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

Rhea-AI Filing Summary

Denny Marie Post, a director of Travel & Leisure Co. (TNL), received 351 deferred stock units as of 09/30/2025 that were issued for dividends and carry no immediate cash cost to the reporting person. Each deferred stock unit converts to one share of common stock upon the reporting person’s retirement or termination from the board. Following the transaction the filing reports 37,626 shares or economic equivalents beneficially owned, which includes previously reported deferred stock units, restricted stock units and previously reported common shares. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Alignment with shareholders: 351 deferred stock units were issued for dividends, tying director compensation to company equity over the long term
• Non-cash issuance: Units issued at $0 reflect dividend deferral rather than a cash payout, preserving company cash

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received dividend-issued deferred stock units, modestly increasing long-term ownership exposure without immediate cash purchase.

The filing documents a routine grant of 351 deferred stock units issued for dividends, which are common for non-employee directors and align compensation with shareholder interests on a deferred basis. Because units convert to shares only upon retirement or termination, this increases long-term economic exposure rather than immediate voting dilution. The overall reported beneficial ownership of 37,626 includes prior holdings and does not reflect an open-market purchase or sale. Impact is procedural and governance-related, not a material business event.

Securities/Insider Transactions Analyst

TL;DR: Transaction is non-cash, dividend-based and routine; no priced purchase or sale that would signal trading intent.

The Form 4 shows a non-derivative acquisition coded 'A' for 351 deferred stock units at a $0 price, described as dividend-issued units. Other entries list previously reported restricted stock units and shares as dispositions on the table, indicating prior filings rather than new cash dispositions. For investors, this is a standard director compensation mechanics disclosure; it does not reveal a director-initiated market trade or a material change in control or ownership percentage disclosed in this filing.

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Post Denny Marie

(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)
09/30/2025

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	09/30/2025		A		351(1)	A	$0	37,626(2)	D
Common Stock								1,955(3)	D
Common Stock								4,477(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. Includes previously reported deferred stock units.

3. Previously reported restricted stock units.

4. Previously reported shares of common stock.

Remarks:

	/s/ Jeff Zanotti as Attorney-in-Fact for Denny Marie Post	10/02/2025
	** 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 did Denny Marie Post acquire according to the Form 4 for TNL?

The filing reports acquisition of 351 deferred stock units issued for dividends on 09/30/2025.

Do the deferred stock units provide immediate shares or cash?

No. Each deferred stock unit entitles the reporting person to receive one share of common stock only upon retirement or termination of service from the board.

How many shares or equivalents does the reporting person beneficially own after the reported transaction?

The Form 4 reports 37,626 shares or economic equivalents beneficially owned following the transaction, including previously reported units and shares.

Was there a cash purchase price for the units reported?

No. The reported price for the deferred stock units is shown as $0, reflecting dividend issuance.

When was the Form 4 signed and filed?

The signature on the form is dated 10/02/2025, signed by an attorney-in-fact for Denny Marie Post.