Travelzoo (TZOO) CEO Holger Bartel Sells 200,000 Shares

What Happened
Holger Bartel, CEO of Travelzoo (TZOO), disposed of 200,000 shares to the company as part of a privately negotiated share repurchase on September 28, 2026. The shares were repurchased at $5.64 each, for total proceeds of $1,128,000. This was a sale to the issuer (repurchase), not an open-market sale.

Key Details

• Transaction date and terms: 2026-09-28 — disposition to issuer (code D) of 200,000 shares at $5.64 per share; total $1,128,000.
• Filing: SEC Form 4 filed 2026-09-30 (appears timely relative to the transaction date).
• Holdings after transaction: Reporting person holds equity awards comprising 1,600,000 shares underlying unexercised options, of which 1,150,000 are exercisable.
• Footnotes: F1 — shares transferred to issuer in a privately negotiated repurchase; F2 — transaction is exempt from Section 16(b) pursuant to Rule 240.16b-3(e) (exempt from short-swing profit recovery).

Context

• Disposition to issuer means the CEO sold shares back to the company (a private repurchase), not on the open market. Such repurchases can be for many reasons and should not be taken alone as a signal of management view.
• The filing notes large remaining option holdings (1.6M underlying shares, 1.15M exercisable), so the CEO retains significant potential equity exposure.