THE TOLL BROTHERS, INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
ARTICLE I - ESTABLISHMENT AND PURPOSE
1.1 ESTABLISHMENT. The Company hereby establishes a defined benefit pension plan known as the Toll
Brothers, Inc. Supplemental Executive Retirement Plan (the "Plan") effective as of September 1, 2004 (the
1.2 PURPOSE. The principal purposes of the Plan are to provide certain executives and consultants or advisors,
as defined in Article III, with competitive retirement benefits, protect against reductions in retirement benefits due
to tax law limitations on qualified plans, and encourage the continued employment or service of such individuals
with the Company.
ARTICLE II - DEFINITIONS
2.1 BOARD. "Board" means the Board of Directors of the Company.
2.2 CAUSE. "Cause" means conduct by the Participant reasonably likely to cause material harm to the Company
that consists of proven gross negligence, wanton or willful disregard of duties, acts of fraud, embezzlement, theft
or the commission of a felony in the course of his employment or service, as determined by the Board after full
consideration of the facts presented on behalf of both the Company and the Participant.
2.3 COMPANY. "Company" means the Toll Brothers, Inc., a Delaware corporation.
2.4 EMPLOYMENT. "Employment" means the period or periods during which a Participant is an employee of
the Company, or, in the case of a consultant or advisor to the Company, is providing services to the Company.
2.5 ERISA. "ERISA" means the Employee Retirement Income Security Act of 1974, as amended, and any
successor act thereto.
2.6 NORMAL RETIREMENT AGE. "Normal Retirement Age" shall mean age 62.
2.7 PARTICIPANT. "Participant" means an eligible executive, consultant or advisor of the Company selected to
receive benefits under the Plan as provided in Article III of this Plan.
2.8 SCHEDULE OF RETIREMENT BENEFITS. "Schedule of Retirement Benefits" means the schedule of
Participants and retirement benefits at