Document:

Exhibit 10.1

EXHIBIT 10.1

AMENDMENT NUMBER 1

TO THE

TOLL BROTHERS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

WHEREAS, the Toll Brothers, Inc. Supplemental Executive Retirement Plan (the “SERP” or the “Plan”)
was originally established effective as of June 15, 2006, by Toll Brothers, Inc. (“Toll Brothers”),
and was amended and restated effective as of December 12, 2007, to be in compliance with Section
409A of the Internal Revenue Code (the “Code”); and

WHEREAS, Section 6.1 of the Plan provides that the Board of Directors of Toll Brothers may amend
the Plan; and

WHEREAS, Toll Brothers has reviewed the Plan and wishes to make several amendments to clarify
several provisions of the Plan; and

WHEREAS, Toll Brothers understands that all amendments are permitted in accordance with IRS Notice
2010-6, as modified by IRS Notice 2010-80, to clarify Section 409A document issues concerning the
Plan; and

WHEREAS, the Compensation Committee of the Board has delegated to Martin P. Connor the ability to
execute the various amendments to keep all employee benefit programs in compliance with all legal
requirements; and

WHEREAS, all provisions of this Amendment that are necessary to keep the Plan in compliance with
Section 409A of the Code shall be deemed to have been included in the Plan effective as of December
31, 2008, as permitted under IRS Notice 2010-6.

NOW, THEREFORE, effective December 31, 2008, pursuant to IRS Notice 2010-6, except where otherwise
provided, the Plan is amended as follows:

	1.	 	Separation from Service. Section 2.11 of the Plan currently defines the term
“Separation from Service” with reference to Treasury Regulations. Section 2.11 shall be
replaced in total with the following new paragraph:

“Section 2.11 Separation from Service means a Participant is no longer employed by
the Employer or any “Affiliated Employers” as determined using the “single employer” rules
for employee benefit plans under Section 414(b) of the Code. The term “Separation from
Service” generally means a Participant is no longer employed by the Employer or any
Affiliated Employer on account of a termination of employment, Retirement, Disability or
death. Consistent with the Final Treasury Regulation, or any subsequent guidance under
Section 409A of the Code, no Separation from Service shall occur if a Participant continues
to
perform services as a consultant or an employee in excess of any amount of time permitted
under such guidance.

 

 

 

	 	(a)	 	Leave of Absence. For purposes of Section 409A, the employment
relationship is treated as continuing in effect while a Participant is on military
leave, sick leave, or other bona fide leave of absence, as long as the period of leave
does not exceed 6 months, or if longer, as long as the Participant’s right to
reemployment with the Employer provided either by statute or contract. Otherwise,
after a 6 month leave of absence, the employment relationship if deemed terminated.

	 	(b)	 	Part-Time Status. Whether or not a termination of employment occurs is
determined based upon all facts and circumstances. If a Participant provides services
to the Employer or any Related Entities at a rate that is less than 20% of the services
rendered, on average, during the immediately preceding 3 full calendar years of
employment (or such lesser period if the Participant has less than 3 calendar years of
employment), a Separation from Service shall be deemed to have occurred, since such
services are considered to be insignificant under the Final Regulations under Section
409A.

	 	(c)	 	Consulting Services. Where a Participant continues to provide services
to the Employer or any Related Entities in a capacity other than as an employee,
whether or not a Separation from Service has occurred shall be determined in the same
manner as provided in Section 2.11(b) above.

	 	(d)	 	Foreign Transfers. A Separation from Service means a Participant is no
longer employed by the Employer or any Affiliated Employer within or outside of the
United States. Accordingly, to the extent that an Employee is transferred outside the
U.S., no Separation from Service shall be deemed to have occurred for purposes of
distributions.”

	2.	 	Form of Benefit. The Schedule of Retirement Benefits makes reference to benefits
being paid “as soon as practicable” following retirement. The following new sentence shall be
added to the bottom of Section 4.2 of the Plan:

“Notwithstanding any provisions in the Plan or the Schedule of Retirement Benefits to the
contrary, when benefits are to commence following the attainment of the Normal Retirement
Age, benefits shall be paid or commence to be paid within 90 days after the occurrence of
such event, provided that if such 90-day period spans two years, that the Participant shall
not be entitled to determine, directly or indirectly, in which year the benefit shall be
paid.”

	3.	 	Death Benefit and Disability. Section 4.3 of the Plan provides for the payment of
benefits in accordance with the Schedule of Retirement Benefits, commencing as of the date a
Participant attains (or would have attained) Normal Retirement Age. The following paragraph
shall be added to the end of Section 4.3:

	 
	 	 	“Notwithstanding any provisions in the Plan to the contrary, when benefits are to commence
following the attainment of the Normal Retirement Age, benefits will be paid or commence to
be paid within 90 days after the occurrence of such event, provided that if the 90-day
period spans two calendar years, the recipient shall not, directly or directly, determine in
which calendar year the payment shall be made.”

 

2

 

	4.	 	Change in Control. Section 4.4 of the Plan addresses Change in Control, including a
definition for a Change in Control.

	 	(a)	 	Section 4.4(b)(ii) shall be amended to include the following sentence at the
end thereof:

“Furthermore, the Plan may not be terminated proximate to a downturn in the
financial health of the Employer.”

(b) The following paragraph shall be added as new Section 4.4(d):

“Section 4.4(d) Notwithstanding any provisions of the Plan to the contrary, any
payment attributable to a Change in Control shall be made during the Plan Year in
which the Change in Control occurs or in the 90 day period following the Change in
Control, subject to the restrictions in Section 7.12 which does not permit service
providers to choose the payment year when the 90 day period spans two separate tax
years.”

	5.	 	Payment For Specified Employees. Section 4.6 addresses the 6 month delay in payment
rule for Specified Employees and other provisions. The following Sections shall be added to
the bottom of Section 4.6 effective as of December 31, 2008:

	 	(a)	 	“Section 4.6(c) Notwithstanding any provisions herein to the contrary, as
permitted under Section 409A(a)(2)(B)(i) of the Code and Treasury Regulations Section
1.409A-1(c)(3)(v), the 6 month delay in payment rule shall not apply in the event of a
death of a Specified Employee and any permitted payments shall be made, or shall
commence, within 90 days after death.”

	 	(b)	 	“Section 4.6(d) For purposes of determining whether a Participant is a
Specified Employee”, the Specified Employee Determination Date shall be December 31.”

	 	(c)	 	“Section 4.6(e) Notwithstanding any provisions in the Plan to the contrary,
in no event shall any payments to a Specified Employee, that are delayed under the 6
month delay in payment rule, be paid later than the last day of the Plan Year that
includes the first day of the first calendar month that is at least 6 months after the
date of a Participant’s Separation from Service occurs or, if later, the 15th day of
the third calendar month following the date specified under the Plan, provided that the
Participant may not directly or indirectly designate the year of payment.”

 

3

 

	6.	 	Amendment and Termination. Section 6.2 provides that if the Plan ceases to be a Top
Hat Plan, the Plan shall be terminated and Participants shall receive their benefits in a
single lump sum amount, as actuarially determined to be the present value of their benefits,
payable within 90 days after such termination. Since this provision does not comply with the
Section 409A termination rules, Section 6.2 shall be amended to include the following sentence
at the end thereof:

“Notwithstanding the foregoing, the Plan shall be terminated only if the Plan termination
payments are made in accordance with the requirements of Treasury Regulations Section
1.409A-3(j)(ix)(C).”

	7.	 	Nonalienation — Exception for Domestic Relations Orders. Section 7.5 of the Plan
provides that benefits may generally not subject to anticipation, alienation, attachment,
garnishment, sale, transfer, assignment, levy, execution, pledge, encumbrance, charge or any
other legal equitable process, and any attempt to do so is void. The following new paragraph
shall be added to the bottom of Section 7.5:

“Notwithstanding the general inability to assign benefits under the Plan, consistent with
IRS Notice 2002-31 and Revenue Ruling 2002-22, to the extent that a valid Property
Settlement or Divorce Decree directs that any portion of a Participant’s benefits under the
Plan be designated to a former Spouse, benefits shall be paid to the Spouse, at the same
time benefits would otherwise have been payable to the Participant. In no event, shall any
former Spouse obtain any additional rights to receive any form of distribution, or benefits
payable in any manner not permitted under the Plan, or at any time earlier than when a
Participant would otherwise have been entitled to receive such benefits.”

	8.	 	Compliance With the Code. The following new Section 7.12 shall be added to the Plan
to address “Compliance with the Code”:

“Section 7.12 Compliance With the Code. The Plan is intended to comply with the
provisions of Section 409A of the Code, and the Treasury Regulations and other guidance
issued thereunder. If there is any discrepancy between the provisions of this Plan and the
provisions of Section 409A, such discrepancy shall be resolved in a manner as to give full
effect to the provisions of Section 409A of the Code. Furthermore, if any benefits are to
be paid within 90 days or any other period after any payment event, and such payment period
shall span more than one taxable year of a Participant or a beneficiary, then neither the
Participant nor any beneficiary may determine in which tax year the payment shall be made.”

	9.	 	Consequences of a Violation of 409A. The following new Section 7.13 shall be added
to the Plan to address “Consequences of a Violation of Section 409A”:

“Section 7.13 Consequences of a Violation of Section 409A. All Participants shall
be notified of the potential tax consequences under Section 409A, if the provisions of the
Plan and Section 409A are not followed, including the imposition of immediate income taxes,
a 20% excise tax, underpayment of interest penalties, and Form W-2 reporting.
All Participants shall also be informed that the amount of their benefits under the Plan
shall be reported to the IRS, as required for nonqualified deferred compensation programs.”

 

4

 

	10.	 	FICA and Other Taxes. The following new Section 7.14 shall be added to the Plan to
address “FICA Taxes”:

“Section 7.14 FICA Taxes. All Participants shall be informed that when their
benefits become vested under the Plan, and not subject to any substantial risk of forfeiture
under Sections 3121(v) and 3306(r) and other provisions of the Code, the Participants shall
be subject to FICA taxes (unless any benefits are undeterminable). The Employer shall have
the right to withhold from a Participant’s other wages, any FICA or other related taxes
required to be withheld.”

	11.	 	Compliance with Section 280G of the Code. The following new Section 7.15 shall be
added to the Plan to address compliance with Section 280G of the Code, effective January 1,
2010:

“Section 7.15 Compliance with Section 280G of the Code. Notwithstanding anything to
the contrary in this Plan, in the event that: (i) the aggregate payments of benefits to be
made or afforded to any employee under this Plan (the “Termination Benefits”) would be
deemed to include an “excess parachute payment” under Section 280G of the Code or any
successor thereto then the Termination Benefits shall be reduced to an amount (the
“Non-Triggering Amount”), the value of which is $1 less than an amount equal to the total
amount of any payments permissible (e.g., not triggering any excise tax or loss of
deduction) under Section 280G of the Code or any successor thereto. Any allocations of any
reductions required hereby among the Termination Benefits, shall be determined by the
Company within its discretion. To the extent the Company must allocate the payments to be
made from this Plan and any Severance Plans or Employment Agreements with the above limits,
the Company shall first make all payments due under the Severance Plan and then make all
payments due under this Plan, all subject to the foregoing limits.”

	12.	 	Delay in Payment for Section 162(m) and Security Violations. The following new
Section 7.16 shall be added to the Plan to address Section 162(m) and securities issues:

“Section 7.16 Delay in Payment for Section 162(m) and Security Violations.
Notwithstanding the foregoing, any payment of 409A Benefits (and earnings thereon) to a
Participant under the Plan shall be delayed upon the Committee’s reasonable anticipation of
one or more of the following events:

	 	(a)	 	The Company’s deduction with respect to such payment would be eliminated by
application of Section 162(m) of the Code; or

	 	(b)	 	The making of the payment would violate federal securities laws or other
applicable law; provided, that any payment delayed pursuant to this Section 7.16
shall be paid at the earliest time the Company reasonably anticipates that such
payment may be made without giving rise to the matters described in Sections 7.16(a)
or (b) above, all in accordance with Section 409A of the Code.”

 

5

 

	13.	 	No Material Modifications. The following new Section 7.17 shall be added to the Plan
to address No Material Modifications:

“Section 7.17 No Material Modifications. Notwithstanding any provisions in the Plan
to the contrary and/or any future amendments, no amendments to any pre-Section 409A benefits
are intended to result in a material modification unless such amendment specifically
identifies that it is intended to result in a material modification, losing grandfathered
status for any Pre-2005 vested benefits under Section 409A.”

This Amendment Number 1 to the Toll Brothers, Inc. Supplemental Executive Retirement Plan is
executed this 30th day of December, 2010.

	 	 	 	 	 	 	 
	 	 	TOLL BROTHERS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	BY:
	 	Martin P. Connor	 	 
	 

	 	 	 	 

	 	 

 

6Exhibit 10.2

EXHIBIT 10.2

AMENDMENT NUMBER 2

TO THE

TOLL BROS., INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

WHEREAS, the Toll Bros., Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation
Plan” or the “Plan”) was originally established effective as of November 5, 2001 and was amended
and restated effective as of November 1, 2008, by Toll Bros., Inc. (“Toll Brothers”) to be in
compliance with Section 409A of the Internal Revenue Code (the “Code”); and

WHEREAS, the Plan was amended by execution of Amendment Number 1 to incorporate the death benefit
exception to the 6 month delay-in-payment rule for Specified Employees in the event of death; and

WHEREAS, Section 9.1 of the Plan provides that the Board of Directors of Toll Brothers may amend
the Plan; and

WHEREAS, Toll Brothers has reviewed the Plan and wishes to make several amendments to clarify
several provisions of the Plan; and

WHEREAS, Toll Brothers understands that all amendments are permitted in accordance with IRS Notice
2010-6, as modified by IRS Notice 2010-80, to clarify Section 409A document issues concerning the
Plan; and

WHEREAS, the Compensation Committee of the Board has delegated to Martin P. Connor the ability to
execute the various amendments to keep all employee benefit programs in compliance with all legal
requirements; and

WHEREAS, all provisions of this Amendment that are necessary to keep the Plan in compliance with
Section 409A of the Code shall be deemed to have been included in the Plan effective as of December
31, 2008, as permitted under IRS Notice 2010-6.

NOW, THEREFORE, effective December 31, 2008, pursuant to IRS Notice 2010-6, the Plan is amended as
follows:

	1.	 	Separation from Service. The phrase “termination of employment” (or similar phrases)
are used throughout the Plan. For purposes of Section 409A, the following new Section 1.29
shall be added to the Plan to clarify the definition of a Separation from Service, and shall
replace the phrase “termination of employment” (or similar phrases) where used in the Plan:

“Section 1.29 Separation from Service means a Participant is no longer employed by
the Employer or any “Affiliated Employers” as determined using the “single employer” rules
for employee
benefit plans under Section 414(b) of the Code. The term “Separation from Service”
generally means a Participant is no longer employed by the Employer or any Affiliated
Employer on account of a termination of employment, Retirement, Disability or death.
Consistent with the Final Treasury Regulation, or any subsequent guidance under Section 409A
of the Code, no Separation from Service shall occur if a Participant continues to perform
services as a consultant or an employee in excess of any amount of time permitted under this
Section 1.29 or guidance under Section 409A of the Code.

 

 

 

	 	(a)	 	Leave of Absence. For purposes of Section 409A, the employment
relationship is treated as continuing in effect while a Participant is on military
leave, sick leave, or other bona fide leave of absence, as long as the period of leave
does not exceed 6 months, or if longer, as long as the Participant’s right to
reemployment with the Employer provided either by statute or contract. Otherwise,
after a 6 month leave of absence, the employment relationship if deemed terminated.

	 	(b)	 	Part-Time Status. Whether or not a termination of employment occurs is
determined based upon all facts and circumstances. If a Participant provides services
to the Employer or any Related Entities at a rate that is less than 20% of the services
rendered, on average, during the immediately preceding 3 full calendar years of
employment (or such lesser period if the Participant has less than 3 calendar years of
employment), a Separation from Service shall be deemed to have occurred, since such
services are considered to be insignificant under the Final Regulations under Section
409A.

	 	(c)	 	Consulting Services. Where a Participant continues to provide services
to the Employer or any Related Entities in a capacity other than as an employee,
whether or not a Separation from Service has occurred shall be determined in the same
manner as provided in Section 1.29(b) above.

	 	(d)	 	Foreign Transfers. A Separation from Service means a Participant is no
longer employed by the Employer or any Affiliated Employer within or outside of the
United States. Accordingly, to the extent that an Employee is transferred outside the
U.S., no Separation from Service shall be deemed to have occurred for purposes of
distributions.”

	2.	 	Compensation Deferrals. Section 3.1(a) permits Participants to make deferral
elections with regard to payment of a bonus, sales bonus compensation or profit sharing
distributions. The Plan is intended to provide that all deferral elections are timely made
for purposes of Section 409A of the Code. The following paragraph shall be added to the
bottom of Section 3.1(a):

“Notwithstanding any provisions in the Plan to the contrary, deferral elections with regard
to “performance-based” compensation, as defined in the Treasury Regulations under Section
409A of the Code, shall be permitted no later than the six months before the end of the
performance period, provided that the Participant performs services continuously from the
later of the beginning of the performance period or the date the
performance criteria are established, through the date of the election. All elections with
regard to bonus, sales bonus compensation or profit sharing distributions that are not
performance-based compensation as herein defined must be made prior to beginning of the
service year with respect to which the compensation shall be determined, all as permitted
under Section 409A of the Code, and as provided in any Employee Salary Deferral Election
Forms.”

 

2

 

	3.	 	Revocation of Elections. Section 3.1(a) also provides that a Participant may make an
irrevocable election during a Plan Year to cease contributions with written notice to the
Committee. This provision only applies to benefits not subject to Section 409A of the Code
and in existence prior to the enactment of Section 409A. In any event, such sentence shall be
“deleted” from the Plan with respect to future deferral elections.

	4.	 	Redeferrals. Section 5.5 of the Plan provides that Participants may further defer
the payment of benefits governed by Section 409A (or change how the benefits shall be
distributed) if the election is made at least 12 months prior to the date distribution would
have been paid (or the date the first distribution would have been paid out of a series of
distributions), and such modification results in a deferral of payment (or a distribution
commencement) for at least 5 years from the date that payment would have otherwise commenced
(and not from the date of the deferral election).

	5.	 	Acceleration of Payments. Section 6.2(b) of the Plan provides that, if any time up
to 24 months following a Participant’s Separation from Service with the Employer, the
Participant enters into a competition with Toll Brothers, Inc. and/or its subsidiaries, the
Employer may accelerate the payment of a Participant’s benefits. Effective as of December 31,
2008, this provision of the Plan shall not be effective, with respect to benefits subject to
Section 409A of the Code (since it would result in an impermissible acceleration of benefits
to Participants in violation of Section 409A of the Code).

	6.	 	Payment for Specified Employees. Section 6.6 provides that benefits to Specified
Employees are paid out “as soon as practicable” following the 6 month anniversary of a
Participant’s Separation from Service. The language providing for benefits “as soon as
practicable” does not establish a fixed payment date. Accordingly, the following sentence
shall be added to the bottom of Section 6.6 effective as of December 31, 2008:

“Notwithstanding any provisions in the Plan to the contrary, in no event shall any
payments to a Specified Employee, that are delayed under the 6 month delay in payment rule,
be paid later than the last day of the Plan Year that includes the first day of the first
calendar month that is at least 6 months after the date of a Participant’s Separation from
Service occurs, or, if later, the 15th day of the third calendar month following the date
specified under the Plan, provided that the Participant may not directly or indirectly
designate the year of payment.”

 

3

 

	7.	 	Domestic Relations Orders. Section 12.4 provides that benefits under the Plan are
generally not subject to anticipation, alienation, attachment, garnishment, sale, transfer,
assignment, levy, execution, pledge, encumbrance, charge or any other legal equitable
process, and any attempt to do so is void. However, the Plan generally provides that
benefits payable under a qualified domestic relations order (“QDROs”) will be honored.
Wherever the term “Qualified Domestic Relations Order” appears, the term shall be
substituted with reference to a Domestic Relations Order (“DRO”), since QDROs do not apply
to nonqualified deferred compensation plans. Furthermore, the following paragraph shall be
added to the Plan as Section 12.4(b)(v):

“Section 12.4(b)(v). Notwithstanding the general inability to assign benefits under the
Plan, consistent with IRS Notice 2002-31 and Revenue Ruling 2002-22, to the extent that a
valid property settlement or Domestic Relations Order (“DRO”) directs that any portion of a
Participant’s benefits under the Plan be designated to a former Spouse, benefits shall be
paid to the Spouse, at the same time benefits would otherwise have been payable to the
Participant. In no event, shall any former Spouse obtain any additional rights to receive
any form of distribution, or benefits payable in any manner not permitted under the Plan, or
at any time earlier than when a Participant would otherwise have been entitled to receive
such benefits.

	8.	 	Compliance With the Code. The following new Section 12.6 shall be added to the Plan
to address “Compliance with the Code”:

“Section 12.6 Compliance With the Code. The Plan is intended to comply with the
provisions of Section 409A of the Code, and the Treasury Regulations and other guidance
issued thereunder. If there is any discrepancy between the provisions of this Plan and the
provisions of Section 409A, such discrepancy shall be resolved in a manner as to give full
effect to the provisions of Section 409A of the Code. Furthermore, if any benefits are to
be paid within 90 days or any other period after any payment event, and such payment period
shall span more than one taxable year of a Participant or a beneficiary, then neither the
Participant nor any beneficiary may determine in which tax year the payment shall be made.”

	9.	 	Consequences of a Violation of 409A. The following new Section 12.7 shall be added
to the Plan to address “Consequences of a Violation of Section 409A”:

“Section 12.7 Consequences of a Violation of Section 409A. All Participants shall
be notified of the potential tax consequences under Section 409A, if the provisions of the
Plan and Section 409A are not followed, including the imposition of immediate income taxes,
a 20% excise tax, underpayment of interest penalties, and Form W-2 reporting. All
Participants shall also be informed that the amount of their benefits under the Plan shall
be reported to the IRS, as required for nonqualified deferred compensation programs.”

 

4

 

	10.	 	FICA and Other Taxes. The following new Section 12.8 shall be added to the Plan to
address “FICA Taxes”:

“Section 12.8 FICA Taxes. All Participants shall be informed that when their
benefits become vested under the Plan, and not subject to any substantial risk of forfeiture
under
Sections 3121(v) and 3306(r) and other provisions of the Code, the Participants shall be
subject to FICA taxes (unless any benefits are undeterminable). The Employer shall have the
right to withhold from a Participant’s other wages, any FICA or other related taxes required
to be withheld.”

	11.	 	Compliance with Section 280G of the Code. The following new Section 12.9 shall be
added to the Plan to address compliance with Section 280G of the Code:

“Section 12.9 Compliance with Section 280G of the Code. Notwithstanding anything to
the contrary in this Plan, in the event that: (i) the aggregate payments of benefits to be
made or afforded to any employee under this Plan (the “Termination Benefits”) would be
deemed to include an “excess parachute payment” under Section 280G of the Code or any
successor thereto then the Termination Benefits shall be reduced to an amount (the
“Non-Triggering Amount”), the value of which is $1 less than an amount equal to the total
amount of any payments permissible (e.g., not triggering any excise tax or loss of
deduction) under Section 280G of the Code or any successor thereto. Any allocations of any
reductions required hereby among the Termination Benefits, shall be determined by the
Company within its discretion. To the extent the Company must allocate the payments to be
made from this Plan and any Severance Plans or Employment Agreements with the above limits,
the Company shall first make all payments due under the Severance Plan and then make all
payments due under this Plan, all subject to the foregoing limits.”

	12.	 	Delay in Payment for Section 162(m) and Security Violations. The following new
Section 12.10 shall be added to the Plan to address Section 162(m) and securities issues:

“Section 12.10 Delay in Payment for Section 162(m) and Security Violations.
Notwithstanding the foregoing, any payment of Section 409A Benefits (and earnings
thereon) to a Participant under the Plan shall be delayed upon the Committee’s reasonable
anticipation of one or more of the following events:

	 	(a)	 	The Company’s deduction with respect to such payment would be eliminated by
application of Section 162(m) of the Code; or

	 	(b)	 	The making of the payment would violate federal securities laws or other
applicable law; provided, that any payment delayed pursuant to this Section 12.10 shall
be paid at the earliest time the Company reasonably anticipates that such payment may
be made without giving rise to the matters described in Sections 12.10 (a) or (b)
above, all in accordance with Section 409A of the Code.”

 

5

 

	13.	 	No Material Modifications. The following new Section 12.11 shall be added to the Plan
to address No Material Modifications:

“Section 12.11 No Material Modifications. Notwithstanding any provisions in the
Plan to the contrary and/or any future amendments, no amendments to any pre-Section 409A
benefits are intended to result in a material modification unless such amendment
specifically identifies that it is intended to result in a material modification, losing
grandfathered status for any Pre-2005 vested benefits under Section 409A.”

This Amendment Number 2 to the Toll Bros., Inc. Nonqualified Deferred Compensation Plan is executed
this 30th day of December, 2010.

	 	 	 	 	 	 	 
	 	 	TOLL BROS., INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	BY:
	 	/s/ Martin P. Connor	 	 
	 

	 	 	 	 

	 	 

 

6

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