Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 94

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 94
---
 3(32) of ERISA) (“Governmental Plans”), church
plans (as defined in section 3(33) of ERISA) that have not made an election under section 410(d) of the Code (“Church Plans”) and non-U.S. plans are not subject to the requirements of ERISA or
section 4975 of the Code, including the prohibited transaction requirements of section 406 of ERISA or section 4975(c) of the Code, such Plans may nevertheless be subject to Similar Laws that include similar requirements. A fiduciary of a
Governmental Plan, a Church Plan or a non-U.S. Plan should make its own determination as to the requirements, if any, under any Similar Law applicable to the acquisition of the Notes, Series 33 Shares on a
Recourse Event and Common Shares on a Recourse Event that is a Trigger Event or on a Contingent Conversion.

Because of the foregoing, the
Notes should not be purchased or held by any person investing “plan assets” of any Plan, unless such purchase and holding will not result a non-exempt prohibited transaction under ERISA and the
Code or a similar violation of any applicable Similar Laws.

S-57

Representation

Accordingly, by acceptance of a Note, each purchaser and subsequent transferee will be deemed to have represented and warranted that either
(i) no portion of the assets used by such purchaser or subsequent transferee to acquire or hold the Notes constitutes assets of any Plan or (ii) the purchase or holding of the Notes, Series 33 Shares on a Recourse Event and Common Shares
on a Recourse Event that is a Trigger Event or on a Contingent Conversion by such purchaser or transferee will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or similar violation under any applicable Similar Laws.

The foregoing discussion is general in nature, is
not intended to be all-inclusive, and is based on laws as in effect on the date of this prospectus supplement. Such discussion should not be construed as legal advice. Due to the complexity of these rules and
the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering purchasing or holding the Notes on
behalf of, or with the assets of, any Plan, consult with their legal advisors regarding the potential applicability of ERISA, Section 4975 of the Code and any