Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 9
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 and, therefore, believes that the Plan, as amended and restated, is qualified and the related
trust is tax-exempt.

10

<div align='center'>TD 401(k) Retirement Plan

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

4. Federal Income Tax Status (continued)

US GAAP requires Plan Management to evaluate tax
positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would
not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plan, and has concluded that
as of December 31, 2024 there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties
related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits
for any tax periods in progress.

5. Administration of Plan Assets

The Plan’s assets, which include The Toronto-Dominion
Bank common shares, are held by the Trustee of the Plan. T. Rowe Price serves as the service provider and Trustee for the Plan. T. Rowe
Price serves as a directed Trustee who will act based on direction of the Plan Administrator or participants, as appropriate. Company
contributions are held by the Trustee, who invests contributions received, reinvests interest and dividend income, and processes distributions
to participants. Certain administrative functions are performed by officers or employees of the Company or its subsidiaries. No such officer
or employee receives compensation from the Plan.

6. Fair Value Measurements

US GAAP establishes a three-level fair value hierarchy
based on the nature of data inputs for fair value disclosure. This hierarchy requires maximum use of observable inputs, and minimum use
of unobservable inputs when measuring fair value. These levels are as follows:

| Level 1 | Quoted market prices in active markets that the Plan has                                                                             
 access to for identical assets and liabilities. Level 1 instruments include equity securities and mutual funds that are traded in an 
 active exchange market.                                                                                                              |

| Level 2 | Observable inputs other than Level 1 prices, such as quoted                                                                                     
 market prices for similar (but not identical) assets or liabilities in active markets, quoted market prices for identical assets or liabilities 
 in markets that are not active and other inputs that are observable or can be corroborated by observable market data for substantially          
 the full term of the assets