Pentwater Capital Management LP - 20 Feb 2026 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Role
10%+ Owner
Signature
Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer
Issuer symbol
CAR
Transactions as of
20 Feb 2026
Net transactions value
+$51,182,936
Form type
4
Filing time
24 Feb 2026, 21:40:48 UTC
Next filing
27 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Pentwater Capital Management LP 10%+ Owner 1001 10TH AVENUE SOUTH, SUITE 216, NAPLES Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer 24 Feb 2026 0001425851

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CAR Common Stock, par value ("Common Stock") Purchase $40,060,075 +425,000 +12% $94.26 3,987,100 20 Feb 2026 See footnote F1, F2
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $1,575,000 +12,600 +0.32% $125.00 3,999,700 23 Feb 2026 See footnote F1
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $8,775,000 +67,500 +1.7% $130.00 4,067,200 23 Feb 2026 See footnote F1
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $765,000 +5,100 +0.13% $150.00 4,072,300 23 Feb 2026 See footnote F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CAR Call Option (right to buy) Purchase $3,081 +347 $8.88* 347 23 Feb 2026 Common Stock 34,700 $85.00 See footnote F1, F3
transaction CAR Put Option (obligation to buy) Sale $2,040 -347 -50% $5.88* 347 23 Feb 2026 Common Stock 34,700 $85.00 See footnote F1, F3
transaction CAR Put Option (obligation to buy) Exercise of in-the-money or at-the-money derivative security $0 -126 -1.9% $0.000000 6,667 23 Feb 2026 Common Stock 12,600 $125.00 See footnote F1, F3
transaction CAR Put Option (obligation to buy) Exercise of in-the-money or at-the-money derivative security $0 -675 -26% $0.000000 1,875 23 Feb 2026 Common Stock 67,500 $130.00 See footnote F1, F3
transaction CAR Put Option (obligation to buy) Exercise of in-the-money or at-the-money derivative security $0 -51 -94% $0.000000 3 23 Feb 2026 Common Stock 5,100 $150.00 See footnote F1, F3
transaction CAR Cash-Settled Total Return Swaps Other +55,000 +3% 1,888,910 23 Feb 2026 Common Stock 55,000 $87.53 See footnote F1, F3, F4
transaction CAR Cash-Settled Total Return Swaps Other -200 -100% 0 24 Feb 2026 Common Stock 200 $121.27 See footnote F1, F3, F5
transaction CAR Call Option (right to buy) Purchase $13,186 +650 $20.29 650 24 Feb 2026 Common Stock 65,000 $80.00 See footnote F1, F3
transaction CAR Put Option (obligation to buy) Sale $6,366 -650 -50% $9.79* 650 24 Feb 2026 Common Stock 65,000 $80.00 See footnote F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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.