Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 65

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 65
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 when declared by the board of directors, subject to the provisions of the Bank Act, payable quarterly on January 31, April 30,
July 31 and October 31 in each year,

S-38

in an amount per share per annum determined by multiplying the Annual Fixed Dividend Rate applicable to such Subsequent Fixed Rate Period by US$1,000 (or if then held by the Limited Recourse
Trust, the Canadian Dollar Equivalent of US$1,000).

The Bank will determine the Annual Fixed Dividend Rate applicable to a Subsequent
Fixed Rate Period on the Fixed Rate Calculation Date. Such determination will, in the absence of manifest error, be final and binding upon the Bank and all holders of Series 33 Shares. The Bank will, on the relevant Fixed Rate Calculation Date, give
notice of the Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period to the registered holders of Series 33 Shares.

If
the board of directors does not declare a dividend, or any part thereof, on the Series 33 Shares on or before the dividend payment date therefor, then the rights of the holders of the Series 33 Shares to such dividend, or to any part thereof, will
be extinguished.

The Bank is restricted under the Bank Act from paying dividends on the Series 33 Shares in certain circumstances. See
“Description of Common Shares and Preferred Shares—Limitations Affecting Holders of Common Shares and Preferred Shares—Bank Act Restrictions and Restrictions on Payment of Dividends” in the accompanying base prospectus.

The Limited Recourse Trustee, as trustee of the Limited Recourse Trust, will, by written notice, provide to the Bank a waiver immediately
following the issue of the Series 33 Shares to the Limited Recourse Trustee of its right to receive any and all dividends on the Series 33 Shares during the period from and including the date of the waiver to and including the earlier of
(i) the date upon which the Limited Recourse Trustee, as trustee, provides, by written notice, a revocation of such waiver to the Bank; and (ii) the date upon which the Limited Recourse Trustee is no longer a registered holder of the
Series 33 Shares (the “Dividend Waiver”). Accordingly, no dividends are expected to be declared or paid on the Series 33 Shares while the Series 33 Shares are held by the Limited Recourse Trustee. The Dividend Waiver is applicable to the
Limited Recourse Trustee and will