AVIS BUDGET GROUP, INC. — Director's Dealing 2020

Apr 6, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2020-04-02

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-04-02	Equity Swap (obligation to buy)	$11.29	J	1	Acquired	2023-04-10	Common Stock (137793)	Indirect
2020-04-02	Equity Swap (obligation to buy)	$11.31	J	1	Acquired	2023-04-10	Common Stock (133100)	Indirect
2020-04-03	Equity Swap (obligation to buy)	$10.42	J	1	Acquired	2023-04-10	Common Stock (362000)	Indirect
2020-04-03	Equity Swap (obligation to buy)	$10.43	J	1	Acquired	2023-04-10	Common Stock (342687)	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Equity Swap (obligation to buy)	$		Common Stock (9786280)	9786280	Indirect

Footnotes

F1: These cash-settled equity swaps can be settled at any time before the expiration date.

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 ("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 consists of (i) swaps referencing a total of 975,580 shares of Common Stock with reference prices ranging from $10.42 to $11.31 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.