# EDGAR Filing Document

**Accession Number:** 0001425851
**File Stem:** 0000902664-26-001623
**Filing Date:** 2026-3
**Character Count:** 8253
**Document Hash:** ec4a51e921179b55abb47b19c7caaec6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-26-001623.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0000902664-26-001623

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260312

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Pentwater Capital Management LP
- **CENTRAL INDEX KEY:** 0001425851

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10308
- **FILM NUMBER:** 26758780

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 10TH AVENUE SOUTH
- **STREET 2:** SUITE 216
- **CITY:** NAPLES
- **STATE:** FL
- **ZIP:** 34102
- **BUSINESS PHONE:** 239-384-9750

**MAIL ADDRESS:**
- **STREET 1:** 1001 10TH AVENUE SOUTH
- **STREET 2:** SUITE 216
- **CITY:** NAPLES
- **STATE:** FL
- **ZIP:** 34102
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AVIS BUDGET GROUP, INC.
- **CENTRAL INDEX KEY:** 0000723612
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 060918165
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 379 INTERPACE PARKWAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054
- **BUSINESS PHONE:** 973-496-4700

**MAIL ADDRESS:**
- **STREET 1:** 379 INTERPACE PARKWAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENDANT CORP
- **DATE OF NAME CHANGE:** 19971218

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUC INTERNATIONAL INC /DE/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMP U CARD INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19870914

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Pentwater Capital Management LP<br><sub>(Last) (First) (Middle)</sub><br>1001 10TH AVENUE SOUTH<br>SUITE 216<br><sub>(Street)</sub><br>NAPLES, FL 34102<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-03-12 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AVIS BUDGET GROUP, INC. [ CAR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.01 per share {Common Stock) | 2026-03-12 |  | X |  | 109300 | A | $125 | 4206900 | I | See footnote<sup>(1)</sup> |
| Common Stock | 2026-03-12 |  | X |  | 75500 | A | $130 | 4282400 | I | See Footnote<sup>(1)</sup> |
| Common Stock | 2026-03-13 |  | X |  | 1100 | A | $120 | 4283500 | I | See footnote<sup>(1)</sup> |
| Common Stock | 2026-03-13 |  | X |  | 72500 | A | $125 | 4356000 | I | See footnote<sup>(1)</sup> |
| Common Stock | 2026-03-13 |  | X |  | 5000 | A | $130 | 4361000 | I | See footnote<sup>(1)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Put Option (obligation to buy) | $125 | 2026-03-12 |  | X |  |  | 1093 | <sup>(2)</sup> | 2026-03-20 | Common Stock | 109300 | $0 | 5327 | I | See Footnote<sup>(1)</sup> |
| Put Option (obligation to buy) | $130 | 2026-03-12 |  | X |  |  | 755 | <sup>(2)</sup> | 2026-03-20 | Common Stock | 75500 | $0 | 1117 | I | See Footnote<sup>(1)</sup> |
| Put Option (obligation to buy) | $120 | 2026-03-13 |  | X |  |  | 11 | <sup>(2)</sup> | 2026-03-20 | Common Stock | 1100 | $0 | 4356 | I | See footnote<sup>(1)</sup> |
| Put Option (obligation to buy) | $125 | 2026-03-13 |  | X |  |  | 725 | <sup>(2)</sup> | 2026-03-20 | Common Stock | 72500 | $0 | 4602 | I | See footnote<sup>(1)</sup> |
| Put Option (obligation to buy) | $130 | 2026-03-13 |  | X |  |  | 50 | <sup>(2)</sup> | 2026-03-20 | Common Stock | 5000 | $0 | 1067 | I | See footnote<sup>(1)</sup> |

---

### Footnotes:

(1) 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.

(2) Exercisable at any time.

**Signature:** /s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer  
**Date:** 2026-03-16

**Signature:** /s/ Matthew Halbower  
**Date:** 2026-03-16

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**