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

Rhea-AI Filing Summary

George Herrera, a director of Travel & Leisure Co. (TNL), sold 2,200 shares of common stock on 08/12/2025 at a weighted average price of $60.482. The filing records 559 shares beneficially owned directly after the transaction and references previously reported holdings of 45,539 deferred stock units and 1,955 restricted stock units. The weighted average price reflects multiple sales between $60.48 and $60.485.

No derivative transactions, option exercises, or new grants are reported in this Form 4; the form documents the director's disclosed sale and the composition of his reported equity holdings.

Insights

Corporate Governance Expert

TL;DR: Director sale disclosed; specific share counts and deferred/restricted holdings are listed; no derivatives or grants reported.

The Form 4 reports a sale of 2,200 common shares by director George Herrera at a weighted average price of $60.482 on 08/12/2025. The filing also documents continued reported holdings including 559 directly held shares, 45,539 deferred stock units, and 1,955 restricted stock units. From a governance perspective, the filing satisfies Section 16 disclosure requirements and provides transparency on the director's equity position; it does not disclose any policy-based trading plan or 10b5-1 election.

Securities Analyst

TL;DR: Routine insider sale recorded; reported deferred and restricted units remain substantial relative to the sold amount.

The sale of 2,200 shares at a weighted average of $60.482 is explicitly reported alongside previously reported equity holdings of 45,539 deferred stock units and 1,955 restricted stock units. The filing shows no derivative positions or exercises. Based solely on the reported figures, this disclosure documents a routine liquidity event by a director while leaving the bulk of his reported compensation exposure in deferred and restricted equity forms.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
08/12/2025

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	08/12/2025		S		2,200	D	$60.482(1)	559(2)	D
Common Stock								45,539(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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $60.48 to $60.485, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Previously reported shares of common stock.

3. Previously reported deferred stock units.

4. Previously reported restricted stock units.

Remarks:

	/s/ Jeff J. Zanotti as Attorney-in-Fact for George Herrera	08/13/2025
	** 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 Travel & Leisure (TNL) director George Herrera report on Form 4?

The Form 4 reports that George Herrera sold 2,200 shares of Travel & Leisure common stock on 08/12/2025 at a weighted average price of $60.482.

How many shares does George Herrera beneficially own after the reported transaction?

The filing shows 559 shares beneficially owned directly following the reported sale and references previously reported 45,539 deferred stock units and 1,955 restricted stock units.

Were any derivative securities or option exercises reported on this Form 4 for TNL?

No. The Form 4 contains no entries in Table II and explicitly shows no derivative transactions, exercises, or new grants in the reported filing.

What price did the reported sale occur at in the Form 4?

The sale was reported at a weighted average price of $60.482, representing multiple transactions between $60.48 and $60.485 as noted in the filing.

Does the Form 4 indicate use of a 10b5-1 trading plan or contract?

The filing does not indicate a 10b5-1 instruction or similar contract; no such plan is stated in the provided Form 4 content.