[Form 4] Travel & Leisure Co. Insider Trading Activity

Rhea-AI Filing Summary

James E. Buckman, a director of Travel & Leisure Co. (TNL), reported changes in beneficial ownership on Form 4 covering transactions dated 09/30/2025. The filing shows 1,189 deferred stock units were acquired at $0 as dividend-issued deferred stock units; each unit converts to one share upon the reporting person’s retirement or termination from the board. Following the transactions the reporting person beneficially owns 127,435 shares (including previously reported deferred units). The form also lists previously reported dispositions of 6,998 shares and 1,955 restricted stock units. The filing was signed by an attorney-in-fact on behalf of Mr. Buckman on 10/02/2025.

Positive

• 1,189 deferred stock units issued as dividends, reflecting non-cash compensation that preserves cash flow
• Beneficial ownership of 127,435 shares (including deferred units) indicates continued director alignment with shareholders

Negative

• Previously reported dispositions of 6,998 shares and 1,955 restricted stock units are listed, though no sale prices or proceeds are disclosed

Insights

Corporate Governance Expert

TL;DR: Director received dividend-issued deferred stock units and retains meaningful share ownership; reported prior dispositions are noted.

The Form 4 documents a routine director compensation event: 1,189 deferred stock units issued as dividends, which are non-cash awards that convert to common shares upon departure from the board. Reporting of 127,435 shares beneficially owned (including deferred units) indicates continued alignment with shareholders through equity ownership. The filing also references previously reported dispositions of 6,998 shares and 1,955 RSUs, but no prices or proceeds are disclosed in this document. Overall, the filing reflects standard governance and compensation mechanics rather than an unusual governance event.

Securities Analyst

TL;DR: Transaction is a non-cash dividend issuance of deferred units; no market-priced purchases or sales disclosed here.

The transaction code and explanation clarify that the 1,189 units were issued as dividend-equivalent deferred stock units at a $0 price and do not represent a market purchase. The beneficial ownership total of 127,435 shares provides a clear snapshot of the director’s equity stake as of the filing. Dispositions listed (6,998 and 1,955) are noted as previously reported and lack additional execution detail in this filing, limiting assessment of trading impact. From a market-materiality perspective, these disclosures appear routine and not likely to be materially price-moving.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BUCKMAN JAMES E

(Last) (First) (Middle)

C/O TRAVEL + LEISURE CO.

6277 SEA HARBOR DRIVE

(Street)

ORLANDO FL 32821

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Travel & Leisure Co. [ TNL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		A		1,189(1)	A	$0	127,435(2)	D
Common Stock								6,998(3)	D
Common Stock								1,955(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Deferred stock units issued for dividends. Each deferred stock unit entitles the reporting person to receive one share of common stock following the reporting person's retirement or termination of service from the Board of Directors.

2. Includes previously reported deferred stock units.

3. Previously reported shares of common stock.

4. Previously reported restricted stock units.

Remarks:

	Jeff J. Zanotti as Attorney-in-Fact for James E. Buckman	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did James E. Buckman report on the Form 4 for TNL?

The Form 4 reports 1,189 deferred stock units issued as dividends on 09/30/2025 and shows 127,435 shares beneficially owned following the transaction.

Were any market purchases or cash sales reported by James E. Buckman on this Form 4?

No market-priced purchases are reported; the reported acquisition is deferred stock units at $0. Dispositions shown are labeled as previously reported and lack price detail.

What are the deferred stock units reported on the Form 4?

Each deferred stock unit entitles the reporting person to receive one share of common stock upon retirement or termination from the Board of Directors.

When were these transactions executed and when was the Form 4 signed?

The transaction date is 09/30/2025 and the Form 4 bears a signature by an attorney-in-fact on behalf of James E. Buckman dated 10/02/2025.

How much total beneficial ownership does the filing show after the transactions?

The filing reports 127,435 shares beneficially owned following the reported transaction(s), which includes previously reported deferred stock units.