Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 38

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 38
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 including with respect to priority and rights on liquidation, will no longer be relevant as all Series 33 Shares will have been converted on a full and permanent basis without the
consent of the holders thereof into Common Shares ranking on parity with all other outstanding Common Shares and all holders of such Notes or Series 33 Shares, as applicable, will then be holding Common Shares. Given the nature of the Trigger Event,
a holder of Notes or

S-20

Series 33 Shares, as applicable, will become a holder of Common Shares at a time when the Bank’s financial condition has deteriorated. If the Bank were to become insolvent, is dissolved or wound-up after the occurrence of a Trigger Event, as holders of Common Shares investors may receive substantially less than they might have received had they continued to hold Notes or Series 33 Shares, as
applicable, instead of Common Shares.

A Contingent Conversion may also occur at a time when a federal or provincial government in Canada
publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, the terms of which may rank in priority to the Common Shares with respect to the payment of dividends, rights on liquidation or other
terms. Further, holders of Notes or Series 33 Shares, as applicable, will receive Common Shares pursuant to a Contingent Conversion at a time when other debt obligations of the Bank may be converted into Common Shares, and additional Common Shares
or securities ranking in priority to the Common Shares may be issued, thereby causing substantial dilution to holders of Common Shares and the former holders of Notes and Series 33 Shares, who will then become holders of Common Shares upon the
Trigger Event.

Holders of Notes or Series 33 Shares do not have anti-dilution protection in all circumstances.

The Floor Price that is used to calculate the Conversion Price is subject to adjustment in a limited number of events: (i) the issuance of
Common Shares or securities exchangeable for or convertible into Common Shares to all holders of Common Shares as a stock dividend, (ii) the subdivision, redivision or change of the Common Shares into a greater number of Common Shares, or
(iii) the reduction, combination or consolidation of the Common Shares into a lesser number of Common Shares. In addition, in the event of a capital reorganization, consolidation, merger or amalgamation of the Bank or comparable transaction
affecting the Common Shares, the Bank will take necessary action to ensure that holders of Series 33 Shares receive,