Document:

exv10w3

 

Exhibit 10.3

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 provide for an option exchange program for certain employees.

     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, subject to the approval of this amendment by the
Company’s stockholders, by the addition of a new Section 17 to read:

 

     “17. Option Exchange Program.  Notwithstanding any other provision of the Plan to the
contrary, including but not limited to Section 5 hereof, the Company, by action of the Executive
Compensation Committee, may effect an option exchange program (the “Option Exchange Program”), to
be commenced through one or more option exchange offers prior to March 12, 2009, provided that in
no event may more than one offer to exchange be made for any outstanding option. Under any option
exchange offer, Eligible Employees will be offered the opportunity to exchange Eligible Options
(the “Surrendered Options”) for new Options (the “New Options”), as follows: (1) each New Option
shall have a “value” (determined in accordance with a generally accepted option valuation method as
of a date prior to the commencement of any exchange offer) equal to the value of the Surrendered
Option; (2) the Executive Compensation Committee shall determine an exchange ratio for the Option
Exchange Program consistent with the foregoing pursuant to which (a) each New Option shall
represent the right to purchase fewer Option Shares than the Option Shares underlying the
Surrendered Option, and (b) the per share exercise price of each New Option shall be not less than
the fair market value of a share of Common Stock on the date of issuance of the New Option;
(3) each Surrendered Option or portion thereof that is fully vested shall be exchanged for a New
Option or portion thereof that is fully vested, and each Surrendered Option or portion thereof that
is unvested shall be exchanged for a New Option or portion thereof with a vesting schedule that is
the same as the Surrendered Option; and (4) each New Option shall have the same expiration date as
the Surrendered Option. All other material terms of each New Option shall be substantially similar
to the Surrendered Option exchanged therefor. “Eligible Employees” means employees of the Company
other than executive officers (as defined in Rule 3b-7 under the Securities Exchange Act of 1934,
as amended). “Eligible Options” means any Option other than a New Option where, as of a date
specified by the terms of any exchange offer (which date shall be not more than ten business days
prior to any exchange offer), the fair market value per share of the shares of Common Stock
underlying the Option is 75% or less of the per share exercise price of the Option. Subject to the
foregoing, the Executive Compensation Committee shall be permitted to determine additional terms,
restrictions or requirements relating to the Option Exchange Program.”exv10w4

 

Exhibit 10.4

AMENDMENT TO THE TOLL BROTHERS, INC.

STOCK INCENTIVE PLAN (1998)

     WHEREAS, the Board of Directors (the “Board”) of Toll Brothers, Inc. (the “Company”) has
determined to amend the Toll Brothers, Inc. Stock Incentive Plan (1998) (the “Plan”) so as to
provide for an option exchange program for certain employees.

     WHEREAS, the Board is authorized to amend the Plan pursuant to Section 10 of the Plan, subject
to certain terms and conditions set forth therein.

     NOW, THEREFORE, the Plan is hereby amended, subject to the approval of this amendment by the
Company’s stockholders, by the addition of a new Section 16 to read:

 

     “16. Option Exchange Program. Notwithstanding any other provision of the Plan to the
contrary, including but not limited to Section 5 hereof, the Company, by action of the Executive
Compensation Committee, may effect an option exchange program (the “Option Exchange Program”), to
be commenced through one or more option exchange offers prior to March 12, 2009, provided that in
no event may more than one offer to exchange be made for any outstanding option. Under any option
exchange offer, Eligible Employees will be offered the opportunity to exchange Eligible Options
(the “Surrendered Options”) for new Options (the “New Options”), as follows: (1) each New Option
shall have a “value” (determined in accordance with a generally accepted option valuation method as
of a date prior to the commencement of any exchange offer) equal to the value of the Surrendered
Option; (2) the Executive Compensation Committee shall determine an exchange ratio for the Option
Exchange Program consistent with the foregoing pursuant to which (a) each New Option shall
represent the right to purchase fewer Option Shares than the Option Shares underlying the
Surrendered Option, and (b) the per share exercise price of each New Option shall be not less than
the fair market value of a share of Common Stock on the date of issuance of the New Option; (3)
each Surrendered Option or portion thereof that is fully vested shall be exchanged for a New Option
or portion thereof that is fully vested, and each Surrendered Option or portion thereof that is
unvested shall be exchanged for a New Option or portion thereof with a vesting schedule that is the
same as the Surrendered Option; and (4) each New Option shall have the same expiration date as the
Surrendered Option. All other material terms of each New Option shall be substantially similar to
the Surrendered Option exchanged therefor. “Eligible Employees” means employees of the Company
other than executive officers (as defined in Rule 3b-7 under the Securities Exchange Act of 1934,
as amended). “Eligible Options” means any Option other than a New Option where, as of a date
specified by the terms of any exchange offer (which date shall be not more than ten business days
prior to any exchange offer), the fair market value per share of the shares of Common Stock
underlying the Option is 75% or less of the per share exercise price of the Option. Subject to the
foregoing, the Executive Compensation Committee shall be permitted to determine additional terms,
restrictions or requirements relating to the Option Exchange Program.”Exhibit 10.10 

STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement (this “Agreement”) is made and entered into this 29th day
of February, 2008, by and between ___________ (“Buyer”) and Churchill Ventures Limited, a Delaware corporation
(“Company”). 

     1.     Recitals. Company desires to sell to Buyer, and Buyer desires to purchase from Company, 7,500 shares (the “Stock”) of common stock of Company (“Common Stock”) in exchange for future services provided by Buyer to the Company (the
“Consideration”). Buyer desires to purchase the Stock from the Company, and Company desires to sell the Stock to the Buyer, all in accordance with the terms of this Agreement.

     2.     Purchase and Sale of the Stock. Company hereby agrees to sell the Stock to Buyer and agrees to execute such instruments of conveyance as
may reasonably be requested by Buyer in order to effectuate the transfer of the Stock. 

     3.     Payment of Consideration. Buyer agrees to take such actions as are necessary to reflect the delivery of to Company the Consideration in
complete payment for the Stock in such form as may be reasonably acceptable to Company. 

     4.     Closing. The closing of the transactions contemplated by this Agreement shall take place at such time and place as mutually agreed upon by
the parties hereto (the “Closing”).

     5.     Representations and Warranties of Company. Company represents and warrants that it has full power and authority to enter into this
Agreement and to convey the valid title of the Stock to Buyer free and clear of all liens, pledges and encumbrances whatsoever. 

     6.     Representations and Warranties of Buyer. Buyer has full power and authority to enter into this Agreement. Buyer recognizes that Company
has a limited financial and operating history and that an investment in Company involves a high degree of risk. Further, Buyer understands that it will not be possible to readily liquidate the investment. Buyer further acknowledges that it has
adequate means for providing for its current needs and contingencies and has no need for liquidity in its investment in Company. Buyer has had an opportunity to review the books and records of Company, and an opportunity to ask questions of and
receive answers from officers of Company concerning the terms and conditions of this transaction. Buyer confirms that it is capable of evaluating the merits and risks of an investment in Company. Buyer finally acknowledges that it will acquire the
Stock for its own account for investment and not with a view toward resale or redistribution in a manner that would require registration under applicable securities laws and the Buyer does not now have any reason to anticipate any change in this
circumstance. 

     7.     Covenants of Buyer. At or immediately after the Closing, Buyer shall execute (i) a lock-up agreement with Banc of America LLC
(“BOA”) with respect to the Stock (the “Lock-Up Agreement”) in substantially similar form as attached hereto as
Exhibit A and (ii) a restricted stock agreement (the “Restricted Stock Agreement”) with Company that provides for the
forfeiture of the Stock by Company for no consideration (unless otherwise determined by the 

board of directors of Company) if Buyer does not remain a director or a member of the advisory board of Company at least until the Stock is free and clear of all restrictions placed on it by the Lock-Up Agreement and the Stock is
registered for resale pursuant to the Securities Act of 1933, as amended (the “Act”). 

     8.     Restrictions on Transfer. Buyer understands and agrees that the following restrictive legend will be placed on the Stock. 

 “THIS STOCK HAS NOT BEEN
    REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
    STATE SECURITIES LAW. THIS STOCK MAY NOT BE SOLD OR OTHERWISE TRANSFERRED
    UNTIL IT HAS BEEN REGISTERED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES
    LAWS OR UNTIL THE CORPORATION HAS RECEIVED AN OPINION OF LEGAL COUNSEL SATISFACTORY
    TO IT THAT THIS NOTE MAY LEGALLY BE SOLD OR OTHERWISE TRANSFERRED WITHOUT
    SUCH REGISTRATION. THIS STOCK IS FURTHER SUBJECT TO CERTAIN RESTRICTIONS
    AND MAY BE SUBJECT TO FORFEITURE UNDER THE TERMS OF THAT CERTAIN RESTRICTED
    STOCK AWARD AGREEMENT, DATED FEBRUARY 29, 2008, BY AND BETWEEN CHURCHILL
    VENTURES LTD. AND THE REGISTERED OWNER OF SUCH STOCK, AND SUCH STOCK MAY
    NOT BE, DIRECTLY OR INDIRECTLY, OFFERED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED,
    HYPOTHECATED OR OTHERWISE DISPOSED OF UNDER ANY CIRCUMSTANCES, EXCEPT PURSUANT
    TO THE PROVISIONS OF SUCH AGREEMENT.” 

     9.     Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument. 

     10.     Miscellaneous. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference
to the choice of law principles thereof. This Agreement contains the entire agreement of the parties with respect to the matters set forth herein and there are no representations, covenants or other agreements except as stated or referred to herein.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, successors and assigns.

[Signature Page Follows]

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first above written. 

 

 

  	
	PURCHASER:
	 
	 
	SELLER:
	 
	
      CHURCHILL VENTURES LTD.   
	   
	
        By:

      	 
	
      Name:   	 
	
      Title:

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