Toll Brothers Announces Completion of Employee Stock Option Exchange Program

HORSHAM, Pa., July 24, 2008 (PRIME NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) , the nation's leading builder of luxury homes, today announced the completion of its employee stock option exchange program, which expired at 5:00 p.m. EDT on July 17, 2008. All outstanding eligible options that were properly tendered for exchange by eligible employees have been accepted. The Company believes the program, which reduced the number of shares subject to outstanding stock options by 914,266 shares, will have a positive effect on the retention and motivation of participating employees. Toll Brothers has accepted for exchange and cancellation options to purchase 2,515,275 shares of its common stock, representing approximately 97% of the shares underlying all eligible options. Options held by eligible employees with an exercise price... [read full story]