The Toll Brothers, Inc.
Supplemental Executive Retirement Plan
(Amended and Restated effective as of December 12, 2007)
ARTICLE I — ESTABLISHMENT AND PURPOSE
1.1 Establishment . The Company hereby amends and restates the defined benefit pension plan known as
the Toll Brothers, Inc. Supplemental Executive Retirement Plan (the “Plan”) which was effective as of June 15,
2006 (the “Effective Date”).
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 Actuarial Equivalent. “Actuarial Equivalent” means, with respect to the benefit accrued for any
Participant under the terms of the Plan, the present value of such Participant’s future benefit payments, determined
using as a discount rate an interest rate that is not greater than the “applicable interest rate” as defined in Code
Section 417(e)(3)(ii)(II) in effect from time to time, compounded annually.
2.2 Board . “Board” means the Board of Directors of the Company.
2.3 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.
2.4 Code. “Code” means the Internal Revenue Code of 1986, as amended.
2.5 Company. “Company” means the Toll Brothers, Inc., a Delaware corporation.
2.6 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 t