A Form 4 is filed within two business days of a company insider — an officer, a director, or a holder of more than ten percent of the stock — changing their position in the shares. All 8 filings in this group are Form 4s for Travelzoo.
The difficulty with reading these filings as a group is that a single form type covers transactions that mean entirely different things. An executive spending their own money to buy stock and an executive having shares withheld to pay tax on a vesting grant both appear as a Form 4. Every filing below is therefore tagged with the nature of the underlying transaction, taken from the transaction code reported on the form itself.
Across the 8 insider filings shown, the breakdown is 6 open-market sale, 1 disposition to issuer and 1 open-market purchase. 7 of them involved a discretionary open-market trade; the rest are compensation and administrative mechanics.
Form 4
Disposition to issuer
Tax / Compensation Filing
2026-09-30
TZOO insider Form 4 filed for equity award, exercise, or tax withholding
BARTEL HOLGER (Global Chief Executive Officer) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were surrendered to or repurchased by the issuer rather than sold to other investors.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
D |
Disposition to issuer
|
200,000 |
$5.64 |
$1.13M |
Filing: Form 4 (Insider Transaction)
Insider: BARTEL HOLGER (Global Chief Executive Officer)
Shares: 200,000
Form 4
Open-market purchase
Insider Buying
2026-02-24
TZOO insider BARTEL HOLGER (Director, Global Chief Executive Officer) bought 200,000 shares (~$1.08M)
BARTEL HOLGER, listed as Director, Global Chief Executive Officer at TRAVELZOO, reported an open-market purchase of 200,000 TZOO shares in a Form 4 filing. Insider buying is often treated as a bullish signal because company insiders are committing their own capital.
The insider bought shares on the open market with their own money. This is the only Form 4 category that requires a discretionary cash outlay at the prevailing price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
P |
Open-market purchase
|
60,000 |
$5.18 |
$310.8K |
P |
Open-market purchase
|
100,000 |
$5.49 |
$549.0K |
P |
Open-market purchase
|
40,000 |
$5.43 |
$217.2K |
Filing: Form 4 (Insider Transaction)
Insider: BARTEL HOLGER (Director, Global Chief Executive Officer)
Shares: 200,000
Est. Value: $1.08M
Form 4
Open-market sale
Insider Selling
2025-12-29
TZOO insider AZZURRO CAPITAL INC (10% Owner) sold 82,500 shares (~$578.3K)
AZZURRO CAPITAL INC, listed as 10% Owner at TRAVELZOO, reported an open-market sale of 82,500 TZOO shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
22,500 |
$7.08 |
$159.3K |
S |
Open-market sale
|
20,000 |
$7.01 |
$140.2K |
S |
Open-market sale
|
40,000 |
$6.97 |
$278.8K |
Filing: Form 4 (Insider Transaction)
Insider: AZZURRO CAPITAL INC (10% Owner)
Shares: 82,500
Est. Value: $578.3K
Form 4
Open-market sale
Insider Selling
2025-12-15
TZOO insider AZZURRO CAPITAL INC (10% Owner) sold 20,000 shares (~$148.8K)
AZZURRO CAPITAL INC, listed as 10% Owner at TRAVELZOO, reported an open-market sale of 20,000 TZOO shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
5,000 |
$7.09 |
$35.5K |
S |
Open-market sale
|
15,000 |
$7.56 |
$113.4K |
Filing: Form 4 (Insider Transaction)
Insider: AZZURRO CAPITAL INC (10% Owner)
Shares: 20,000
Est. Value: $148.8K
Form 4
Open-market sale
Insider Selling
2025-12-08
TZOO insider AZZURRO CAPITAL INC (10% Owner) sold 7,500 shares (~$52.5K)
AZZURRO CAPITAL INC, listed as 10% Owner at TRAVELZOO, reported an open-market sale of 7,500 TZOO shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
7,500 |
$7.00 |
$52.5K |
Filing: Form 4 (Insider Transaction)
Insider: AZZURRO CAPITAL INC (10% Owner)
Shares: 7,500
Est. Value: $52.5K
Form 4
Open-market sale
Insider Selling
2025-12-01
TZOO insider AZZURRO CAPITAL INC (10% Owner) sold 5,000 shares (~$35.0K)
AZZURRO CAPITAL INC, listed as 10% Owner at TRAVELZOO, reported an open-market sale of 5,000 TZOO shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
5,000 |
$7.01 |
$35.0K |
Filing: Form 4 (Insider Transaction)
Insider: AZZURRO CAPITAL INC (10% Owner)
Shares: 5,000
Est. Value: $35.0K
Form 4
Open-market sale
Insider Selling
2025-11-13
TZOO insider AZZURRO CAPITAL INC (10% Owner) sold 5,000 shares (~$37.6K)
AZZURRO CAPITAL INC, listed as 10% Owner at TRAVELZOO, reported an open-market sale of 5,000 TZOO shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
5,000 |
$7.53 |
$37.6K |
Filing: Form 4 (Insider Transaction)
Insider: AZZURRO CAPITAL INC (10% Owner)
Shares: 5,000
Est. Value: $37.6K
Form 4
Open-market sale
Insider Selling
2025-11-06
TZOO insider AZZURRO CAPITAL INC (10% Owner) sold 10,000 shares (~$77.5K)
AZZURRO CAPITAL INC, listed as 10% Owner at TRAVELZOO, reported an open-market sale of 10,000 TZOO shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
10,000 |
$7.75 |
$77.5K |
Filing: Form 4 (Insider Transaction)
Insider: AZZURRO CAPITAL INC (10% Owner)
Shares: 10,000
Est. Value: $77.5K