Company: TDBCP
Filing Date: 2025-08-26
Form Type: 424B2
Source: 0001140361-25-032661
Chunk: 31

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-26
Form: 424B2
Chunk 31
---
uation Date. Extraordinary Dividends A distribution or dividend on a Reference Asset will be deemed to be an extraordinary dividend if the Calculation Agent determines that its per share value exceeds that of the immediately preceding non-extraordinary dividend, if any, by an amount equal to at least 10% of the Closing Price of such Reference Asset (as adjusted for any subsequent corporate event requiring an adjustment hereunder, such as a stock split or reverse stock split) on the Trading Day before the ex-dividend date. The Calculation Agent will determine if the dividend is an extraordinary dividend and, if so, the amount of the extraordinary dividend. Each outstanding share will be worth less as a result of an extraordinary dividend. If any extraordinary dividend occurs with respect to a Reference Asset, the Calculation Agent will adjust the Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, of such Reference Asset to equal the product of: (1) the prior Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, times (2) a fraction, the numerator of which is the amount by which the Closing Price of such Reference Asset on the Trading Day before the ex dividend date exceeds the extraordinary dividend amount and the denominator of which is the Closing Price of such Reference Asset on the Trading Day before the ex dividend date. The Initial Price, Contingent Coupon Barrier Price, Principal Barrier Price and/or any other relevant term, as applicable, will not be adjusted, however, unless the ex dividend date occurs after the Pricing Date and on or before the applicable Contingent Coupon Observation Date, Call Observation Date or the Final Valuation Date. The extraordinary dividend amount with respect to an extraordinary dividend for the Reference Asset equals:

| • | for an extraordinary dividend that is paid in lieu of a regular quarterly dividend, the amount of the extraordinary dividend per share of the Reference Asset minus the amount per share of the 
 immediately preceding dividend, if any, that was not an extraordinary dividend for the Reference Asset; or                                                                                      |

| • | for an extraordinary dividend that is not paid in lieu of a regular quarterly dividend, the amount per share of the extraordinary dividend. |

To the extent an extraordinary dividend is not paid in cash, the value of the non cash component will be determined by the Calculation Agent. A distribution on the Reference Asset that is a share dividend, an issuance of transferable rights or

| TD SECURITIES (USA) LLC | P-21 |

warrants or