Duncan Thomas Michael 4

What Happened

• Duncan Thomas Michael, SVP and Chief Accounting Officer of Travel & Leisure Co. (TNL), had 1,037 shares of common stock acquired on vesting of previously granted restricted stock units (RSUs) on 2026-03-15 (award/acquisition at $0.00 per share). To satisfy tax withholding obligations tied to that vesting, 253 shares were withheld/disposed at an indicated withholding price of $68.53 per share, producing $17,338 applied to taxes. The net effect: Michael received vested shares while a portion was retained to cover taxes (routine, not an open-market sale).

Key Details

• Transaction dates: 2026-03-15 (vesting and withholding); Form 4 filed 2026-03-16.
• Award: 1,037 shares acquired at $0.00 (RSU vesting).
• Withholding: 253 shares withheld/disposed at $68.53 = $17,338 applied to tax liability (code F).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: F1–F4 indicate these were previously granted RSUs that vested and that shares were withheld to cover tax liability; includes previously reported amounts.
• Timeliness: Filing was submitted the next day (appears timely under Form 4 rules).

Context

• This was a routine RSU vesting event, not an open‑market purchase or sale. The withholding of shares to cover taxes is common and does not necessarily signal insider sentiment. For investors, award receipts increase insider exposure but withheld shares reduce the net increase; no evidence here of an intentional market sale.