Michael Dean Brown, a director and officer of Travel & Leisure Co. (NYSE:TNL), filed a Form 4 on November 12, 2026, reporting the exercise of stock options and the sale of common stock on November 9 and November 10, 2026, pursuant to a Rule 10b5-1 plan.

Key Highlights

  • November 9 exercise: Brown exercised 4,033 stock options at $44.38 per share and sold 4,033 shares at a weighted average price of $79.022.
  • November 10 exercise: Brown exercised 15,943 stock options at $44.38 per share, selling 8,377 shares at a weighted average of $79.456 and 7,566 shares at a weighted average of $80.198.
  • Remaining beneficial ownership: Following all reported transactions, Brown directly held 487,303 shares of common stock, plus 288,134 previously reported restricted stock units.
  • 10b5-1 plan: All exercises and sales were made pursuant to a Rule 10b5-1 plan adopted November 25, 2025, according to the filing.
  • Option grant origin: The stock options were granted on March 7, 2019, under the registrant's Equity and Incentive Plan, vesting in four equal annual installments beginning March 7, 2020.

Brown's Option Exercises and Share Sales at Travel & Leisure Co.

According to the filing, Michael Dean Brown serves as both a director and officer of Travel & Leisure Co., a company headquartered at 501 West Church Street, Orlando, Florida. The transactions reported cover two trading days. On November 9, 2026, Brown exercised options covering 4,033 shares at an exercise price of $44.38 and sold those same 4,033 shares, with the weighted average sale price reported as $79.022. The filing notes that those sales occurred in multiple transactions ranging from $79.00 to $79.130 per share.

On November 10, 2026, Brown exercised an additional 15,943 options, also at an exercise price of $44.38 per share. He then sold 8,377 shares at a weighted average price of $79.456, with individual transaction prices ranging from $79.00 to $79.990, and sold a further 7,566 shares at a weighted average of $80.198, with transactions ranging from $80.00 to $80.400 per share. All sales are described in the filing as having been made under a Rule 10b5-1 plan that Brown adopted on November 25, 2025. After completing both days of activity, his directly held common stock position stood at 487,303 shares, and he separately held 288,134 previously reported restricted stock units, as disclosed in the filing.

The options exercised on November 9 and November 10 originated from a grant dated March 7, 2019, under Travel & Leisure Co.'s Equity and Incentive Plan. The filing states that those options vested in four equal installments on each of the first four anniversaries of March 7, 2019. The Form 4 was signed by Jeff Zanotti as attorney-in-fact for Michael Dean Brown on November 12, 2026.

What Was Disclosed

The filing disclosed two days of stock option exercises and common stock sales by Travel & Leisure Co. director and officer Michael Dean Brown, covering a combined 19,976 options exercised and shares sold across November 9 and November 10, 2026, all under a pre-established 10b5-1 trading plan.