TD Executive to Exercise Options and Donate Portion to Charity
TORONTO, March 14, 2014 /CNW/ - TD Bank Group (TD) announced today that Bob Dorrance, Group Head, Wholesale Banking, TD Bank Group, and Chairman, CEO & President, TD Securities, intends to exercise up to 614,960 options for TD common shares, due to expire in 2014 and 2015. Mr. Dorrance intends to donate to charity a portion of the shares he acquires, and will sell the remaining shares.
The exercise covers 39.5% 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.
Under TD's policies and applicable securities rules, TD is required to 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.
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$909 billion in assets on January 31, 2014. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank GroupFor further information:
Ali Duncan Martin
Media Relations, TD Bank Group