Toll Brothers Insider Sale: 5,350 Shares Disposed by CFO at VWAP $137.51

Rhea-AI Filing Summary

Connor Martin P., identified as Chief Financial Officer of Toll Brothers, Inc. (TOL), reported a sale of 5,350 shares of the company's common stock on 08/27/2025. The filing states the price is the volume-weighted average selling price of the sales that day at $137.5075, with actual trade prices ranging from $137.50 to $137.57. After the sale, the reporting person beneficially owned 15,268 shares, held directly. No derivative securities were reported. The Form 4 was signed by an attorney-in-fact, Michael J. Grubb, on 08/28/2025. The filer offers to provide trade-level price details on request.

Positive

• Timely compliance: Form 4 filed and signed promptly, disclosing insider transaction details
• Transparent pricing: VWAP provided with explicit trade price range and offer to supply trade-level breakdown

Negative

• None.

Insights

Financial Analyst

TL;DR Officer sale of 5,350 shares at a VWAP of $137.5075; post-sale ownership 15,268 shares, routine disclosure.

The reported transaction is a straightforward sale by the Chief Financial Officer rather than an equity grant or option exercise. The filing provides an explicit volume-weighted average price and a stated range for actual trades, which improves transparency. With no derivatives or additional transactions disclosed, this appears to be a routine liquidity event. Without context on the officer's total holdings or transaction size relative to outstanding shares, the sale alone is unlikely to be materially informative for valuation changes.

Corporate Governance Expert

TL;DR Timely Form 4 disclosure of insider sale; documentation and offer to provide price breakdown reflect compliance.

The Form 4 meets Section 16 reporting requirements by disclosing the officer's disposition and remaining direct ownership. The inclusion of the VWAP and the explicit price range, plus the attest to furnish detailed trade counts on request, indicates careful compliance with disclosure norms. The attorney-in-fact signature is properly noted. This transaction raises no governance red flags based on the content provided.

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
Estimated average burden
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^*

Connor Martin P.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		S		5,350	D	$137.5075(1)	15,268	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

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 $137.50 to $137.57. 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.

	/s/ Michael J. Grubb, attorney-in-fact	08/28/2025
	** 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 did Toll Brothers (TOL) insider Connor Martin sell on 08/27/2025?

The reporting person sold 5,350 shares of Toll Brothers common stock on 08/27/2025.

At what price were the TOL shares sold by the CFO?

The volume-weighted average selling price was reported as $137.5075, with actual trade prices ranging from $137.50 to $137.57.

How many Toll Brothers shares does Connor Martin own after the sale?

Following the reported transaction, the reporting person beneficially owned 15,268 shares, held directly.

Were any derivative securities reported in this Form 4 for TOL?

No. The filing discloses only a non-derivative sale of common stock and shows no derivative securities transactions.

Who signed the Form 4 for the reporting person and when?

The Form 4 was signed by attorney-in-fact Michael J. Grubb on 08/28/2025.