SRS Investment Management, LLC - Nov 3, 2021 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Role
Director, 10%+ Owner
Signature
SRS INVESTMENT MANAGEMENT, LLC; by: /s/ David B. Zales, General Counsel
Stock symbol
CAR
Transactions as of
Nov 3, 2021
Transactions value $
-$21,470,620
Form type
4
Date filed
11/5/2021, 05:23 PM
Previous filing
Sep 14, 2021
Next filing
Nov 12, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $20K +500 +0% $40.00* 18.4M Nov 3, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$151K -500 0% $301.56 18.4M Nov 3, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $564K +18.8K +0.1% $30.00* 18.4M Nov 3, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$5.67M -18.8K -0.1% $301.56 18.4M Nov 3, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $1.26M +46.2K +0.25% $27.22* 18.4M Nov 3, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$13.9M -46.2K -0.25% $301.56 18.4M Nov 3, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $54.2K +1.81K +0.01% $30.00* 18.4M Nov 4, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$541K -1.81K -0.01% $299.65 18.4M Nov 4, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $118K +4.32K +0.02% $27.22* 18.4M Nov 4, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$1.3M -4.32K -0.02% $299.65 18.4M Nov 4, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $61.3K +2.04K +0.01% $30.00* 18.4M Nov 5, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$613K -2.04K -0.01% $300.02 18.4M Nov 5, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Exercise of in-the-money or at-the-money derivative security $133K +4.89K +0.03% $27.22* 18.4M Nov 5, 2021 See Footnote F1, F2, F3
transaction CAR Common Stock Other -$1.47M -4.89K -0.03% $300.02 18.4M Nov 5, 2021 See Footnote F1, F2, F3

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 Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 -100% 0 Nov 3, 2021 Common Stock 500 $40.00 See Footnote F1, F2, F3
transaction CAR Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 0% 141K Nov 3, 2021 Common Stock 18.8K $30.00 See Footnote F1, F2, F3
transaction CAR Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 0% 1.02M Nov 3, 2021 Common Stock 46.2K $27.22 See Footnote F1, F2, F3
transaction CAR Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 0% 139K Nov 4, 2021 Common Stock 1.81K $30.00 See Footnote F1, F2, F3
transaction CAR Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 0% 1.01M Nov 4, 2021 Common Stock 4.32K $27.22 See Footnote F1, F2, F3
transaction CAR Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 0% 137K Nov 5, 2021 Common Stock 2.04K $30.00 See Footnote F1, F2, F3
transaction CAR Equity Swap (obligation to buy) Exercise of in-the-money or at-the-money derivative security -1 0% 1.01M Nov 5, 2021 Common Stock 4.89K $27.22 See Footnote F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Equity swaps cash settled pursuant to their terms based on the closing price of the Common Stock on the transaction date. The swaps were exercisable at any time.
F2 SRS Investment Management, LLC, a Delaware limited liability company ("SRS"), serves as investment manager to certain investment funds (the "Funds") and has investment discretion with respect to the securities reported herein which are held by the Funds. SRS Investment Management, LP ("SRS IM"), a Delaware limited partnership, is the managing member of the Investment Manager. SRS Investment Management GP, LLC, a Delaware limited liability company ("SRS IM GP"), is the general partner of SRS IM. Karthik R. Sarma ("Mr. Sarma," and together with SRS, the "Reporting Persons") is the managing member and principal of SRS IM GP. In such capacities, Mr. Sarma and the Investment Manager may be deemed to have voting and dispositive power with respect to the shares of Common Stock held for the Funds. Mr. Sarma is a director of the Issuer. SRS may be deemed a director by deputization by virtue of its relationship with Mr. Sarma.
F3 The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.