Toll Brothers (NYSE:TOL) CEO Robert I. Toll and president and COO Zvi Barzilay last week exercised options on and sold nearly one million shares of Toll common stock.

The options, which were granted in 1999, were priced at approximately $4.37 and sold for between $21.76 and $22.06. Toll sold 791,400 shares, grossing roughly $17.3 million. Barzilay sold 200,000 shares for approximately $4.4 million.

The options were set to expire on December 20, 2009.

So far this year, Toll has sold approximately 2.8 million shares worth an estimated $50 million. Toll retains 11.89 million shares in the company, representing a stake of approximately 9.3%.

Shares of Toll were trading down 3.1% at $21.02 on heavier-than-normal volume midday Monday.