Document:

Prepared and filed by St Ives Financials

Exhibit 4.1 

THIS
  TWELFTH SUPPLEMENTAL INDENTURE, dated
  as of APRIL 30, 2006, by and among the parties listed on Schedule
  A hereto (each an “Additional
  Guarantor” and collectively, the “Additional
  Guarantors”) and J.P. MORGAN TRUST COMPANY, NATIONAL
  ASSOCIATION, as successor to BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION, as
  trustee (the “Trustee”).
  Capitalized terms used in this Twelfth Supplemental Indenture and not otherwise
  defined herein (including terms used on Exhibit A attached hereto) shall have
  the meanings ascribed to them in the Indenture (as defined on Exhibit A attached
  hereto).

RECITALS

WHEREAS, Section 4.04 of the Indenture provides that if in accordance with the provisions of the Bank Credit Facility the Company adds, or causes to be added, any Subsidiary that was not a Guarantor at the time of execution of the Original Indenture as a guarantor under the Bank Credit Facility, such Subsidiary shall contemporaneously become a Guarantor under the Indenture;

WHEREAS, desiring to become a Guarantor under the Indenture, each of the Additional Guarantors is executing and delivering this Twelfth  Supplemental Indenture; and 

WHEREAS,
  the consent of Holders to the execution and delivery of this Twelfth Supplemental
  Indenture is not required, and all other actions required to be taken under
  the Indenture with respect to this Twelfth Supplemental Indenture have been
  taken.

NOW, THEREFORE IT IS AGREED:

Section
  1. Joinder.
  Each Additional Guarantor agrees that by its entering into this Twelfth Supplemental
  Indenture it hereby unconditionally guarantees all of the Issuer’s obligations
  under (i) the 6.875% Senior Notes, (ii) the 5.95% Senior Notes, (iii) the
  4.95% Senior Notes, (iv) the 5.15% Senior Notes, (v) any other Securities
  of any Series that has the benefit of Guarantees of other Subsidiaries of the
  Company, and (vi) the Indenture (as it relates to all such Series) on the terms
  set forth in the Indenture, as if each such Additional Guarantor was a party
  to the Original Indenture.

Section
  2. Ratification of Indenture.
  This Twelfth Supplemental Indenture is executed and shall be construed as an
  indenture supplemental to the Indenture, and as supplemented and modified hereby,
  the Indenture is in all respects ratified and confirmed, and the Indenture and
  this Twelfth Supplemental Indenture shall be read, taken and construed as one
  and the same instrument.

Section
  3. Effect of Headings.
  The Section headings herein are for convenience only and shall not affect the
  construction hereof.

 

Section
  4. Successors and Assigns.
  All covenants and agreements in this Twelfth Supplemental Indenture by each
  Additional Guarantor shall bind each such Additional Guarantor’s successors
  and assigns, whether so expressed or not.

Section
  5. Separability Clause.
  In case any one or more of the provisions contained in this Twelfth Supplemental
  Indenture shall for any reason be held to be invalid, illegal or unenforceable
  in any respect, the validity, legality and enforceability of the remaining provisions
  shall not in any way be affected or impaired thereby.

Section
  6. Governing Law.
  This Twelfth Supplemental Indenture shall be governed by and construed in accordance
  with the laws of the State of New York. This Twelfth Supplemental Indenture
  is subject to the provisions of the TIA that are required to be part of this
  Twelfth Supplemental Indenture and shall, to the extent applicable, be governed
  by such provisions.

Section
  7. Counterparts. This
  Twelfth Supplemental Indenture may be executed in any number of counterparts,
  and each of such counterparts shall for all purposes be deemed to be an original,
  but all such counterparts shall together constitute one and the same instrument.

Section
  8. Role of Trustee.
  The recitals contained herein shall be taken as the statements of the Company,
  and the Trustee assumes no responsibility for their correctness. The Trustee
  makes no representations as to the validity or sufficiency of this Twelfth Supplemental
  Indenture.

IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Supplemental Indenture to be duly executed as of the date first above written.

 

	
         
 	
         
 	

THE ADDITIONAL GUARANTORS NAMED
 ON SCHEDULE A HERETO, as Guarantors
 
	
          
 	
         
 	
        By: 
 	
        
 Joseph R. Sicree
 
	
         
 	
         
 	
         
 	
        

 
	
         
 	
         
 	
         
 	
         
 
	
         
 	
         
 	
        Name:
 	
        Joseph R. Sicree
 
	
         
 	
         
 	
        Title:
 	
        Designated Officer
 

 

	

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
 as Trustee
 
	

 
 	
         
 	

 
 
	
        By: 
 	
        
 George N. Reaves
 	
         
 	
         
 	
         
 
	
         
 	
        

 	
         
 	
         
 	
         
 
	
         
 	
         
 	
         
 	
         
 	
         
 
	
        Name: 
 	
        George N. Reaves
 	
         
 	
         
 	
         
 
	
        Title: 
 	
        Vice President
 	
         
 	
         
 	
         
 

SCHEDULE A

 

	
        Company Name
 	
         
 	
         
 	
        General Partner/Member
 	
         
 
	
        

      	
         
 	
         
 	
        

      	
         
 
	
        Toll CA XV, L.P.
 	
         
 	
         
 	
        Toll CA GP Corp.
 	
         
 
	
        Toll CA XVI, L.P.
 	
         
 	
         
 	
        Toll CA GP Corp.
 	
         
 
	
        Toll MA Land Limited Partnership
 	
         
 	
         
 	
        Franklin Farms GP, Inc.
 	
         
 
	
        Toll MN II, L.P.
 	
         
 	
         
 	
        Toll MN GP Corp.
 	
         
 
	
        Toll PA XII, L.P.
 	
         
 	
         
 	
        Toll PA III GP Corp.
 	
         
 
	
        Toll TX VI LP
 	
         
 	
         
 	
        Toll TX GP Corp.
 	
         
 
	
        Orlando TBI Realty LLC
 	
         
 	
         
 	
        Toll Bros., Inc.
 	
         
 
	
        Tampa TBI Realty LLC
 	
         
 	
         
 	
        Toll Bros., Inc.
 	
         
 

 

EXHIBIT A

For purposes of this Twelfth Supplemental Indenture, the term “Indenture” shall mean that certain Indenture, dated as of November 22, 2002 (the “Original Indenture”) by and among Toll Brothers Finance Corp., Toll Brothers, Inc. as Guarantor, the other Guarantors identified therein and the Trustee, as supplemented by: (i) the Authorizing Resolutions, related to the issuance of $300,000,000 aggregate principal amount of 6.875% Senior Notes due 2012 (the “6.875% Senior Notes”) by Toll Brothers Finance Corp. (the “Issuer”) and the issuance of related guarantees by Toll Brothers, Inc. (the “Company”) and the other Guarantors, attached as Exhibit A to the Joint Action of
the Persons Authorized to Act on Behalf of Each of Toll Brothers Finance Corp., Toll Brothers, Inc. and Each of the Entities listed on Schedule I thereto dated as of November 22, 2002; (ii) the First Supplemental Indenture, dated May 1, 2003 (the “First Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such First Supplemental Indenture, thereby became Guarantors) and the Trustee; (iii) the Authorizing Resolutions, related to the issuance of $250,000,000 aggregate principal amount of 5.95% Senior Notes due 2013 (the “5.95% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors, attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of Toll Brothers Finance Corp., Toll Brothers, Inc. and Each of the Entities listed on
Schedule I thereto dated as of September 3, 2003; (iv) the Second Supplemental Indenture dated November 3, 2003 (the “Second Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Second Supplemental Indenture, thereby became Guarantors) and the Trustee; (v) the Third Supplemental Indenture, dated January 26, 2004 (the “Third Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Third Supplemental Indenture, thereby became Guarantors) and the Trustee; (vi) the Fourth Supplemental Indenture, dated March  1, 2004 (the “Fourth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Fourth Supplemental Indenture, thereby became Guarantors)
and the Trustee; (vii) the Authorizing Resolutions, related to the issuance of $300,000,000 aggregate principal amount of 4.95% Senior Notes due 2014 (the “4.95% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of Toll Brothers Finance Corp., Toll Brothers, Inc. and Each of the Entities listed on Schedule I thereto dated as of March 9, 2004; (viii) the Fifth Supplemental Indenture, dated September 20, 2004 (the “Fifth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Fifth Supplemental Indenture, thereby became Guarantors) and the Trustee; (ix) the Sixth Supplemental Indenture, dated as of October 28, 2004 (the “Sixth
Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Sixth Supplemental Indenture, thereby became Guarantors) and the Trustee; (x) the Seventh Supplemental Indenture, dated as of October 31, 2004 (the “Seventh Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Seventh Supplemental Indenture, thereby became Guarantors) and the Trustee; (xi) the Eighth  Supplemental Indenture, dated as of January 31, 2005 (the “Eighth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Eighth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xii) the Authorizing Resolutions, related to the issuance of $300,000,000 aggregate principal amount of  5.15% Senior Notes due 2015
(the “5.15% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of Toll Brothers Finance Corp., Toll Brothers, Inc. and Each of the Entities listed on Schedule I thereto dated as of May 26, 2005; (xiii) the Ninth Supplemental Indenture, dated as of June 6, 2005 (the “Ninth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Ninth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xiv) the Tenth  Supplemental Indenture, dated as of August 1, 2005 (the “Tenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Tenth Supplemental
Indenture, thereby became Guarantors); and (xv) the Eleventh Supplemental Indenture, dated as of January 31, 2006 (the “Eleventh Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Eleventh Supplemental Indenture, thereby became Guarantors) and the Trustee, and as may be further supplemented (including by this Twelfth Supplemental Indenture) and/or amended.Prepared and filed by St Ives Financials

EXHIBIT 10.1

The Toll Brothers, Inc.

Supplemental Executive Retirement Plan

ARTICLE I - ESTABLISHMENT AND PURPOSE

1.1
  Establishment. The Company hereby
  amends and restates the defined benefit pension plan known as the Toll Brothers,
  Inc. Supplemental Executive Retirement Plan (the “Plan”) effective
  as of June 15, 2006 (the “Effective Date”). 

1.2
  Purpose. The principal purposes
  of the Plan are to provide certain executives and consultants or advisors, as
  defined in Article III, with competitive retirement benefits, protect against
  reductions in retirement benefits due to tax law limitations on qualified plans,
  and encourage the continued employment or service of such individuals with the
  Company.

ARTICLE II - DEFINITIONS

2.1
  Board. “Board” means the
  Board of Directors of the Company.

2.2
  Cause. “Cause” means conduct
  by the Participant reasonably likely to cause material harm to the Company that
  consists of proven gross negligence, wanton or willful disregard of duties,
  acts of fraud, embezzlement, theft or the commission of a felony in the course
  of his employment or service, as determined by the Board after full consideration
  of the facts presented on behalf of both the Company and the Participant. 

2.3
  Company.
  “Company” means the Toll Brothers, Inc., a Delaware corporation. 

2.4
  Employment. “Employment” means the period
  or periods during which a Participant is an employee of the Company, or, in
  the case of a consultant or advisor to the Company, is providing services to
  the Company.

2.5
  ERISA. “ERISA” means the Employee Retirement
  Income Security Act of 1974, as amended, and any successor act thereto.

2.6
  Normal Retirement Age. “Normal Retirement Age”
  shall mean age 62. 

2.7
  Participant. “Participant” means an eligible
  executive, consultant or advisor of the Company selected to receive benefits
  under the Plan as provided in Article III of this Plan. 

2.8
  Schedule of Retirement Benefits. “Schedule of Retirement
  Benefits” means the schedule of Participants and retirement benefits attached
  hereto, as that may be amended from time to time. 

 

2.9
  Termination by the Company. “Termination
  by the Company” means either a termination by the Company of a Participant’s
  employment, or a termination by the Participant of his employment with the Company
  by reason of: (a) a material diminution in his title, position, reporting relationship,
  status, duties or responsibilities; (b) the assignment of duties and responsibilities
  that are inconsistent, in a material respect, with the scope of duties and responsibilities
  associated with his position; (c) a material reduction to his base salary; or
  (d) a material reduction to incentive, retirement and welfare plans available
  to the Participant; provided, however, that a Participant’s termination
  of employment shall only be treated as a Termination by the Company if the Participant
  has provided notice to the Company of the basis for his determination that he
  intends to terminate his employment and the Company has not corrected the situation
  within thirty (30) days. 

2.10
  Top Hat Plan. “Top Hat Plan” means a nonqualified,
  unfunded plan maintained primarily to provide deferred compensation benefits
  to a Participant who falls within a select group of “management or highly
  compensated employees” within the meaning of Section 201, 301 and 401 of
  ERISA. 

ARTICLE III - RETIREMENT

3.1
  Eligibility. Only those key executives, consultants
  or advisors who are designated as eligible to participate in the Plan on the
  Schedule of Retirement Benefits shall be eligible for benefits hereunder. 

3.2
  Participation. The Board, or such
  person or entity designated by the Board, acting in its discretion, may designate
  any eligible employee, consultant or advisor as a Participant under this Plan,
  and may designate any conditions applicable to any such Participant. Such designation
  shall be in writing and shall be effective as of the date contained therein.
  Participation in the Plan is terminable by the Board, in its discretion, upon
  written notice to the Participant, and termination shall be effective as of
  the date contained therein, but in no event earlier than the date of such notice,
  provided that no such termination shall in any material manner reduce or adversely
  affect any Participant’s rights to vested benefits hereunder without the
  consent of the Participant.

3.3
  Noncompetition. Notwithstanding any other provisions
  hereof, neither a Participant nor a Participant’s spouse nor any other
  beneficiary of a Participant shall receive any further benefits hereunder if
  the Participant, without prior written consent of the Board, engages in (as
  a principal, partner, director, officer, agent, employee, consultant, owner,
  independent contractor of otherwise), or acquires a material financial interest
  in, any business that is a direct competitor of the Company under circumstances
  where the Participant’s actions or interests with respect to such competitor
  are reasonably likely to cause material harm to the Company; provided, however,
  that this Section 3.3 shall cease to be applicable with respect to any Participant,
  upon the Termination by the Company of the Participant’s employment without
  Cause.

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ARTICLE IV - AMOUNT, FORM, AND PAYMENT OF SUPPLEMENTAL BENEFIT

4.1
  Normal Retirement Benefit. Subject to the terms of this
  Plan, a Participant who retires from Employment shall be entitled to receive
  an annual retirement benefit as set forth in the Schedule of Retirement Benefits
  starting as of the date of the Participant’s retirement on or after attaining
  Normal Retirement Age. 

4.2
  Form of Benefit. The benefit payable to a Participant
  shall be paid at the time and in the manner set forth in the Schedule of Retirement
  Benefits.

4.3
  Death Benefit and Disability. If a Participant who is
  credited with twenty (20) or more years of service dies before such Participant
  has terminated employment, or terminates employment because of the onset of
  a disability prior to attaining Normal Retirement Age, the benefit that would
  have been payable to the Participant shall be paid to the Participant or to
  the Participant’s designated beneficiary, if any (and otherwise to the
  Participant’s estate), as the case may be, at the time and in the manner
  provided for in the Schedule of Retirement Benefits commencing as of the date
  the Participant attains (or would have attained) his Normal Retirement Age.
  If a Participant dies after payment of benefits under the Plan has commenced,
  the remaining installments, if any, shall be paid to the Participant’s
  designated beneficiary, if any, and otherwise to the Participant’s estate.
  For purposes of this Section 4.3, a determination of whether a Participant’s
  employment has terminated because of the onset of a disability shall be made
  by the Board, at its discretion, or by such committee as may be established
  by the Board pursuant to Section 5.1, below, to act on its behalf with respect
  to the Plan. 

4.4
  Vesting. Except as otherwise provided in the Schedule
  of Retirement Benefits, a Participant’s benefit under the Plan shall be
  forfeited if the Participant’s employment terminates for any reason prior
  to his or her (a) completion of twenty (20) years of service with the Company
  and (b) attainment of Normal Retirement Age. For these purposes, periods of
  service prior to the adoption of the Plan shall be taken into account. Notwithstanding
  the foregoing, for purposes of this Section 4.4, a Participant shall be vested
  in his benefit if his termination of employment occurs by reason of his death
  or the onset of a disability, as provided in Section 4.3, above, and in the
  event there is a Termination by the Company of the Participant’s employment
  without Cause prior to Participant’s attainment of Normal Retirement Age,
  and the Participant is credited with at least twenty (20) years of service with
  the Company as of the date of such termination, the Participant shall be fully
  vested, and shall be entitled to commence receipt of benefits hereunder upon
  attainment of Normal Retirement Age and to any other benefit provided hereunder
  with respect to a vested Participant. The intent of this Section 4.4, as it
  applies to a Termination by the Company without Cause, is to fully vest any
  Participant who has twenty (20) years of service but who is terminated without
  Cause, but not to accelerate the time at which benefit payments with respect
  to such Participant commence

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4.5
  Compliance With Code Section 409A. Notwithstanding anything
  to the contrary herein, no benefit under the Plan shall be distributed at a
  time or in a manner that will be treated as a violation of the distribution
  rules of Code Section 409A(a)(2) and no alternative form of payment shall be
  permitted to be made under the Plan if such alternative benefit form would violate
  any of the requirements of Code Section 409A(a)(3) or (4) relating to acceleration
  of benefits and changes in time and form of distribution (taking into account
  any regulations or other guidance issued by Treasury or the Internal Revenue
  Service with regard to these Code provisions as may be in effect from time to
  time). The intent of this provision is to ensure that no additional tax liabilities
  are imposed on the benefits provided under the Plan under Code Section 409A,
  and may require, for example, a delay in commencement of benefits until six
  months after the Participant’s termination of employment. Notwithstanding
  anything to the contrary contained herein, this Section 4.5 shall be deemed
  to be effective as of January 1, 2005.

ARTICLE V - ADMINISTRATION

5.1
  Authority of the Board. This Plan shall be administered
  by the Board or any committee designated by the Board to administer the Plan.
  Subject to the provisions of the Plan, the Board or applicable committee shall
  have the authority to make, amend, interpret, and enforce all appropriate rules
  and regulations for the administration of this Plan and to decide or resolve
  any and all questions, including interpretations of this Plan, as may arise
  in connection with this Plan. Notwithstanding the foregoing, the Company shall
  act as the plan administrator for purposes of any filings with any governmental
  entity or in the event claims for benefits are made by any Participant.

5.2
  Agents. In the administration of
  this Plan, the Board may, from time to time, employ agents and delegate to such
  agents such administrative duties as it deems advisable and allowable under
  the terms of the Plan.

5.3
  Decisions Binding. The decision or action of the Board
  with respect to any question arising out of or in connection with the administration,
  interpretation, and application of this Plan and any rules or guidelines made
  in connection with this Plan shall be final and conclusive, and shall be binding
  upon all persons and entities having any interest in this Plan.

5.4
  Indemnity of Board. The Company shall indemnify and
  hold harmless the Board and its individual members along with any other committee
  that may be established to administer the Plan pursuant to Paragraph 5.1 and
  any members thereof, against any and all claims, loss, damage, expense, or liability
  arising from any action or failure to act with respect to this Plan.

5.5
  Cost of Administration. The Company shall bear all expenses
  of administration of this Plan.

5.6
  Claims. 

(a) A Participant or a Participant’s beneficiary for benefits under the Plan may file a written claim for benefits under the Plan with the Plan Administrator, if he believes that he is entitled to receive benefits under the Plan but is not receiving benefits under the Plan or if he is receiving benefits under the Plan, but disputes the amount and/or form of benefits received. Such written claim for benefits shall set forth the nature of the claim and/or dispute, and set forth all facts and circumstances which are relevant to the claim.

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(b) If, pursuant to the provisions of the Plan, the Company denies the claim of the Participant or the Participant’s beneficiary for benefits under the Plan, the Company shall provide written notice, within ninety (90) days after receipt of the claim, setting forth in a manner calculated to be understood by the claimant:

(i) the specific reasons for such denial;

(ii) the specific reference to the Plan provisions on which the denial is based;

(iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is needed; and

(iv) an explanation of the Plan’s claim review procedure and the time limitations of this subsection applicable thereto.

(c) The Participant or the Participant’s beneficiary whose claim for benefit has been denied may request review by the Company of the denied claim by notifying the Company in writing within sixty (60) days after receipt of the notification of claim denial. As part of said review procedure, the claimant or the claimant’s authorized representative may review pertinent documents and submit issues and comments to the Company in writing. The Company shall render its decision to the claimant in writing in a manner calculated to be understood by the claimant not later than sixty (60) days after receipt of the request for review, unless special circumstances require an extension of time, in which case decision shall be rendered as soon after the sixty-day period as possible, but not later than one hundred and twenty (120) days after receipt of the request for review. The decision on review
shall state the specific reasons therefor and the specific Plan reference on which it is based. 

ARTICLE VI - AMENDMENT AND TERMINATION

6.1 The Company hereby reserves the right to amend, modify, or terminate the Plan (and the Schedule of Retirement Benefits) at any time, and from time to time, by action of a majority of the members of the Board. Except as described below in this Article VI, no such amendment or termination shall in any material manner reduce or adversely affect any Participant’s rights to benefits hereunder without the consent of such Participant. 

6.2 The Board may terminate the Plan and commence termination payout for all Participants, or remove certain employees as Participants, if it is determined by the United States Department of Labor or a court of competent jurisdiction that the Plan constitutes an employee pension benefit plan within the meaning of Section 3(2) of ERISA which is not exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA; provided, however, that if the Plan is terminated pursuant to this sentence, then all Participants shall be deemed to be fully vested in the benefits described in Article IV as of the date immediately preceding such termination and shall be paid in a single lump-sum the actuarially equivalent present value of such benefit as soon as practicable (but in no case more than 90 days) after such termination. 

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ARTICLE VII - MISCELLANEOUS

7.1
  Unfunded Plan. This Plan is intended
  to be a Top Hat Plan and therefore exempt from the provisions of Parts 2, 3,
  and 4 of Title I of ERISA. Such status shall not be adversely affected by the
  establishment of any trust pursuant to Paragraph 7.4 below.

7.2
  Unsecured General Creditor. Each
  Participant and his or her beneficiaries, heirs, successors, and assigns shall
  have no secured legal or equitable rights, interests, or claims in any property
  or assets of the Company, nor shall any such persons have any rights, interests
  or claims in any life insurance policies, annuity contracts, or the proceeds
  therefrom owned or which may be acquired by the Company. Except as provided
  in Paragraph 7.4, such policies, annuity contracts, or other assets of the Company
  shall not be held under any trust for the benefit of a Participant, his or her
  beneficiaries, heirs, successors or assigns, or held, in any way, as collateral
  security for the fulfilling of any obligations of the Company under this Plan.
  Any and all of the Company’s assets and policies shall be, and shall remain
  for purposes of this Plan, the general, unpledged, unrestricted assets of the
  Company. The Company’s obligation under this Plan shall be that of an unfunded
  and unsecured promise to pay money in the future.

7.3
  Supplemental Benefits. As of the Effective Date, the
  Plan is the intended to be a supplemental source of Company paid retirement
  benefits for Participants and not the sole source of such benefits. The benefit
  payable hereunder shall, therefore, not be subject to any reduction because
  of benefits that may be paid or otherwise provided to a Participant, except
  to the extent that an offset is explicitly provided for in a contractual arrangement
  with a particular Participant. 

7.4
  Trust Fund. 

(a) At its discretion, the Company may establish one or more grantor trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of benefits under this Plan. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company’s general creditors. To the extent any benefits provided under this Plan are actually paid from any such trust, the Company shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Company. 

(b) At its discretion, the Company may, in addition to or in lieu of establishing one or more grantor trusts as described in clause (a) above, take other actions to fund the benefits provided for under this Plan, but in no event shall the Company establish any funding mechanism which would result in the Plan failing to qualify as a Top Hat Plan exempt from the provisions of Parts 2, 3, and 4 of Title I of ERISA. 

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7.4
  Nonassignability. Neither a Participant
  nor any other person shall have any right to sell, assign, transfer, pledge,
  anticipate, mortgage, or otherwise encumber, hypothecate or convey in advance
  of actual receipt the amounts, if any, payable hereunder, or any part thereof,
  which are, and all rights to which are, expressly declared to be nonassignable
  and nontransferable, provided that a Participant may assign the right to receive
  such amounts to trusts or limited partnerships established for the benefit of
  the Participant’s spouse or children. No part of the amount payable shall,
  prior to actual payment, be subject to seizure or sequestration for the payment
  of any debts, judgments, alimony or separate maintenance owed by a Participant
  or any other person, nor shall such amounts or rights to such amounts be transferable
  by operation of law in the event of a Participant’s or any other person’s
  bankruptcy or insolvency.

7.5
  Not a Contract of Employment. The
  terms and conditions of this Plan shall not be deemed to constitute a contract
  of employment between the Company and any Participant, and Participants (and
  Participants’ beneficiaries) shall have no rights against the Company except
  as may otherwise be specifically provided herein. Moreover, nothing in this
  Plan shall be deemed to give a Participant the right to be retained in the service
  of the Company or to interfere with the right of the Company to discipline or
  discharge any Participant at any time.

7.6
  Validity. If any provision of this
  Plan shall be held illegal or invalid for any reason, said illegality or invalidity
  shall not affect the remaining parts hereof, but this Plan shall be construed
  and enforced as if such illegal and invalid provision had never been inserted
  herein.

7.7
  Successors. The provisions of this Plan shall bind and
  inure to the benefit of the Company and its successors and assigns, and the
  Company shall require all its successors and assigns to expressly assume its
  obligations hereunder. The term “successors,” as used herein, shall
  include any corporate or other business entity which shall, whether by merger,
  consolidation, purchase or otherwise, acquire all or substantially all of the
  business and assets of the Company.

7.8
  Tax Withholding. The Company shall
  have the right to require Participants to remit to the Company an amount sufficient
  to satisfy federal, state, and local tax withholding requirements, or to deduct
  from payments made pursuant to the Plan amounts sufficient to satisfy such tax
  withholding requirements.

7.9
  Governing Law. The provisions of this agreement shall
  be construed and interpreted according to the laws of the State of Pennsylvania
  except as preempted by Federal law.

7.10
  Forfeiture. All benefits hereunder
  shall be subject to forfeiture in their entirety in the event that Participant’s
  employment is terminated for Cause. 

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IN WITNESS WHEREOF, the Company has caused the Plan, as amended and restated, to be adopted as of the Effective Date. 

 

  	

 
 	

 
 	
         
 	

TOLL BROTHERS, INC.
 
	

 
 	

 
 	

 
 	

 
 	

By: 
 	

 Joel H. Rassman
 
	

 
 	

 
 	

 
 	

 
 	

 
 	

 
	

 
 	

 
 	

 
 	

 
 	

Name: 
 	

Joel H. Rassman
 
	

 
 	

 
 	

 
 	

 
 	

Title: 
 	

Chief Financial Officer,
 Executive Vice President, Assistant Secretary and Treasurer
 

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Schedule of Retirement Benefits

The Participants in the Plan and the annual benefit payable to each Participant are as set forth below:

 

  	

Participant
 	
         
 	

Annual Benefit
 	
         
 
	

 	

 
 	

 	

 
 
	

Robert Toll                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 	
         
 	
        $
 	
        500,000
 	
         
 
	

Zvi Barzilay                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 	

 
 	

$
 	

260,000
 	

 
 
	

Joel Rassman                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 	

 
 	

$
 	

250,000
 	

 
 
	

Wayne Patterson                                                                                                                                                                                                                                                                                                                                                                                                                                       
 	

 
 	

$
 	

125,000
 	

 
 
	

Bruce E. Toll*                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 	

 
 	

$
 	

230,000 
 	

 
 

The annual benefit shall be payable for twenty (20) years, commencing as soon as practicable following the Participant’s retirement at any time after the Participant has attained Normal Retirement Age, or at the date the Participant attains or would have attained Normal  Retirement Age in the case of a Participant who has terminated employment prior to that date and who is vested in his benefit. Payments shall be made in a manner and at times consistent with the Company’s normal payroll practices as in effect from time to time. 

* Bruce Toll’s participation is subject to his execution of his Advisory and Noncompetition Agreement with the Company. 

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