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TD CEO to Exercise Options, Donate Portion to Charity
TORONTO, May 28 /CNW/ - TD Bank Financial Group (TDBFG) announced today that Ed Clark, President and CEO, will enact an automatic plan to exercise approximately 650,000 options for TD common shares from October 2008 until the end of 2009. Mr. Clark's plan includes a timetable to exercise portions of his options for TD common shares at regular, predetermined intervals before they expire. This timetable is meant to promote an orderly, automatic exercise process, avoiding the sale of a large block of shares all at once. This plan provides for Mr. Clark to exercise 10,000 options each week beginning in October until the end of 2009. Within that timeframe, Mr. Clark intends to donate each week approximately 40 percent of the pre-tax net proceeds to charity, hold 15 percent of the pre-tax net proceeds in shares and sell the remainder, using part of the proceeds to cover exercise costs and taxes. 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 and intention to enter into an automatic plan. Mr. Clark's donations will be administered by the Private Giving Foundation, a donor-advised endowment created by TD Waterhouse to tackle long-term community challenges and meet immediate needs. The donations will be directed to charities that Mr. Clark has been personally involved with for many years. More Information on the Conversion Timetable TD has a long-standing policy that, depending on the circumstances, can result in the bank's executive officers being prohibited from trading TD stock for the better part of the year. Once the exercise timetable for Mr. Clark's options is established, it will be executed according to a pre-determined schedule, and he will not be able to vary or suspend the plan. In accordance with the applicable securities laws, this automatic exercise and disposition schedule permits Mr. Clark to exercise his options and transact in the resulting TD shares regardless of trading restrictions that may be in place at the time. The options to be exercised under the plan were previously granted to Mr. Clark and are set to expire in the period from February 2010 to December 2010. More information about the Private Giving Foundation can be found at www.tdwaterhouse.ca/privategiving.
For further information: Simon Townsend, TD Bank Financial Group, (416) 944-7161
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