TORONTO, March 18 /CNW/ - TD Bank Financial Group (TDBFG) announced today that Bob Dorrance, Group Head, Wholesale Banking, advised of his intention to exercise approximately up to 159,000 options for TD common shares, which represents 13 percent of his outstanding options. The options were previously granted to Mr. Dorrance on Dec. 11, 2003. These options will expire on Dec. 11, 2010.
Mr. Dorrance made the decision to exercise these options at this time due to the bank's conservative trading-restriction 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.
Following the intended exercise of options and the sale of the acquired shares, Mr. Dorrance would continue to meet his share ownership requirements as set out in TD's latest proxy circular.
Under TD's policies, 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. Mr. Dorrance's future intention to exercise any additional options before they expire will also be pre-disclosed in accordance with these policies.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG or the Bank). TDBFG is the sixth largest bank in North America by branches and serves more than 18 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 Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TDBFG also ranks among the world's leading online financial services firms, with more than 6 million online customers. TDBFG had $567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: For further information: Wojtek Dabrowski, Manager, Media Relations, (416) 307-8149