Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027770
Chunk: 28

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 28
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 on for each event for the affected Reference Asset. If an event requiring an anti dilution adjustment occurs, the Calculation Agent will make the adjustment with a view to offsetting, to the extent practical, any change in the economic position of the holder and us, relative to the affected Notes, that results solely from that event. Accordingly, the Calculation Agent may modify or make adjustments that differ from the anti dilution adjustments discussed herein as necessary to ensure an equitable result.

| TD SECURITIES (USA) LLC | P-19 |

Share Splits and Share Dividends A share split is an increase in the number of a corporation’s outstanding shares without any change in its shareholders’ equity. When a corporation pays a share dividend, it issues additional shares of its stock to all holders of its outstanding shares in proportion to the shares they own. Each outstanding share will be worth less as a result of a share split or share dividend. If a Reference Asset is subject to a share split or receives a share dividend, then the Calculation Agent will adjust the Share Delivery Amount before the share split or share dividend by multiplying the prior Share Delivery Amount by, and will adjust the Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, by dividing the prior Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, before the share split or share dividend, by the number equal to: (1) the number of shares of such Reference Asset outstanding immediately after the share split or share dividend becomes effective; divided by (2) the number of shares of such Reference Asset outstanding immediately before the share split or share dividend becomes effective. The Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, will not be adjusted, however, unless:

| ● | in the case of a share split, the first day on which the affected Reference Asset trades without the right to receive the share split occurs after the Pricing Date and on or before the 
 applicable Observation Date or the Final Valuation Date; or                                                                                                                              |

| ● | in the case of a share dividend, the ex dividend date occurs after the Pricing Date and on or before the applicable Observation Date or the Final Valuation Date. |

The ex dividend date for any dividend or other distribution with respect to the affected Reference Asset is the first day on which such Reference Asset trades without the right to receive that dividend or other distribution. Reverse Share Splits A reverse