Yearley Douglas C. Jr. 4

What Happened

• Douglas C. Yearley Jr., CEO of Toll Brothers (TOL), exercised 45,116 stock options at $31.61/share on 2026-02-24 (cost $1,426,117) and immediately sold the 45,116 resulting shares in the open market. The sales were reported as 43,013 shares at an average price of $160.39 ($6,898,941) and 2,103 shares at an average price of $161.04 ($338,668), for total gross sale proceeds of $7,237,609. After accounting for the exercise cost, the net proceeds were roughly $5.81M. The filing also reports a derivative disposition of 45,116 at $0 reflecting the option conversion.

Key Details

• Transaction date: 2026-02-24; Form 4 filed 2026-02-26 (timely, within the 2-business-day reporting window).
• Exercise: 45,116 options exercised at $31.61 — total exercise cost $1,426,117.
• Sales: 43,013 shares at VWAP $160.39 (actual prices ranged $160.00–$160.99 per F1) and 2,103 shares at VWAP $161.04 (actual prices ranged $161.00–$161.12 per F2); total gross proceeds $7,237,609.
• Net proceeds (gross sales minus exercise cost): about $5,811,492.
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Footnotes: F1/F2 explain the volume-weighted average sale prices and price ranges; F3 notes vesting schedule (25% vested on 12/20/2017, 2018, 2019, 2020; exercisable as of vesting).

Context

• This was an exercise-plus-sale (cashless exercise) — Yearley converted options into shares and sold those shares the same day. Such transactions commonly reflect option monetization rather than a standalone bullish or bearish signal.
• The filing shows standard M (option exercise/conversion) and S (sale) transaction codes; no 10b5-1 plan or tax-withholding details are indicated in the provided excerpt.