Travel & Leisure (TNL) CFO Michael D. Brown Sells 200 Shares

What Happened Michael Dean Brown, President & Chief Financial Officer of Travel & Leisure Co. (TNL), exercised stock options and immediately sold 200 shares on August 6, 2026. He exercised options at $44.38 per share (cost $8,876) and sold those 200 shares in an open-market transaction at $79.00 per share (proceeds $15,800), producing net proceeds of roughly $6,924 before taxes/fees. The filing also reports a separate derivative disposition of 200 shares at $0 tied to restricted stock units (see footnotes).

Key Details

• Transaction date: 2026-08-06; Form 4 filed: 2026-08-10 (filed within the reporting window).
• Option exercise: 200 shares @ $44.38 (acquired) — total exercise cost $8,876.
• Open-market sale: 200 shares @ $79.00 (disposed) — total proceeds $15,800.
• Additional derivative disposition: 200 shares reported as disposed at $0; footnotes indicate restricted stock units.
• Plan/notes: Sale and exercise were effectuated pursuant to a Rule 10b5-1 trading plan adopted November 25, 2025 (Footnote F1). Options referenced were granted March 7, 2019 and vested per the plan (Footnote F5).
• Shares owned after the transaction: not specified in the filing.

Context Because the exercise and sale occurred the same day and were executed under a pre-established Rule 10b5-1 plan, this appears to be a planned, routine liquidity event rather than an ad-hoc market-timing decision. Sales under 10b5-1 plans are common for executives to diversify or cover tax/option costs; they do not by themselves indicate the insider’s view of the company’s prospects.