Travel & Leisure Co. (TNL) director discloses new deferred stock units

Rhea-AI Filing Summary

Travel & Leisure Co. director reports dividend-equivalent stock units

Director Lucinda Martinez reported a routine equity transaction involving deferred stock units of Travel & Leisure Co. On 12/31/2025, she acquired 31 deferred stock units of common stock at a price of $0, issued as dividend equivalents. Each deferred stock unit entitles her to receive one share of common stock after she retires or otherwise leaves the Board of Directors.

Following this transaction, she beneficially owns 3,007 deferred stock units, 1,955 restricted stock units, and 18,394 shares of common stock, all held directly. The filing indicates she serves as a director of Travel & Leisure Co. and that the report is filed by one reporting person.

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^*

MARTINEZ LUCINDA

(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		31(1)	A	$0	3,007(2)	D
Common Stock								1,955(3)	D
Common Stock								18,394(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. 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	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 Lucinda Martinez report for Travel & Leisure Co. (TNL)?

Lucinda Martinez reported acquiring 31 deferred stock units of Travel & Leisure Co. common stock on 12/31/2025. These units were issued as dividend equivalents at a price of $0.

What are the deferred stock units described in the TNL Form 4 filing?

The filing explains that the deferred stock units were issued for dividends and that each unit entitles the reporting person to receive one share of common stock after retirement or termination of service from the Board of Directors.

How many Travel & Leisure Co. securities does Lucinda Martinez own after the reported transaction?

After the reported transaction, she beneficially owns 3,007 deferred stock units, 1,955 restricted stock units, and 18,394 shares of common stock, all listed as directly owned.

What is Lucinda Martinez’s relationship to Travel & Leisure Co. (TNL)?

The filing states that Lucinda Martinez is a director of Travel & Leisure Co., as indicated in the section describing the relationship of the reporting person to the issuer.

Does the Form 4 filing for TNL involve derivative securities like options or warrants?

The section for derivative securities is included, but no specific options, warrants, or other derivative securities are listed with amounts or terms in the provided content.

When will the deferred stock units reported by Lucinda Martinez be settled into TNL common shares?

The filing states that each deferred stock unit will convert into one share of common stock following her retirement or termination of service from the Board of Directors.