TORONTO, April 5 /PRNewswire/ - TD Bank Group (TD) announced today that Bharat Masrani, Group Head U.S. Personal and Commercial Banking and President & CEO TD Bank, America's Most Convenient Bank, advised of his intention to exercise up to approximately 77,860 of TD common shares, which were granted to him on December 9, 2004 and will expire on December 9, 2011. Mr. Masrani will also exercise up to approximately 14,700 options of TD common shares, which were granted to him on December 13, 2001 and will expire on December 13, 2011. Together these options represent 12.7 percent of his outstanding options.
Mr. Masrani made the decision to exercise these options at this time due to the bank's conservative trading-restriction policies that could prevent him from trading TD common shares, including 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.
Following the intended exercise of options and the sale of the acquired shares, Mr. Masrani would continue to meet his share ownership requirements as set out in TD's latest proxy circular.
Under TD's policies, TD is required to announce by way of press release Mr. Masrani's 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. Mr. Masrani's future intention to exercise any additional options before they expire will also be pre-disclosed in accordance with these policies.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is the sixth largest bank in North America by branches and serves approximately 19 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 Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD had CDN$616 billion in assets on January 31, 2011. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group