Travel & Leisure (TNL) CFO Michael D. Brown Exercises Options, Sells 4,150 Shares

What Happened
Michael D. Brown, President & Chief Financial Officer of Travel & Leisure Co. (TNL), exercised stock options and sold the resulting 4,150 shares on August 5, 2026. He paid about $44.38 per share to exercise (total exercise cost reported as $184,177) and sold the 4,150 shares in the open market at a weighted average price of $79.24 per share for gross proceeds of approximately $328,846. The transactions were executed pursuant to a Rule 10b5-1 trading plan.

Key Details

• Transaction date: 2026-08-05; Form 4 filed 2026-08-06 (timely filing).
• Exercise: 4,150 shares at $44.38 per share — $184,177 reported as acquisition cost.
• Sale: 4,150 shares at a weighted average $79.24 per share — gross proceeds ~$328,846. Sale prices ranged $79.00–$79.49 (weighted avg reported). Reporting person can provide per-price breakdown on request (footnote).
• Derivative reporting: the options exercised (code M) and resulting shares were disposed (code S) the same day — effectively a cashless exercise + immediate sale.
• Options details: options were granted March 7, 2019 and vested in four equal annual installments (footnote).
• Shares owned after the transactions: not specified in the provided filing.
• Plan: transactions effected under a Rule 10b5-1 plan adopted Nov 25, 2025 (footnote).

Context
This was an option exercise followed by an immediate open-market sale under a pre-established 10b5-1 plan, a common way for insiders to sell shares without timing discretion. The filing indicates exercise cost and gross sale proceeds; it does not by itself indicate the insider’s view on the company.