Pentwater Capital Management LP - 25 Feb 2026 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Role: 10%+ Owner
Signature: /s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer
Issuer symbol: CAR
Transactions as of: 25 Feb 2026
Net transactions value: +$47,944
Form type: 4
Filing time: 27 Feb 2026, 21:30:13 UTC
Previous filing: 24 Feb 2026
Next filing: 05 Mar 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	/s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer	27 Feb 2026	0001425851

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CAR	Common Stock, par value $0.01 per share ("Common Stock")	Exercise of in-the-money or at-the-money derivative security	$30,000	+200	+0%	$150.00	4,072,500	26 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	$7,199	+350		$20.57	350	25 Feb 2026	Common Stock	35,000	$85.00	See footnote	F1, F2
transaction	CAR	Put Option (obligation to buy)	Sale	$3,748	-350	-50%	$10.71^*	350	25 Feb 2026	Common Stock	35,000	$85.00	See footnote	F1, F2
transaction	CAR	Put Option (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	$0	-2	-67%	$0.000000	1	26 Feb 2026	Common Stock	200	$150.00	See footnote	F1, F2
transaction	CAR	Call Option (right to buy)	Purchase	$26,668	+1,200	+343%	$22.22	1,550	27 Feb 2026	Common Stock	120,000	$85.00	See footnote	F1, F2
transaction	CAR	Put Option (obligation to buy)	Sale	$12,175	-1,200	-44%	$10.15^*	1,550	27 Feb 2026	Common Stock	120,000	$85.00	See footnote	F1, F2

* 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	Exercisable at any time.

Content

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.

Exercisable at any time.