Avis Budget EVP Increases Holding; 1.7k PBRSUs Vest on Goal Achievement

Rhea-AI Filing Summary

Form 4 – Avis Budget Group (CAR) discloses equity transactions by EVP & Chief Digital & Innovation Officer Ravi Simhambhatla on 26 Jul 2025.

• Acquisition: 2,335 common shares were received through automatic conversion of previously granted restricted stock units (RSUs) at $0 cost.
• Disposition: 733 shares were immediately sold/withheld to satisfy taxes at $206.79 per share
• Net effect: Insider’s direct holdings rose by 1,602 shares to 14,273 shares.
• Derivative settlement: 507 time-based RSUs, 1,709 performance-based RSUs and 119 dividend-equivalent units converted to stock; no derivative balance remains except 1,068 DEUs linked to unvested awards.

The transactions stem from scheduled vesting, not open-market buying. Performance units vested in full, implying company goals were met. Overall economic value of withheld shares ≈ $0.15 million, modest relative to CAR’s market cap.

Positive

• Performance-based RSUs vested in full, indicating the company achieved its pre-set operational or financial targets.
• Insider’s net share position increased by 1,602 shares, marginally strengthening alignment with shareholders.

Negative

• Sale/withholding of 733 shares for taxes slightly offsets the positive signal and shows no discretionary open-market buying.

Insights

Equity Compensation Analyst

TL;DR Net 1,602-share increase via RSU vesting; performance goals achieved; impact on stock sentiment limited.

The filing is routine year-three vesting under the 2023-2025 grant schedule. Code “M” confirms automatic conversion, while code “F” indicates tax withholding, not discretionary selling. Achievement of performance metrics (1,709 PBRSUs) signals internal targets were met, a modest positive governance datapoint. However, the transaction value (~$0.3 M gross) is immaterial versus Avis Budget’s daily volume, so market impact should be negligible. Insider’s ownership now totals 14,273 shares, aligning interests but not large enough to alter ownership structure.

07/29/2025 - 06:09 PM

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).

1. Name and Address of Reporting Person^*

Simhambhatla Ravi

(Last) (First) (Middle)

AVIS BUDGET GROUP, INC.

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CDIO - see remarks

3. Date of Earliest Transaction (Month/Day/Year)
07/26/2025

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	07/26/2025		A		2,335	A	$0(1)	15,006	D
Common Stock	07/26/2025		F(2)		733	D	$206.79	14,273	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)	07/26/2025		M			507	(3)	(4)	Common Stock	507	$0	0	D
Performance Based Restricted Stock Units	$0(1)	07/26/2025		M			1,709	(5)	(4)	Common Stock	1,709	$0	0	D
Dividend Equivalent Units	$0(1)	07/26/2025		M			119	(6)	(4)	Common Stock	119	$0	1,068	D

Explanation of Responses:

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

2. Represents tax withholdings in connection with the vesting of restricted stock units.

3. Units vested in three equal installments on July 26, 2023, 2024 and 2025.

4. Expiration date not applicable.

5. Units vested on July 26, 2025 based on the Company's attainment of pre-established performance goals.

6. Represents dividend equivalent units ("DEUs") accrued on restricted stock units and performance-based restricted stock units which become exercisable proportionately, on a one-on-one basis, subject to the same terms and conditions, including vesting and settlement, as the restricted stock units to which they relate. The number of shares in Column 5 includes DEUs that vested with respect to performance-based restricted stock units at the actual achievement level. Number of shares reported in Column 9 reflects the remaining aggregate DEUs associated with restricted stock units at target.

Remarks:

EVP, Chief Digital & Innovation Officer

	/s/ Jean M. Sera, by Power of Attorney for Ravi Simhambhatla	07/29/2025
	** 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.
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FAQ

What did Avis Budget Group EVP Ravi Simhambhatla report on this Form 4?

Vesting of 2,335 RSU-related shares, sale/withholding of 733 shares for taxes, and a net increase to 14,273 directly held shares.

Were any open-market purchases of CAR stock made?

No. Shares were acquired via RSU conversion; dispositions were automatic tax withholdings (code “F”).

How many performance-based units vested?

1,709 performance-based RSUs vested after the company met pre-established goals.

What price was used for the tax withholding sale?

Shares were withheld at $206.79 per share.

What is the executive’s new total direct share ownership?

After the transactions, Ravi Simhambhatla directly owns 14,273 CAR shares.