Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-27

Travel & Leisure Co. (TNL)

CEO Michael Brown was paid $16,000,693 in fiscal year 2025, ↑ up 9.1% from fiscal year 2024, the 63rd percentile of its disclosed peer group (SEC filing 0001361658-26-000019 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$16,000,693 ↑
Michael Brown total, FY2025
63rd
CEO pay percentile vs peers
279:1
CEO-to-median pay ratio
92.68%
Say-on-pay support, latest vote

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- Michael Brown (President and Chief Executive Officer), FY2025 total compensation $16,000,693 (base salary $1,331,756) [exec_comp, SEC accession 0001361658-26-000019, filed 2026-04-10]

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TNL's next annual pay disclosure, estimated April 9, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Brown$1,331,756$0$10,849,962$0$3,331,300$0$487,675$16,000,693
President and Chief Executive Officer
Erik Hoag375,00004,749,9290490,6740192,7625,808,365
Chief Financial Officer
Jeffrey Myers616,93403,199,93601,024,2850175,6715,016,826
Chief Sales and Marketing Officer - Vacation Ownership
Geoffrey Richards656,39503,199,9360792,7380170,1454,819,214
Chief Operating Officer - Vacation Ownership
James Savina623,57901,859,9670665,4690169,7863,318,801
General Counsel and Corporate Secretary
Michael Hug368,9500000080,028448,978
Former Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael Brown$16,000,693$14,659,501$12,424,078↑ +1,341,192
Erik Hoag5,808,365———
Jeffrey Myers5,016,8264,608,9004,613,191↑ +407,926
Geoffrey Richards4,819,2144,575,8464,538,755↑ +243,368
James Savina3,318,8013,100,5183,347,561↑ +218,283
Michael Hug448,9784,743,1814,756,470↓ −4,294,203

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$16,000,693 Michael Brown total, FY2025

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Data as of August 27, 2026 · Source: 0001361658-26-000019 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against TNL
10 companies name TNL as a compensation peer

Each company listed discloses TNL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TNL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Erik HoagCFO$5,808,365
James SavinaGeneral Counsel$3,318,801
Jeffrey MyersExecutive$5,016,826
Michael BrownCEO$16,000,693
Michael HugCFO$448,978
Geoffrey RichardsCOO$4,819,214
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Denny Marie PostIndependent Director$451,440
George HerreraIndependent Director$425,439
James E. BuckmanLead Independent Director$504,998
Louise F. BradyIndependent Director$473,939
Lucinda C. MartinezIndependent Director$363,863
Michael H. WargotzIndependent Director$453,783
Ronald L. RicklesIndependent Director$401,439
Stephen P. HolmesChair of the Board$504,598
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael Dean BrownDirector2026-04-14D8,910$79$704,068CommonForm 4 ↗
Michael Dean BrownDirector2026-04-14A8,91044395,426CommonForm 4 ↗
Michael Dean BrownDirector2026-04-14D8,91000Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-15D2,61279206,348CommonForm 4 ↗
Michael Dean BrownDirector2026-04-15D2,61200Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-15A2,61244115,921CommonForm 4 ↗
Dividend-equivalent accruals2026-04-16—1,109——1 insider, 1 accrual row
Michael Dean BrownDirector2026-04-16A1,1094449,217CommonForm 4 ↗
Michael Dean BrownDirector2026-04-16D1,1097987,759CommonForm 4 ↗
Michael Dean BrownDirector2026-04-17D9,44300Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-17D9,44379746,989CommonForm 4 ↗
Michael Dean BrownDirector2026-04-17A9,44344419,080CommonForm 4 ↗
Erik HoagChief Financial Officer2026-04-23A1,0006665,670CommonForm 4 ↗
Denny Marie PostDirector2026-05-14D2,50064159,575CommonForm 4 ↗
Erik HoagChief Financial Officer2026-05-25D9,65865628,929CommonForm 4 ↗
Erik HoagChief Financial Officer2026-05-25A24,54100CommonForm 4 ↗
Kimberly MarshallChief Human Resources Officer2026-06-04D28,000701,964,864CommonForm 4 ↗
George HerreraDirector2026-06-16D5007537,580CommonForm 4 ↗
Kimberly MarshallChief Human Resources Officer2026-07-23D32,691752,451,825CommonForm 4 ↗
Geoffrey RichardsSee Remarks2026-07-27D33,744762,552,734CommonForm 4 ↗
Sy EsfahaniChief Technology Officer2026-08-04D52,617784,104,126CommonForm 4 ↗
Jeffrey MyersSee Remarks2026-08-04D34,000782,643,840CommonForm 4 ↗
Michael Dean BrownDirector2026-08-05D4,15000Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-08-05D4,15079328,846CommonForm 4 ↗
Michael Dean BrownDirector2026-08-05A4,15044184,177CommonForm 4 ↗
Dividend-equivalent accruals2026-08-06—200——1 insider, 1 accrual row
Michael Dean BrownDirector2026-08-06D2007915,800CommonForm 4 ↗
Michael Dean BrownDirector2026-08-06A200448,876CommonForm 4 ↗
Amandine Robin-CaplanSee remarks2026-08-25D1,68974124,429CommonForm 4 ↗
Amandine Robin-CaplanSee remarks2026-08-25A4,29100CommonForm 4 ↗
Thomas Michael DuncanSVP, Chief Accounting Officer2026-08-26D20,000741,483,200CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 31 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael Dean BrownDirector2026-04-14D8,910$79$704,068CommonForm 4 ↗
Michael Dean BrownDirector2026-04-14A8,91044395,426CommonForm 4 ↗
Michael Dean BrownDirector2026-04-14D8,91000Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-15D2,61279206,348CommonForm 4 ↗
Michael Dean BrownDirector2026-04-15D2,61200Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-15A2,61244115,921CommonForm 4 ↗
Michael Dean BrownDirector2026-04-16D1,10900Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-16A1,1094449,217CommonForm 4 ↗
Michael Dean BrownDirector2026-04-16D1,1097987,759CommonForm 4 ↗
Michael Dean BrownDirector2026-04-17D9,44300Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-04-17D9,44379746,989CommonForm 4 ↗
Michael Dean BrownDirector2026-04-17A9,44344419,080CommonForm 4 ↗
Erik HoagChief Financial Officer2026-04-23A1,0006665,670CommonForm 4 ↗
Denny Marie PostDirector2026-05-14D2,50064159,575CommonForm 4 ↗
Erik HoagChief Financial Officer2026-05-25D9,65865628,929CommonForm 4 ↗
Erik HoagChief Financial Officer2026-05-25A24,54100CommonForm 4 ↗
Kimberly MarshallChief Human Resources Officer2026-06-04D28,000701,964,864CommonForm 4 ↗
George HerreraDirector2026-06-16D5007537,580CommonForm 4 ↗
Kimberly MarshallChief Human Resources Officer2026-07-23D32,691752,451,825CommonForm 4 ↗
Geoffrey RichardsSee Remarks2026-07-27D33,744762,552,734CommonForm 4 ↗
Sy EsfahaniChief Technology Officer2026-08-04D52,617784,104,126CommonForm 4 ↗
Jeffrey MyersSee Remarks2026-08-04D34,000782,643,840CommonForm 4 ↗
Michael Dean BrownDirector2026-08-05D4,15000Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-08-05D4,15079328,846CommonForm 4 ↗
Michael Dean BrownDirector2026-08-05A4,15044184,177CommonForm 4 ↗
Michael Dean BrownDirector2026-08-06D20000Derivative, Class A CommonForm 4 ↗
Michael Dean BrownDirector2026-08-06D2007915,800CommonForm 4 ↗
Michael Dean BrownDirector2026-08-06A200448,876CommonForm 4 ↗
Amandine Robin-CaplanSee remarks2026-08-25D1,68974124,429CommonForm 4 ↗
Amandine Robin-CaplanSee remarks2026-08-25A4,29100CommonForm 4 ↗
Thomas Michael DuncanSVP, Chief Accounting Officer2026-08-26D20,000741,483,200CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Erik HoagPSU2025-05-203,14612,585—25,170$624,971
Geoffrey RichardsPSU2025-03-053,64914,598—29,196799,970
Jeffrey MyersRSU2025-03-05——43,795—2,399,966
Michael BrownRSU2025-03-05——98,996—5,424,981
Erik HoagRSU2025-05-20——83,064—4,124,958
James SavinaRSU2025-03-05——25,456—1,394,989
Jeffrey MyersPSU2025-03-053,64914,598—29,196799,970
James SavinaPSU2025-03-052,1218,485—16,970464,978
Michael BrownPSU2025-03-0524,74998,996—197,9925,424,981
Geoffrey RichardsRSU2025-03-05——43,795—2,399,966
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Erik Hoag$4,124,958$624,971$013.2%
Geoffrey Richards2,399,966799,970025.0%
Jeffrey Myers2,399,966799,970025.0%
Michael Brown5,424,9815,424,981050.0%
James Savina1,394,989464,978025.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael HugRSU41,076—$2,897,090
James SavinaRSU19,914—1,404,534
Geoffrey RichardsRSU35,406—2,497,185
Jeffrey MyersRSU29,196—2,059,194
Jeffrey MyersRSU39,832—2,809,351
Jeffrey MyersRSU18,449—1,301,208
Michael BrownRSU52,157—3,678,633
Geoffrey RichardsRSU24,004—1,693,002
Jeffrey MyersRSU24,004—1,693,002
James SavinaRSU16,970—1,196,894
Michael BrownRSU18,205—1,283,999
Michael BrownRSU87,132—6,145,420
Michael HugRSU24,893—1,755,703
James SavinaRSU13,336—940,588
Michael BrownRSU232,352—16,387,787
Michael BrownRSU197,992—13,964,376
James SavinaRSU25,456—1,795,412
Michael HugRSU8,512—600,351
Geoffrey RichardsRSU29,196—2,059,194
Geoffrey RichardsRSU18,449—1,301,208
Michael BrownRSU98,996—6,982,188
Geoffrey RichardsRSU39,832—2,809,351
Jeffrey MyersRSU43,795—3,088,861
Erik HoagRSU83,064—5,858,504
Jeffrey MyersRSU35,406—2,497,185
Geoffrey RichardsRSU43,795—3,088,861
Erik HoagRSU25,170—1,775,240
James SavinaRSU22,405—1,580,225
Jeffrey MyersRSU7,980—562,829
James SavinaRSU4,256—300,176
Geoffrey RichardsRSU7,980—562,829
05

Incentive-plan design — the Compensation Discussion & Analysis

Our Total Compensation Strategy is designed to achieve the following objectives: Attract, retain and motivate high-performing senior management talent; Provide our executives with compensation that is consistent and competitive with compensation provided by comparable hospitality, service and leisure companies; Support a high-performance environment by linking compensation with performance; Support a long-term focus for our executives that aligns with shareholder interests

CEO STI target (% of salary)175%
CEO LTI target (% of salary)—
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2047,269,6813,645,17186,65092.68%Passed
20252025-05-2149,299,2833,791,828101,53292.68%Passed
20242024-05-1544,110,74712,638,258129,11277.55%Passed
20232023-05-1754,617,8134,817,353316,49591.41%Passed
20222022-05-1858,033,31210,639,152228,42284.23%Passed
20212021-05-1363,871,2966,680,251313,83790.13%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2092.68%a
20252025-05-2192.68%b
20242024-05-1577.55%c

a. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against such proposals.”.

b. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against such proposals.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have the effect of a vote against such proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)279 : 1
CEO total compensation$16,023,648
Median employee compensation$57,430
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
James E. BuckmanIndependent · Lead Independent Director · Compensation · Executive$152,546$277,452$0$0$75,000$504,998
Stephen P. HolmesNot independent · Board Chair · Executive (Chair)170,010294,9880039,600504,598
Louise F. BradyIndependent · Audit · Compensation (Chair)—394,9980078,941473,939
Michael H. WargotzIndependent · Audit · Compensation · Executive137,507262,4920053,784453,783
Denny Marie PostIndependent · Compensation · Corporate Governance123,762248,7370078,941451,440
George HerreraIndependent · Audit · Corporate Governance (Chair)132,548257,4500035,441425,439
Ronald L. RicklesIndependent · Audit (Chair) · Corporate Governance136,267261,231003,941401,439
Lucinda C. MartinezIndependent · Corporate Governance113,790238,7090011,364363,863
Michael D. BrownEmployee director · Executive · Partial-year service000—00
09

Board fee structure and ownership guideline

Annual cash retainer$105,000
Annual equity retainer$105,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)45,000 / 35,000 / 30,000
Stock ownership guideline2.5x annual retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$966,430
Equity awards (grant-date value)$2,236,057
All other compensation$377,012
Total cost of the board$3,579,499

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Travel & Leisure Co. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Travel & Leisure Co..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Darden Restaurants, Inc.2026Ricardo Cardenas$1,325,000$25,879,154$2,380,093$4,107,501$34,815,979
2Las Vegas Sands Corp.2025Robert Goldstein3,000,00018,448,32906,480,00031,109,661
3Hilton Worldwide Holdings, Inc.2025Christopher Nassetta1,300,00017,324,7225,774,9612,974,11127,674,400
4Hyatt Hotels Corporation2025Mark Hoplamazian1,410,41720,478,7492,562,4902,056,50026,699,762
5PENN Entertainment, Inc.2025Jay Snowden1,800,00014,249,9894,750,0042,984,40024,126,651
6Marriott International, Inc.2025Anthony Capuano1,400,00112,010,6964,125,2054,526,83022,970,926
7Caesars Entertainment, Inc.2025Thomas Reeg2,060,00011,991,46702,945,80017,199,029
8Travel & Leisure Co.2025Michael Brown1,331,75610,849,96203,331,30016,000,693
9Chipotle Mexican Grill, Inc.2025Scott Boatwright1,095,3857,800,0025,200,0071,155,00015,455,736
10Host Hotels & Resorts, Inc.2025James Risoleo1,100,0009,569,88003,697,10014,835,223
11Boyd Gaming Corporation2025Keith Smith1,850,0009,124,85803,700,00014,697,487
12Marriott Vacations Worldwide Corp.2025John Geller888,4625,599,9841,399,992014,344,132
13Hilton Grand Vacations, Inc.2025Mark Wang1,345,9627,762,44804,540,20014,067,191
14Wyndham Hotels & Resorts, Inc.2025Geoffrey Ballotti1,426,93511,999,8180013,551,700
15Alaska Air Group, Inc.2025Ben Minicucci847,6926,769,22201,632,7219,904,339
16Sabre Corporation2025Kurt Ekert900,0006,044,0000411,7507,409,848
17Six Flags Entertainment Corporation2025John Reilly72,3295,709,725005,782,054
18Bloomin' Brands, Inc.2025Michael Spanos1,000,0003,333,33701,155,0005,495,861
19JetBlue Airways Corporation2025Joanna Geraghty700,0003,249,99601,102,5005,191,318
20Vail Resorts, Inc.2025Robert Katz1,123,5881,405,6931,405,69303,952,230

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Travel & Leisure Co.142.8%PSU 50 · RSU 50NoAon
Alaska Air Group, Inc.110.0%PSU 50 · RSU 50NoMeridian
Bloomin' Brands, Inc.66%PSU 67 · RSU 33NoFW Cook
Boyd Gaming Corporation100%PSU 60 · RSU 40NoExequity
Caesars Entertainment, Inc.71.5%RSU 50 · PSU 50Yes — relative total shareholder return (rTSR)Aon
Chipotle Mexican Grill, Inc.53%PSU 60 · Options 20 · RSU 20NoMeridian Compensation Partners, LLC
Darden Restaurants, Inc.155%PSU 50 · Options 25 · RSU 25Yes — Relative TSRPearl Meyer
Hilton Grand Vacations, Inc.113%not disclosedNoPearl Meyer
Hilton Worldwide Holdings, Inc.114%PSU 50 · RSU 25 · Options 25NoExequity LLP
Host Hotels & Resorts, Inc.not disclosedPSU 60 · RSU 40Yes — Relative TSRPay Governance
Hyatt Hotels Corporation84%PSU 40 · SAR 30 · RSU 30NoKorn Ferry
JetBlue Airways Corporationnot disclosednot disclosedYes — Relative TSRPay Governance LLC
Las Vegas Sands Corp.108%RSU 100NoKorn Ferry
Marriott International, Inc.162%PSU 50 · RSU 25 · Options 25NoPearl Meyer
Marriott Vacations Worldwide Corp.67.27%PSU 50 · RSU 30 · Options 20NoExequity LLP
PENN Entertainment, Inc.66.3%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC
Sabre Corporation30.5%PSU 60 · RSU 40Yes — TSR modifierKorn Ferry
Six Flags Entertainment Corporation0%PSU 67 · RSU 33NoFW Cook
Vail Resorts, Inc.92%RSU 50 · Options 50not disclosedAon
Wyndham Hotels & Resorts, Inc.not disclosedRSU 50 · PSU 50NoAon (Human Capital Solutions practice)

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Travel & Leisure Co. in fiscal 2025?
As disclosed, Michael Brown (President and Chief Executive Officer) was the highest-paid executive at Travel & Leisure Co. in fiscal 2025, with total compensation of $16,000,693.
How does Travel & Leisure Co.'s chief executive pay compare to its disclosed peer group?
As disclosed, Michael Brown's total compensation ranked at the 63rd percentile of Travel & Leisure Co.'s disclosed peer group.
What is Travel & Leisure Co.'s CEO-to-median employee pay ratio?
As disclosed, Travel & Leisure Co.'s CEO-to-median employee pay ratio was 279:1.
How did shareholders vote on Travel & Leisure Co.'s executive compensation?
As disclosed, 92.68% of shareholders supported Travel & Leisure Co.'s executive compensation in the latest say-on-pay vote.
How much does Travel & Leisure Co. spend in total on board compensation for fiscal 2025?
As disclosed, Travel & Leisure Co. reported total board compensation of $3,579,499 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael BrownDEF 14A2026-04-100001361658-26-000019Section “2025 Summary Compensation Table”. As printed: 16,000,693. Filing ↗machine: r2 · c21 · span 1085495–1085505
2Section 01, Erik HoagDEF 14A2026-04-100001361658-26-000019Section “2025 Summary Compensation Table”. As printed: 5,808,365. Filing ↗machine: r6 · c21 · span 1093262–1093271
3Section 01, Jeffrey MyersDEF 14A2026-04-100001361658-26-000019Section “2025 Summary Compensation Table”. As printed: 5,016,826. Filing ↗machine: r14 · c21 · span 1108834–1108843
4Section 01, Geoffrey RichardsDEF 14A2026-04-100001361658-26-000019Section “2025 Summary Compensation Table”. As printed: 4,819,214. Filing ↗machine: r10 · c21 · span 1101040–1101049
5Section 01, James SavinaDEF 14A2026-04-100001361658-26-000019Section “2025 Summary Compensation Table”. As printed: 3,318,801. Filing ↗machine: r18 · c21 · span 1116607–1116616
6Section 01, Michael HugDEF 14A2026-04-100001361658-26-000019Section “2025 Summary Compensation Table”. As printed: 448,978. Filing ↗machine: r22 · c21 · span 1124406–1124413
7Section 03, Erik Hoag PSUDEF 14A2026-04-100001361658-26-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r7 · c13 · span 1190805–1190812
8Section 03, Geoffrey Richards PSUDEF 14A2026-04-100001361658-26-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r10 · c13 · span 1196215–1196222
9Section 03, Jeffrey Myers RSUDEF 14A2026-04-100001361658-26-000019Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t152 · r12 · c11 · span 1199612–1199621
10Section 03, Michael Brown RSUDEF 14A2026-04-100001361658-26-000019Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t152 · r3 · c11 · span 1183377–1183386
11Section 03, Erik Hoag RSUDEF 14A2026-04-100001361658-26-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r6 · c11 · span 1188791–1188800
12Section 03, James Savina RSUDEF 14A2026-04-100001361658-26-000019Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t152 · r15 · c11 · span 1205018–1205027
13Section 03, Jeffrey Myers PSUDEF 14A2026-04-100001361658-26-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r13 · c13 · span 1201625–1201632
14Section 03, James Savina PSUDEF 14A2026-04-100001361658-26-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r16 · c13 · span 1207030–1207037
15Section 03, Michael Brown PSUDEF 14A2026-04-100001361658-26-000019Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t152 · r3 · c11 · span 1183377–1183386
16Section 03, Geoffrey Richards RSUDEF 14A2026-04-100001361658-26-000019Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t152 · r9 · c11 · span 1194202–1194211
17Section 07, pay ratioDEF 14A2026-04-100001361658-26-000019Section “CEO Pay Ratio”. As printed: 279 : 1. Filing ↗machine: span 1575227–1575235
18Section 08, James E. BuckmanDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 504,998. Filing ↗machine: t93 · r3 · c7 · span 709155–709397
19Section 08, Stephen P. HolmesDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 504,598. Filing ↗machine: t93 · r5 · c7 · span 712508–712750
20Section 08, Louise F. BradyDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 473,939. Filing ↗machine: t93 · r2 · c7 · span 707459–707699
21Section 08, Michael H. WargotzDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 453,783. Filing ↗machine: t93 · r9 · c7 · span 719548–719847
22Section 08, Denny Marie PostDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 451,440. Filing ↗machine: t93 · r7 · c7 · span 715829–716071
23Section 08, George HerreraDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 425,439. Filing ↗machine: t93 · r4 · c7 · span 710812–711054
24Section 08, Ronald L. RicklesDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 401,439. Filing ↗machine: t93 · r8 · c7 · span 717488–717730
25Section 08, Lucinda C. MartinezDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 363,863. Filing ↗machine: t93 · r6 · c7 · span 714170–714412
26Section 08, Michael D. BrownDEF 14A2026-04-100001361658-26-000019Section “Director Compensation”. As printed: 0. Filing ↗
27Section 02, Michael Dean Brown 2026-04-14Form 42026-04-160001691300-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Michael Dean Brown 2026-04-14Form 42026-04-160001691300-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Michael Dean Brown 2026-04-14Form 42026-04-160001691300-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Michael Dean Brown 2026-04-15Form 42026-04-160001691300-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Michael Dean Brown 2026-04-15Form 42026-04-160001691300-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Michael Dean Brown 2026-04-15Form 42026-04-160001691300-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Michael Dean Brown 2026-04-16Form 42026-04-200001691300-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Michael Dean Brown 2026-04-16Form 42026-04-200001691300-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Michael Dean Brown 2026-04-16Form 42026-04-200001691300-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Michael Dean Brown 2026-04-17Form 42026-04-200001691300-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Michael Dean Brown 2026-04-17Form 42026-04-200001691300-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Michael Dean Brown 2026-04-17Form 42026-04-200001691300-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Erik Hoag 2026-04-23Form 42026-04-230001952226-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Denny Marie Post 2026-05-14Form 42026-05-150001361353-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Erik Hoag 2026-05-25Form 42026-05-270001952226-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Erik Hoag 2026-05-25Form 42026-05-270001952226-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Kimberly Marshall 2026-06-04Form 42026-06-080001741627-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, George Herrera 2026-06-16Form 42026-06-170001277397-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Kimberly Marshall 2026-07-23Form 42026-07-240001741627-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Geoffrey Richards 2026-07-27Form 42026-07-280001741754-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Sy Esfahani 2026-08-04Form 42026-08-060001893845-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Jeffrey Myers 2026-08-04Form 42026-08-060001741758-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Michael Dean Brown 2026-08-05Form 42026-08-060001691300-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Michael Dean Brown 2026-08-05Form 42026-08-060001691300-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Michael Dean Brown 2026-08-05Form 42026-08-060001691300-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Michael Dean Brown 2026-08-06Form 42026-08-100001691300-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Michael Dean Brown 2026-08-06Form 42026-08-100001691300-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Michael Dean Brown 2026-08-06Form 42026-08-100001691300-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Amandine Robin-Caplan 2026-08-25Form 42026-08-270001983412-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Amandine Robin-Caplan 2026-08-25Form 42026-08-270001983412-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Thomas Michael Duncan 2026-08-26Form 42026-08-270001948442-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
58Section 06, 2026 voteForm 8-K2026-05-220001361658-26-000038Item 5.07 · say-on-pay result. As reported: 92.68% (votes for as printed: 47,269,681). Filing ↗
59Section 06, 2025 voteForm 8-K2025-05-220001361658-25-000217Item 5.07 · say-on-pay result. As reported: 92.68% (votes for as printed: 49,299,283). Filing ↗
60Section 06, 2024 voteForm 8-K2024-05-200001361658-24-000129Item 5.07 · say-on-pay result. As reported: 77.55% (votes for as printed: 44,110,747). Filing ↗
61Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
62Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
63Section 09b board cost (computed)Computed——Cash 966,430 + equity 2,236,057 + all other 377,012 = 3,579,499, summed across the director compensation table rows.machine: formula: Σ = 3,579,499
64Darden Restaurants, Inc., Section 10b CEO totalDEF 14A2026-08-100001193125-26-342023CEO total compensation as printed in Darden Restaurants, Inc.'s own proxy. As printed: 34,815,979. Filing ↗machine: r4 · c18 · span 1947073–1947083
65Las Vegas Sands Corp., Section 10b CEO totalDEF 14A2026-04-010001300514-26-000031CEO total compensation as printed in Las Vegas Sands Corp.'s own proxy. As printed: 31,109,661. Filing ↗
66Hilton Worldwide Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-020001585689-26-000023CEO total compensation as printed in Hilton Worldwide Holdings, Inc.'s own proxy. As printed: 27,674,400. Filing ↗machine: r2 · c27 · span 712792–712803
67Hyatt Hotels Corporation, Section 10b CEO totalDEF 14A2026-04-020001104659-26-038759CEO total compensation as printed in Hyatt Hotels Corporation's own proxy. As printed: 26,699,762. Filing ↗machine: span 775055–775065
68PENN Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-270001140361-26-016846CEO total compensation as printed in PENN Entertainment, Inc.'s own proxy. As printed: 24,126,651. Filing ↗machine: r2 · c25 · span 1628709–1628719
69Marriott International, Inc., Section 10b CEO totalDEF 14A2026-03-270001140361-26-011590CEO total compensation as printed in Marriott International, Inc.'s own proxy. As printed: 22,970,926. Filing ↗machine: r2 · c28 · span 1165120–1165130
70Caesars Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-174058CEO total compensation as printed in Caesars Entertainment, Inc.'s own proxy. As printed: 17,199,029. Filing ↗machine: r3 · c23 · span 649787–649797
71Travel & Leisure Co. (subject), Section 10b CEO totalDEF 14A2026-04-100001361658-26-000019CEO total compensation as printed in Travel & Leisure Co.'s own proxy. As printed: 16,000,693. Filing ↗machine: r2 · c21 · span 1085495–1085505
72Chipotle Mexican Grill, Inc., Section 10b CEO totalDEF 14A2026-04-280001140361-26-017294CEO total compensation as printed in Chipotle Mexican Grill, Inc.'s own proxy. As printed: 15,455,736. Filing ↗machine: r2 · c22 · span 1337747–1337758
73Host Hotels & Resorts, Inc., Section 10b CEO totalDEF 14A2026-04-080001070750-26-000062CEO total compensation as printed in Host Hotels & Resorts, Inc.'s own proxy. As printed: 14,835,223. Filing ↗machine: r6 · c10 · span 2451418–2451428
74Boyd Gaming Corporation, Section 10b CEO totalDEF 14A2026-03-200001193125-26-116798CEO total compensation as printed in Boyd Gaming Corporation's own proxy. As printed: 14,697,487. Filing ↗machine: r3 · c34 · span 359765–359775
75Marriott Vacations Worldwide Corp., Section 10b CEO totalDEF 14A2026-03-260001193125-26-125219CEO total compensation as printed in Marriott Vacations Worldwide Corp.'s own proxy. As printed: 14,344,132. Filing ↗machine: t253 · r5 · c34 · span 833147–833157
76Hilton Grand Vacations, Inc., Section 10b CEO totalDEF 14A2026-03-170001140361-26-009850CEO total compensation as printed in Hilton Grand Vacations, Inc.'s own proxy. As printed: 14,067,191. Filing ↗machine: r2 · c21 · span 1149244–1149255
77Wyndham Hotels & Resorts, Inc., Section 10b CEO totalDEF 14A2026-03-250001722684-26-000050CEO total compensation as printed in Wyndham Hotels & Resorts, Inc.'s own proxy. As printed: 13,551,700. Filing ↗machine: r2 · c48 · span 701393–701403
78Alaska Air Group, Inc., Section 10b CEO totalDEF 14A2026-03-300001193125-26-132048CEO total compensation as printed in Alaska Air Group, Inc.'s own proxy. As printed: 9,904,339. Filing ↗machine: t40 · r2 · c17 · span 1199860–1199869
79Sabre Corporation, Section 10b CEO totalDEF 14A2026-03-190001193125-26-115957CEO total compensation as printed in Sabre Corporation's own proxy. As printed: 7,409,848. Filing ↗machine: t415 · r3 · c34 · span 1314310–1314319
80Six Flags Entertainment Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149736CEO total compensation as printed in Six Flags Entertainment Corporation's own proxy. As printed: 5,782,054. Filing ↗machine: span 617438–617447
81Bloomin' Brands, Inc., Section 10b CEO totalDEF 14A2026-03-030001546417-26-000015CEO total compensation as printed in Bloomin' Brands, Inc.'s own proxy. As printed: 5,495,861. Filing ↗machine: span 923483–923492
82JetBlue Airways Corporation, Section 10b CEO totalDEF 14A2026-04-020001158463-26-000041CEO total compensation as printed in JetBlue Airways Corporation's own proxy. As printed: 5,191,318. Filing ↗machine: r5 · c7 · span 2148744–2148753
83Vail Resorts, Inc., Section 10b CEO totalDEF 14A2025-10-300000812011-25-000221CEO total compensation as printed in Vail Resorts, Inc.'s own proxy. As printed: 3,952,230. Filing ↗machine: t169 · r3 · c15 · span 860012–860021
84Section 10a, Hilton Grand Vacations, Inc. reciprocityDEF 14A—0001140361-26-009850Hilton Grand Vacations, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
85Section 10a, Hyatt Hotels Corporation reciprocityDEF 14A—0001104659-26-038759Hyatt Hotels Corporation's most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
86Section 10a, Las Vegas Sands Corp. reciprocityDEF 14A—0001300514-26-000031Las Vegas Sands Corp.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
87Section 10a, Vail Resorts, Inc. reciprocityDEF 14A—0000812011-25-000221Vail Resorts, Inc. names Travel & Leisure Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
88Section 10a, Wyndham Hotels & Resorts, Inc. reciprocityDEF 14A—0001722684-26-000050Wyndham Hotels & Resorts, Inc. names Travel & Leisure Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
89Section 10a, Marriott Vacations Worldwide Corp. reciprocityDEF 14A—0001193125-26-125219Marriott Vacations Worldwide Corp. names Travel & Leisure Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
90Section 10a, Caesars Entertainment, Inc. reciprocityDEF 14A—0001193125-26-174058Caesars Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
91Section 10a, Bloomin' Brands, Inc. reciprocityDEF 14A—0001546417-26-000015Bloomin' Brands, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
92Section 10a, Darden Restaurants, Inc. reciprocityDEF 14A—0000950170-25-101699Darden Restaurants, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
93Section 10a, Marriott International, Inc. reciprocityDEF 14A—0001140361-26-011590Marriott International, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
94Section 10a, JetBlue Airways Corporation reciprocityDEF 14A—0001158463-26-000041JetBlue Airways Corporation's most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
95Section 10a, PENN Entertainment, Inc. reciprocityDEF 14A—0001140361-26-016846PENN Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
96Section 10a, Alaska Air Group, Inc. reciprocityDEF 14A—0001193125-26-132048Alaska Air Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗
97Section 10a, Six Flags Entertainment Corporation reciprocityDEF 14A—0001193125-26-149736Six Flags Entertainment Corporation names Travel & Leisure Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
98Section 10a, Boyd Gaming Corporation reciprocityDEF 14A—0001193125-26-116798Boyd Gaming Corporation names Travel & Leisure Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
99Section 10a, Chipotle Mexican Grill, Inc. reciprocityDEF 14A—0001140361-26-017294Chipotle Mexican Grill, Inc.'s most recent proxy was read; its disclosed peer group does not include Travel & Leisure Co.. Filing ↗

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