Travelzoo director reports sale of 20,000 company shares

Rhea-AI Filing Summary

Travelzoo director and 10% owner Ralph Bartel reported selling a total of 20,000 shares of the company's common stock in December 2025 through Azzurro Capital Inc.

The filing shows a sale of 5,000 shares on 12/11/2025 at $7.09 per share and a sale of 15,000 shares on 12/15/2025 at $7.56 per share, with those shares on 12/15 sold at prices ranging from $7.55 to $7.61. Following these transactions, 3,745,196 shares were beneficially owned, held by Azzurro Capital Inc. and reported as indirectly owned by Ralph Bartel and the Ralph Bartel 2005 Trust.

Insider Trade Summary

Net Seller: 20,000 shares

Net Sell 2 txns

Insider AZZURRO CAPITAL INC, BARTEL RALPH, Ralph Bartel 2005 Trust

Role 10% Owner | 10% Owner | 10% Owner

Sold 20,000 shs ($149K)

Type	Security	Shares	Price	Value
Sale	Common Stock	15,000	$7.56	$113K
Sale	Common Stock	5,000	$7.09	$35K

Holdings After Transaction: Common Stock — 3,745,196 shares (Indirect, Shares sold were directly owned by Azzurro Capital Inc.)

Footnotes (4)

1. F1. The "Amount of Securities Beneficially Owned Following Reported Transaction(s)" represents shares held by Azzurro Capital Inc.
2. F2. Indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust.
3. F3. Sale prices for the shares sold ranged from $7.55 to $7.61 per share.
4. F4. 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.

FAQ

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

What insider transaction did Travelzoo (TZOO) disclose in this Form 4?

The filing reports that 20,000 shares of Travelzoo common stock were sold in total, consisting of 5,000 shares on 12/11/2025 and 15,000 shares on 12/15/2025.

Who is the reporting person in the Travelzoo (TZOO) Form 4 filing?

The reporting person is Ralph Bartel, identified as a director and 10% owner, with transactions reported through Azzurro Capital Inc. and the Ralph Bartel 2005 Trust.

At what prices were the Travelzoo (TZOO) shares sold?

The 5,000 shares sold on 12/11/2025 were at $7.09 per share. The 15,000 shares sold on 12/15/2025 were reported at $7.56 per share, with sale prices ranging from $7.55 to $7.61 per share.

How many Travelzoo (TZOO) shares does the insider beneficially own after these sales?

After the reported transactions, the filing shows 3,745,196 shares beneficially owned, with the shares held by Azzurro Capital Inc.

How is Ralph Bartel's ownership in Travelzoo (TZOO) structured?

The "Amount of Securities Beneficially Owned Following Reported Transaction(s)" represents shares held by Azzurro Capital Inc., and indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust.

What is the relationship of the reporting person to Travelzoo (TZOO)?

The reporting person is listed as a Director and 10% Owner of Travelzoo.

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

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Accepted by SEC EDGAR 12/15/2025 - 04:35 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

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^*

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)
12/11/2025

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	12/11/2025		S		5,000	D	$7.09	3,760,196(1)	I(2)	Shares sold were directly owned by Azzurro Capital Inc.
Common Stock	12/15/2025		S		15,000	D	$7.56(3)(4)	3,745,196(1)	I(2)	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. The "Amount of Securities Beneficially Owned Following Reported Transaction(s)" represents shares held by Azzurro Capital Inc.

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

3. Sale prices for the shares sold ranged from $7.55 to $7.61 per share.

4. 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.

Remarks:

	Ralph Bartel, Authorized Signatory	12/15/2025
	Ralph Bartel	12/15/2025
	Ralph Bartel, Authorized Signatory.	12/15/2025
	** 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.