Company: TDBCP
Filing Date: 2025-04-03
Form Type: 424B3
Source: 0001140361-25-012065
Chunk: 22

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-03
Form: 424B3
Chunk 22
---
. Payment at Maturity At maturity, subject to our credit risk as issuer of ARNs, you will receive the Redemption Amount, denominated in U.S. dollars. Unless otherwise specified in the applicable term sheet, the “ Redemption Amount” will be calculated as follows:

| • | If the Ending Value is greater than the Starting Value, then the Redemption Amount will equal: |

The Redemption Amount will not exceed the “ Capped Value” set forth in the applicable term sheet. PS-18

| • | If the Ending Value is less than or equal to the Starting Value, then the Redemption Amount will equal: |

The Redemption Amount will not be less than zero. Your participation in any upside performance of the Market Measure underlying your ARNs will also be impacted by the Participation Rate. The “ Participation Rate” will be 300% for ARNs unless otherwise set forth in the applicable term sheet. Each applicable term sheet will provide examples of Redemption Amounts based on a range of hypothetical Ending Values. The applicable term sheet will set forth information as to the applicable Market Measure, including information as to the historical prices of the Underlying Stock or Underlying Stocks. However, historical prices of any Underlying Stock are not indicative of its future performance or the performance of your ARNs. An investment in ARNs does not entitle you to any ownership interest in or any other rights with respect to the Underlying Company, including any voting rights, in any Underlying Stock, nor dividends paid or other distributions made by any Underlying Company. The Starting Value and the Ending Value Starting Value Unless otherwise specified in the applicable term sheet, the “ Starting Value” will be the Closing Market Price of the Underlying Stock on the pricing date. If the Market Measure consists of a Basket, the Starting Value will be equal to 100. See “—Basket Market Measures” below. Ending Value Unless otherwise specified in the applicable term sheet, the “ Ending Value” will equal the Closing Market Price of the Underlying Stock determined on the calculation day multiplied by its Price Multiplier on that day. If the Market Measure consists of a Basket, the Ending Value of the Basket will be determined as described in “—Basket Market Measures—Ending Value of the Basket.” Unless otherwise specified in the applicable term sheet, the “ calculation day” means the fifth trading day before the maturity date on which a Market Disruption Event has not occurred. A “ trading day” means a day on which trading is generally conducted (or was scheduled to have been generally conducted, but for the occurrence