AVIS BUDGET GROUP, INC. — Director's Dealing 2026

Feb 28, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2026-02-25

Reporting Person: Pentwater Capital Management LP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-26	Common Stock, par value $0.01 per share ("Common Stock")	X	200	$150	Acquired	4072500	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-25	Call Option (right to buy)	$85	P	350	Acquired	2026-09-18	Common Stock (35000)	Indirect
2026-02-25	Put Option (obligation to buy)	$85	S	350	Disposed	2026-09-18	Common Stock (35000)	Indirect
2026-02-26	Put Option (obligation to buy)	$150	X	2	Disposed	2026-03-20	Common Stock (200)	Indirect
2026-02-27	Call Option (right to buy)	$85	P	1200	Acquired	2026-09-18	Common Stock (120000)	Indirect
2026-02-27	Put Option (obligation to buy)	$85	S	1200	Disposed	2026-09-18	Common Stock (120000)	Indirect

Footnotes

F1: This Form 4 is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds") to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2: Exercisable at any time.