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Travel & Leisure (TNL) director receives new deferred stock units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Travel & Leisure Co. director George Herrera reported a routine equity accrual on a Form 4. On 12/31/2025, he received 365 deferred stock units of common stock, issued as dividend equivalents at a price of $0. Each deferred stock unit converts into one share of common stock after he retires or leaves the Board of Directors. Following this transaction, he beneficially owns 46,333 deferred stock units and 1,955 restricted stock units, all held directly. These holdings reflect previously reported deferred and restricted stock units in addition to the new dividend-related units.

Positive

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Negative

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Insider HERRERA GEORGE
Role Director
Type Security Shares Price Value
Grant/Award Common Stock 365 $0.00 --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 46,333 shares (Direct)
Footnotes (1)
  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. Previously reported deferred stock units. Previously reported restricted stock units.
Form 4 Insider Transactions: What Each Field Means →
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.
501 WEST CHURCH STREET
(Street)
ORLANDO FL 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)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025
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 12/31/2025 A 365(1) A $0 46,333(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. Previously reported deferred stock units.
3. Previously reported restricted stock units.
Remarks:
/s/ Jeff J. Zanotti as Attorney-in-Fact for George Herrera 01/05/2026
** 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

FAQ

What insider transaction did Travel & Leisure Co. (TNL) report for George Herrera?

Director George Herrera reported receiving 365 deferred stock units of Travel & Leisure Co. common stock on 12/31/2025, recorded on a Form 4.

Why did the Travel & Leisure (TNL) director receive 365 deferred stock units?

The 365 deferred stock units were issued as dividend equivalents, meaning they were granted to reflect dividends on existing deferred stock unit holdings.

How do the deferred stock units for Travel & Leisure Co. (TNL) work for this director?

Each deferred stock unit entitles George Herrera to receive one share of common stock after his retirement or termination of service from the Board of Directors.

How many Travel & Leisure Co. (TNL) equity units does the director now beneficially own?

After the reported transaction, George Herrera beneficially owns 46,333 deferred stock units and 1,955 restricted stock units, all held directly.

Was any cash paid for the new Travel & Leisure (TNL) deferred stock units?

No cash was paid; the 365 deferred stock units were acquired at a price of $0 as dividend-related units.

What is the relationship of the reporting person to Travel & Leisure Co. (TNL)?

George Herrera is reported as a Director of Travel & Leisure Co. and filed the Form 4 as a single reporting person.