Brown Michael Dean 4

What Happened

• Michael Dean Brown, President & CEO of Travel & Leisure Co. (TNL), exercised 10,552 stock options and sold the resulting 10,552 shares in open‑market transactions. The exercises occurred on April 16–17, 2026; the shares were sold the same days. Gross proceeds from the sales were approximately $834,747; the exercise cost paid was about $468,297.

Key Details

• Transactions:
  • 2026-04-16: Exercised 1,109 options at $44.38 (acquired 1,109 shares); sold 1,109 shares at a weighted avg $79.13 for $87,758. Derivative disposition recorded at $0.00 for the option converted.
  • 2026-04-17: Exercised 9,443 options at $44.38 (acquired 9,443 shares); sold 9,443 shares at a weighted avg $79.11 for $746,989. Derivative disposition recorded at $0.00 for the option converted.
  • Total exercised: 10,552 shares; total sales proceeds: ~$834,747; total exercise cost: ~$468,297.
• Sale price ranges (per filing): April 16 sales ranged $79.00–79.340; April 17 sales ranged $79.00–79.290 (weighted averages reported).
• Plan/authorization: Sales were effectuated pursuant to a Rule 10b5‑1 trading plan adopted November 25, 2025 (footnote).
• Options background: Options were granted March 7, 2019 and vested in four equal annual installments (footnote).
• Shares owned after transaction: not specified in this Form 4; filing notes include previously reported shares.
• Filing: Report filed April 20, 2026 (covers transactions April 16–17); filing appears timely under the two‑business‑day Form 4 rule.

Context

• These transactions were an option exercise followed by immediate open‑market sales (a common cash‑out of vested options). The Form shows the option instruments were converted (derivative dispositions at $0.00) and the underlying shares then sold.
• The presence of a Rule 10b5‑1 plan indicates the sales were pre‑arranged; such plans are commonly used to avoid timing concerns. This is routine insider activity and not a statement about company fundamentals.