/17/2024 | Date of Form 4 filing. |
| 12/18/2024 | Expiration date of employee stock options granted in 2014. |
| 12/17/2025 | Expiration date of employee stock options granted in 2015. |
| 12/10/2025 | Vesting and distribution date for the 2022 Performance Share Units (PSUs). |
Keywords
Form 4, Beneficial Ownership, Stock Options, Restricted Stock Units, Share Transfers, TFS Financial Corp, Marc Stefanski, Executive Compensation
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