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

Rhea-AI Filing Summary

Stephen P. Holmes, a director of Travel & Leisure Co. (TNL), reported a non‑derivative acquisition on 09/30/2025 of 447 deferred stock units issued for dividends at a price of $0. The filing shows 47,857 deferred stock units (including previously reported units) reported as beneficially owned following the transaction. The report also lists 361,947 previously reported shares of common stock and 1,955 previously reported restricted stock units held by the reporting person. The Form 4 was signed by an attorney‑in‑fact on behalf of Mr. Holmes on 10/02/2025.

Positive

• Transparent disclosure of director compensation and holdings, including deferred stock units and previously reported equity
• Use of deferred stock units aligns director incentives with long‑term shareholder outcomes since units convert to shares upon retirement or termination

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received dividend‑issued deferred stock units; this is routine compensation-related reporting and not a market-moving event.

The filing documents a routine non‑cash issuance of 447 deferred stock units to a board director, reflecting the common practice of paying director dividends in deferred equity. Such units convert to shares upon retirement or termination, aligning director incentives with long‑term shareholder value. The disclosure of previously held common stock (361,947) and restricted stock units (1,955) provides transparency about the director's existing equity stake. There is no cash purchase, option exercise, or sale reported, and no derivatives activity disclosed.

Securities Analyst

TL;DR: Transaction is administrative and non‑dilutive now; it increases deferred equity holdings but shows no immediate market impact.

The 447 units were issued at $0 as dividend‑paid deferred stock units, a non‑dilutive form of director compensation at issuance. The report clarifies beneficial ownership components but does not indicate any sales or purchases of outstanding common shares for cash. From an investor materiality perspective, this disclosure is routine and carries limited informational impact on company valuation or near‑term trading.

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^*

HOLMES STEPHEN P

(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		447(1)	A	$0	47,857(2)	D
Common Stock								361,947(3)	D
Common Stock								1,955(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 common stock.

4. Previously reported restricted stock units.

Remarks:

	/s/ Jeff J. Zanotti as Attorney-in-Fact for Stephen P. Holmes	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 did Stephen P. Holmes report on Form 4 for TNL?

The Form 4 reports a non‑derivative acquisition on 09/30/2025 of 447 deferred stock units issued for dividends at a price of $0.

How many deferred stock units does the filing show after the transaction?

The filing shows 47,857 deferred stock units beneficially owned following the reported transaction (including previously reported units).

What other equity holdings are disclosed for the reporting person?

The report lists 361,947 previously reported shares of common stock and 1,955 previously reported restricted stock units.

Was any cash paid for the reported transaction?

No cash was paid; the deferred stock units were issued for dividends at a price of $0.

Does the Form 4 show any stock sales or option exercises by the director?

No. The filing shows only an acquisition of deferred stock units and previously reported holdings; it does not report sales or option exercises.