Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 64

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 64
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 as described in “Description of the Debt Securities—Merger, Consolidation, Sale, Lease or Conveyance” in the accompanying base prospectus.

Modification

There are three categories
of changes the Bank can make to the Indenture and the Notes, each of which is described in the section “Description of the Debt Securities—Modification of the Indenture” in the accompanying base prospectus. In addition, (i) a
modification of certain provisions of the Limited Recourse Trust Declaration requires the specific approval of each holder of the Notes and (ii) any modification to the Indenture or the Notes in a manner that would affect the regulatory capital
classification afforded to the Notes from time to time for capital adequacy requirements pursuant to the Bank Act and the regulations and guidelines thereunder, including the CAR Guideline, will require the prior written approval of the
Superintendent.

The Trustees

Computershare Trust Company, National Association serves as U.S. trustee for the Notes, acting through its corporate trust office at 150 Royall
Street, Canton, Massachusetts, 02021.

Computershare Trust Company of Canada serves as Canadian trustee for the Notes and the Limited
Recourse Trustee, acting through its corporate trust office at 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1.

S-37

DESCRIPTION OF SERIES 33 SHARES

Set forth below is a summary of the material terms of the Series 33 Shares. The following summary is not complete and is qualified in its entirety by the Bank Act, the Bank’s By-lawsand the actual terms and conditions of the Series 33 Shares.

Prior to the closing of the offering of the Notes, the Series 33 Shares will be issued as a series of Class A First Preferred Shares of the Bank to the Limited Recourse Trustee to be held in accordance with the terms of the Limited Recourse Trust Declaration. See “Description of Common Shares and Preferred Shares” in the accompanying base prospectus.

The Series 33 Shares will be governed by, and construed in accordance with, the laws of Canada.

Defined Terms

The following definitions
are relevant to the Series 33 Shares:

“Annual Fixed Dividend Rate” means, for any Subsequent Fixed Rate Period, the rate
(expressed as a percentage rate rounded down to the nearest one hundred–thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the U.S. Treasury Rate on the