Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 7
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1,000, the participant is paid a single lump sum equal to the value of his or her vested account. In the event of
death, the balance in the participant’s account is paid to the designated beneficiary as provided by the Plan.

Participant Investment Options

Each participant has the option of allocating
employee and employer contributions into various investment options offered by the Plan. Investment options include mutual funds, common
collective trust funds, and common shares of The Toronto-Dominion Bank. A participant’s investment direction with respect to future
contributions and the reinvestment of all or a portion of their account is subject to a 20 percent limitation on investments in common
shares of The Toronto-Dominion Bank.

8

<div align='center'>TD 401(k) Retirement Plan

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

1. Description of the Plan (continued)

Forfeitures

Amounts in which the participant does not have
a vested interest shall be forfeited by the participant after five consecutive one-year breaks in service, as defined by the Plan document.
At December 31, 2024 and December 31, 2023, forfeited non-vested accounts from terminated employees totaled $1,017,079 and $609,387,
respectively, and were maintained in a separate account and are available to offset future employer contributions. For the years ended
December 31, 2024 and December 31, 2023, employer contributions were reduced by $1,002,070 and $637,055, respectively, from
forfeited accounts.

Voting Rights

Each participant is entitled to exercise voting
rights attributable to The Toronto-Dominion Bank common shares allocated to his or her account and is notified by the transfer agent prior
to the time that such rights are to be exercised. The Trustee is permitted to vote in the best interest of Plan participants’ shares
for which instructions have not been given by a participant.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements were prepared
in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and are presented
on the accrual basis of accounting.

Management Estimates

The preparation of financial statements in conformity
with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes
therein. Actual results could differ from those estimates.

Investment Valuation and