Azzurro sells 10,000 TZOO shares; Bartel indirect stake 3,782,696

Rhea-AI Filing Summary

Travelzoo insider transaction: A reporting person disclosed a sale of 10,000 shares of Travelzoo common stock on 11/04/2025, coded “S” for open‑market sale. The shares were sold at $7.75 per share, with sale prices ranging from $7.71 to $7.85.

Following the transaction, 3,782,696 shares were beneficially owned indirectly through Azzurro Capital Inc. Indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust. The sale was executed by Azzurro Capital Inc., with Ralph Bartel signing as Authorized Signatory.

Insider Trade Summary

Net Seller: 10,000 shares ($77,500)

Net Sell 1 txn

Insider AZZURRO CAPITAL INC

Role 10% Owner

Sold 10,000 shs ($78K)

Type	Security	Shares	Price	Value
Sale	Common Stock	10,000	$7.75	$78K

Holdings After Transaction: Common Stock — 3,782,696 shares (Indirect, Shares sold were directly owned by Azzurro Capital Inc.)

Footnotes (1)

1. Sale prices for the shares sold ranged from $7.71 to $7.85 per share. 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. The "Amount of Securities Beneficially Owned Following Reported Transaction(s)" represents shares held by Azzurro Capital Inc. Indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust.

Form 4 Insider Transactions: What Each Field Means →

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)
11/04/2025

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

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

X	Form filed by One Reporting Person
	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	11/04/2025		S		10,000	D	$7.75(1)(2)	3,782,696(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

Explanation of Responses:

1. Sale prices for the shares sold ranged from $7.71 to $7.85 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	11/06/2025
	Ralph Bartel	11/06/2025
	Ralph Bartel, Authorized Signatory.	11/06/2025
	** 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 did TZOO’s Form 4 report?

A sale of 10,000 shares of Travelzoo common stock on 11/04/2025, reported with transaction code S.

At what prices were the TZOO shares sold?

The filing notes a sale price of $7.75 per share, with prices ranging from $7.71 to $7.85.

How many TZOO shares are beneficially owned after the sale?

3,782,696 shares were beneficially owned following the transaction, held indirectly through Azzurro Capital Inc.

Who executed the sale of TZOO shares?

The shares sold were directly owned and sold by Azzurro Capital Inc.

Who holds indirect ownership in this TZOO position?

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

What does transaction code “S” mean in the TZOO Form 4?

Code S indicates an open‑market sale of the issuer’s equity.