Document:

exv10w20

 

EXHIBIT 10.20

AMENDMENT TO THE TOLL BROTHERS, INC.

STOCK INCENTIVE PLAN FOR EMPLOYEES (2007)

     WHEREAS, the Board of Directors (the “Board”) of Toll Brothers, Inc. (the “Company”) has
determined to amend the Toll Brothers, Inc. Stock Incentive Plan for Employees (2007) (the “Plan”)
so as to make clear that options may be exercised by means treating a portion of an option as
having been relinquished in payment of all or a portion of the option exercise price required to be
paid pursuant to the terms of the option; and

     WHEREAS, the Board is authorized to amend the Plan pursuant to Section 9 of the Plan, subject
to certain terms and conditions set forth therein;

     NOW, THEREFORE, the Plan is hereby amended as follows:

     1. Section 6(c) of the Plan is revised in its entirety to read:

	 	 	 	“(c) Medium of Payment. An Optionee shall pay for Option Shares:

	 	(i)	 	in cash;
	 
	 	(ii)	 	by certified check payable to the order of the Company; or

                   (iii)     by such other mode of payment as the Committee may approve, including,
but not limited to, (x) payment through a broker in accordance with procedures
permitted by Regulation T of the Federal Reserve Board, or (y) a deemed payment by
means of a net issuance of shares. If a net issuance of shares is permitted under
the terms of an Option Document, the exercise of the Option shall be treated in the
following manner: Upon notice of exercise, the Optionee shall be deemed, as of the
date of exercise, to have received all of the shares of Common Stock subject to the
Option (or such portion of such shares as corresponds to the portion of the Option
being exercised), and shall simultaneously be deemed to have delivered back to the
Company that number of such shares as have a fair market value (determined as of the
date of exercise) equal to the Option Price required to be paid on exercise of the
Option (or portion being exercised) and any additional amounts required to be paid
by the Optionee in connection with the exercise of the Option. The intent of this
provision is to permit the Optionee to pay the Option Price and other required
amounts by relinquishing back to the Company shares of Common Stock otherwise
issuable pursuant to the exercise of the Option, so that the Optionee will be
entitled to receive only a net issuance of shares of Common Stock having a value
equal to the economic benefit of exercising the Option (or portion of the Option
being exercised).

The Committee may provide in an Option Document that payment may be made in whole or
in part in shares of the Common Stock held by the Optionee for more than one year.
If payment is made in whole or in part in shares of the Common Stock, then the
Optionee shall deliver to the Company certificates registered in the name of such
Optionee representing shares of Common Stock legally and beneficially owned by such
Optionee, free of all liens, claims and encumbrances of every kind and having a fair
market value on the date of delivery of such notice that is not greater than the
Option Price of the

 

 

Option Shares with respect to which such Option is to be
exercised, accompanied by
stock powers duly endorsed in blank by the record holder of the shares represented
by such certificates. In the event that certificates for shares of the Company’s
common stock delivered to the Company represent a number of shares less than the
number of shares required to make payment for the Option Price of the Option Shares
(or relevant portion thereof) with respect to which such Option is to be exercised
by payment in shares of Common Stock, the Optionee shall deliver the remainder of
the Option Price to the Company by some other form of payment permitted herein. In
the event that certificates for shares of the Company’s Common Stock delivered to
the Company represent a number of shares in excess of the number of shares required
to make payment for the Option Price of the Option Shares (or relevant portion
thereof) with respect to which such Option is to be exercised by payment in shares
of Common Stock, the stock certificate issued to the Optionee shall represent the
Option Shares in respect of which payment is made, and such excess number of shares.
Notwithstanding the foregoing, the Committee, in its sole discretion, may refuse to
accept shares of Common Stock in payment of the Option Price. In that event, any
certificates representing shares of Common Stock which were delivered to the Company
shall be returned to the Optionee with notice of the refusal of the Committee to
accept such shares in payment of the Option Price. The Committee may impose such
limitations and prohibitions on the use of shares of the Common Stock to exercise an
Option as it deems appropriate, subject to the provisions of the Plan.”

2. In all other respects, the Plan is continued in full force and effect.exv10w22

 

EXHIBIT 10.22

AMENDMENT TO THE TOLL BROTHERS, INC.

STOCK INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS (2007)

     WHEREAS, the Board of Directors (the “Board”) of Toll Brothers, Inc. (the “Company”) has
determined to amend the Toll Brothers, Inc. Stock Incentive Plan for Non-Employee Directors (2007)
(the “Plan”) so as to make clear that options may be exercised by means treating a portion of an
option as having been relinquished in payment of all or a portion of the option exercise price
required to be paid pursuant to the terms of the option; and

     WHEREAS, the Board is authorized to amend the Plan pursuant to Section 9 of the Plan, subject
to certain terms and conditions set forth therein;

     NOW, THEREFORE, the Plan is hereby amended as follows:

     1. Section 6(c) of the Plan is revised in its entirety to read:

          “(c) Medium of Payment. An Optionee shall pay for Option Shares:

               (i) in cash;

               (ii) by certified check payable to the order of the Company; or

               (iii) by such other mode of payment as the Committee may approve, including,
but not limited to, (x) payment through a broker in accordance with procedures
permitted by Regulation T of the Federal Reserve Board, or (y) a deemed payment by
means of a net issuance of shares. If a net issuance of shares is permitted under
the terms of an Option Document, the exercise of the Option shall be treated in the
following manner: Upon notice of exercise, the Optionee shall be deemed, as of the
date of exercise, to have received all of the shares of Common Stock subject to the
Option (or such portion of such shares as corresponds to the portion of the Option
being exercised), and shall simultaneously be deemed to have delivered back to the
Company that number of such shares as have a fair market value (determined as of the
date of exercise) equal to the Option Price required to be paid on exercise of the
Option (or portion being exercised) and any additional amounts required to be paid
by the Optionee in connection with the exercise of the Option. The intent of this
provision is to permit the Optionee to pay the Option Price and other required
amounts by relinquishing back to the Company shares of Common Stock otherwise
issuable pursuant to the exercise of the Option, so that the Optionee will be
entitled to receive only a net issuance of shares of Common Stock having a value
equal to the economic benefit of exercising the Option (or portion of the Option
being exercised).

The Committee may provide in an Option Document that payment may be made in whole or
in part in shares of the Common Stock held by the Optionee for more than one year.
If payment is made in whole or in part in shares of the Common Stock, then the
Optionee shall deliver to the Company certificates registered in the name of such
Optionee representing shares of Common Stock legally and beneficially owned by such
Optionee, free of all liens, claims and encumbrances of every kind and having a fair
market value on the date of delivery of such notice that is not greater than the
Option Price of the

 

 

 Option Shares with respect to which such Option is to be exercised, accompanied by
stock powers duly endorsed in blank by the record holder of the shares represented
by such certificates. In the event that certificates for shares of the Company’s
common stock delivered to the Company represent a number of shares less than the
number of shares required to make payment for the Option Price of the Option Shares
(or relevant portion thereof) with respect to which such Option is to be exercised
by payment in shares of Common Stock, the Optionee shall deliver the remainder of
the Option Price to the Company by some other form of payment permitted herein. In
the event that certificates for shares of the Company’s Common Stock delivered to
the Company represent a number of shares in excess of the number of shares required
to make payment for the Option Price of the Option Shares (or relevant portion
thereof) with respect to which such Option is to be exercised by payment in shares
of Common Stock, the stock certificate issued to the Optionee shall represent the
Option Shares in respect of which payment is made, and such excess number of shares.
Notwithstanding the foregoing, the Committee, in its sole discretion, may refuse to
accept shares of Common Stock in payment of the Option Price. In that event, any
certificates representing shares of Common Stock which were delivered to the Company
shall be returned to the Optionee with notice of the refusal of the Committee to
accept such shares in payment of the Option Price. The Committee may impose such
limitations and prohibitions on the use of shares of the Common Stock to exercise an
Option as it deems appropriate, subject to the provisions of the Plan.”

2. In all other respects, the Plan is continued in full force and effect.exv10w32

 

EXHIBIT
10.32

TOLL BROTHERS, INC.

AMENDMENT TO CASH BONUS PLAN

     This Amendment to the Cash Bonus Plan (this “Amendment”) has been adopted by the Board of
Directors (the “Board”) of Toll Brothers, Inc. (the “Company”) on March 14, 2007. This Amendment
amends the Toll Brothers, Inc. Cash Bonus Plan (the “Plan”). Capitalized terms used herein and not
defined herein shall have the meanings assigned to such terms in the Plan.

     WHEREAS, the Company originally adopted the Plan in 1993 to provide a bonus program for the
Participant.

     WHEREAS, the stockholders of the Company approved certain amendments to the Plan, most
recently at their March 2005 Annual Meeting, and the Company, with the consent of the Participant,
further amended the Plan effective as of December 7, 2005 and again amended the Plan effective as
of December 15, 2006.

     WHEREAS, pursuant to Section 8(b) of the Plan, the Company may amend the Plan from time to
time without stockholder approval if the amendment does not increase the amount of bonuses
determined under the formula contained in Section 6(a) of the Plan, and the Company may amend the
Plan from time to time without the consent of the Participant if the Amendment does not reduce the
amount of a bonus payment that is due, but has not yet been paid.

     WHEREAS, the Company, desires to amend the Plan to reflect the recent adoption of a new stock
incentive plan by the Company’s stockholders.

     NOW THEREFORE, the Plan is hereby amended as follows:

     Section 1. Amendments to the Plan.

	 	a)	 	The first sentence of Section 5(b) of the Plan is hereby amended to remove the
phrase “the Toll Brothers, Inc. Stock Incentive Plan (1998) (the “1998 Plan”)” and
replace it with “the Toll Brothers, Inc. Stock Incentive Plan for Employees (2007) (the
“2007 Plan)”.

	 	b)	 	All references in the Plan to “the 1998 Plan” are hereby removed and replaced
with “the 2007 Plan”.

     Section 2. Full Force and Effect. Except as specifically modified or amended by the
terms of this Amendment, the Plan, as previously amended, and all provisions contained therein are,
and shall continue, in full force and effect and are hereby ratified and confirmed.

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