TORONTO - TD Bank Group (TSX:TD) said Friday that president and chief executive Ed Clark is putting a plan in place to exercise up to 198,304 options for TD common shares.
The bank said Clark intends to donate to charity a portion of the shares acquired under the plan, sell enough to cover the exercise costs and related taxes and hold the remaining shares.
The plan covers 11 per cent of Clark's outstanding options, TD said.
According to TD's management proxy circular earlier this year, Clark held 1,156,230 vested and 847,054 unvested options at Dec. 31, 2011.
TD shares closed down 42 cents at $79.50 on the Toronto Stock Exchange on Friday.