TD Bank Group (TD,TD.TO) announced that Bharat Masrani, Group Head U.S. Personal and Commercial Banking TD Bank Group and President & CEO TD Bank, advised of his intention to exercise up to 146,508 options for TD common shares.
The company noted that Masrani intends to hold a minimum of 40% of the acquired shares and to sell the remaining shares. The options were granted to Masrani in December 2002 and 2005 as part of his performance-based compensation. These options are due to expire and lose all value in December 2012.
The options Masrani intends to exercise represent 20% of his outstanding options.
The company noted that Masrani is entering into an Automatic Share Disposition Plan. Masrani made the decision to exercise these options and enter into the Plan 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.
The company said that Masrani 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 the company's policy.
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