Attached files
file | filename |
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EX-21 - EX-21 - Toll Brothers, Inc. | w76594exv21.htm |
EX-12 - EX-12 - Toll Brothers, Inc. | w76594exv12.htm |
EX-23 - EX-23 - Toll Brothers, Inc. | w76594exv23.htm |
EX-31.2 - EX-31.2 - Toll Brothers, Inc. | w76594exv31w2.htm |
EX-32.2 - EX-32.2 - Toll Brothers, Inc. | w76594exv32w2.htm |
EX-32.1 - EX-32.1 - Toll Brothers, Inc. | w76594exv32w1.htm |
EX-31.1 - EX-31.1 - Toll Brothers, Inc. | w76594exv31w1.htm |
EX-10.21 - EX-10.21 - Toll Brothers, Inc. | w76594exv10w21.htm |
EX-10.25 - EX-10.25 - Toll Brothers, Inc. | w76594exv10w25.htm |
10-K - FORM 10-K - Toll Brothers, Inc. | w76594e10vk.htm |
EXHIBIT 10.17
TOLL BROTHERS, INC.
AMENDED AND RESTATED STOCK INCENTIVE PLAN FOR EMPLOYEES (2007)
RESTRICTED STOCK UNIT AWARD
AMENDED AND RESTATED STOCK INCENTIVE PLAN FOR EMPLOYEES (2007)
RESTRICTED STOCK UNIT AWARD
This Restricted Stock Unit Agreement (the RSU or RSU Agreement) documents the grant of
Restricted Stock Units by Toll Brothers, Inc. (the Company) pursuant to the terms of the Toll
Brothers, Inc. Amended and Restated Stock Incentive Plan for Employees (2007) (the Plan). This
RSU consists of a grant of a right to receive a number of shares of Common Stock at the date
specified herein. This RSU relates to 200,000 shares of Common Stock (the Shares), and is
granted on this 21st day of December, 2009 (the Date of Grant) to Robert I. Toll (the Grantee),
and is subject to all applicable terms and conditions set forth in the Plan.
1. Definitions. All capitalized terms contained in this RSU Agreement shall have the
meaning set forth in the Plan unless otherwise defined herein or as may be required by the context.
2. Performance-Based Vesting. Grantees rights under this RSU shall, except to the
extent greater vesting is provided for under the terms of the Plan or as set forth in this RSU,
become fully vested and Grantee shall be entitled to receipt of the Shares represented by this RSU
only if, and at such time as, the average closing price of the Common Stock on the New York Stock
Exchange (NYSE), measured over any twenty (20) consecutive trading days ending on or prior to
December 21, 2014, increases 30% or more over the closing price of the Common Stock on the NYSE on
the Date of Grant; provided that in no event shall Grantees rights under this RSU become vested if
Grantee does not continue to be employed by, or be a member of the Board of, the Company until
December 21, 2012.
3. Vesting Upon Death or Disability. Notwithstanding any of the provisions in Section
2, Grantees rights under this RSU shall become fully vested and Grantee shall be entitled to
receipt of the Shares represented by this RSU in the event the Grantees service as an employee or
as a member of the Board of the Company terminates by reason of the Grantees death, or by reason
of the Grantees disability (as hereinafter defined).
For purposes of this RSU Agreement, the term disability shall mean any condition that would
qualify as a disability as that term is defined in the Plan, or any other condition that the
Committee determines to be a medically determinable physical or mental impairment which can be
expected (a) to prevent the Grantee from being able to perform his usual duties (or another job
deemed appropriate by the Committee taking into account the Grantees education, prior experience
and past earnings) and (b) to last for one year or longer.
4. Vesting Upon Change of Control. Notwithstanding any of the provisions of Section
2, Grantees rights under this RSU shall become fully vested and Grantee shall be entitled to
receipt of the Shares represented by this RSU in the event there is a Change of Control while
Grantee is employed by, or a member of the Board of, the Company.
5. Delivery of Shares. The Shares shall be delivered to Grantee (or the person to
whom ownership rights may have passed by will or the laws of descent and distribution), on or as
soon as administratively practicable after, but in no event later
then the later of 2.5 months following the end of the calendar year
in which occurs or 2.5 months following the end of the Companys
fiscal year in which occurs, the first to occur of the following:
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(a) The date the performance-based vesting conditions set forth in Section 2 are satisfied;
(b) The
occurrence of a Change of Control; or
(c) The date of Grantees termination of employment with, or as a member of the Board of, the
Company due to Grantees death or disability.
The Company shall, without payment from Grantee (or the person to whom ownership rights may
have passed by will or the laws of descent and distribution) for the Shares, other than any
required withholding taxes, as provided in Section 9, below, (i) deliver to Grantee (or such other
person) a certificate for the Shares being delivered or (ii) if consented to by Grantee (or such
other person), deliver electronically to an account designated by Grantee (or such other person)
the Shares being delivered, in either case without any legend or restrictions, except for such
restrictions as may be imposed by the Committee, in its sole judgment, consistent with the terms of
the Plan. The Company may condition delivery of the Shares upon the prior receipt from Grantee (or
such other person) of any undertakings which it may determine are required to assure that the
Shares being delivered are being issued in compliance with federal and state securities laws. The
right to 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 date the Share would otherwise have
been delivered, as determined by the Committee. Notwithstanding anything to the contrary herein,
in the event of a Change of Control, the Grantee shall receive, at the time that delivery of the
Shares is provided for hereunder, the Shares and/or such other property or other consideration as
is appropriate so that the Grantee receives, as of such date of delivery, whatever the Grantee
would have received had the Grantee held the Shares at the time of the Change of Control
6. Dividends. Grantee shall not be entitled to any cash, securities or property that
would have been paid or distributed as dividends with respect to the Shares subject to this RSU
Agreement prior to the date the Shares are delivered to Grantee; provided, however, that the
Company shall keep a hypothetical account in which any such items shall be recorded, and shall pay
to Grantee the amount of such dividends in kind on the same date that the Shares to which such
payments or distributions relate are delivered to Grantee (or forfeited).
7. Non-Transferability of this RSU. Grantee shall not be permitted to sell, transfer,
pledge, assign or otherwise dispose of this RSU at any time. Notwithstanding the foregoing, in the
event of Grantees death, this RSU may be transferred by will or by the laws of descent and
distribution.
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8. Rights of Grantee. Grantee shall have none of the rights of a shareholder at any
time prior to the delivery of the Shares subject to this RSU Agreement, except as expressly set
forth in the Plan or herein.
9. Withholding Taxes. Grantee shall be responsible to pay to the Company the amount
of withholding taxes as determined by the Company on the date the Shares are delivered. At the
Grantees option, Grantee shall have the right to relinquish to the Company a portion of the Shares
having a fair market value, based on the closing price of the Common Stock on the NYSE on such
delivery date, equal to the amount the Grantee would otherwise be required to pay to the Company on
such delivery date by reason of applicable withholding taxes, in lieu of paying that amount to the
Company in cash. Grantee authorizes the Company to withhold in accordance with applicable law from
any compensation payable to him or her any taxes required to be withheld for federal, state or
local law in connection with this RSU.
10. 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 Companys 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.
11. Securities Laws. The Committee may from time to time impose any conditions on the
Shares as it deems necessary or advisable to ensure that Shares are issued and resold in compliance
with the Securities Act of 1933, as amended.
12. Grant of RSU Not to Affect Service. The grant of this RSU shall not confer upon
Grantee any right to continue as an employee of the Company or to serve in any other capacity for
the Company or any Affiliate.
13. Amendment to RSU Agreement; Acceleration. 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 RSU 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 RSU Agreement may not be changed in a manner that is unfavorable to Grantee without Grantees
consent.
14. 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 Grantees address as reflected in
the Companys 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. The summary contained therein is qualified in its entirety by
reference to the terms of the Plan, copies of which are available with the Companys public filings
with the United States Securities and Exchange Commission at www.sec.gov, or by oral or written
request directed to the Company. Grantee represents that he is familiar with the terms and
provisions of the Plan, and hereby accepts this RSU, 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.
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(c) The validity, performance, construction and effect of this RSU shall be governed by the
laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflicts of law.
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IN WITNESS WHEREOF, this RSU Agreement has been executed on this 21st day of December, 2009.
TOLL BROTHERS, INC. | GRANTEE: | |||||||
By: | /s/ Joel H. Rassman | /s/ Robert I. Toll | ||||||
Name: | Joel H. Rassman | Robert I. Toll | ||||||
Title: | Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary |
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