Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027726
Chunk: 28

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 28
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 than one anti dilution event requiring adjustment occurs with respect to the Applicable Price for the affected Reference Asset, the Calculation Agent will
    adjust that Applicable Price for each event, sequentially, in the order in which the events occur, and on a cumulative basis. Therefore, having adjusted the Applicable Price for the first event, the Calculation Agent will adjust the Applicable Price
    for the second event, applying the required adjustment to the Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, as already adjusted for the first event, and so on for each event for
    the affected Reference Asset.

If an event requiring an anti dilution adjustment occurs, the Calculation Agent will make the adjustment with a view to offsetting, to the extent practical, any change in the
    economic position of the holder and us, relative to the affected Notes, that results solely from that event. Accordingly, the Calculation Agent may modify or make adjustments that differ from the anti dilution adjustments discussed herein as necessary
    to ensure an equitable result.

| TD SECURITIES (USA) LLC | P-19 |

#### Share Splits and Share Dividends
A share split is an increase in the number of a corporation’s outstanding shares without any change in its shareholders’ equity. When a corporation pays a share
    dividend, it issues additional shares of its stock to all holders of its outstanding shares in proportion to the shares they own. Each outstanding share will be worth less as a result of a share split or share dividend.

If a Reference Asset is subject to a share split or receives a share dividend, then the Calculation Agent will adjust the Share Delivery Amount before the share
    split or share dividend by multiplying the prior Share Delivery Amount by, and will adjust the Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, by dividing the prior Initial Price,
    Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, before the share split or share dividend, by the number equal to: (1) the number of shares of such Reference Asset outstanding immediately after the
    share split or share dividend becomes effective; divided by (2) the number of shares of such Reference Asset outstanding immediately before the share split or share dividend becomes effective. The Initial Price, Contingent Coupon Barrier Price,
    Principal Barrier Price and/or any other relevant term, as applicable, will not be adjusted,