Director Bernardo Hees receives 2,592-share equity grant at Avis Budget Group (CAR)

Rhea-AI Filing Summary

Avis Budget Group director Bernardo Hees reported an equity award. On February 20, 2026, an entity associated with him acquired 2,592 restricted stock units of Avis Budget Group common stock at a reference price of $96.47 per share as a grant under the non‑employee director compensation program.

The award consists of restricted stock units that convert into common shares on a one‑for‑one basis and will fully vest on the one‑year anniversary of the grant date. Following this award, entities linked to Hees, including the Bernardo Vieira Hees Revocable Trust and BHJH Master Trust LLC, together hold 119,113 shares indirectly. A separate line reflects 3,713 shares indirectly held through a nonqualified deferred compensation plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Hees Bernardo

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,592	$96.47	$250K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 119,113 shares (Indirect, See footnote)

Footnotes (1)

1. Represents restricted stock units awarded as part of the Company's non-employee director compensation program. Units automatically convert to Common Stock upon vesting on a one-to-one basis. Award will fully vest on the one-year anniversary of the date of grant. Reflects 2,592 shares held in the Bernardo Vieira Hees Revocable Trust (the "BVH Trust") and 116, 521 shares held by the BHJH Master Trust LLC ("the BHJH Trust"). By virtue of his position as trustee of the BVH Trust and chief investment advisor of BHJH Trust, Bernardo Hees may be deemed to be a beneficial owner of the securities listed.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/24/2026 - 06:02 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^*

Hees Bernardo

(Last) (First) (Middle)

379 INTERPACE PARKWAY

(Street)

PARSIPPANY NJ 07054

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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	02/20/2026		A		2,592(1)	A	$96.47	119,113	I	See footnote(2)
Common Stock								3,713	I	Held by NQ Deferred Compensation Plan

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

Explanation of Responses:

1. Represents restricted stock units awarded as part of the Company's non-employee director compensation program. Units automatically convert to Common Stock upon vesting on a one-to-one basis. Award will fully vest on the one-year anniversary of the date of grant.

2. Reflects 2,592 shares held in the Bernardo Vieira Hees Revocable Trust (the "BVH Trust") and 116, 521 shares held by the BHJH Master Trust LLC ("the BHJH Trust"). By virtue of his position as trustee of the BVH Trust and chief investment advisor of BHJH Trust, Bernardo Hees may be deemed to be a beneficial owner of the securities listed.

Remarks:

	/s/ Jean M. Sera, by Power of Attorney for Bernardo Hees	02/24/2026
	** 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.

FAQ

What did Bernardo Hees report in this Form 4 for Avis Budget Group (CAR)?

Bernardo Hees reported an indirect acquisition of 2,592 restricted stock units of Avis Budget Group common stock. The grant was made under the non-employee director compensation program and will vest after one year, increasing his associated indirect holdings.

How many Avis Budget Group shares are indirectly held after the reported award?

After the reported award, entities associated with Bernardo Hees indirectly hold 119,113 shares of Avis Budget Group common stock. This total includes shares in the Bernardo Vieira Hees Revocable Trust and BHJH Master Trust LLC, where he may be deemed a beneficial owner.

What are the terms of the restricted stock unit grant reported by Bernardo Hees?

The grant consists of 2,592 restricted stock units that automatically convert into common stock on a one-to-one basis. The award will fully vest on the one-year anniversary of the grant date, as part of the non-employee director compensation program.

At what price per share was the restricted stock unit award valued for Avis Budget Group (CAR)?

The 2,592 restricted stock units were reported with a reference price of $96.47 per share. This price is used for reporting purposes and reflects the value attributed to the equity award on the grant date in the Form 4.

How are the indirectly held Avis Budget Group shares structured for Bernardo Hees?

Indirect holdings are primarily through the Bernardo Vieira Hees Revocable Trust and BHJH Master Trust LLC, where he serves as trustee or chief investment advisor. An additional 3,713 shares are held through a nonqualified deferred compensation plan in his name.

Does this Form 4 show any sales of Avis Budget Group (CAR) stock by Bernardo Hees?

This Form 4 does not report any sales; it shows an acquisition via an equity grant. The main transaction is a grant of 2,592 restricted stock units, with other lines reflecting updated indirect holdings rather than new disposals of shares.