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

Rhea-AI Filing Summary

Travel & Leisure Co. director Lucinda Martinez received deferred stock units tied to dividend payments on 09/30/2025. The filing shows an acquisition of 28 deferred stock units that carry no immediate cash price and convert to one share each upon Martinez's retirement or termination from the board. Following the reported activity, the filing lists a total of 2,976 deferred stock units (including previously reported units), 2,693 restricted stock units previously reported, and 17,656 previously reported shares of common stock. The transaction was reported by an attorney-in-fact and signed on 10/02/2025.

Positive

• Director compensation aligned with shareholders through deferred stock units that convert to common shares, incentivizing long-term alignment
• Transparent reporting with aggregated totals for deferred stock units, restricted stock units, and common shares

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via dividend deferred stock units; aligns director with shareholders but is non-cash until separation.

This Form 4 discloses a standard, administrative issuance of 28 deferred stock units tied to dividends for a board director. Deferred stock units are common for non-employee directors and convert to common shares only upon retirement or termination, so there is no immediate dilution or cash transfer. The disclosure aggregates these new units with existing holdings: 2,976 deferred units total, plus separately reported restricted stock units and common shares, providing transparency on the director's potential future equity stake.

Securities Compliance Analyst

TL;DR: Filing appears complete for the reported transaction and follows Section 16 reporting conventions.

The report identifies the reporting person, issuer (Travel & Leisure Co., TNL), relationship (director), transaction date (09/30/2025), and the nature of the award (deferred stock units for dividends). It notes prior reported balances and includes a signed attorney-in-fact signature dated 10/02/2025. There are no derivative instruments or cash payments listed, and explanatory footnotes clarify the conversion and prior reporting. From a compliance standpoint, this is a routine, timely Form 4 disclosure.

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^*

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)
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		28(1)	A	$0	2,976(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	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 transaction did Lucinda Martinez report on Form 4 for TNL?

The filing reports an acquisition of 28 deferred stock units issued for dividends on 09/30/2025.

How many deferred stock units does Lucinda Martinez own after the reported transaction?

The Form 4 lists a total of 2,976 deferred stock units, which includes the newly issued units and previously reported units.

When do the deferred stock units convert into shares?

According to the filing, each deferred stock unit entitles the reporting person to receive one share of common stock upon retirement or termination from the board.

Does the Form 4 show any immediate cash transactions or option exercises?

No. The reported items are deferred stock units issued for dividends with a $0 price; there are no derivative exercises or cash purchases disclosed.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Jeff J. Zanotti as Attorney-in-Fact for Lucinda Martinez on 10/02/2025.