Press release from CNW Group
TD Executive Officers to Exercise Options
Tuesday, July 02, 2013
TD Executive Officers to Exercise Options12:50 EDT Tuesday, July 02, 2013
TORONTO, July 2, 2013 /CNW/ - TD Bank Group (TD) announced today that two TD executives will be exercising options.
Bob Dorrance, Group Head, Wholesale Banking, TD Bank Group and Chairman, CEO and President, TD Securities, will enact an automatic plan to exercise stock options expiring in December 2013 as disclosed in TD's proxy circular. The plan covers 13% of Mr. Dorrance's outstanding options. As reported in TD's proxy circular, Mr. Dorrance has a share ownership requirement of one times his target total direct compensation, which he exceeds by a wide margin.
- Colleen Johnston, Group Head Finance, Sourcing and Corporate Communications, and Chief Financial Officer will enact an automatic plan to exercise stock options expiring in December 2013 as disclosed in TD's proxy circular. The plan covers 14% of Ms. Johnston's outstanding options. As reported in TD's proxy circular, Ms. Johnston has a share ownership requirement of six times her base salary which she exceeds by a wide margin.
These TD executives made the decision to enter into the plan at this time due to TD's conservative trading policies that could prevent them from trading TD shares or exercising options for potentially long periods of time. Under these policies, trading is not permitted for at least six weeks prior to each quarterly release. From time to time, particular circumstances arise that further restrict trading and the combined effect can be a blackout for certain individuals for the better part of a year.
Under TD's policies and applicable securities rules, TD is required to announce by way of press release executives' intention to conduct any transaction in TD stock, including the exercise of stock options at least five business days in advance of the date of the transaction, and any intention to enter into an automatic plan.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by branches and serves approximately 22 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; Wealth and Insurance, including TD Wealth, TD Direct Investing, an investment in TD Ameritrade, and TD Insurance; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank, and TD Auto Finance U.S.; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 8 million active online and mobile customers. TD had CDN$826 billion in assets on April 30, 2013.The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE: TD Bank Group
For further information:
Ali Duncan Martin
Manager, Media Relations