Travel & Leisure Co. (TNL) director granted 678 deferred stock units as dividends

Rhea-AI Filing Summary

Travel & Leisure Co. director reports routine stock-based award. A board member of Travel & Leisure Co. reported receiving 678 deferred stock units of common stock on 12/31/2025 at a price of $0, issued as dividend equivalents. These units will convert into the same number of common shares after the director retires or leaves the board. Following this transaction, the director beneficially owns 82,568 deferred stock units directly, along with 1,955 previously reported restricted stock units. This filing reflects ongoing equity-based compensation rather than an open‑market purchase or sale.

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

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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^*

Brady Louise F.

(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		678(1)	A	$0	82,568(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 J. Zanotti as Attorney-in-Fact for Louise F. Brady	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 was reported in the Travel & Leisure Co. (TNL) Form 4?

A Travel & Leisure Co. director reported receiving 678 deferred stock units of common stock on 12/31/2025, recorded as an acquisition at a price of $0.

Why did the Travel & Leisure Co. (TNL) director receive 678 deferred stock units?

The 678 deferred stock units were issued for dividends. Each unit represents the right to receive one share of common stock after the director retires or leaves the Board of Directors.

How many Travel & Leisure Co. (TNL) shares does the director now beneficially own?

After the reported transaction, the director beneficially owns 82,568 deferred stock units of common stock directly, plus 1,955 restricted stock units that were previously reported.

Is the Travel & Leisure Co. (TNL) Form 4 a purchase or a grant?

The Form 4 reflects a grant of deferred stock units issued as dividend equivalents at $0, not a cash purchase on the open market.

When will the Travel & Leisure Co. (TNL) deferred stock units be delivered as shares?

Each deferred stock unit entitles the director to receive one share of common stock after the director’s retirement or termination of service from the Board of Directors.

What types of equity awards does the Travel & Leisure Co. (TNL) director hold?

The director holds deferred stock units that accrue from dividends and restricted stock units, both linked to Travel & Leisure Co. common stock.