TORONTO, April 4 /CNW/ - TD Bank Group (TD) announced today that Bob Dorrance, Group Head, Wholesale Banking, advised of his intention to exercise up to approximately 136,252 options for TD common shares, which were granted to him on December 9, 2004 and will expire on December 9, 2011. Mr. Dorrance will also exercise up to approximately 60,000 options for TD common shares, which were granted to him on January 24, 2002 and will expire on January 24, 2012. Together these options represent 17% percent of his outstanding options.
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 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$616 billion in
assets on January 31, 2011. The Toronto-Dominion Bank trades under the
symbol "TD" on the Toronto and New York Stock Exchanges.