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

Rhea-AI Filing Summary

George Herrera, a director of Travel & Leisure Co. (TNL), received 429 deferred stock units on 09/30/2025 as dividend equivalents. Each deferred stock unit converts to one share upon his retirement or termination from the board. After the reported transaction, Mr. Herrera beneficially owned 45,968 shares (this total includes previously reported deferred stock units and other previously reported holdings). The filing also records prior dispositions reported as 559 shares and 1,955 shares, and notes previously reported restricted stock units. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Director compensation granted: 429 deferred stock units issued as dividend equivalents, which will convert to shares at termination or retirement
• Substantial reported ownership: Beneficial ownership totals 45,968 shares, indicating continued stake alignment with shareholders

Negative

• Share reductions recorded: Dispositions of 559 shares and 1,955 shares are listed, reducing direct holdings
• No cash proceeds or prices disclosed for dispositions: The filing does not provide sale prices or cash amounts for the disposed shares

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via deferred stock units; no new governance concerns disclosed.

The Form 4 documents a common pattern of director compensation: issuance of deferred stock units as dividend equivalents that convert to shares upon departure from the board. The filing aggregates previously reported holdings and notes prior dispositions, but it does not disclose any unusual timing, related-party transactions, or changes in board status. From a governance perspective this is a routine disclosure reflecting compensation mechanics rather than a material corporate event.

Securities Analyst

TL;DR: Insufficient market-moving detail; transaction is administrative compensation and aggregate holdings update.

The 429 deferred stock units issued at a $0 price reflect non-cash dividend-equivalent compensation that will convert to shares later; such awards are standard and do not immediately dilute the market. Reported dispositions (559 and 1,955 shares) reduce direct holdings but the net beneficial ownership remains 45,968 shares. No exercise prices, option grants, or material cash transactions are included, so this filing is unlikely to be impactful to valuation or liquidity analysis.

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
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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^*

HERRERA GEORGE

(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		429(1)	A	$0	45,968(2)	D
Common Stock								559(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:

	/s/ Jeff J. Zanotti as Attorney-in-Fact for George Herrera	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 George Herrera report on Form 4 for Travel & Leisure Co. (TNL)?

He reported receipt of 429 deferred stock units on 09/30/2025 and an aggregate beneficial ownership of 45,968 shares.

When were the transactions reported on the Form 4 filed?

The transactions date is 09/30/2025 and the Form 4 was signed by attorney-in-fact on 10/02/2025.

What are the deferred stock units reported in this Form 4?

Deferred stock units are dividend equivalents that entitle the reporting person to one share per unit upon retirement or termination from the board.

How many shares did Mr. Herrera dispose of according to the filing?

The filing shows reported dispositions of 559 shares and 1,955 shares (previously reported items).

Does the Form 4 show prices for the transactions?

The deferred stock units were issued at $0; no sale prices or cash amounts are provided for the dispositions.