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AVIS BUDGET GROUP, INC. — Director's Dealing 2017
May 15, 2017
30956_dirs_2017-05-15_3bfa2710-56d6-4618-9aef-29e12388921f.zip
Director's Dealing
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SEC Form 3 — Initial Statement of Beneficial Ownership
Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2017-05-04
Reporting Person: SRS Investment Management, LLC (10% Owner)
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Common Stock, par value $0.01 | 8500000 | Indirect |
Holdings (Derivative)
| Security | Exercise Price | Expiration | Underlying | Shares | Ownership |
|---|---|---|---|---|---|
| Equity Swap (obligation to buy) | $27.22 | 2020-05-13 | Common Stock, par value $0.01 (1750723) | Indirect | |
| Equity Swap (obligation to buy) | $26.40 | 2019-12-18 | Common Stock, par value $0.01 (1588800) | Indirect | |
| Equity Swap (obligation to buy) | $27.57 | 2019-01-11 | Common Stock, par value $0.01 (45460) | Indirect | |
| Equity Swap (obligation to buy) | $39.99 | 2019-01-11 | Common Stock, par value $0.01 (1376795) | Indirect | |
| Equity Swap (obligation to buy) | $40.03 | 2019-01-11 | Common Stock, par value $0.01 (1621445) | Indirect | |
| Equity Swap (obligation to buy) | $23.52 | 2019-02-25 | Common Stock, par value $0.01 (134494) | Indirect | |
| Equity Swap (obligation to buy) | $23.88 | 2019-02-25 | Common Stock, par value $0.01 (2565) | Indirect | |
| Equity Swap (obligation to buy) | $25.89 | 2019-02-25 | Common Stock, par value $0.01 (24755) | Indirect | |
| Equity Swap (obligation to buy) | $26.00 | 2019-02-25 | Common Stock, par value $0.01 (20109) | Indirect | |
| Equity Swap (obligation to buy) | $26.14 | 2019-02-25 | Common Stock, par value $0.01 (21894) | Indirect | |
| Equity Swap (obligation to buy) | $26.30 | 2019-02-25 | Common Stock, par value $0.01 (1283690) | Indirect | |
| Equity Swap (obligation to buy) | $26.41 | 2019-02-25 | Common Stock, par value $0.01 (1512493) | Indirect | |
| Equity Swap (obligation to buy) | $25.00 | 2020-01-21 | Common Stock, par value $0.01 (1120800) | Indirect | |
| Equity Swap (obligation to buy) | $30.00 | 2020-01-21 | Common Stock, par value $0.01 (1282400) | Indirect | |
| Equity Swap (obligation to buy) | $27.24 | 2020-05-18 | Common Stock, par value $0.01 (2160806) | Indirect | |
| Equity Swap (obligation to buy) | $27.55 | 2020-05-18 | Common Stock, par value $0.01 (2544771) | Indirect | |
| Option (Right to buy) | $50.0 | 2019-01-18 | See footnote (4000) | Indirect | |
| Option (Right to buy) | $40.0 | 2018-01-19 | See footnote (4000) | Indirect |
Footnotes
F1: SRS Investment Management, LLC, a Delaware limited liability company, ("SRS") serves as investment manager to certain investment funds (the "Funds") and has investment discretion with respect to the securities reported herein which are held by the Funds. SRS Investment Management, LP ("SRS IM"), a Delaware limited partnership, is the managing member of the Investment Manager. SRS Investment Management GP, LLC, a Delaware limited liability company ("SRS IM GP"), is the general partner of SRS IM. Karthik R. Sarma, an Indian citizen ("Mr. Sarma," and together with SRS, the "Reporting Persons") is the managing member and principal of SRS IM GP. In such capacities, Mr. Sarma and the Investment Manager may be deemed to have voting and dispositive power with respect to the shares of Common Stock held for the Funds.
F2: The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.
F3: These cash-settled equity swaps can be settled at any time before the expiration date.
F4: The options may be settled in cash or in cash-settled equity swaps. If the options are settled in cash, the Funds will be entitled to a dollar amount equal to the aggregate number of option contracts multiplied by the difference between the market price of the Common Stock at the time of settlement and the reference price of the option (the "Cash Amount"). If the options are settled in cash-settled equity swaps, the Funds and the broker-dealer counterparties will enter into cash-settled equity swaps referencing either, at the election of the Funds, (1) a number of shares equal to the total number of shares to which the Reporting Persons have economic exposure to pursuant to the applicable option contract or (2) a number of shares equal to the Cash Amount divided by the market price of the Common Stock at the time of settlement.