TORONTO, Sept. 10, 2013 /CNW/ - TD Bank Group (TD) announced today that Tim Hockey, Group Head, Canadian Banking, Auto Finance, and Wealth Management, TD Bank Group, and President and CEO, TD Canada Trust, intends to exercise options for TD common shares.
Mr. Hockey will exercise options expiring in December 2013 and December 2015 as disclosed in TD's proxy circular. These options represent 13% of Mr. Hockey's outstanding options. As reported in TD's proxy circular, Mr. Hockey has a share ownership requirement of six times his base salary, which he exceeds by a wide margin.
Mr. Hockey made the decision to exercise these options at this time due to TD's conservative insider trading policies that could prevent him from trading TD shares or exercising options for potentially long periods of time. Under these policies, trading by certain employees 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, TD must pre-announce by way of press release Mr. Hockey'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). 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 financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; Wealth and Insurance, including TD Wealth, TD Direct Investing, 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 active online and mobile customers. TD had CDN$835 billion in assets on July 31, 2013.The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE: TD Bank Group
For further information:
Ali Duncan Martin
Manager, Media Relations