Brown Michael Dean 4

What Happened

• Michael D. Brown, President & CEO of Travel & Leisure Co. (TNL), received 29,044 shares on vesting of previously granted restricted stock units (RSUs) on 2026-03-15 (acquisition value shown as $0). To cover tax liabilities from the vesting, 11,429 shares were withheld/disposed at $68.53 per share, totaling $783,229. Net shares delivered to Brown were 17,615 (29,044 granted minus 11,429 withheld).
• This was an award/vesting event (not an open-market purchase or voluntary sale); the withholding of shares for taxes is a routine administrative disposition.

Key Details

• Transaction date: 2026-03-15; Form 4 filed 2026-03-16 (timely).
• Award: 29,044 shares acquired at $0.00 on vesting (RSUs).
• Tax withholding/disposition: 11,429 shares at $68.53 = $783,229 (transaction code F).
• Net shares retained by insider: 17,615.
• Filing notes: F1–F4 indicate these were previously granted RSUs, common stock delivered on vesting, and shares withheld to satisfy tax obligations; filing includes previously reported shares per footnote F2.
• Shares owned after transaction: not explicitly stated in the provided excerpt (filing references previously reported holdings).

Context

• RSU vesting is a non-cash compensation event; withholding shares to cover taxes is common and does not necessarily signal a change in the insider’s view of the company.
• For retail investors, awards/vestings mainly reflect compensation realization rather than deliberate buying or selling as a market signal.