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Deal overview. The Toronto-Dominion Bank (TD) plans to issue senior unsecured Contingent Income Auto-Callable Securities maturing 10 July 2026 that are linked to the common stock of Apple Inc. (AAPL).

Key economics. Investors pay US$1,000 per note and may receive a quarterly contingent coupon of US$28.55 (11.42% p.a.) on any determination date at which AAPL closes at or above 80% of its initial share price (the “downside threshold�). If on any of the first three determination dates AAPL closes at or above 100% of the initial share price (the “call threshold�), the notes are automatically redeemed for par plus the coupon. If not redeemed, principal is protected only when the final price is at or above the 80% threshold; otherwise holders suffer a 1-to-1 loss on the decline in AAPL, potentially forfeiting their entire investment.

Structural and credit considerations. � Tenor: ~12 months (pricing 7 Jul 2025, maturity 10 Jul 2026). � Estimated value: US$940-975 (94-97.5% of issue price) reflecting dealer margin and hedge costs. � Distribution fees total US$17.50 per note (1.75%). � TD is the sole calculation agent; all payments depend on TD’s credit as senior unsecured obligations of its Series H debt. � Notes will not list on an exchange; secondary liquidity, if any, will be provided on a best-efforts basis by TD affiliates and may be materially below par.

Risk/return profile. Investors trade equity upside and dividend participation for an above-market coupon that is contingent, limited upside (coupons only) and full downside exposure below the 80% barrier. Automatic redemption can shorten the holding period, creating reinvestment risk. In adverse scenarios—persistent AAPL weakness or a TD credit event—investors may earn no coupons and lose significant principal.

Target investor. Suitable only for investors who: 1) are comfortable with single-stock volatility, 2) can tolerate 100% capital loss, 3) desire potentially high income for one year, and 4) accept TD credit and liquidity risk.

Fortress Biotech, Inc. (Nasdaq: FBIO, preferred: FBIOP) filed a Form 8-K disclosing the voting results of its 17 June 2025 virtual annual meeting of stockholders.

• Director elections: All seven incumbent directors were re-elected with support levels ranging from 93.8% to 98.3% of votes cast, confirming board continuity.
• Auditor ratification: KPMG LLP was re-appointed with 20.4 million votes FOR (98.5%), 0.3 million AGAINST, and 15 k abstentions; brokers were permitted to vote, explaining the larger vote total.
• Say-on-Pay: Executive compensation received 9.39 million FOR (94.7%) versus 0.31 million AGAINST and 0.11 million abstentions; 10.92 million broker non-votes were recorded.
• Say-on-Pay frequency: Stockholders favored a three-year vote cycle (7.42 million votes) over one-year (2.05 million) or two-year (0.18 million) options. The board adopted the triennial schedule until the next required vote in 2031.
• Charter amendment (officer exculpation): Approved with 7.96 million FOR (80%), 1.72 million AGAINST, and 0.12 million abstentions; 10.92 million broker non-votes.

No financial performance data, capital raises, or strategic transactions were reported. The filing is primarily a routine governance update with limited immediate impact on valuation, although the adoption of officer exculpation and a triennial Say-on-Pay cycle slightly reduces direct shareholder oversight.