Travel & Leisure Co. (NYSE: TNL) director reports 406 new deferred stock units

Rhea-AI Filing Summary

Travel & Leisure Co. director reports additional deferred stock units

A director of Travel & Leisure Co. reported acquiring 406 shares of common stock in the form of deferred stock units on 12/31/2025 at a price of $0 per unit. These units were issued as dividend equivalents, and each deferred stock unit entitles the director to receive one share of common stock after retirement or termination of Board service.

Following this transaction, the director beneficially owned 48,089 deferred stock units and 1,955 previously reported restricted stock units, all held directly. This filing reflects ongoing equity-based alignment of the director’s interests with those of other Travel & Leisure Co. shareholders.

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^*

RICKLES RONALD L

(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)
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		406(1)	A	$0	48,089(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 Zanotti as Attorney-in-Fact for Ronald L. Rickles	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.

FAQ

What insider transaction did TNL disclose in this Form 4?

The filing shows a Travel & Leisure Co. director acquired 406 deferred stock units of common stock on 12/31/2025 at a price of $0 per unit.

Who is the reporting person in the TNL Form 4 filing?

The reporting person is a director of Travel & Leisure Co., filing individually as one reporting person.

How many Travel & Leisure Co. shares does the director beneficially own after the transaction?

After the reported transaction, the director beneficially owned 48,089 deferred stock units and 1,955 previously reported restricted stock units, all held directly.

What are the terms of the TNL deferred stock units reported?

Each deferred stock unit entitles the director to receive one share of Travel & Leisure Co. common stock following retirement or termination of service from the Board of Directors.

Why were additional deferred stock units issued to the TNL director?

The filing explains that the 406 deferred stock units were issued for dividends, functioning as dividend equivalents on existing holdings.

Does this TNL Form 4 involve derivative securities like options or warrants?

The section for derivative securities is included but shows no specific derivative transactions; the reported holdings are deferred stock units and restricted stock units tied to common stock.