Travel & Leisure (NYSE: TNL) officer exercises options, sells 11,522 pre-planned shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Travel & Leisure Co. director and officer Michael Dean Brown exercised stock options and sold the resulting shares in pre-planned trades. He exercised options for 11,522 shares of common stock at an exercise price of $44.38 per share on April 14 and 15, 2026, then sold the same 11,522 shares in open-market transactions around $79 per share.
The filing states these option exercises and sales were made under a Rule 10b5-1 trading plan adopted on November 25, 2025. Following the transactions, Brown directly holds 487,303 shares of Travel & Leisure Co. common stock.
Positive
- None.
Negative
- None.
Insights
Routine option exercise-and-sell under a pre-set 10b5-1 plan.
Michael Dean Brown exercised stock options for 11,522 shares at an exercise price of $44.38 and sold the same 11,522 shares around $79. This is a classic exercise-and-sell pattern, converting an option position into cash.
The filing notes the trades were carried out under a Rule 10b5-1 plan adopted on November 25, 2025, indicating they were pre-scheduled rather than opportunistic. After these transactions, Brown still directly owns 487,303 common shares, so the net sale is small relative to his remaining position.
Insider Trade Summary 10b5-1
Net Seller: 11,522 shares ($910,416)
Net Sell
7 txns
Insider
Brown Michael Dean
Role
See Remarks
Sold
11,522 shs ($910K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Options (right to buy) | 2,612 | $0.00 | -- |
| Exercise | Common Stock | 2,612 | $44.38 | $116K |
| Sale | Common Stock | 2,612 | $79.00 | $206K |
| Exercise | Stock Options (right to buy) | 8,910 | $0.00 | -- |
| Exercise | Common Stock | 8,910 | $44.38 | $395K |
| Sale | Common Stock | 8,910 | $79.02 | $704K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Options (right to buy) — 34,878 shares (Direct);
Common Stock — 489,915 shares (Direct)
Footnotes (1)
- Option exercise and sale effectuated pursuant to a Rule 10b5-1 plan adopted November 25, 2025. Previously reported shares of common stock. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $79.00 to 79.120, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $79.00 to 79.020, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Previously reported restricted stock units. Stock options granted on March 7, 2019, under the Registrant's Equity and Incentive Plan. The options vested in four equal installments on each of the first four anniversaries of March 7, 2019.
Key Figures
Options exercised: 11,522 shares
Shares sold: 11,522 shares
Exercise price: $44.38 per share
+4 more
7 metrics
Options exercised
11,522 shares
Stock options exercised at $44.38 per share on April 14–15, 2026
Shares sold
11,522 shares
Open-market sales matching exercised shares over April 14–15, 2026
Exercise price
$44.38 per share
Strike price of stock options granted March 7, 2019
Sale prices
$79.00–$79.12 per share
Weighted average price ranges noted in footnotes F3 and F4
Post-transaction holdings
487,303 shares
Common stock directly owned after April 15, 2026 transactions
10b5-1 plan adoption date
November 25, 2025
Date Rule 10b5-1 trading plan was adopted for these trades
Option expiration
March 7, 2029
Expiration date of stock options exercised in these transactions
Key Terms
Rule 10b5-1 plan, weighted average price, restricted stock units, Equity and Incentive Plan
4 terms
Rule 10b5-1 plan regulatory
"Option exercise and sale effectuated pursuant to a Rule 10b5-1 plan adopted November 25, 2025."
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions..."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
restricted stock units financial
"Previously reported restricted stock units."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Equity and Incentive Plan financial
"Stock options granted on March 7, 2019, under the Registrant's Equity and Incentive Plan."
FAQ
What did Michael Dean Brown do in this Form 4 for Travel & Leisure Co. (TNL)?
Michael Dean Brown exercised stock options for 11,522 Travel & Leisure Co. shares at $44.38 and sold the same 11,522 shares around $79. These transactions converted an existing option grant into cash while leaving his remaining common stock holdings largely intact.
Were Michael Dean Brown’s Travel & Leisure Co. (TNL) trades made under a Rule 10b5-1 plan?
Yes. A footnote states the option exercise and sale were effectuated under a Rule 10b5-1 trading plan adopted on November 25, 2025. Such plans pre-schedule trades, helping separate routine liquidity events from discretionary timing decisions by insiders.
What stock options did Michael Dean Brown exercise in Travel & Leisure Co. (TNL)?
He exercised stock options covering 11,522 shares at an exercise price of $44.38 per share, with options originally granted on March 7, 2019 under the company’s Equity and Incentive Plan. A footnote notes these options vested in four equal annual installments.