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ADVISORY AND NON-COMPETITION
AGREEMENT AMENDMENT
This Advisory and
Non-Competition Agreement Amendment (this “Amendment”),
dated as of November 24, 2008, is by and between Toll Brothers,
Inc. (the “Company”) and Bruce E. Toll
(“BET”). This Amendment amends the Advisory and
Non-Competition Agreement, dated as of November 1, 2004 and
previously amended as of June 17, 2007, by and between the
Company and BET (as amended, the “Advisory Agreement”).
Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Advisory
Agreement.
WHEREAS, BET, a
founder of the Company, was employed by the Company for many years
as its President, Chief Operating Officer and Secretary and in
various capacities with respect to the Company’s
subsidiaries, and, more recently, has been and continues to be
retained under the Advisory Agreement.
WHEREAS, the
Company now deems it advisable to amend the Advisory Agreement to
ensure that payments made to BET thereunder a
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