exv10w20






Exhibit 10.20




TOLL BROTHERS, INC.

AMENDED AND RESTATED STOCK INCENTIVE PLAN FOR EMPLOYEES (2007)

RESTRICTED STOCK UNIT AWARD




     This Restricted Stock Unit Agreement (the “RSU” or “RSU Agreement”) documents the grant of
Restricted Stock Units by Toll Brothers, Inc. (the “Company”) pursuant to the terms of the Toll
Brothers, Inc. Amended and Restated Stock Incentive Plan for Employees (2007) (the “Plan”). This
RSU consists of a grant of a right to receive a number of shares of Common Stock at the date
specified herein. This RSU relates to 200,000 shares of Common Stock (the “Shares”), and is
granted on this 19th day of December, 2008 (the “Date of Grant”) to Robert I. Toll (the “Grantee”),
and is subject to all applicable terms and conditions set forth in the Plan.



     1. Definitions. All capitalized terms contained in this RSU Agreement shall have the
meaning set forth in the Plan unless otherwise defined herein or as may be required by the context.



     2. Performance-Based Vesting. Grantee’s rights under this RSU shall, except to the
extent greater vesting is provided for under the terms of the Plan or as set forth in this RSU,
become fully vested and Grantee shall be entitled to receipt of the Shares represented by this RSU
only if, and at such time as, the average closing price of the Common Stock on the New York Stock
Exchange (“NYSE”), measured over any twenty (20) consecutive trading days ending on or prior to
December 19, 2013, increases 30% or more over the closing price of the Common Stock on the NYSE on
the Date of Grant; provided that in no event shall Grantee’s rights under this RSU become vested if
Grantee does not continue to be employed by, or be a member of the Board of, the Company until
December 19, 2011.



     3. Vesting Upon Death or Disability. Notwithstanding any of the provisions in Section
2, Grantee’s rights under this RSU shall become fully vested and Grantee shall be entitled to
receipt of the Shares represented by this RSU in the event the Grantee’s service as an employee or
as a member of the Board of the Company terminates by reason of the Grantee’s death, or by reason
of the Grantee’s “disability” (as hereinafter defined).



For purposes of this RSU Agreement, the term “disability” shall mean any condition that would
qualify as a “disability” as that term is defined in the Plan, or any other condition that the
Committee determines to be a medically determinable physical or mental impairment which can be
expected (a) to prevent the Grantee from being able to perform his usual duties (or another job
deemed appropriate by the Committee taking into account the Grantee’s education, prior experience
and past earnings) and (b) to last for one year or longer.



     4. Vesting Upon Change of Control. Notwithstanding any of the provisions of Section
2, Grantee’s rights under this RSU shall become fully vested and Grantee shall be entitled to
receipt of the Shares represented by this RSU in the event there is a Change of Control while
Grantee is employed by, or a member of the Board of, the Company.



     5. Delivery of Shares. The Shares shall be delivered to Grantee (or the person to
whom ownership rights may have passed by will or the laws of descent and distribution), on or as
soon as practicable after the first to occur of the following:



          (a) The date the performance-based vesting conditions set forth in Section 2 are satisfied;




 









 








          (b) The occurrence of a Change of Control; provided, however, that the event that constitutes
a Change of Control also constitutes a change in ownership or effective control of the Company, or
a change in the ownership of a substantial portion of the assets of the Company that permits a
payment of deferred compensation pursuant to Section 409A of the Internal Revenue Code; or




          (c) The date of Grantee’s termination of employment with, or as a member of the Board of, the
Company due to death or disability; provided, however, that delivery of the Shares by reason of
Grantee’s termination of employment shall be delayed until the six (6) month anniversary of the
date of Grantee’s termination of employment if and to the extent necessary to comply with Code
Section 409A(a)(B)(i), and the determination of whether or not there has been a termination of
Grantee’s employment with the Company shall be made by the Committee consistent with the definition
of “separation from service” (as that phrase is used for purposes of Code Section 409A, and as set
forth in Treasury Regulation Section 1.409A-1(h)).



The Company shall, without payment from Grantee (or the person to whom ownership rights may
have passed by will or the laws of descent and distribution) for the Shares, other than any
required withholding taxes, as provided in Section 9, below, (i) deliver to Grantee (or such other
person) a certificate for the Shares being delivered or (ii) if consented to by Grantee (or such
other person), deliver electronically to an account designated by Grantee (or such other person)
the Shares being delivered, in either case without any legend or restrictions, except for such
restrictions as may be imposed by the Committee, in its sole judgment, consistent with the terms of
the Plan. The Company may condition delivery of the Shares upon the prior receipt from Grantee (or
such other person) of any undertakings which it may determine are required to assure that the
Shares being delivered are being issued in compliance with federal and state securities laws. The
right to any fractional Shares shall be satisfied in cash, measured by the product of the
fractional amount times the fair market value of a Share on the date the Share would otherwise have
been delivered, as determined by the Committee. Notwithstanding anything to the contrary herein,
in the event of a Change of Control, the Grantee shall receive, at the time that delivery of the
Shares is provided for hereunder, the Shares and/or such other property or other consideration as
is appropriate so that the Grantee receives, as of such date of delivery, whatever the Grantee
would have received had the Grantee held the Shares at the time of the Change of Control




     6. Dividends. Grantee shall not be entitled to any cash, securities or property that
would have been paid or distributed as dividends with respect to the Shares subject to this RSU
Agreement prior to the date the Shares are delivered to Grantee; provided, however, that the
Company shall keep a hypothetical account in which any such items shall be recorded, and shall pay
to Grantee the amount of such dividends in kind on the same date that the Shares to which such
payments or distributions relate are delivered to Grantee (or forfeited).



     7. Non-Transferability of this RSU. Grantee shall not be permitted to sell, transfer,
pledge, assign or otherwise dispose of this RSU at any time. Notwithstanding the foregoing, in the
event of Grantee’s death, this RSU may be transferred by will or by the laws of descent and
distribution.



     8. Rights of Grantee. Grantee shall have none of the rights of a shareholder at any
time prior to the delivery of the Shares subject to this RSU Agreement, except as expressly set
forth in the Plan or herein.



     9. Withholding Taxes. Grantee shall be responsible to pay to the Company the amount
of withholding taxes as determined by the Company on the date the Shares are delivered. At the
Grantee’s option, Grantee shall have the right to relinquish to the Company a portion of the Shares
having a fair market value, based on the closing price of the Common Stock on the NYSE on such
delivery date, equal to the amount the Grantee would otherwise be required to pay to the Company on
such delivery date by reason of applicable withholding taxes, in lieu of paying that amount to the
Company in cash. Grantee authorizes



 









 







the Company to withhold in accordance with applicable law from any compensation payable to him
or her any taxes required to be withheld for federal, state or local law in connection with this
RSU.



     10. Notices. Any notice to the Company under this Agreement shall be made in care of
the Committee to the office of the General Counsel, at the Company’s main offices. All notices
under this Agreement shall be deemed to have been given when hand delivered or mailed, first class
postage prepaid, and shall be irrevocable once given.



     11. Securities Laws. The Committee may from time to time impose any conditions on the
Shares as it deems necessary or advisable to ensure that Shares are issued and resold in compliance
with the Securities Act of 1933, as amended.



     12. Grant of RSU Not to Affect Service. The grant of this RSU shall not confer upon
Grantee any right to continue as an employee of the Company or to serve in any other capacity for
the Company or any Affiliate.



     13. Amendment to RSU Agreement; Acceleration. Notwithstanding anything contained
herein to the contrary, the Committee shall have the authority to amend or modify the terms and
conditions set forth in this RSU Agreement if the Committee determines, at its discretion, that any
such amendment or modification is necessary or appropriate; provided, however, that the terms of
this RSU Agreement may not be changed in a manner that is unfavorable to Grantee without Grantee’s
consent.



     14. Miscellaneous.



          (a) The address for Grantee to which notice, demands and other communications to be given or
delivered under or by reason of the provisions hereof shall be Grantee’s address as reflected in
the Company’s personnel records.




          (b) Grantee acknowledges receipt of a copy of the Plan prospectus, included in which is a
summary of the terms of the Plan. The summary contained therein is qualified in its entirety by
reference to the terms of the Plan, copies of which are available with the Company’s public filings
with the United States Securities and Exchange Commission at www.sec.gov, or by oral or written
request directed to the Company. Grantee represents that he is familiar with the terms and
provisions of the Plan, and hereby accepts this RSU, subject to all of the terms and provisions
thereof. Grantee agrees to hereby accept as binding, conclusive and final all decisions or
interpretations of the Committee upon any questions arising under the Plan or this Agreement.




          (c) The validity, performance, construction and effect of this RSU shall be governed by the
laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflicts of law.




[SIGNATURE PAGE IMMEDIATELY FOLLOWS]




 









 







IN WITNESS WHEREOF, this RSU Agreement has been executed on this 19th day of December, 2008.




	 	 	 	 	 	 	 	 	 
	TOLL BROTHERS, INC.	 	 	 	GRANTEE:	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	Name:

	 	 

	 	 	 	 

Robert I. Toll
	 	 
	Title: