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

Feb 25, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AVIS BUDGET GROUP, INC. (CAR)
CIK: 0000723612
Period of Report: 2026-02-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-20	Common Stock, par value ("Common Stock")	P	425000	$94.259	Acquired	3987100	Indirect
2026-02-23	Common Stock	X	12600	$125	Acquired	3999700	Indirect
2026-02-23	Common Stock	X	67500	$130	Acquired	4067200	Indirect
2026-02-23	Common Stock	X	5100	$150	Acquired	4072300	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-23	Call Option (right to buy)	$85	P	347	Acquired	2026-04-17	Common Stock (34700)	Indirect
2026-02-23	Put Option (obligation to buy)	$85	S	347	Disposed	2026-04-17	Common Stock (34700)	Indirect
2026-02-23	Put Option (obligation to buy)	$125	X	126	Disposed	2026-03-20	Common Stock (12600)	Indirect
2026-02-23	Put Option (obligation to buy)	$130	X	675	Disposed	2026-03-20	Common Stock (67500)	Indirect
2026-02-23	Put Option (obligation to buy)	$150	X	51	Disposed	2026-03-20	Common Stock (5100)	Indirect
2026-02-23	Cash-Settled Total Return Swaps	$87.5348	J	55000	Acquired	2027-04-15	Common Stock (55000)	Indirect
2026-02-24	Cash-Settled Total Return Swaps	$121.2708	J	200	Disposed	2027-01-25	Common Stock (200)	Indirect
2026-02-24	Call Option (right to buy)	$80	P	650	Acquired	2026-09-18	Common Stock (65000)	Indirect
2026-02-24	Put Option (obligation to buy)	$80	S	650	Disposed	2026-09-18	Common Stock (65000)	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: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $92.9355 to $95.1190, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

F3: Exercisable at any time.

F4: The Pentwater Funds increased their position in cash-settled total return swap agreements. The swap agreements provide the Pentwater Funds with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the swap agreements (such shares, the "Subject Shares"). The Reporting Persons disclaims beneficial ownership of the Subject Shares except to the extent of its or his pecuniary interest therein, if any.

F5: The Pentwater Funds settled their position in a certain cash-settled total return swap agreement pursuant to its terms at a settlement price of $86.33.