[Form 4] TRAVELZOO Insider Trading Activity

Rhea-AI Filing Summary

Insider sale disclosed for TRAVELZOO (TZOO). On 09/11/2025 Azzurro Capital Inc. reported selling 15,000 shares of common stock at prices ranging from $9.50 to $9.64, with a reported execution price listed as $9.58. Following the sale, Azzurro Capital Inc. is reported to beneficially own 3,865,196 shares. The filing shows indirect ownership by Ralph Bartel and the Ralph Bartel 2005 Trust and includes an offer to provide, on request, the number of shares sold at each price. The Form 4 is signed by Ralph Bartel as authorized signatory.

Positive

• None.

Negative

• Sale of 15,000 shares by Azzurro Capital Inc. on 09/11/2025 at prices ranging $9.50–$9.64 (reported price $9.58).

Insights

Financial Analyst

TL;DR: Officer-linked entity sold a small block versus large remaining holdings; transaction disclosed via Form 4.

The Form 4 documents a sale of 15,000 TRAVELZOO shares on 09/11/2025 by Azzurro Capital Inc., at reported prices between $9.50 and $9.64 and a listed price of $9.58. Post-transaction beneficial ownership is stated as 3,865,196 shares held by Azzurro Capital Inc. The filing is straightforward and provides the basic transaction details required under Section 16.

Corporate Governance Expert

TL;DR: Disclosure shows indirect ownership structure and an authorized signature; no additional governance events disclosed.

The filing identifies indirect ownership by Ralph Bartel and the Ralph Bartel 2005 Trust and is signed by Ralph Bartel as authorized signatory. It offers to provide additional breakdowns of shares sold at each price upon request. There are no amendments, option transactions, or other governance changes noted in this Form 4.

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

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

1. Name and Address of Reporting Person^*

AZZURRO CAPITAL INC

(Last) (First) (Middle)

C/O SOVEREIGN MANAGEMENT LIMITED

P.O. BOX 564 SOVEREIGN PLACE

(Street)

GIBRALTAR J1 GX11 1AA

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TRAVELZOO [ TZOO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

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

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

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

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
Common Stock	09/11/2025		S		15,000	D	$9.58(1)(2)	3,865,196(3)	I(4)	Shares sold were directly owned by Azzurro Capital Inc.

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

1. Name and Address of Reporting Person^*

AZZURRO CAPITAL INC

(Last) (First) (Middle)

C/O SOVEREIGN MANAGEMENT LIMITED

P.O. BOX 564 SOVEREIGN PLACE

(Street)

GIBRALTAR J1 GX11 1AA

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BARTEL RALPH

(Last) (First) (Middle)

CASELLA POSTALE 823

(Street)

6612 ASCONA V8 6612

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Ralph Bartel 2005 Trust

(Last) (First) (Middle)

C/O FEDELTA TRUSTEES (IOM) LIMITED

20 HILL STREET, 2ND FLOOR, DOUGLAS

(Street)

DOUGLAS, ISLE OF MAN Y8 IM1 1EU

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Sale prices for the shares sold ranged from $9.50 to $9.64 per share.

2. The reporting person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each price.

3. The "Amount of Securities Beneficially Owned Following Reported Transaction(s)" represents shares held by Azzurro Capital Inc.

4. Indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust.

Remarks:

	Ralph Bartel, Authorized Signatory	09/15/2025
	Ralph Bartel	09/15/2025
	Ralph Bartel, Authorized Signatory.	09/15/2025
	** 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.

FAQ

What insider transaction did TRAVELZOO (TZOO) report on 09/11/2025?

Azzurro Capital Inc. sold 15,000 shares of TRAVELZOO common stock on 09/11/2025 at prices between $9.50 and $9.64.

How many TRAVELZOO shares does Azzurro Capital Inc. beneficially own after the reported sale?

3,865,196 shares are reported as beneficially owned by Azzurro Capital Inc. following the transaction.

Who is listed as having indirect ownership for the reported TZOO holdings?

Ralph Bartel and the Ralph Bartel 2005 Trust are identified as holding indirect beneficial ownership.

What price range was reported for the shares sold in the Form 4?

The sale prices ranged from $9.50 to $9.64, with a reported price listed as $9.58 in the filing.

Does the Form 4 provide a breakdown of the number of shares sold at each price?

Not in the filing itself; the reporting person offers to provide that breakdown upon request to the Commission staff, issuer, or a security holder.