Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 5
---
 and be at least 21 years of age. Once this requirement is met, a participant is eligible for an allocation for the Plan
year if they are employed on the first and last day of the year and work at least 1,000 hours during the year. The core contribution is
determined based on the sum of a participant’s age and years of service (both calculated in whole years on the first day of each
year) in accordance with the following schedule:

| Years of Age +Years of Service |     | Core Contribution 
 (Percentage of    
 Eligible          
 Compensation)     |     |   |
| Less than 35                   |     |                   | 2.0 | % |
| 35 – 44                        |     |                   | 2.5 | % |
| 45 – 54                        |     |                   | 3.0 | % |
| 55 – 64                        |     |                   | 4.0 | % |
| 65 – 69                        |     |                   | 5.0 | % |
| 70 or more                     |     |                   | 6.0 | % |

The core contributions for 2024 and 2023 were
$86.1 million and $74.7 million, respectively. The core contributions were paid to the Plan in February 2025 and 2024, respectively.

6

<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)

Participant Accounts

Each participant’s account reflects the
participant’s contributions, rollover, and Company contributions as well as earnings or losses on those contributions. Participant
accounts are reduced by withdrawals and any applicable direct expenses.

Vesting

Participant contributions, any safe harbor employer
matching contributions, and any earnings thereon are immediately vested.

Participants whose employment is terminated for
any reason other than death or becoming disabled prior to reaching Normal Retirement Age, as defined by the Plan, shall have a non-forfeitable
interest in the value of their core contributions, and any earnings thereon, in accordance with the following schedule:

| Years of Vesting Service (as defined by the Plan) |     | Vested Percentage |     |   |
| Less than three years                             |     |                   |   0 | % |
| Three or more years                               |     |                   | 100 | % |

Notwithstanding