TRAVELZOO — Director's Dealing 2021

May 13, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRAVELZOO (TZOO)
CIK: 0001133311
Period of Report: 2021-05-11

Reporting Person: AZZURRO CAPITAL INC (10% Owner)
Reporting Person: Ralph Bartel 2005 Trust (10% Owner)
Reporting Person: BARTEL RALPH (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-11	Common Stock	S	21968	$17.32	Disposed	4602582	Indirect

Footnotes

F1: The reporting person acquired a total of 106,425 shares of common stock of the issuer during the six months preceding the date of the sales reported on this Form, as disclosed in Form 4 filings on May 3, May 6 and May 10, 2021. The prices paid for a portion of those shares were lower than the prices received for the shares sold as reported on this Form. Accordingly, such sale transactions have resulted in liability by the reporting person to the issuer under Section 16 of the Securities Exchange Act, in an amount representing the profit recognized by the reporting person on the sale of the 21,968 shares sold as reported hereunder, in the amount of $24,620.55, determined on the basis of the lowest prices paid for the corresponding number of shares so purchased. The reporting person has informed the issuer of this matter and has paid that amount to the issuer in satisfaction of the obligation under Section 16.

F2: Sale prices for the shares sold ranged from $17.15 to $17.50 per share.

F3: 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.

F4: Indirect ownership applies to Ralph Bartel and the Ralph Bartel 2005 Trust.