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

Rhea-AI Filing Summary

Travel & Leisure Co. (TNL) senior vice president and chief accounting officer Thomas M. Duncan reported routine equity compensation activity. On 11/25/2025, he acquired 1,579 shares of common stock at $0 when previously granted restricted stock units vested, increasing his directly held common stock.

On the same date, 385 shares of common stock were withheld at a price of $68.24 to cover tax obligations related to this vesting. After these transactions, Duncan directly owns 21,194 shares of common stock and holds 38,524 restricted stock units, which reflect additional potential future share deliveries as they vest.

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
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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^*

Duncan Thomas Michael

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

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	11/25/2025		A		1,579(1)	A	$0	21,579(2)	D
Common Stock	11/25/2025		F		385(3)	D	$68.24	21,194(2)	D
Common Stock								38,524(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. Common stock issued on vesting of previously-granted restricted stock units.

2. Previously reported shares of common stock.

3. Common stock withheld as payment toward the tax liability incident to the vesting of restricted stock units granted in accordance with Rule 16b-3 and delivery of shares in respect thereof

4. Previously reported shares of restricted stock units.

Remarks:

	/s/ Jeff J. Zanotti as Attorney-in-Fact for Thomas M. Duncan	11/26/2025
	** 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 insider transaction did TNL executive Thomas M. Duncan report?

Thomas M. Duncan, SVP and Chief Accounting Officer of Travel & Leisure Co. (TNL), reported equity compensation activity tied to the vesting of restricted stock units on 11/25/2025. He received common shares upon vesting and had some shares withheld to cover taxes.

How many TNL shares did Thomas M. Duncan acquire in this Form 4 filing?

Duncan acquired 1,579 shares of Travel & Leisure Co. common stock at $0 upon the vesting of previously granted restricted stock units.

How many TNL shares were withheld for taxes in this transaction?

The filing shows that 385 shares of Travel & Leisure Co. common stock were withheld at a price of $68.24 to satisfy tax liabilities related to the restricted stock unit vesting.

What is Thomas M. Duncans TNL common stock holding after the reported transactions?

After the reported activity, Thomas M. Duncan directly owns 21,194 shares of Travel & Leisure Co. common stock.

How many restricted stock units does Thomas M. Duncan hold after this Form 4?

Following the vesting described, Duncan holds 38,524 restricted stock units, which represent rights to receive additional Travel & Leisure Co. shares in the future as they vest.

Does this TNL Form 4 indicate a 10b5-1 trading plan?

The form includes a checkbox for indicating a transaction under a Rule 10b5-1(c) trading plan, but the provided excerpt does not show that box as marked.