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

Rhea-AI Filing Summary

Travel + Leisure Co. (TNL) – Form 4 filing dated 07/02/2025

Director George Herrera reported the automatic acquisition of 488 deferred stock units on 06/30/2025. The units were issued as dividend equivalents at a cost basis of $0 and will convert into common shares upon the director’s retirement or departure from the Board.

Following the transaction, Herrera’s direct holdings stand at 45,539 deferred stock units, in addition to 2,759 common shares and 1,955 restricted stock units previously reported. There were no sales, option exercises, or open-market purchases disclosed.

The filing reflects routine board-level compensation mechanics and represents an immaterial change in insider ownership relative to TNL’s public float. No operational or financial guidance was provided.

Insights

Financial Analyst

TL;DR: Routine dividend-equivalent grant; negligible ownership change; neutral signal for TNL investors.

The 488 deferred stock units arise automatically from the company’s dividend policy and do not involve cash outlay or discretionary trading. Herrera’s aggregate ownership rises by roughly 1% versus his prior total (45,051 → 45,539 units), a de-minimis amount versus TNL’s ~75 million shares outstanding. Such grants are common for directors and do not indicate a directional view on the stock. Because no shares were sold, the filing does not introduce negative sentiment, but the marginal size precludes a positive read-through. Overall, the event is governance-related and not expected to influence valuation or liquidity.

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).

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^*

MARTINEZ LUCINDA

(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)
06/30/2025

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	06/30/2025		A		32(1)	A	$0	2,948(2)	D
Common Stock								2,693(3)	D
Common Stock								17,656(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 restricted stock units.

4. Previously reported common stock.

Remarks:

	/s/ Jeff J. Zanotti as Attorney-in-Fact for Lucinda Martinez	07/02/2025
	** 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 Travel + Leisure Co. (TNL) disclose in the latest Form 4?

Director George Herrera received 488 deferred stock units on 06/30/2025 as dividend equivalents, increasing his holdings to 45,539 units.

Was there any sale of TNL shares by the insider?

No. The Form 4 shows no sales; the transaction was an automatic, cost-free stock unit grant.

How many TNL shares does George Herrera now own?

Post-transaction, he owns 45,539 deferred stock units, 2,759 common shares, and 1,955 restricted stock units.

Does this Form 4 filing impact TNL’s stock valuation?

The grant is routine director compensation and is not expected to materially affect Travel + Leisure’s valuation or trading dynamics.