TNL director sells 92,798 shares after option exercise

Travel & Leisure Co. director and officer Michael Dean Brown reported exercising stock options and selling shares of common stock.

Rhea-AI Filing Summary

Travel & Leisure Co. director and officer Michael Dean Brown reported exercising stock options and selling shares of common stock. On February 23–24, 2026, he exercised vested stock options granted March 7, 2019 at a $44.38 exercise price, converting them into common shares.

Over the same two days, he sold an aggregate of 92,798 shares of Travel & Leisure common stock in open-market transactions at weighted average prices ranging from about $72.64 to $75.63, pursuant to a Rule 10b5-1 trading plan adopted on November 25, 2025. Following these transactions, he directly owned 427,821 shares of common stock.

Insider Trade Summary

Exercise and Sale: 92,798 shares ($2.77M approx. pre-tax spread)

Exercise and Sale 10 txns

Insider Brown Michael Dean

Role See Remarks

Sold 92,798 shs ($6.89M)

Approx. gross sale proceeds $6.89M

Approx. exercise cost $4.12M

Approx. pre-tax spread $2.77M

Type	Security	Shares	Price	Value
Exercise	Stock Options (right to buy)	25,938	$0.00	$0.00
Exercise	Common Stock	25,938	$44.38	$1.15M
Sale	Common Stock	25,738	$74.85	$1.93M
Sale	Common Stock	200	$74.63	$15K
Exercise	Stock Options (right to buy)	66,860	$0.00	$0.00
Exercise	Common Stock	66,860	$44.38	$2.97M
Sale	Common Stock	17,203	$73.15	$1.26M
Sale	Common Stock	48,329	$74.32	$3.59M
Sale	Common Stock	1,328	$75.08	$100K
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Options (right to buy) — 46,400 contracts (Direct); Common Stock — 684,311 shares (Direct)

Footnotes (9)

1. F1. Option exercise and sale effectuated pursuant to a Rule 10b5-1 plan adopted November 25, 2025.
2. F2. Includes previously reported shares of common stock.
3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $72.64 to 74.63, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
4. F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $74.54 to $73.64, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
5. F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $75.70 to $74.65, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
6. F6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $74.50 to 75.49, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
7. F7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $75.62 to 75.63, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
8. F8. Previously reported restricted stock units.
9. F9. Stock options granted on March 7, 2019 under the Registrant's Equity and Incentive Plan. The options vested in four equal installments on each of the first four anniversaries of March 7, 2019.

FAQ

What insider transactions did TNL director Michael Dean Brown report?

Michael Dean Brown exercised stock options and sold TNL shares. On February 23–24, 2026, he exercised previously granted stock options and converted them into common stock, then executed multiple open-market sales of Travel & Leisure Co. common shares under a pre-arranged Rule 10b5-1 trading plan.

How many Travel & Leisure Co. (TNL) shares did Michael Dean Brown sell?

He sold 92,798 shares of TNL common stock. The Form 4 transaction summary shows aggregate sales of 92,798 shares across several open-market trades on February 23 and 24, 2026, at different weighted average prices disclosed in the filing’s footnotes.

At what prices were Michael Dean Brown’s TNL share sales executed?

The reported prices are weighted averages for grouped trades. Footnotes state that the sales were executed in multiple transactions, with price ranges including $72.64 to $74.63, $73.64 to $74.54, and $74.50 to $75.63, with one reported weighted average price of $74.85 per share.

What is the Rule 10b5-1 plan mentioned in the TNL Form 4?

The sales were made under a pre-arranged Rule 10b5-1 plan. A footnote explains the option exercise and related share sales were effectuated under a trading plan adopted on November 25, 2025, which allows preset trading instructions to help manage insider trading compliance.

How many TNL shares does Michael Dean Brown own after these transactions?

He directly owns 427,821 shares after the reported trades. The final line of the non-derivative holdings table shows total shares following the last transaction as 427,821 shares of Travel & Leisure Co. common stock held with direct ownership.

What were the details of the stock options exercised by Michael Dean Brown at TNL?

He exercised options granted March 7, 2019 under an equity plan. A footnote states these options were granted under the company’s Equity and Incentive Plan and vested in four equal installments on each of the first four anniversaries of March 7, 2019 before being exercised in February 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 02/25/2026 - 04:44 PM Learn about SEC filing dates

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).

X

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^*

Brown Michael Dean

(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
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

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	02/23/2026		M(1)		66,860	A	$44.38	494,681(2)	D
Common Stock	02/23/2026		S(1)		17,203	D	$73.15(3)	477,478(2)	D
Common Stock	02/23/2026		S(1)		48,329	D	$74.32(4)	429,149(2)	D
Common Stock	02/23/2026		S(1)		1,328	D	$75.08(5)	427,821(2)	D
Common Stock	02/24/2026		M(1)		25,938	A	$44.38	453,759(2)	D
Common Stock	02/24/2026		S(1)		25,738	D	$74.85(6)	428,021(2)	D
Common Stock	02/24/2026		S(1)		200	D	$74.63(7)	427,821(2)	D
Common Stock								256,490(8)	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
Stock Options (right to buy)	$44.38	02/23/2026		M(1)			66,860	(9)	03/07/2029	Common Stock	66,860	$0	72,338	D
Stock Options (right to buy)	$44.38	02/24/2026		M(1)			25,938	(9)	03/07/2029	Common Stock	25,938	$0	46,400	D

Explanation of Responses:

1. Option exercise and sale effectuated pursuant to a Rule 10b5-1 plan adopted November 25, 2025.

2. Includes previously reported shares of common stock.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $72.64 to 74.63, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $74.54 to $73.64, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $75.70 to $74.65, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $74.50 to 75.49, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $75.62 to 75.63, inclusive. The reporting person undertakes to provide to Travel + Leisure Co., any security holder of Travel + Leisure Co. or the staff of the Securities and Exchange Commission, upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. Previously reported restricted stock units.

9. Stock options granted on March 7, 2019 under the Registrant's Equity and Incentive Plan. The options vested in four equal installments on each of the first four anniversaries of March 7, 2019.

Remarks:

President & CEO.

	/s/ Jeff Zanotti as Attorney-in-Fact for Michael Dean Brown	02/25/2026
	** 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.