Global Business Travel Director's 97,097 Shares Canceled

The merger terms set cash consideration at $9.50 per share; cash amounts for restricted stock units are subject to applicable withholding taxes.

Rhea-AI Filing Summary

Global Business Travel Group, Inc. director Susan F. Ward disposed of 97,097 shares of Class A common stock on September 29, 2026, when the company became a wholly owned subsidiary of Gaia Purchaser, Inc. The merger also cancelled her restricted stock unit awards covering 23,429 shares. Each common share was converted into a right to receive $9.50 in cash, without interest; the RSU cash amount was based on $9.50 per underlying share and is subject to applicable withholding taxes.

Insider Trade Summary

Disposition: 120,526 shares

Disposition 2 txns

Insider Ward Susan F

Role Director

Type	Security	Shares	Price	Value
Disposition	Class A Common Stock F1	97,097	--	--
Disposition	Class A Common Stock F2	23,429	--	--

Holdings After Transaction: Class A Common Stock — 0 shares (Direct)

Footnotes (2)

1. F1. On September 29, 2026, pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated May 2, 2026, by and among the Issuer, Gaia Purchaser, Inc. ("Parent") and Gaia Merger Sub, Inc., a wholly owned subsidiary of Parent, the Issuer became a wholly owned subsidiary of Parent (the "Merger"). At the effective time of the Merger (the "Effective Time"), pursuant to the Merger Agreement, each share of Class A common stock, par value $0.0001 per share, of the Issuer ("Company Common Stock") held by the reporting person as of immediately prior to the Effective Time was automatically cancelled and converted into the right to receive cash in an amount equal to $9.50, without interest thereon (the "Per Share Price").
2. F2. As of immediately prior to the Effective Time, pursuant to the Merger Agreement, each award of restricted stock units of the Issuer (a "Company RSU") that was outstanding as of immediately prior to the Effective Time was automatically cancelled and converted into the right to receive an amount in cash, without interest and subject to applicable withholding taxes, equal to the product of (i) the Per Share Price and (ii) the total number of shares of Company Common Stock subject to such Company RSU as of immediately prior to the Effective Time.

Key Figures

Class A common stock disposed: 97,097 shares Shares underlying restricted stock unit awards: 23,429 shares Per Share Price: $9.50 per share

3 metrics

Class A common stock disposed 97,097 shares September 29, 2026

Shares underlying restricted stock unit awards 23,429 shares Awards cancelled in the merger on September 29, 2026

Per Share Price $9.50 per share Cash consideration for each Class A common share and basis for RSU cash amounts

Key Terms

Company RSU, Effective Time, Per Share Price, Merger Agreement

4 terms

Company RSU financial

"each award of restricted stock units of the Issuer (a "Company RSU")"

Effective Time technical

"At the effective time of the Merger (the "Effective Time")"

The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.

Per Share Price financial

"the "Per Share Price""

Merger Agreement technical

"that certain Agreement and Plan of Merger (the "Merger Agreement")"

A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many GBTG shares did Susan F. Ward dispose of?

Susan F. Ward, a director of GBTG, disposed of 97,097 shares of Class A common stock on September 29, 2026. Under the merger terms, each share was cancelled for the right to receive $9.50 in cash, without interest.

How were Susan F. Ward's GBTG restricted stock units treated?

The awards covering 23,429 shares underlying Susan F. Ward's restricted stock units were cancelled on September 29, 2026, and converted into a right to receive cash based on $9.50 per underlying share, subject to applicable withholding taxes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/29/2026 - 04:43 PM Accepted by SEC EDGAR 09/29/2026 - 04:43 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ward Susan F

(Last) (First) (Middle)

C/O GLOBAL BUSINESS TRAVEL GROUP, INC.

666 THIRD AVENUE

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Global Business Travel Group, Inc. [ GBTG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/29/2026		D		97,097	D	(1)	23,429	D
Class A Common Stock	09/29/2026		D		23,429	D	(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On September 29, 2026, pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated May 2, 2026, by and among the Issuer, Gaia Purchaser, Inc. ("Parent") and Gaia Merger Sub, Inc., a wholly owned subsidiary of Parent, the Issuer became a wholly owned subsidiary of Parent (the "Merger"). At the effective time of the Merger (the "Effective Time"), pursuant to the Merger Agreement, each share of Class A common stock, par value $0.0001 per share, of the Issuer ("Company Common Stock") held by the reporting person as of immediately prior to the Effective Time was automatically cancelled and converted into the right to receive cash in an amount equal to $9.50, without interest thereon (the "Per Share Price").

2. As of immediately prior to the Effective Time, pursuant to the Merger Agreement, each award of restricted stock units of the Issuer (a "Company RSU") that was outstanding as of immediately prior to the Effective Time was automatically cancelled and converted into the right to receive an amount in cash, without interest and subject to applicable withholding taxes, equal to the product of (i) the Per Share Price and (ii) the total number of shares of Company Common Stock subject to such Company RSU as of immediately prior to the Effective Time.

	Jennifer Giampietro, as Attorney-in-Fact	09/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)