Was the share withholding in the Travel & Leisure Co. (TNL) Form 4 an open-market sale?

No, the withheld shares were used to pay tax liabilities, not sold in the market. The Form 4 classifies the 2,266 shares as a tax-withholding disposition related to restricted stock unit vesting, rather than a discretionary open-market sale.

Travel & Leisure CHRO receives stock award, tax withheld

Q: How many Travel & Leisure Co. (TNL) shares did the CHRO gain from the Form 4 transactions?

The CHRO had a net increase of 3,491 common shares. She received 5,757 shares upon vesting of restricted stock units, while 2,266 shares were withheld to cover tax obligations, leaving 3,491 additional shares in her direct ownership position.

Travel & Leisure Co. reported that Chief Human Resources Officer Kimberly Marshall received 5,757 shares of common stock upon vesting of previously granted restricted stock units, with no cash paid per share.

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Rhea-AI Filing Summary

Travel & Leisure Co. reported that Chief Human Resources Officer Kimberly Marshall received 5,757 shares of common stock upon vesting of previously granted restricted stock units, with no cash paid per share.

To cover the related tax liability, 2,266 shares were withheld at $68.53 per share, resulting in a net increase of 3,491 shares. After these transactions, Marshall directly owns 61,191 shares of common stock. The filing also lists 42,547 restricted stock units as previously reported and still outstanding.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider MARSHALL KIMBERLY

Role Chief Human Resources Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	5,757	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	2,266	$68.53	$155K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 103,738 shares (Direct)

Footnotes (4)

F1. Common stock acquired on vesting of previously granted restricted stock units.
F2. Includes previously reported shares of common stock.
F3. Common stock withheld as payment toward the tax liability incident to the vesting of restricted stock units granted in accordance with Rule 16b-3 and delivery of shares in respect thereof.
F4. Previously reported restricted stock units.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Travel & Leisure Co. (TNL) report for Kimberly Marshall?

Kimberly Marshall received a stock award and had shares withheld for taxes. She was granted 5,757 shares of common stock on vesting of restricted stock units, and 2,266 shares were withheld to satisfy tax liabilities related to that vesting.

How many Travel & Leisure Co. (TNL) shares did the CHRO gain from the Form 4 transactions?

The CHRO had a net increase of 3,491 common shares. She received 5,757 shares upon vesting of restricted stock units, while 2,266 shares were withheld to cover tax obligations, leaving 3,491 additional shares in her direct ownership position.

How many Travel & Leisure Co. (TNL) shares does Kimberly Marshall own after these transactions?

After the reported transactions, Marshall directly owns 61,191 common shares. This figure reflects the vesting of restricted stock units and the shares withheld for tax liabilities on the same date, updating her direct ownership balance in the company.

What does the Form 4 say about Kimberly Marshall’s restricted stock units in Travel & Leisure Co. (TNL)?

The filing notes previously reported restricted stock units remain outstanding. It shows a holding entry with 42,547 units and a footnote describing them as previously reported restricted stock units that are separate from the common shares delivered on vesting.

Did Kimberly Marshall pay anything for the Travel & Leisure Co. (TNL) shares she received?

The 5,757 vested shares were acquired at a reported price of $0.00 per share. These came from previously granted restricted stock units, meaning they were compensation-based awards rather than shares purchased in the open market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/16/2026 - 06:10 PM EDT

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^*

MARSHALL KIMBERLY

(Last)

(First)

(Middle)

C/O TRAVEL + LEISURE CO

501 WEST CHURCH STREET

(Street)

ORLANDO

32805

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/15/2026		A		5,757⁽¹⁾	A	$0	63,457⁽²⁾	D
Common Stock	03/15/2026		F		2,266⁽³⁾	D	$68.53	61,191⁽²⁾	D
Common Stock								42,547⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Common stock acquired on vesting of previously granted restricted stock units.

2. Includes previously reported shares of common stock.

3. Common stock withheld as payment toward the tax liability incident to the vesting of restricted stock units granted in accordance with Rule 16b-3 and delivery of shares in respect thereof.

4. Previously reported restricted stock units.

Remarks:

	/s/ Jeff Zanotti as Attorney-in-Fact for Kimberly Marshall	03/16/2026
	** 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.

Source: View Original Filing on SEC EDGAR