TD Executive to Exercise Options, Hold Shares and Donate Portion to Charity
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TORONTO, Dec. 13, 2011 /CNW/ - TD Bank Group (TD) announced today that Tim Hockey, Group Head, Canadian Banking, Auto Finance, and Credit Cards, TD Bank Group and President & CEO, TD Canada Trust intends to exercise up to 23,012 options for TD common shares. Mr. Hockey intends to donate 2,600 of the shares he acquires to charity and to hold all of the remaining shares.
The exercise covers approximately six percent 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.
The options were granted to Mr. Hockey in December 2008 as part of his performance-based compensation. These options will expire in December 2015.
Under TD's policies, Mr. Hockey must pre-disclose to the public, by way of press release, his intention to trade in TD common shares, including the exercise of stock options, no less than five business days in advance of the date of the transaction.
The donation is being directed to charities with which Mr. Hockey is personally involved.
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 20.5 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, TD Insurance, and TD Auto Finance Canada; 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 TD Auto Finance U.S.; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 7.5 million online customers. TD had CDN$686 billion in assets on October 31, 2011. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.