Yearley Douglas C. Jr. 4

What Happened

• Douglas C. Yearley Jr., CEO of Toll Brothers (TOL), exercised 27,014 stock options at a $31.61 exercise price (cost $853,913) on Feb 27, 2026 and sold the 27,014 shares the same day in an open-market transaction for a total of $4,299,308 (VWAP reported as $159.15).
• The derivative/options entry shows those options were converted/exercised and disposed; the sequence indicates a cashless exercise (exercise followed by immediate sale).

Key Details

• Transaction date: 2026-02-27; Form filed: 2026-03-02 (timely filing).
• Exercise: 27,014 shares @ $31.61 = $853,913 (acquired via option exercise, code M).
• Sale: 27,014 shares @ VWAP $159.15 = $4,299,308 (disposed via open market, code S). Footnote clarifies actual sale prices ranged $159.00–$159.46 and the reported $159.15 is a volume-weighted average.
• Derivative disposition record shows options were converted to shares and then disposed ($0 reported for derivative value).
• Vesting note: these options vested 25% on 12/20/2017, 2018, 2019 and 2020 and were exercisable as of the vesting dates.
• Shares owned after the transaction: not reported in this filing.

Context

• This was an option exercise immediately followed by an open-market sale (a common cashless exercise pattern); such transactions realize gains from previously granted options rather than indicating a fresh market purchase.
• No 10b5-1 plan, gift, or tax-withholding specifics were disclosed in the filing.