TORONTO, May 29 /CNW/ - TD Bank Financial Group (TDBFG) announced today
that Bernard Dorval, Group Head, Global Insurance and Head Group Strategy and
Deputy Chair, TD Canada Trust, advised of his intention to exercise up to
approximately 29,000 options for TD common shares and sell the acquired
shares. The options were previously granted to Mr. Dorval in February 2000.
These options will expire and lose all value in February 2010 if not exercised
by that date.
As a separate item, Mr. Dorval also advised that he will enact an
automatic plan to exercise further options to acquire TD common shares and
sell the acquired shares in an aggregate amount of up to approximately 94,000
shares from August 2009 until approximately July 2010. The automatic plan will
provide for Mr. Dorval to exercise approximately 25% of this amount each
quarter starting in August 2009. The options to be exercised under the
automatic plan were previously granted to Mr. Dorval and are set to expire and
lose all value in December 2010.
TDBFG has a long-standing policy that, depending on the circumstances,
can result in the bank's executive officers being prohibited from trading TD
stock for the better part of the year. Under the plan, Mr. Dorval's options
will be exercised according to a pre-determined schedule that he will not be
able to vary or suspend. In accordance with the applicable securities laws,
this automatic plan permits Mr. Dorval to exercise his options and sell the
acquired TD shares regardless of trading restrictions that may be in place at
Following the intended exercise of options and sale of acquired shares,
Mr. Dorval would continue to meet his share ownership requirement of six times
his base salary. As disclosed in the 2008 proxy circular, Mr. Dorval currently
satisfies the share ownership requirement based on his equity holdings
including performance share units, deferred share units and personal holdings.
Under TD's policies and applicable securities rules, TD is required to
announce by way of press release Mr. Dorval's intention to conduct any
transaction in TD stock, including the exercise of stock options and intention
to enter into an automatic plan, at least five business days in advance.
For further information:
For further information: Nick Petter, TD Bank Financial Group, (416)