[Form 4] AVIS BUDGET GROUP, INC. Insider Trading Activity

Pentwater Capital Management LP, on behalf of investment funds it advises, exercised put options on AVIS BUDGET GROUP, INC. to acquire 24,500 shares of Common Stock at $125 per share on March 9, 2026.

Rhea-AI Filing Summary

Pentwater Capital Management LP, on behalf of investment funds it advises, exercised put options on AVIS BUDGET GROUP, INC. to acquire 24,500 shares of Common Stock at $125 per share on March 9, 2026. Following the exercise, the funds indirectly held 4,097,600 common shares. The options transaction reduced the derivative position but did not involve any open-market share sales, and Pentwater and related parties disclaim beneficial ownership beyond their pecuniary interest.

Insights

Equity derivatives analyst

Fund adviser exercised in-the-money put options to take Avis shares, with no sales.

Pentwater Capital Management LP, as adviser to certain funds, exercised in-the-money put options on Avis Budget Group at $125 to receive 24,500 common shares. The derivative legs show an option exercise (code X), not a market purchase or sale.

The filing shows the funds’ indirect common stock position rising to 4,097,600 shares, while a residual put option position of 6,420 contracts remains. Pentwater and Matthew Halbower expressly disclaim beneficial ownership other than any pecuniary interest, indicating these holdings sit primarily at the fund level.

This is an exercise-and-hold pattern rather than an exercise-and-sell, so it mainly reflects a shift from derivative exposure into direct equity exposure. There is no indication of a Rule 10b5-1 trading plan in the text provided, and no immediate liquidity event, making the impact routine from a governance perspective.

Insider Trade Summary

245 shares exercised/converted

Exercise 2 txns

Insider Pentwater Capital Management LP

Role 10% Owner

Type	Security	Shares	Price	Value
In-the-Money Exercise	Put Option (obligation to buy)	245	$0.00	$0.00
In-the-Money Exercise	Common Stock, par value $0.01 per share ("Common Stock")	24,500	$125.00	$3.06M

Holdings After Transaction: Put Option (obligation to buy) — 6,420 contracts (Indirect, See footnote); Common Stock, par value $0.01 per share ("Common Stock") — 4,097,600 shares (Indirect, See footnote)

Footnotes (2)

1. F1. This Form 4 is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds") to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
2. F2. Exercisable at any time.

FAQ

What did Pentwater Capital Management report in Avis Budget Group (CAR) Form 4?

Pentwater Capital Management LP reported exercising put options to receive 24,500 Avis Budget Group common shares at $125 each. The exercise increased the funds’ indirect holdings to 4,097,600 shares and reduced their put option position, with no open-market stock sales disclosed in this filing.

How many Avis Budget Group (CAR) shares does Pentwater now indirectly hold?

After the reported transactions, funds advised by Pentwater indirectly hold 4,097,600 Avis Budget Group common shares. This figure reflects the addition of 24,500 shares received through the exercise of in-the-money put options, as detailed in the Form 4 insider trading report.

What type of derivative did Pentwater exercise on Avis Budget Group (CAR) stock?

Pentwater exercised in-the-money put options referencing Avis Budget Group common stock. The Form 4 shows 245 put option contracts exercised, each tied to 100 underlying shares, resulting in delivery of 24,500 common shares at a strike price of $125 per share.

Did Pentwater Capital Management buy or sell Avis Budget Group (CAR) shares on the market?

The Form 4 does not show any open-market buys or sells of Avis Budget Group shares. Instead, funds advised by Pentwater acquired 24,500 shares by exercising existing put options, converting derivative exposure into direct stock ownership without recording market trades.

How large was Pentwater’s Avis Budget Group (CAR) option exercise compared to its position?

The exercise added 24,500 Avis Budget Group shares to an existing 4,097,600-share indirect position. This represents a relatively small increment in holdings, while a sizeable remaining put option position of 6,420 contracts is still reported after the transaction.

Who is considered the beneficial owner in Pentwater’s Avis Budget Group (CAR) filing?

The securities are held by investment funds advised by Pentwater Capital Management LP, not by individuals directly. Pentwater and Matthew Halbower both disclaim beneficial ownership except for any pecuniary interest, clarifying the economic and voting interests are primarily at the fund level.

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Accepted by SEC EDGAR 03/11/2026 - 09:30 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Pentwater Capital Management LP

(Last) (First) (Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES FL 34102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AVIS BUDGET GROUP, INC. [ CAR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share ("Common Stock")	03/09/2026		X		24,500	A	$125	4,097,600	I	See footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put Option (obligation to buy)	$125	03/09/2026		X			245	(2)	03/20/2026	Common Stock	24,500	$0	6,420	I	See footnote(1)

Explanation of Responses:

1. This Form 4 is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds") to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. Exercisable at any time.

	/s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer	03/11/2026
	/s/ Matthew Halbower	03/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.