Toll Brothers (NYSE: TOL) director sells shares after option exercise

Rhea-AI Filing Summary

Toll Brothers, Inc. director Paul E. Shapiro reported an option exercise and related stock sale. On 01/15/2026, he exercised 3,965 stock options at an exercise price of $31.61 per share, receiving the same number of common shares. That day he sold 3,965 shares of common stock in an open-market transaction at a volume-weighted average price of $146.6786 per share, with individual sale prices ranging from $146.66 to $146.7601. After these transactions, he directly held 118,680 shares of Toll Brothers common stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHAPIRO PAUL E

(Last) (First) (Middle)

1140 VIRGINIA DRIVE

(Street)

FORT WASHINGTON PA 19034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Toll Brothers, Inc. [ TOL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/15/2026		M		3,965	A	$31.61	122,645	D
Common Stock	01/15/2026		S		3,965	D	$146.6786(1)	118,680	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$31.61	01/15/2026		M			3,965	12/20/2017(2)	12/20/2026	Common Stock	3,965	$0	0	D

Explanation of Responses:

1. Price is the volume weighted average selling price of all sales by the reporting person on the transaction date within a one dollar range. Actual prices ranged from $146.66 to $146.7601. The reporting person hereby undertakes to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

2. Vested 50% on 12/20/2017 and 2018. Exercisable as of the vesting date.

	/s/ Michael J. Grubb, attorney-in-fact	01/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Toll Brothers (TOL) report for Paul E. Shapiro?

Director Paul E. Shapiro reported exercising 3,965 stock options and selling 3,965 shares of Toll Brothers common stock on 01/15/2026.

At what prices did Paul E. Shapiro exercise and sell Toll Brothers (TOL) shares?

He exercised stock options at an exercise price of $31.61 per share and sold the resulting 3,965 common shares at a volume-weighted average price of $146.6786 per share, with actual prices from $146.66 to $146.7601.

How many Toll Brothers (TOL) shares does Paul E. Shapiro own after this Form 4 transaction?

Following the reported transactions, Paul E. Shapiro directly beneficially owned 118,680 shares of Toll Brothers common stock.

What type of derivative security did Paul E. Shapiro exercise at Toll Brothers (TOL)?

He exercised Stock Options (Right to Buy) covering 3,965 shares of Toll Brothers common stock at an exercise price of $31.61 per share.

When did the stock options reported by Paul E. Shapiro at Toll Brothers (TOL) vest and when do they expire?

The options vested 50% on 12/20/2017 and 50% in 2018, and have an expiration date of 12/20/2026.

Is Paul E. Shapiro a director or officer of Toll Brothers (TOL)?

According to the filing, Paul E. Shapiro is a director of Toll Brothers, Inc. and is not listed as an officer or 10% owner.