Avis Budget CEO receives new stock unit awards

Choi Brian J reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Choi Brian J reported acquisition or exercise transactions in this Form 4 filing.

Avis Budget Group Chief Executive Officer Brian J. Choi received two equity awards in the form of stock units. He was granted 26,993 time-based restricted stock units and 26,993 performance-based restricted stock units, each convertible into common stock on a one-to-one basis when vested.

The time-based units vest in three equal installments on March 17, 2027, 2028 and 2029. The performance-based units are scheduled to vest on March 17, 2029, with the actual number vesting ranging from zero to 150% of the 26,993 target units, depending on achievement of pre-established performance goals.

Insider Trade Summary

Grant/Award: 53,986 shares

Grant/Award 2 txns

Insider Choi Brian J

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	26,993	$0.00	$0.00
Grant/Award	Performance Based Restricted Stock Units	26,993	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 26,993 contracts (Direct); Performance Based Restricted Stock Units — 26,993 contracts (Direct)

Footnotes (4)

1. F1. Represents restricted stock units which automatically convert to Common Stock upon the vesting of such units on a one-to-one basis.
2. F2. Units vest in three equal installments on March 17, 2027, 2028 and 2029.
3. F3. Expiration date not applicable.
4. F4. Units will vest on March 17, 2029 based on the Company's level of attainment of pre-established performance goals. The number of units which could vest range from zero to 150% of the target number of units above, depending on the achievement of such performance goals.

FAQ

What equity awards did Avis Budget (CAR) CEO Brian J. Choi receive?

Brian J. Choi received time-based and performance-based restricted stock unit awards. Each grant covers 26,993 units that convert into common stock on a one-to-one basis upon vesting, aligning a portion of his compensation with future company performance and continued service.

How do Brian J. Choi’s new time-based RSUs at Avis Budget (CAR) vest?

The time-based restricted stock units vest in three equal installments. Vesting occurs on March 17, 2027, March 17, 2028, and March 17, 2029, encouraging multi-year retention and alignment with shareholders as the CEO remains in his role over the vesting period.

When will Avis Budget (CAR) CEO’s performance-based RSUs vest and what determines the payout?

The performance-based restricted stock units are scheduled to vest on March 17, 2029. The number of units that actually vest can range from zero to 150% of the 26,993 target units, depending on Avis Budget Group’s attainment of pre-established performance goals during the measurement period.

Does the Form 4 for Avis Budget (CAR) show CEO Brian J. Choi buying or selling shares?

The Form 4 reports grants of restricted stock units, not open-market share purchases or sales. Transactions are coded as awards (code A), reflecting compensation-related acquisitions rather than discretionary buying or selling of Avis Budget Group common stock in the public market.

How do the new RSU grants affect Brian J. Choi’s potential common stock holdings at Avis Budget (CAR)?

Each award represents a right to receive common stock on a one-to-one basis upon vesting. If vesting conditions are fully met, the time-based units and any earned performance-based units will increase his direct ownership, further tying his personal outcomes to Avis Budget Group’s long-term results.

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Accepted by SEC EDGAR 03/19/2026 - 05:08 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^*

Choi Brian J

(Last) (First) (Middle)

379 INTERPACE PARKWAY

(Street)

PARSIPPANY NEW JERSEY 07054

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

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

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

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

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

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
Restricted Stock Units	$0(1)	03/17/2026		A		26,993		(2)	(3)	Common Stock	26,993	$0	26,993	D
Performance Based Restricted Stock Units	$0(1)	03/17/2026		A		26,993		(4)	(3)	Common Stock	26,993	$0	26,993	D

Explanation of Responses:

1. Represents restricted stock units which automatically convert to Common Stock upon the vesting of such units on a one-to-one basis.

2. Units vest in three equal installments on March 17, 2027, 2028 and 2029.

3. Expiration date not applicable.

4. Units will vest on March 17, 2029 based on the Company's level of attainment of pre-established performance goals. The number of units which could vest range from zero to 150% of the target number of units above, depending on the achievement of such performance goals.

Remarks:

	/s/ Jean M. Sera by Power of Attorney for Brian J. Choi	03/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)