TORONTO, April 11, 2014 /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, will enact an automatic plan to exercise stock options expiring in December 2014 as well as a portion of those expiring in December 2015, as disclosed in TD's proxy circular. The plan covers 21.6% 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 enter into the plan at this time due to TD's conservative trading policies that could prevent him from trading TD shares or 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.
Under TD's policies and applicable securities rules, TD is required to announce by way of press release executives' 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, and any intention to enter into an automatic plan.
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 over 22 million customers in three
key businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD Auto
Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most Convenient
Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in TD
Ameritrade; 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$909 billion in assets on January 31, 2014. The Toronto-Dominion
Bank trades under the symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group
