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AVIS BUDGET GROUP, INC. — Director's Dealing 2020
Jun 5, 2020
30956_dirs_2020-06-05_3f9aef1a-0d03-4853-8303-8f2f4d5c5aab.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: 2020-05-07
Reporting Person: Sarma Karthik R. (Director, 10% Owner)
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Common stock | 16688940 | Indirect |
Holdings (Derivative)
| Security | Exercise Price | Expiration | Underlying | Shares | Ownership |
|---|---|---|---|---|---|
| Equity Swap (obligation to buy) | $ | Common Stock (11354508) | Indirect |
Footnotes
F1: SRS Investment Management, LLC ("SRS"), a Delaware limited liability company, 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 ("SRS IM GP"), a Delaware limited liability company, is the general partner of SRS IM. Karthik R. Sarma ("Mr.
Sarma," or the "Reporting Person") is the managing member and principal of SRS IM GP. In such capacity, Mr. Sarma may be deemed to
have voting and dispositive power with respect to the shares of Common Stock held for the Funds. Mr. Sarma is a director of the Issuer.
F2: The filing of this statement shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. The Reporting Person expressly disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.
F3: Consists of (i) swaps referencing a total of 2,543,808 shares of Common Stock with reference prices ranging from $10.42 to $14.44 and an initial reference maturity date of April 10, 2023; and (ii) swaps referencing a total of 8,810,700 shares of Common Stock with reference prices ranging from $23.52 to $40.00 and an initial reference maturity date of March 6, 2023. The swaps shall continue until terminated as elected by the parties or their maturity date.