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TD CEO to Exercise Options, Donate Portion to Charity
TORONTO, Aug. 27 /CNW/ - TD Bank Financial Group (TDBFG or TD) announced today that Ed Clark, President and CEO, advised of his intention to exercise up to approximately 390,000 options for TD common shares, which represents 13 percent of his 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. Mr. Clark intends to donate approximately 10 percent of the pre-tax net proceeds to charity and to sell the remaining acquired shares. The options were granted to Mr. Clark in December 2000 and December 2003, as part of his performance-based compensation. These options will expire in December 2010. Mr. Clark made the decision to exercise these options at this time due to the bank's conservative trading restrictions 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. This announcement is being made in accordance with TD's policies under which named executive officers such as Mr. Clark must pre-disclose to the public, by way of a press release, any intention to trade in TD common shares, including the exercise of stock options, at least five business days in advance of the transaction. Mr. Clark has other outstanding options that are approaching expiry in the coming years, and his intention to exercise these options before they expire will also be pre-disclosed in accordance with these policies. Mr. Clark's donation 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 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 Financial Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves approximately 17 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 through TD Banknorth and TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 5.5 million online customers. TD Bank Financial Group had CDN$545 billion in assets on July 31, 2009. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
For further information: Mohammed Nakhooda, Corporate and Public Affairs, TD Bank Financial Group, (416) 983-8622, firstname.lastname@example.org
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