TORONTO, April 13, 2012 /PRNewswire/ - TD Bank Group (TD) announced today that Bob Dorrance, Group Head, Wholesale Banking, TD Bank Group and Chairman, CEO and President, TD Securities, intends to exercise up to 297,088 options for TD common shares. Mr. Dorrance intends to donate some of the shares he acquires to charity and to sell all of the remaining shares.
The exercise covers approximately 29 per cent 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.
The options were granted to Mr. Dorrance in December 2002 and December 2005 as part of his performance-based compensation. These options will expire in December 2012.
Mr. Dorrance made the decision to enter into the plan at this time due to TD's conservative insider trading policies that could prevent him from trading TD shares or exercising options for potentially long periods of time. Under these policies, trading by certain employees 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, TD must pre-announce by way of press release Mr. Dorrance'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. Dorrance has other outstanding options that are approaching expiry in the coming years, and his intention to exercise these options before they expire will also be pre-disclosed in accordance with TD's policies.
The donation is being directed to charities with which Mr. Dorrance is personally involved.
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 21.5 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 Waterhouse, 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 online customers. TD had CDN$774 billion in assets on January 31, 2012.The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD BANK GROUP