Pentwater funds exercise options on Avis Budget shares

Funds advised by Pentwater Capital Management LP exercised call options on Avis Budget Group common stock, acquiring additional shares through in-the-money derivative exercises.

Rhea-AI Filing Summary

Funds advised by Pentwater Capital Management LP exercised call options on Avis Budget Group common stock, acquiring additional shares through in-the-money derivative exercises. The transactions, reported jointly by Pentwater Capital Management LP and Matthew Halbower, relate to securities held by certain Pentwater Funds, which they manage.

The filings show exercises of call options into 65,000 shares at $80.00 per share and 676,100 shares at $85.00 per share, all held indirectly. The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest, while the Pentwater Funds remain significant holders of Avis Budget Group stock.

Insider Trade Summary

7,411 shares exercised/converted

Exercise 5 txns

Insider Pentwater Capital Management LP, Halbower Matthew

Role 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
In-the-Money Exercise	Call Option (right to buy)	6,550	$0.00	$0.00
In-the-Money Exercise	Call Option (right to buy)	650	$0.00	$0.00
In-the-Money Exercise	Call Option (right to buy)	211	$0.00	$0.00
In-the-Money Exercise	Common Stock, par value $0.01 per share ("Common Stock")	676,100	$85.00	$57.47M
In-the-Money Exercise	Common Stock	65,000	$80.00	$5.20M

Holdings After Transaction: Call Option (right to buy) — 0 contracts (Indirect, See footnote); Common Stock, par value $0.01 per share ("Common Stock") — 7,759,100 shares (Indirect, See footnote); Common Stock — 7,824,100 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.

Key Figures

Shares acquired at $80: 65,000 shares at $80.00 Shares acquired at $85: 676,100 shares at $85.00 Post-transaction holdings: 7,759,100 shares +3 more

6 metrics

Shares acquired at $80 65,000 shares at $80.00 Common Stock acquired through call option exercise on 2026-04-21

Shares acquired at $85 676,100 shares at $85.00 Common Stock acquired through call option exercise on 2026-04-21

Post-transaction holdings 7,759,100 shares Common Stock held indirectly following one reported transaction line

Call options exercised at $80 650 contracts, $80.00 strike Call Option (right to buy) with 65,000 underlying shares

Call options exercised at $85 6,761 contracts, $85.00 strike Call Options with 676,100 underlying common shares exercised

Exercise transactions 3 derivative exercises Transaction summary counts in-the-money option exercises

Key Terms

in-the-money derivative security, Call Option (right to buy, ten percent owner, pecuniary interest, +1 more

5 terms

in-the-money derivative security financial

"transaction_code_description: Exercise of in-the-money or at-the-money derivative security"

Call Option (right to buy financial

"security_title: Call Option (right to buy)"

ten percent owner regulatory

"is_ten_percent_owner: 1"

pecuniary interest financial

"disclaims beneficial ownership ... except to the extent of its or his pecuniary interest"

Section 16 regulatory

"beneficial owner of such securities for purposes of Section 16"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Pentwater-related entities do in this Avis Budget (CAR) Form 4?

Funds advised by Pentwater Capital Management LP exercised call options to acquire Avis Budget common stock. The Form 4 reports in-the-money exercises that converted derivatives into common shares, increasing indirect share holdings of the Pentwater Funds rather than recording open-market purchases or sales.

How many Avis Budget (CAR) shares were acquired through option exercises?

The Form 4 shows exercises into 65,000 shares at $80.00 and 676,100 shares at $85.00 per share. These acquisitions came from in-the-money call options, converting derivative positions into common stock that is held indirectly by funds advised by Pentwater Capital Management LP.

Who is listed as the reporting person in this Avis Budget (CAR) Form 4?

Pentwater Capital Management LP and Matthew Halbower are the reporting persons. They filed with respect to securities held by certain Pentwater Funds they advise, and they each disclaim beneficial ownership except to the extent of any pecuniary interest in those securities.

Are these Avis Budget (CAR) transactions open-market buys or option exercises?

The transactions are reported as in-the-money derivative exercises, not open-market purchases. Call options with exercise prices of $80.00 and $85.00 per share were exercised, resulting in additional common stock for the Pentwater Funds rather than direct market trading activity.

How many Avis Budget (CAR) shares are held after these Form 4 transactions?

One reported line shows 7,759,100 shares of Avis Budget common stock held indirectly after the transaction. These shares are attributed to funds advised by Pentwater Capital Management LP, with the reporting persons disclaiming beneficial ownership beyond any pecuniary interest.

Do Pentwater and Matthew Halbower claim full beneficial ownership of these Avis Budget (CAR) shares?

No. They expressly disclaim beneficial ownership except for any pecuniary interest. The securities are held by certain Pentwater Funds for which Pentwater Capital Management LP serves as investment adviser, and the Form 4 states the report is not an admission of beneficial ownership under Section 16.

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

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Accepted by SEC EDGAR 04/23/2026 - 09:30 PM EDT 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 FLORIDA 34102

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

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

	Form filed by One Reporting Person
X	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, par value $0.01 per share ("Common Stock")	04/21/2026		X		676,100	A	$85	7,759,100	I	See footnote(1)
Common Stock	04/21/2026		X		65,000	A	$80	7,824,100	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
Call Option (right to buy)	$85	04/21/2026		X			6,550	(2)	09/18/2026	Common Stock	655,000	$0	0	I	See footnote(1)
Call Option (right to buy)	$80	04/21/2026		X			650	(2)	09/18/2026	Common Stock	65,000	$0	0	I	See footnote(1)
Call Option (right to buy)	$85	04/21/2026		X			211	(2)	11/20/2026	Common Stock	21,100	$0	0	I	See footnote(1)

1. Name and Address of Reporting Person^*

Pentwater Capital Management LP

(Last) (First) (Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES FLORIDA 34102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Halbower Matthew

(Last) (First) (Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES FLORIDA 34102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

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	04/23/2026
	/s/ Matthew Halbower	04/23/2026
	** 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)