On December 13, 2023, the Board of Directors of Toll Brothers, Inc. increased the size of its Board from ten to twelve directors and filled the newly created vacancy on the Board by appointing each of Judith A. Reinsdorf and Katherine M. Sandstrom as a director. The initial term of each new director will last until the Company?s 2024 annual meeting of stockholders on March 12, 2024 and until their successor shall have been duly elected and qualified, or until their earlier resignation or removal. There is no arrangement or understanding between either of Ms. Reinsdorf or Ms. Sandstrom and the Company or any other person pursuant to which either was selected as a director.
The Board has determined that each of Ms. Reinsdorf and Ms. Sandstrom meet the independence standards established under the New York Stock Exchange corporate governance listing standards. Neither Ms. Reinsdorf nor Ms. Sandstrom have been appointed to any standing committee of the Board. In addition, Carl B. Marbach, age 82, has informed the Company that he will not stand for re-election and will step down from the Board at its annual meeting of stockholders on March 12, 2024.
Mr. Marbach?s decision is not based on any disagreement with the Company or management.
Toll Brothers, Inc. is a builder of luxury homes. The Company designs, builds, markets, sells and arranges financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology and landscaping subsidiaries. It also develops master-planned and golf course communities as well as operate, in certain regions, its own lumber distribution, house component assembly and manufacturing operations. The Company also caters to urban and suburban renters under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living. It designs, builds, markets, and sells high-density, high-rise urban luxury condominiums with third-party joint venture partners through Toll Brothers City Living (City Living). The Company operates in approximately 24 states and in the District of Columbia.
TOLL BROTHERS, INC. 
