Avis Budget (CAR) files Second Amendment to Cooperation Agreement

Rhea-AI Filing Summary

Avis Budget Group, Inc. reported the execution of a Second Amendment, dated September 5, 2025, to its Fourth Amended and Restated Cooperation Agreement dated December 23, 2022 among Avis Budget Group, Inc., SRS Investment Management, LLC and certain affiliates. The filing is on Form 8-K and lists the cover page formatted in Inline XBRL as Exhibit 101. The report is signed by Jean M. Sera, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary, dated September 8, 2025.

The document states the existence and execution date of the amendment but does not disclose the amendment's economic terms, specific governance changes, or other substantive provisions. Because those details are not included here, the immediate financial impact and any changes to rights or obligations remain unspecified.

Positive

• Filed an 8-K disclosing execution of a Second Amendment dated September 5, 2025
• Included Inline XBRL cover page as Exhibit 101, supporting structured disclosure

Negative

• No economic or governance terms disclosed in the provided text, leaving material impact unspecified
• Amendment text or summary not included, preventing assessment of changes to rights or obligations

Insights

Corporate Governance Counsel

TL;DR: A governance amendment was filed but the filing omits substantive terms, so material effects are unclear.

The filing confirms a Second Amendment to a previously restated cooperation agreement among the company and SRS Investment Management, LLC, establishing that the parties have modified their prior arrangement on September 5, 2025. Such amendments often address board composition, voting arrangements, or other governance mechanics relevant to shareholder control.

However, no economic terms, changes to director nominations, termination provisions, or timing for implementation are disclosed in the text provided. Watch for later filings or exhibits that include the amendment text or a description of material terms, which are needed to assess effects on control, dilution, or strategic direction within the next 30–90 days.

Investor Relations Analyst

TL;DR: The company complied with disclosure by filing an 8-K and providing an Inline XBRL cover page, but investors lack detail to assess impact.

The report includes an Inline XBRL cover page as Exhibit 101 and a signature block dated September 8, 2025, which supports regulatory completeness and timeliness of public disclosure. This helps investors verify the filing metadata and provenance.

Absent the amendment text or a summary of material terms, investors cannot quantify effects on governance or strategy. Expect further SEC exhibits or a future 8-K amendment containing the full agreement to evaluate any near-term implications for shareholder value.

8-K Event Classification

2 items: 1.01, 9.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did Avis Budget Group (CAR) file on this 8-K?

The company filed an 8-K reporting a Second Amendment dated September 5, 2025 to the Fourth Amended and Restated Cooperation Agreement dated December 23, 2022 among Avis Budget Group, SRS Investment Management, LLC and certain affiliates.

Does the 8-K include the full text of the amendment?

No. The provided content confirms the amendment's execution date but does not include the amendment text or a summary of its terms.

Who signed the 8-K for Avis Budget Group (CAR)?

The filing is signed by Jean M. Sera, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary, dated September 8, 2025.

Is there structured data included with the filing?

Yes. The cover page is formatted in Inline XBRL and included as Exhibit 101.

What information is missing that investors typically look for?

The amendment's economic terms, any changes to governance or director appointment rights, and implementation timing are not disclosed in the provided text.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/08/2025 - 04:59 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): September 5, 2025

Avis Budget Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-10308		06-0918165
(State or Other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

379 Interpace Parkway Parsippany, NJ		07054
(Address of Principal Executive Offices)		(Zip Code)

(973) 496-4700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.01		CAR		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Second Amendment to Fourth Amended and Restated Cooperation Agreement

On September 5, 2025, Avis Budget Group, Inc. (the “Company”) entered into a second amendment (the “Amendment”) to the Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022 (the “Fourth A&R Cooperation Agreement”), among the Company, SRS Investment Management, LLC and certain of its affiliates (together, “SRS”). The Amendment revises the voting cap on voting securities beneficially owned by SRS from 35% to 45% such that any voting securities beneficially owned by SRS in excess of this cap shall be voted in the same proportion as the votes cast by the Company’s other stockholders.

Pursuant to the Amendment, the size of the Company’s board of directors (the “Board”) will be fixed at five (5) or six (6) directors (the “Board Size Cap”) so long as SRS continues to beneficially own at least 10% of the Company’s voting securities. In the event a director unaffiliated with SRS ceases to serve on the Board, the Board will act expeditiously to appoint a replacement director unaffiliated with SRS.

The Amendment further provides that no more than two (2) directors of the Company may be affiliates of SRS. If SRS transfers voting securities of the Company to a holder of 10% or more of the Company’s voting securities, the Board Size Cap will fall away but no more than one-third (1/3) of the Board or two (2) directors, whichever is greater, may be affiliated with SRS and/or a 10% holder.

The Amendment further provides that, unless previously approved by a majority of directors unaffiliated with SRS or with a holder of 10% or more of the Company’s voting securities, SRS (and its subsequent 10% transferees) may not transfer, shares to any person who beneficially owns, or would beneficially own following such transfer, 10% or more of the Company’s voting securities unless prior to such transfer, such person agrees pursuant to a written agreement with the Company (i) to be treated as an “interested stockholder” pursuant to Section 203 of the Delaware General Corporation Law for a five-year period beginning on the date such person becomes a 10% holder as a result of acquiring shares from SRS, and (ii) to vote all of its shares in favor of maintaining the Board composition provisions described above for a five-year period beginning on the date such person becomes a 10% holder as a result of acquiring shares from SRS. These aforementioned obligations extend to such 10% holder’s transferees, successors and assigns.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.		Description
10.1		Second Amendment, dated as of September 5, 2025, to the Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain  of its affiliates.
104		The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AVIS BUDGET GROUP, INC.
Date: September 8, 2025	By:	/s/ Jean M. Sera
	Name:	Jean M. Sera
	Title:	Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary