TORONTO, July 3, 2012 /CNW/ - TD Bank Group (TD) announced today that
Bharat Masrani, Group Head U.S. Personal and Commercial Banking TD Bank
Group and President & CEO TD Bank, America's Most Convenient Bank® advised of his intention to exercise up to 146,508 options for TD
Mr. Masrani intends to hold a minimum of 40% of the acquired shares and
to sell the remaining shares. The options were granted to Mr. Masrani
in December 2002 and 2005 as part of his performance-based
compensation. These options are due to expire and lose all value in
The options Mr. Masrani intends to exercise represent 20% of his
outstanding options. As reported in TD's latest proxy circular, Mr.
Masrani has a share ownership requirement of six times his base salary,
which he exceeds by a wide margin.
To assist in executing the option exercises, Mr. Masrani is entering
into an Automatic Share Disposition Plan. Mr. Masrani made the decision
to exercise these options and enter into the Plan at this time due to
the bank's conservative trading restrictions 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.
Under TD's policy, 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 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 this policy.
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 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$773 billion in assets on April 30,
2012.The Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock Exchanges.
SOURCE TD BANK GROUP
For further information:
Stephen Knight, Media Relations TD Bank Group