Company: TDBCP
Filing Date: 2025-11-06
Form Type: 424B2
Source: 0001140361-25-040749
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-06
Form: 424B2
Chunk 13
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 increase by the same amount and could decline. Risks Relating to Hedging Activities and Conflicts of Interest There Are Potential Conflicts of Interest Between You and the Calculation Agent. The Calculation Agent will, among other things, determine the amounts payable and/or deliverable on the Notes. We will serve as the Calculation Agent and may appoint a different Calculation Agent after the Issue Date without notice to you. The Calculation Agent will exercise its judgment when performing its functions and may have a conflict of interest if it needs to make certain decisions. For example, the Calculation Agent may have to determine whether a market disruption event affecting a Reference Asset has occurred, and make certain adjustments if certain events occur, which may, in turn, depend on the Calculation Agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind our hedge positions. Because this determination by the Calculation Agent may affect the amounts payable and/or deliverable on the Notes, the Calculation Agent may have a conflict of interest if it needs to make a determination of this kind. For additional information on the Calculation Agent’s role, see “General Terms of the Notes — Role of Calculation Agent” in the product supplement.

| TD SECURITIES (USA) LLC | P-11 |

You Will Have Limited Anti-Dilution Protection and, in Certain Situations, Including a Change in Law Event, Your Return on the Notes May be Based on a Substitute Reference Asset. The Calculation Agent may adjust the Initial Value, and therefore the Call Threshold Value, Barrier Value and Physical Delivery Amount of a Reference Asset for stock splits, reverse stock splits, stock dividends, extraordinary dividends and other events that affect such Reference Asset, but only in the situations we describe in “General Terms of the Notes—Anti-Dilution Adjustments” in the product supplement. If as a result of the occurrence of any such event, the Calculation Agent determines that the physical delivery of all or any portion of the Physical Delivery Amount is prohibited, restricted, impractical or otherwise impaired, the value of all or the affected portion of the Physical Delivery Amount will be valued by the Calculation Agent as described in the Product Supplement and settled by cash payment. The Calculation Agent will not be required to make an adjustment for every event that may affect a Reference Asset. Furthermore, in certain situations, such as when a Reference Asset undergoes a Reorganization Event or a Reference Asset is delisted, such Reference Asset may be replaced by distribution property or a substitute equity security, as discussed more fully in the product