AVIS BUDGET GROUP, INC. — Director's Dealing 2019

Feb 26, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2019-02-22

Reporting Person: SRS Investment Management, LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-02-22	Common Stock, par value $0.01 (Common Stock)	X	3500	$40.00	Acquired	12003500	Indirect
2019-02-22	Common Stock	J	3500	$35.33	Disposed	12000000	Indirect
2019-02-22	Common Stock	X	1070300	$25.00	Acquired	13070300	Indirect
2019-02-22	Common Stock	J	1070300	$35.33	Disposed	12000000	Indirect
2019-02-22	Common Stock	X	1122700	$30.00	Acquired	13122700	Indirect
2019-02-22	Common Stock	J	1122700	$35.33	Disposed	12000000	Indirect
2019-02-22	Common Stock	X	1588800	$26.40	Acquired	13588800	Indirect
2019-02-22	Common Stock	J	1588800	$35.33	Disposed	12000000	Indirect
2019-02-22	Common Stock	X	400000	$26.41	Acquired	12400000	Indirect
2019-02-22	Common Stock	J	400000	$35.33	Disposed	12000000	Indirect
2019-02-22	Common Stock	P	4189300	$35.33	Acquired	16189300	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-02-22	Equity Swap (obligation to buy)	$40.00	X	1	Disposed	2021-01-19	Common Stock (3500)	Indirect
2019-02-22	Equity Swap (obligation to buy)	$25.00	X	1	Disposed	2020-01-21	Common Stock (1070300)	Indirect
2019-02-22	Equity Swap (obligation to buy)	$30.00	X	1	Disposed	2020-01-21	Common Stock (1122700)	Indirect
2019-02-22	Equity Swap (obligation to buy)	$26.40	X	1	Disposed	2019-12-18	Common Stock (1588800)	Indirect
2019-02-22	Equity Swap (obligation to buy)	$26.41	X	1	Disposed	2019-02-25	Common Stock (400000)	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Equity Swap (obligation to buy)	$		Common Stock (8810700)	8810700	Indirect

Footnotes

F1: Equity swaps settled on February 22, 2019 pursuant to their terms based on the closing price of the Common Stock on such date. The swaps were exercisable at any time.

F2: 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.

F3: 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.

F4: The Reporting Persons' aggregate swap position references a total of 8,810,700 shares of Common Stock. The reference prices of the equity swaps range from $23.52 to $40.00. The swaps shall continue until terminated as elected by the parties, and have an initial reference maturity date of March 6, 2023.