Travel & Leisure (NYSE: TNL) SVP receives stock award and uses shares for taxes

Rhea-AI Filing Summary

Travel & Leisure Co. senior vice president and chief accounting officer Duncan Thomas Michael reported routine equity compensation activity in company common stock. He received 5,439 shares upon vesting of previously granted restricted stock units and performance share units.

To cover related tax obligations, 1,326 shares were disposed back to the issuer at $71.12 per share, a withholding transaction rather than an open-market sale. After these entries, he directly owns 25,307 common shares and holds 33,085 previously reported restricted stock units.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Duncan Thomas Michael

Role SVP, Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	5,439	$0.00	--
Disposition	Common Stock	1,326	$71.12	$94K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 26,633 shares (Direct)

Footnotes (1)

1. Common stock acquired on vesting of previously-granted restricted stock units and performance share units. Includes previously reported shares of common stock. Common stock withheld as payment toward the tax liability incident to the vesting of restricted stock units and performance share units granted in accordance with Rule 16b-3 and delivery of shares in respect thereof. Previously reported shares of restricted stock units.

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
03/10/2026

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	03/10/2026		A		5,439(1)	A	$0	26,633(2)	D
Common Stock	03/10/2026		D		1,326(3)	D	$71.12	25,307(2)	D
Common Stock								33,085(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 acquired on vesting of previously-granted restricted stock units and performance share units.

2. Includes previously reported shares of common stock.

3. Common stock withheld as payment toward the tax liability incident to the vesting of restricted stock units and performance share 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	03/12/2026
	** 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 transactions did TNL executive Duncan Thomas Michael report?

Duncan Thomas Michael reported vesting of 5,439 shares of Travel & Leisure Co. common stock from previously granted restricted and performance share units. He also reported a related disposition of 1,326 shares back to the issuer for tax withholding purposes on the same date.

How many Travel & Leisure (TNL) shares did the executive acquire and dispose?

He acquired 5,439 shares of common stock at no cost through vesting of equity awards and disposed of 1,326 shares back to the issuer at $71.12 per share to satisfy tax liabilities associated with those vesting awards.

Was there an open-market sale in this TNL Form 4 filing?

No open-market sale occurred. The 1,326-share disposition was common stock withheld and returned to Travel & Leisure Co. to pay taxes triggered by vesting of restricted stock units and performance share units, as described in the transaction footnotes.

What is Duncan Thomas Michael’s Travel & Leisure Co. ownership after these transactions?

Following the reported transactions, he directly owns 25,307 shares of Travel & Leisure Co. common stock. He also holds 33,085 restricted stock units that were previously reported, reflecting additional equity-based compensation expected to settle in shares in the future.

What do the restricted stock unit and performance share unit vestings mean for TNL?

The vesting of restricted stock units and performance share units grants 5,439 shares of common stock to the executive as part of compensation. This is standard equity-based pay, aligning management incentives with Travel & Leisure Co. shareholders through increased stock ownership over time.