TORONTO, July 2, 2013 /CNW/ - TD Bank Group (TD) announced today that Ed
Clark, Group President and CEO, will enact an automatic plan to
exercise up to 497,836 options for TD common shares.
The options were granted to Mr. Clark in December 2007 and 2008 as part
of his performance-based compensation. These options are due to expire
in December 2014 and 2015.
Mr. Clark intends to donate to charity a portion of the shares he
acquires through the option exercises under the plan, and to hold all
of the remaining shares, net only of the number of shares needed to
generate cash sufficient to cover exercise costs and taxes.
The plan covers 27% of Mr. Clark's outstanding options. As reported in
TD's proxy circular, Mr. Clark has a share ownership requirement of 10
times his base salary which he exceeds by a wide margin.
Mr. Clark made the decision to enter into the plan at this time due to
TD's conservative trading policies that could prevent him 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 Mr. Clark'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, and
his intention to enter into an automatic plan.
Mr. Clark's donation will be administered by the Private Giving
Foundation, a donor-advised endowment created by TD Waterhouse to
encourage charitable giving in Canada. The donation is being directed
to charities that Mr. Clark has been personally involved with for many
years.
More information about the Private Giving Foundation can be found at www.tdwaterhouse.ca/privategiving.
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
