# EDGAR Filing Document

**Accession Number:** 0000947263
**File Stem:** 0001140361-23-009225
**Filing Date:** 2023-2
**Character Count:** 15470
**Document Hash:** 74f1911ac931db4afba355a74faaf54e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-009225.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001140361-23-009225

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TORONTO DOMINION BANK
- **CENTRAL INDEX KEY:** 0000947263
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135640479
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-262557
- **FILM NUMBER:** 23686964

**BUSINESS ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2
- **BUSINESS PHONE:** 416-944-6367

**MAIL ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TORONTO DOMINION BANK
- **CENTRAL INDEX KEY:** 0000947263
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135640479
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2
- **BUSINESS PHONE:** 416-944-6367

**MAIL ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2

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Filed pursuant to Rule 433

Registration Statement No. 333-262557

Dated February 28, 2023

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|:---|:---|
| ![](image0.jpg) | The Toronto-Dominion Bank<br> Callable Contingent Interest Barrier Notes<br> Linked to the Least Performing of the Nasdaq-100 Index<sup>®</sup>, the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Due on or about September 20, 2024 |

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Summary of Preliminary Terms

***This summary of preliminary terms is not complete. Investors should read the preliminary pricing supplement, which can be accessed via the link below, and the other documents referred to therein, as well as the "Selected Risk Considerations" section below before making an investment decision. The actual terms of the Notes will be determined on the Pricing Date.***

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| | |
|:---|:---|
| Issuer: | The Toronto-Dominion Bank ("TD") |
| Reference Assets: | The Nasdaq-100 Index<sup>®</sup> (Bloomberg ticker: NDX, "NDX"), the Russell 2000<sup>®</sup> Index (Bloomberg ticker: RTY, "RTY") and the S&P 500<sup>®</sup> Index (Bloomberg ticker: SPX, "SPX") |
| Term: | Approximately 18 months, subject to an Issuer Call |
| Principal Amount: | $1,000 per Note |
| Pricing Date: | Expected to be March 17, 2023\* |
| Issue Date: | Expected to be March 22, 2023\* |
| Final Valuation Date: | Expected to be September 17, 2024\* |
| Maturity date: | Expected to be September 20, 2024\* |
| Contingent Interest Rate: | 9.35% per annum |
| Contingent Interest<br> Observation Dates: | Monthly, on the 17th calendar day of each month, commencing on April 17, 2023 and ending on the Final Valuation Date\* |
| Contingent Interest<br> Payment Dates: | With respect to each Contingent Interest Observation Date, the third Business Day following the relevant Contingent Interest Observation Date, with the exception of the final Contingent Interest Payment Date, which will be the Maturity Date\* |
| Call Payment Date: | If TD elects to call the Notes on any Contingent Interest Payment Date (quarterly, from and including the sixth Contingent Interest Payment Date to and excluding the Maturity Date), the Call Payment Date will be the corresponding Contingent Interest Payment Date\* |
| Initial Value: | With respect to NDX: • (to be determined on the Pricing Date).<br> With respect to RTY: • (to be determined on the Pricing Date).<br> With respect to SPX: • (to be determined on the Pricing Date). |
| Contingent Interest<br> Barrier Value: | With respect to NDX: • (65.00% of its Initial Value, to be determined on the Pricing Date).<br> With respect to RTY: • (65.00% of its Initial Value, to be determined on the Pricing Date).<br> With respect to SPX: • (65.00% of its Initial Value, to be determined on the Pricing Date). |
| Barrier Value: | With respect to NDX: • (60.00% of its Initial Value, to be determined on the Pricing Date).<br> With respect to RTY: • (60.00% of its Initial Value, to be determined on the Pricing Date).<br> With respect to SPX: • (60.00% of its Initial Value, to be determined on the Pricing Date). |
| Final Value: | For each Reference Asset, the Closing Value of such Reference Asset on its Final Valuation Date |
| Percentage Change: | For each Reference Asset, the Percentage Change is the quotient, expressed as a percentage, of the following formula:<br> <u>Final Value – Initial Value</u><br> Initial Value |
| Least Performing<br> Reference Asset: | The Reference Asset with the lowest Percentage Change as compared to the Percentage Change of any other Reference Asset |
| Least Performing<br> Percentage Change: | The Percentage Change of the Least Performing Reference Asset |
| Underwriting Discount: | $6.50 (0.65%) per Note\*\* |
| CUSIP / ISIN: | 89114YSE2 / US89114YSE22 |
| Pricing Supplement: | [http://www.sec.gov/Archives/edgar/data/947263/000114036123009140/brhc10048984_424b2.htm](https://www.sec.gov/Archives/edgar/data/947263/000114036123009140/brhc10048984_424b2.htm) |

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\* Subject to postponement for market disruption events and non-trading days, as applicable, as described in the accompanying preliminary pricing supplement.

\*\* See "Supplemental Plan of Distribution (Conflicts of Interest)" in the accompanying preliminary pricing supplement.

Investment Description

#### Issuer Call Feature
Quarterly, commencing on the sixth Contingent Interest Payment Date, TD may, in its discretion, elect to call the Notes in whole, but not in part, on any Call Payment Date (other than the Maturity Date) upon at least three Business Days' prior written notice, regardless of the Closing Values of the Reference Assets. If TD elects to call the Notes prior to maturity, on the related Call Payment Date, we will pay you a cash payment per Note equal to the Principal Amount, plus any Contingent Interest Payment otherwise due. No further amounts will be owed to you under the Notes following an Issuer Call.

#### Contingent Interest Payment
If the Closing Value of each Reference Asset is greater than or equal to its Contingent Interest Barrier Value on any Contingent Interest Observation Date, a Contingent Interest Payment will be paid to you on the corresponding Contingent Interest Payment Date, in an amount equal to:

Principal Amount x Contingent Interest Rate x <sup>1</sup>/<sub>12</sub>

If the Closing Value of any Reference Asset is less than its Contingent Interest Barrier Value on any Contingent Interest Observation Date, you will receive no Contingent Interest Payment on the corresponding Contingent Interest Payment Date.

***Contingent Interest Payments on the Notes are not guaranteed. You will not receive a Contingent Interest Payment on a Contingent Interest Payment Date if the Closing Value of any Reference Asset on the related Contingent Interest Observation Date is less than its Contingent Interest Barrier Value.***

#### Payment at Maturity
If TD does not elect to call the Notes prior to maturity, on the Maturity Date, in addition to any Contingent Interest Payment otherwise due, we will pay a cash payment, if anything, per Note equal to:

&nbsp;&nbsp;&nbsp;&nbsp;• If the Final Value of each Reference Asset is greater than or equal to its Barrier Value :

Principal Amount of $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;• If the Final Value of any Reference Asset is less than its Barrier Value :

$1,000 + ($1,000 x Least Performing Percentage Change).

***If TD does not elect to call the Notes prior to maturity and the Final Value of any Reference Asset is less than its Barrier Value, investors will suffer a percentage loss on their initial investment that is equal to the Least Performing Percentage Change. Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount. Any payments on the Notes are subject to our credit risk.***

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TD SECURITIES (USA) LLC

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|:---|:---|
| The Toronto-Dominion Bank | ![](image00004.jpg) |

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Selected Risk Considerations

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&nbsp;&nbsp;&nbsp;&nbsp;• Your Investment in the Notes May Result in a Loss. The Notes do not guarantee the return of the Principal Amount and investors may lose up to their entire investment in the Notes.
 Specifically, if TD does not elect to call the Notes prior to maturity and the Final Value of any Reference Asset is less than its Barrier Value, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final
 Value of the Least Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;• You Will Not Receive the Contingent Interest Payment With Respect to a Contingent Interest Observation Date if the Closing Value of Any Reference Asset on Such Contingent Interest
 Observation Date Is Less Than Its Contingent Interest Barrier Value.

&nbsp;&nbsp;&nbsp;&nbsp;• The Potential Positive Return on the Notes Is Limited to the Contingent Interest Payments Paid on the Notes, if Any, Regardless of Any Appreciation of Any Reference Asset.

&nbsp;&nbsp;&nbsp;&nbsp;• Your Return May Be Less Than the Return on a Conventional Debt Security of Comparable Maturity.

&nbsp;&nbsp;&nbsp;&nbsp;• TD May Elect to Call the Notes Prior to the Maturity Date and the Notes Are Subject to Reinvestment Risk.

&nbsp;&nbsp;&nbsp;&nbsp;• An Investment in Notes With Contingent Interest Payments and an Issuer Call Feature May Be More Sensitive to Interest Rate Risk Than an Investment in Notes Without Such Features.

&nbsp;&nbsp;&nbsp;&nbsp;• The Amounts Payable on the Notes Are Not Linked to the Value of the Least Performing Reference Asset at Any Time Other Than on the Contingent Interest Observation Dates (Including the
 Final Valuation Date).

&nbsp;&nbsp;&nbsp;&nbsp;• The Contingent Interest Rate Will Reflect, in Part, the Volatility of Each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity.

&nbsp;&nbsp;&nbsp;&nbsp;• There Are Market Risks Associated With Each Reference Asset.

&nbsp;&nbsp;&nbsp;&nbsp;• Investors Are Exposed to the Market Risk of Each Reference Asset on Each Contingent Interest Observation Date (Including the Final Valuation Date).

&nbsp;&nbsp;&nbsp;&nbsp;• Because the Notes Are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of No Contingent Interest Payments and Losing a Significant Portion or All of Your
 Initial Investment at Maturity Than if the Notes Were Linked to a Single Reference Asset or Fewer Reference Assets.

&nbsp;&nbsp;&nbsp;&nbsp;• We Have No Affiliation With Any Index Sponsor and Will Not Be Responsible for Any Actions Taken by Any Index Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes that Affect the Reference Assets May Adversely Affect the Market Value of, and Return on, the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• The Nasdaq-100 Index<sup>®</sup>, Russell 2000<sup>®</sup> Index and S&P 500<sup>®</sup> Index Reflects Price Return, not Total Return.

&nbsp;&nbsp;&nbsp;&nbsp;• The Notes are Subject to Risks Associated with Non-U.S. Companies.

&nbsp;&nbsp;&nbsp;&nbsp;• The Notes are Subject to Risks Associated with Small-Capitalization Companies.

&nbsp;&nbsp;&nbsp;&nbsp;• The Estimated Value of Your Notes Is Expected To Be Less Than the Public Offering Price of Your Notes.

<br> • The Estimated Value of Your Notes Is Based on Our Internal Funding Rate.

<br> • The Estimated Value of the Notes Is Based on Our Internal Pricing Models, Which May Prove to Be Inaccurate and May Be Different From the Pricing Models of Other Financial Institutions.

• The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes in the Secondary Market, if Any, and Such Secondary Market Prices, if Any, Will Likely Be Less Than the Public Offering Price of Your Notes and May Be Less Than the Estimated Value of Your Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• The Temporary Price at Which the Agent May Initially Buy the Notes in the Secondary Market May Not Be Indicative of Future Prices of Your Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• The Agent Discount, Offering Expenses and Certain Hedging Costs Are Likely to Adversely Affect Secondary Market Prices.

&nbsp;&nbsp;&nbsp;&nbsp;• There May Not Be an Active Trading Market for the Notes — Sales in the Secondary Market May Result in Significant Losses.

&nbsp;&nbsp;&nbsp;&nbsp;• If the Value of Any Reference Asset Changes, the Market Value of Your Notes May Not Change in the Same Manner.

&nbsp;&nbsp;&nbsp;&nbsp;• There Are Potential Conflicts of Interest Between You and the Calculation Agent.

&nbsp;&nbsp;&nbsp;&nbsp;• The Contingent Interest Observation Dates (Including the Final Valuation Date) and the Related Payment Dates Are Subject to Market Disruption Events and Postponements.

&nbsp;&nbsp;&nbsp;&nbsp;• Trading and Business Activities by TD or Its Affiliates May Adversely Affect the Market Value Of, and Any Amounts Payable On, the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• Investors Are Subject to TD's Credit Risk, and TD's Credit Ratings and Credit Spreads May Adversely Affect the Market Value of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;• Significant Aspects of the Tax Treatment of the Notes Are Uncertain.

**The above summary of selected risks does not describe all of the risks associated with an investment in the Notes. You should read the accompanying preliminary pricing supplement and the other documents referred to therein for a more complete description of risks relating to the Notes.**

Additional Information

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We have filed a registration statement (including a prospectus), a product supplement and a pricing supplement with the Securities and Exchange Commission (the "SEC") for the offering to which this free writing prospectus relates. You should read the accompanying preliminary pricing supplement, product supplement and prospectus in the registration statement (File No. 333-262557) and the other documents we have filed with the SEC for more complete information about us and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we or TD Securities (USA) LLC will arrange to send you the prospectus if you request it by calling toll-free at 1-855-303-3234.

**This summary of preliminary terms does not contain all of the material information an investor should consider before investing in the Notes. This summary of preliminary terms is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page.**

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