TORONTO, June 3, 2014 /CNW/ - TD Bank Group (TD) announced today that
Bharat Masrani, Chief Operating Officer, TD Bank Group, intends to
exercise stock options for TD common shares that will expire in
December 2014 (details regarding the expiring options are disclosed in
TD's proxy circular). This exercise covers 21.2% of Mr. Masrani's
outstanding options. Mr. Masrani intends to hold the shares he
acquires, net of the number of shares required to be sold to generate
cash sufficient to cover exercise costs and applicable taxes. Mr.
Masrani has a share ownership requirement of six times his base salary,
which he exceeds by a wide margin.
Mr. Masrani made the decision to exercise these options 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 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.
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 over 22 million customers in three
key businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD Auto
Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most Convenient
Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in TD
Ameritrade; 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$896 billion in assets on April 30, 2014. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group
Ali Duncan Martin
Media Relations
TD Bank Group
416-983-4412
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