TD Bank Group CEO to Exercise Options and Donate Acquired Shares to Charity

Toronto-Dominion Bank Group announced last Tuesday that its CEO, Tim Hockey, will exercise 28,812 options for the bank's common shares. TD's executive plans to donate a portion of how much he acquires to charity.

Stockhouse reports that Hockey was granted these options in December 2008 and will last only up to December of this year. TD's proxy circular shows that Hockey is entitled to a share ownership requirement that is six times his base salary, which he hits and exceeds.

According to its policies, TD must announce via press release the intention of Mr. Hockey to do any transaction in TD stock at least five days before the transaction will take place. Mr. Hockey plans to donate his shares to charities which he is personally involved in.

As CNW reported, TD announced last April its domestic public offering of its Series 9 shares, which are Non-Cumulative 5-Year Rate Reset Preferred Shares, which is expected to yield over 3% annually. TD went into an agreement with TD Securities Inc to release the 8 million Series 9 Shares valued at $25 per share. Its purpose is to exceed the gross proceeds of $200 million.

In a report by Financial Post August 27, TD said its Canadian and US retail financial services and TD's wholesale banking arm will increase its third-quarter net income to $2.266 billion, which is 7.5 percent.

TD is one of the biggest banks in North America, serving 24 million customers. It operates in various financial centers all over the world, including 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.