Yearley Douglas C. Jr. 4

What Happened

• Douglas C. Yearley Jr., Executive Chairman and Director of Toll Brothers (TOL), exercised 77,957 options and immediately sold the resulting 77,957 shares on 2026-06-18. The exercise required payment of $31.61 per share (total cost $2,464,221) and the open‑market sale fetched a VWAP of $156.58 per share (total sale proceeds $12,206,375). Net proceeds before taxes and fees were roughly $9.74M (sale proceeds minus exercise cost).

Key Details

• Transaction date: 2026-06-18
• Exercise (code M — acquired): 77,957 shares at $31.61 ($2,464,221 paid)
• Sale (code S — disposed): 77,957 shares at VWAP $156.58 ($12,206,375 proceeds); reported prices ranged $156.50–$156.945 (see footnote)
• Additional derivative line (code M — disposed) shows 77,957 at $0, reflecting conversion/settlement of the derivative instrument
• Vesting note: These options vested 25% on 12/20/2017, 2018, 2019 and 2020 (exercisable as of vesting dates)
• Shares owned after the transaction: not disclosed in the provided data
• Filing timeliness: reported with a 2026-06-18 report date and filing date of 2026-06-18 (no late filing indicated)

Context

• This was a cashless-style sequence (options exercised and shares immediately sold), which is typically a liquidity event rather than an add-to‑position (not a direct purchase signal). The filing shows both the option exercise (derivative conversion) and the subsequent open‑market sale; footnote F1 gives the VWAP range and offers to provide per‑price breakdowns on request.