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TFSL > SEC Filings for TFSL > Form 8-K on 5-Aug-2013All Recent SEC Filings

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Form 8-K for TFS FINANCIAL CORP


5-Aug-2013

Other Events


Item 8.01. Other Events.

TFS Financial Corporation (the "Company") reported that on August 2, 2013, Marc A. Stefanski, the Chairman and Chief Executive Officer of the Company, amended the number of shares to be sold under his previously disclosed 10b5-1 trading plan, dated March 7, 2013. Under Rule 10b5-1, directors, officers and other employees who are not in possession of material non-public information may adopt a pre-arranged plan or contract for the sale of Company securities under specified conditions and at specified times. Using these 10b5-1 plans, individuals can gradually diversify their investment portfolios, spread stock trades out over an extended period of time to reduce market impact and avoid concerns about transactions occurring at a time when they might possess material non-public information.

Mr. Stefanski's trading plan is a part of his asset diversification, tax and financial planning strategy. The amended plan contemplates the sale of up to 30,000 additional shares over the 42,000 shares contemplated in the original plan, for a total of 72,000 shares of Company Stock, in specified share amounts on specified dates at market prices, subject to specified limitations. As of August 2, 2013, 31,500 shares have already been sold under the trading plan. Remaining sales pursuant to Mr. Stefanski's plan are expected to continue through October 2013.

Transactions made under the 10b5-1 plan will be disclosed publicly through Form 4 filings with the U.S. Securities and Exchange Commission. Except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 pre-planned stock trading plans of Company officers, nor to report modifications or terminations of the aforementioned 10b5-1 plans or the plan of any other individual.


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