SEC FORM 4

SEC FORM 4SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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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^*

Pentwater Capital Management LP

(Last)

(First)

(Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES

FLORIDA

34102

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AVIS BUDGET GROUP, INC. [ CAR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01 per share ("Common Stock")	03/18/2026		X		4,100	A	$120	4,408,500	I	See footnote⁽¹⁾
Common Stock	03/18/2026		X		32,400	A	$125	4,440,900	I	See footnote⁽¹⁾
Common Stock	03/19/2026		X		508,500	A	$110	4,949,400	I	See footnote⁽¹⁾
Common Stock	03/19/2026		X		13,800	A	$120	4,963,200	I	See footnote⁽¹⁾
Common Stock	03/19/2026		X		371,700	A	$125	5,334,900	I	See footnote⁽¹⁾
Common Stock	03/19/2026		X		102,400	A	$130	5,437,300	I	See footnote⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Put Option (obligation to buy)	$120	03/18/2026		X			41	⁽²⁾	03/20/2026	Common Stock	4,100	$0	3,904	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$125	03/18/2026		X			324	⁽²⁾	03/20/2026	Common Stock	32,400	$0	4,255	I	See footnote⁽¹⁾
Call Option (right to buy)	$85	03/19/2026		P		211		⁽²⁾	11/20/2026	Common Stock	21,100	$24.7626	211	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$85	03/19/2026		S			211	⁽²⁾	11/20/2026	Common Stock	21,100	$12.3082	211	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$110	03/19/2026		X			5,085	⁽²⁾	03/20/2026	Common Stock	508,500	$0	12,363	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$120	03/19/2026		X			138	⁽²⁾	03/20/2026	Common Stock	13,800	$0	3,766	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$125	03/19/2026		X			3,717	⁽²⁾	03/20/2026	Common Stock	371,700	$0	538	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$130	03/19/2026		X			1,024	⁽²⁾	03/20/2026	Common Stock	102,400	$0	43	I	See footnote⁽¹⁾

1. Name and Address of Reporting Person^*

Pentwater Capital Management LP

(Last)

(First)

(Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES

FLORIDA

34102

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Halbower Matthew

(Last)

(First)

(Middle)

1001 10TH AVENUE SOUTH

SUITE 316

(Street)

NAPLES

FLORIDA

34102

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

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.

	/s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer	03/20/2026
	/s/ Matthew Halbower	03/20/2026
	** Signature of Reporting Person	Date
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.
* Form 4: SEC 1474 (03-26)

SEC Form 4 filed by Pentwater Capital Management Lp