Six Month Delay in Payment For Specified Employees. Section 6.6 of the Plan provides for a six month delay in payment for Specified Employees, as defined in Section 409A(a)(2)(B)(i) and Treasury Regulations Section 1.409A-1(i). Notwithstanding any provisions therein to the contrary, as permitted under Section 409A(a)(2)(B)(i) of the Code and Treasury Regulations Section 1.409A-1(c)(3)(v), the six month delay in payment rule shall not apply in the event of a death of a Specified Employee.
Specified Employee Determination Date. The Plan does not define a Specified Employee Designation Date. Accordingly, in accordance with Treasury Regulation Section 1.409A-1(i)(3), the Specified Employee Determination Date is December 31 of each Plan Year. This Amendment Number 1 to the Plan clarifies that Toll Brothers acknowledges December 31 is the Specified Employee Determination Date under the Plan.
Date of Death. The provisions of this Amendment shall apply regardless of the date of death of any Specified Employee.
|TOLL BROS., INC.|
|BY:||/s/ Robert I. Toll|