TORONTO, Dec. 3 /CNW/ - TD Bank Group (TD) announced today that Tim Hockey, Group Head, Canadian Banking and Insurance, advised of his intention to exercise up to approximately 55,000 options for TD common shares, which represent approximately 16% percent of his outstanding options. The options were previously granted to Mr. Hockey on December 11, 2008 as part of his performance-based compensation and will fully vest by December 11, 2010. These options will expire on December 11, 2015.
Mr. Hockey intends to donate a portion of the shares he acquires to charities he has long supported and to sell all of the remaining shares.
Following the intended exercise of options and donation and the sale of the acquired shares, Mr. Hockey will 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. 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. Mr. Hockey's future intention to exercise any additional options before they expire will also be pre-disclosed in accordance with these policies.
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 approximately 19 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. TD also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD had CDN$620 billion in assets on October 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
For further information: For further information:
Mohammed Nakhooda, Senior Manager, Corporate Communications, (416) 983-8622, [email protected]