TORONTO, Sept. 16, 2013 /CNW/ - TD Bank Group (TD) announced today that Ed Clark, Group President and CEO, will exercise up to 619,288 options for TD common shares. Mr. Clark intends to donate to charity a portion of the shares he acquires, and to hold the remaining shares, net of the number of shares sold to generate cash sufficient to cover exercise costs and taxes.
The exercise covers 50% of Mr. Clark's outstanding options. As reported in TD's proxy circular, Mr. Clark has a share ownership requirement of 10 times his base salary which he exceeds by a wide margin.
Under TD's policies and applicable securities rules, TD is required to announce by way of press release Mr. Clark'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. Clark's donation will be administered by the Private Giving Foundation, a donor-advised endowment created by TD Waterhouse to encourage charitable giving in Canada. The donation is being directed to charities that Mr. Clark has been personally involved with for many years.
More information about the Private Giving Foundation can be found at www.tdwaterhouse.ca/privategiving.
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
