HOLMES STEPHEN P 4

What Happened
Stephen P. Holmes, a director of Travel & Leisure Co. (TNL), received an award of 1,328 shares on March 10, 2026. The transaction is reported as an award/acquisition (code A) at $0.00 per share — these are deferred stock units and accrued dividends issued on vesting of previously granted restricted stock units, not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-03-10; Form 4 filed: 2026-03-12 (filed two days after the transaction).
• Amount: 1,328 deferred stock units; reported price: $0.00 (no cash paid).
• Shares owned after the transaction: not specified in the provided filing (filing references previously reported shares/units).
• Footnotes of note:
  • F1: These are deferred stock units plus accrued dividends upon vesting of prior RSUs; each unit converts to one share upon the director’s retirement or termination from the Board.
  • F2–F4: Reference previously reported deferred units, common shares, and restricted stock units.
• No sale, tax‑withholding, or 10b5‑1 plan was indicated in the provided details.

Context
Deferred stock units are a form of director compensation that generally convert to actual shares (or cash equivalent) only upon a future event (e.g., retirement or departure from the board). This award is routine compensation for board service and does not represent an open‑market purchase or immediate change in voting ownership.