Jagdeep Pahwa of Avis Budget (CAR) receives RSU grants and settles vested shares

Rhea-AI Filing Summary

Avis Budget Group Executive Chairman Jagdeep Pahwa reported multiple equity compensation moves. On March 17, 2026, he received grants of 24,539 restricted stock units and 24,539 performance-based restricted stock units, each convertible into common stock on a one-to-one basis. The time-based units vest in equal installments on March 17, 2027, 2028 and 2029, while the performance-based units may vest on March 17, 2029 from zero up to 150% of the target amount depending on pre-established performance goals.

On the same date, previously granted restricted stock units vested and were settled into 13,303 shares of common stock. Of these, 4,385 shares were withheld at $99.56 per share to cover tax obligations, leaving 8,918 shares of common stock held directly after the transactions.

Insider Trade Summary

13,303 shares exercised/converted

Mixed 5 txns

Insider Pahwa Jagdeep

Role Executive Chairman

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	24,539	$0.00	--
Grant/Award	Performance Based Restricted Stock Units	24,539	$0.00	--
Exercise	Restricted Stock Units	13,303	$0.00	--
Exercise	Common Stock	13,303	$0.00	--
Tax Withholding	Common Stock	4,385	$99.56	$437K

Holdings After Transaction: Restricted Stock Units — 24,539 shares (Direct); Performance Based Restricted Stock Units — 24,539 shares (Direct); Common Stock — 13,303 shares (Direct)

Footnotes (1)

1. Represents restricted stock units which automatically convert to Common Stock upon the vesting of such units on a one-to-one basis. Represents tax withholdings in connection with the vesting of restricted stock units. Units vest in equal installments on March 17, 2027, 2028 and 2029. Expiration date not applicable. 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. This filing reports the settlement of restricted stock units that have become vested. The remaining units vest in equal installments on March 12, 2027 and 2028.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Pahwa Jagdeep

(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)

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

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
Common Stock	03/17/2026		M		13,303	A	$0(1)	13,303	D
Common Stock	03/17/2026		F(2)		4,385	D	$99.56	8,918	D

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		24,539		(3)	(4)	Common Stock	24,539	$0	24,539	D
Performance Based Restricted Stock Units	$0(1)	03/17/2026		A		24,539		(5)	(4)	Common Stock	24,539	$0	24,539	D
Restricted Stock Units	$0(1)	03/17/2026		M			13,303	(6)	(4)	Common Stock	13,303	$0	26,608	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. Represents tax withholdings in connection with the vesting of restricted stock units.

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

4. Expiration date not applicable.

5. 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.

6. This filing reports the settlement of restricted stock units that have become vested. The remaining units vest in equal installments on March 12, 2027 and 2028.

Remarks:

	/s/ Jean M. Sera, by Power of Attorney for Jagdeep Pahwa	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)

FAQ

What did Avis Budget (CAR) Executive Chairman Jagdeep Pahwa report in this Form 4?

Jagdeep Pahwa reported equity compensation activity, including grants of restricted stock units and settlement of vested units into common shares. The filing details new awards, vesting schedules, and shares withheld for taxes, clarifying how his equity stake evolves over time.

How many restricted stock units were granted to Jagdeep Pahwa at Avis Budget (CAR)?

Jagdeep Pahwa received 24,539 time-based restricted stock units and 24,539 performance-based restricted stock units. Both series convert into common stock on a one-to-one basis, with distinct vesting schedules tied to service periods and the company’s achievement of pre-set performance goals.

What are the vesting terms of Jagdeep Pahwa’s new RSU awards at Avis Budget (CAR)?

The time-based restricted stock units vest in three equal installments on March 17, 2027, 2028 and 2029. The performance-based units may vest on March 17, 2029, ranging from zero to 150% of the target amount depending on the company’s performance against pre-established goals.

How many Avis Budget (CAR) shares did Jagdeep Pahwa hold after the reported Form 4 transactions?

After settlement and tax withholding related to vested restricted stock units, Jagdeep Pahwa directly held 8,918 shares of Avis Budget common stock. This figure reflects 13,303 shares issued upon settlement, reduced by 4,385 shares withheld to satisfy associated tax liabilities.

Why were some Avis Budget (CAR) shares listed as disposed of in Jagdeep Pahwa’s Form 4?

The disposition reflects 4,385 common shares withheld at $99.56 per share to cover tax obligations on vesting. This tax-withholding transaction is not an open-market sale, but a routine mechanism to satisfy taxes due when restricted stock units convert into shares.

What does the performance-based RSU award mean for Jagdeep Pahwa’s future Avis Budget (CAR) holdings?

The performance-based award gives Jagdeep Pahwa potential future common shares, vesting on March 17, 2029 based on company performance. Depending on goal attainment, between zero and 150% of the 24,539 target units could vest, directly linking this portion of compensation to performance outcomes.