Document:

exv10w6

 

EXHIBIT 10.6

ADDENDUM TO NON-QUALIFIED STOCK OPTION

Special Rules Applicable to Continuation of Option Following Optionee’s Retirement, Death or Disability, and

Providing for Certain Permissible Transfers.

     This addendum, applicable to the Option granted to [NAME], the Optionee, as of [DATE], and
effective as of the Effective Date, for the purpose of providing for continued exercisability and
vesting of the Option in certain circumstances (set forth below under the heading “Continuation of
Option”) and for certain limited rights to transfer the Option (as set forth below under the
heading “Transferability”) has been provided with respect to the Option in connection with and as
consideration for Optionee’s agreement not to engage in certain activities following his
termination of service as a member of the Board (as set forth below under the heading
“Non-Competition Provisions”). In recognition of these mutual agreements as set forth herein, and
intending to be legally bound, the Company and the Optionee hereby agree as follows:

Continuation of Option

     Notwithstanding the provisions of Paragraph 2 of this Option, if the Optionee terminates his
service as a member of the Board on or after attainment of age 62 (“Retirement”), or by reason of
his death or Disability:

     A. The Optionee shall not be treated as having voluntarily terminated his service as a Board
member;

     B. The Option shall continue to be exercisable and to vest pursuant to the provisions of this
Addendum; and.

     C. The Option shall continue in effect following the death, Disability or Retirement of the
Optionee, and shall continue to vest and be exercisable pursuant to the terms of Paragraphs 1 and 2
of the Option, except that Optionee’s termination of service by reason of death, Disability or
Retirement shall not be taken into account.

     The provisions of Paragraph 2, other than Paragraphs 2(a), and (b) shall continue to apply.

Transferability

     Notwithstanding the limitations on transfers otherwise applicable to this Option, the Option
may be transferred by the Optionee in a transaction that qualifies as a Family Transfer (as that
term is defined in the Plan), and the Option shall, thereafter, be exercisable by the person or
entity receiving the Option pursuant to such Family Transfer. Notwithstanding the foregoing, this
Option shall only be exercisable by a transferee to the same extent and subject to the same terms
and conditions as would have applied had no Family Transfer been made.

Non-Competition Provisions

     In order to induce the Company to agree to the terms of this Stock Option Grant, as modified
by this Addendum, Optionee agrees that Optionee shall not, except upon a waiver by the Committee in
writing of these requirements, at any time after the Optionee’s Disability or Retirement engage
directly or indirectly, as a proprietor, equity holder, investor (except as a passive investor
holding not more than ten percent (10%) of the outstanding capital stock of a publicly held
company), lender, partner, director, officer, employee, consultant or representative or in any
other capacity in the “Home Building Business”. As used herein, the term “Home Building Business”
shall mean any business involved in the acquisition, development or improvement of any real estate
for potential residential use or the purchase, construction, development, marketing or sale of
single or multi-family residential units or any other business which competes with the Company in
the determination of the Committee.

     This Option shall immediately terminate upon a finding by the Committee, after full
consideration of the facts presented on behalf of both the Company and the Optionee, that the
Optionee has breached terms of this Addendum. In such event, in addition to immediate termination
of the Option, the Optionee shall automatically forfeit all Option Shares for which the Company has
not yet delivered the share certificates upon refund by the Company of the amount paid for such
Option Shares.

	 	 	 	 	 	 	 
	 	 	TOLL BROTHERS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 

(Corporate Seal)exv10w7

 

EXHIBIT 10.7

TOLL BROTHERS, INC. STOCK INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS (2007)

STOCK AWARD

     This Stock Award (the “Award Agreement”) constitutes an Award Agreement in connection with the
grant of an Award by Toll Brothers, Inc. (the “Company”) pursuant to the terms of the Toll
Brothers, Inc. Stock Incentive Plan for Non-Employee Directors (2007) (the “Plan”). This Award
consists of a grant of
                     shares of Common Stock (the “Award Shares”), granted on this
___day of
                                        , 20___(the “Date of Grant”) to                                        (the “Grantee”),
and is subject to all applicable terms and conditions set forth in the Plan.

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

     2. Restrictions on the Award Shares. Grantee shall not be permitted to sell,
transfer, pledge or assign the Award Shares at any time except to the extent such Award Shares have
become vested pursuant to the terms of this Award Agreement or the Plan. The Company shall, in its
discretion, either maintain possession of the certificates respecting the Award Shares, place the
certificates in the custody of an escrow agent for the period the Award Shares are not vested, or
transfer certificates to the Grantee; provided, however, that such certificates shall be legended
in a manner determined to be appropriate by the Committee that indicates such restrictions as are
in effect with respect to the Award Shares evidenced by such certificates.

     3. Lapse of Restrictions. Subject to the terms and conditions set forth herein and in
the Plan, the restrictions set forth in Paragraph 2 with respect to the Award Shares shall lapse
(and the Award Shares shall be considered as “vested”) with respect to            of the Award Shares on
                    ,                 of the Award Shares on                     , and with respect to the remaining Award
Shares on                      (each such date being a “Vesting Date”); provided, however, that such
restrictions shall lapse on such dates only if the Grantee has been a member of the Company’s Board
of Directors (the “Board”) continuously from the Date of Grant through such Vesting Date. Except
as otherwise provided, Grantee shall forfeit any Award Shares that have not become vested as of the
date Grantee’s service as a member of the Board terminates.

     4. Vesting Date on Death or Disability. Notwithstanding the foregoing, the Grantee’s
Award Shares shall, if not already vested, become fully vested in the event the Grantee’s service
as a member of the Board terminates by reason of the Grantee’s death or by reason of the grantee’s
“disability” (as that term is used for purposes of the Plan).

     5. Vesting on Change of Control. In the event there is a Change of Control while
Grantee is serving as a member of the Board, Grantee’s Award Shares shall immediately become fully
vested.

     6. Rights of Grantee. During the Restricted Period, Grantee shall have the right to
vote the Restricted Stock and to receive dividends. Stock dividends with respect to the Restricted
Stock shall be subject to the same restrictions as the Restricted Stock.

     7. 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.

 

 

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

     9. Delivery of Shares. Within ten (10) business days of any Vesting Date, the Company
shall, without payment from the Grantee (or the person to whom ownership rights may have passed by
will or the laws of descent and distribution) for the Restricted Stock, (i) deliver to the Grantee
(or such other person) a certificate for the Restricted Stock or (ii) if consented to by the
Grantee (or such other person), deliver electronically to an account designated by the Grantee (or
such other person) the Restricted Stock, in either case without any legend or restrictions, except
for such restrictions as may be imposed by the Committee, in its sole judgment, under Paragraph 8.
The Company may condition delivery of the Restricted Stock upon the prior receipt from Grantee (or
such other person) of any undertakings which it may determine are required to assure that the
shares of Restricted Stock are being issued in compliance with federal and state securities laws.
The right to payment of 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 Vesting Date, as determined
by the Committee.

     10. Award Not to Affect Service. The Award granted hereunder shall not confer upon
Grantee any right to continue as a member of the Board or to serve in any other capacity for the
Company or any Affiliate.

     11. Amendment to Award Agreement. 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 Award 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
Award Agreement may not be changed in a manner that is unfavorable to the Grantee without the
Grantee’s consent.

     12. 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 the 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 and a copy of which is annexed hereto. 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. The Grantee
represents that he/she is familiar with the terms and provisions of the Plan, and hereby accepts
the Award 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. Grantee authorizes the Company to withhold in accordance
with applicable law from any compensation payable to him/her any taxes required to be withheld be
federal, state or local law in connection with the Award.

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

     IN WITNESS WHEREOF, this Award Agreement has been executed on this ___day of                     , 20___.

 

 

	 	 	 	 	 	 	 
	 	 	TOLL BROTHERS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[GRANTEE]

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