RICHARDS GEOFFREY 4

What Happened

• Geoffrey Richards, Chief Operating Officer, Vacation Ownership at Travel & Leisure Co. (TNL), had 13,277 shares of common stock issued on vesting of previously granted restricted stock units (RSUs) on March 15, 2026 (transaction code A).
• To cover the tax liability from that vesting, 5,225 shares were withheld (transaction code F) at $68.53 per share, totaling about $358,069. The RSUs were granted earlier and vested on the reported date.

Key Details

• Transaction dates: 2026-03-15 (shares vested and tax-withholding). Form 4 filed 2026-03-16 (one day after the transaction).
• Grant: 13,277 shares issued at $0.00 (vesting of RSUs).
• Withholding: 5,225 shares withheld at $68.53/share; cash value ≈ $358,069.25 (reported as $358,069).
• Footnotes: F1/F4 indicate shares were from previously granted RSUs; F3 confirms shares were withheld to satisfy tax withholding obligations; F2 notes inclusion of previously reported shares.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing timeliness: filed one day after the vesting date, which is within typical Form 4 reporting requirements.

Context

• This was a vesting of RSUs, not an open-market purchase or voluntary sale. The withholding of shares to cover taxes is a routine administrative action and should not be read as a market-direction trade by the insider.
• For retail investors: awards (vestings) add to insider ownership but tax-withholdings reduce delivered shares; purchases are generally more informative about bullish sentiment than routine vesting/withholding events.