Global Business Travel (GBTG) Director Susan Ward Sells Shares in Merger

What Happened

• Susan F. Ward, a director of Global Business Travel Group, Inc. (GBTG), had two dispositions on 2026-09-29 totaling 120,526 shares (97,097 and 23,429). Under the Merger Agreement, each share of Company common stock and each outstanding RSU was cancelled and converted into the right to receive $9.50 per share. The total cash value received was $1,144,997 (120,526 × $9.50).
• This was not an open-market sale but a merger-driven conversion/cancellation of holdings (effectively a disposition to the issuer).

Key Details

• Transaction date: September 29, 2026; Per-share price: $9.50 (paid in cash at the Effective Time of the merger).
• Shares disposed: 97,097 and 23,429 (total 120,526); Total cash received: $1,144,997.
• Shares/RSUs after transaction: effectively zero Company common shares/RSUs for the reporting person with respect to GBTG (holdings converted/cancelled at the Effective Time).
• Footnotes: F1—common shares were cancelled and converted into cash per the Merger Agreement. F2—outstanding RSUs were cancelled and converted into cash equal to $9.50 × number of underlying shares, paid without interest and subject to withholding taxes.
• Filing timeliness: Report filed dated September 29, 2026 — same day as the Effective Time (no late-filing indication).

Context

• This disposition is the result of GBTG being acquired (the issuer became a wholly owned subsidiary of Gaia Purchaser, Inc.); the cash payment reflects the merger consideration rather than an individual decision to sell shares on the open market.
• Merger-driven conversions like this are administrative corporate events and should not be read the same way as discretionary insider purchases or sales when assessing insider sentiment.