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

Rhea-AI Filing Summary

Louise F. Brady, a director of Travel & Leisure Co. (TNL), reported insider transactions dated 09/30/2025. The filing shows the receipt of 764 deferred stock units issued for dividends; each unit entitles Ms. Brady to one share of common stock upon her retirement or termination of board service. The report lists total beneficial ownership following the transaction of 81,890 shares (direct ownership, includes previously reported deferred units). The filing also records a disposition of 1,955 shares characterized as previously reported restricted stock units. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Received 764 deferred stock units issued as dividend equivalents, which will convert to one share each upon retirement or termination, reinforcing alignment with shareholders
• Beneficial ownership reported as 81,890 shares, providing transparency on the director's stake

Negative

• Disposition of 1,955 previously reported restricted stock units was recorded, reducing immediately held restricted units

Insights

Financial Analyst

TL;DR: Director acquired 764 deferred stock units and reported beneficial ownership of 81,890 shares; 1,955 restricted units were disposed.

The transaction is administrative in nature: 764 deferred stock units were issued as dividend equivalents at no cash cost and will convert to one common share per unit upon the director's retirement or termination of service. The filing reports a net beneficial ownership figure of 81,890 shares, which includes prior deferred units. A separate line shows a disposition of 1,955 previously reported restricted stock units. For investors, these entries reflect compensation-related equity accounting and routine settlement activity rather than market-driven purchases or sales.

Corporate Governance Expert

TL;DR: Director compensation and record-keeping disclosure; no indication of change in board role or control.

The Form 4 documents standard director compensation mechanics: issuance of deferred stock units for dividends and removal/settlement of previously reported restricted stock units. The use of deferred units aligns with common governance practices to align director incentives with shareholder value over time. The filing contains required disclosure elements and was executed by an attorney-in-fact, indicating routine administrative processing.

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^*

Brady Louise F.

(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		764(1)	A	$0	81,890(2)	D
Common Stock								1,955(3)	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 restricted stock units.

Remarks:

	/s/ Jeff J. Zanotti as Attorney-in-Fact for Louise F. Brady	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 insider transactions did Louise F. Brady report on the Form 4 for TNL?

The Form 4 reports receipt of 764 deferred stock units on 09/30/2025 and a disposition of 1,955 previously reported restricted stock units.

What do the 764 deferred stock units reported by TNL director Louise F. Brady represent?

They are deferred stock units issued for dividends; each unit entitles the reporting person to receive one share of common stock when she retires or terminates service from the Board.

What is Louise F. Brady's beneficial ownership following the reported transactions?

The Form 4 shows 81,890 shares beneficially owned following the reported transactions, described as direct ownership.

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

The transactions are dated 09/30/2025 and the Form 4 bears a signature by attorney-in-fact dated 10/02/2025.

Were any cash prices reported for the acquisitions on the Form 4?

The deferred stock units were issued at a price of $0, as noted in the filing; no cash purchase price is reported for the disposition line.