Form 4: TNL Director Sells Stock Under Pre-Arranged 10b5-1 Plan

Travel & Leisure Co. Director George Herrera sold 559 shares of common stock for a weighted average price of $68.1797 under a pre-arranged 10b5-1 plan.

Summary

• George Herrera, a Director of Travel & Leisure Co. (TNL), sold 559 shares of common stock.
• The transaction occurred on November 25, 2025.
• The shares were sold at a weighted average price of $68.1797, with individual transactions ranging from $68.1621 to $68.18.
• The sale was executed pursuant to a Rule 10b5-1(c) plan, indicating it was a pre-scheduled transaction.
• Following this specific transaction, direct beneficial ownership of common stock from this sale is 0 shares.
• Herrera continues to beneficially own 45,968 previously reported deferred stock units and 1,955 previously reported restricted stock units.

Sentiment

Score: 5

Explanation: The sale of shares by a director, while reducing direct ownership, was conducted under a Rule 10b5-1 plan, which suggests it was pre-scheduled and not based on new, non-public information. This mitigates potential negative sentiment, resulting in a neutral score.

Positives

• The sale was conducted under a Rule 10b5-1(c) plan, indicating a pre-scheduled transaction and not necessarily a reaction to new, non-public information, which enhances transparency.

Negatives

• A director selling shares, even under a pre-arranged plan, reduces their direct equity stake in the company, which could be perceived negatively by some investors.

Risks

• Potential for negative market perception if investors misinterpret the sale as a lack of confidence, despite being under a Rule 10b5-1 plan.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: May interpret the sale as a slight reduction in insider confidence, though this is largely mitigated by the pre-arranged nature of the 10b5-1 plan.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported range upon request to Travel + Leisure Co., any security holder, or the SEC staff.

Key Dates

Recommendation

The filing reports a routine insider sale under a pre-arranged 10b5-1 plan, involving a relatively small number of shares (559). This type of transaction is generally not considered a strong signal for investment decisions and does not provide new fundamental information about the company's performance or outlook. Therefore, it does not warrant a change from a 'hold' position based solely on this filing.

Keywords

Travel & Leisure Co., TNL, Insider Trading, Form 4, Stock Sale, Director, George Herrera, 10b5-1 Plan, Common Stock