SRS Investment Management, LLC - Aug 31, 2022 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: Aug 31, 2022
Transactions value $: -$406,051,855
Form type: 4
Date filed: 9/2/2022, 04:47 PM
Previous filing: May 6, 2022
Next filing: Dec 2, 2022

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	$48.5M	+1.78M	+10.7%	$27.22^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$303M	-1.78M	-8.81%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$9.83M	+418K	+2.32%	$23.48^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$71.1M	-418K	-2.22%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$12.9M	+154K	+0.84%	$83.58	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$26.2M	-154K	-0.83%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$7.48M	+90K	+0.49%	$83.11	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$15.3M	-90K	-0.49%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$279K	+9.41K	+0.05%	$29.67^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$1.6M	-9.41K	-0.05%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$370K	+13.3K	+0.07%	$27.83^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$2.26M	-13.3K	-0.07%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$261K	+9.7K	+0.05%	$26.87^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$1.65M	-9.7K	-0.05%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$228K	+8.71K	+0.05%	$26.20^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$1.48M	-8.71K	-0.05%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$114K	+4.36K	+0.02%	$26.20^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$741K	-4.36K	-0.02%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$674K	+21.7K	+0.12%	$31.05^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$3.69M	-21.7K	-0.12%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$914K	+28.8K	+0.16%	$31.75^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$4.9M	-28.8K	-0.16%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$22.4M	+460K	+2.56%	$48.75^*	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$78.2M	-460K	-2.43%	$170.00	18.4M	Aug 31, 2022	See Footnote	F1, F2, F3

Showing 1 to 24 of 24 entries

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

Type	Sym	Class	Transaction	Shares	Change %	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	Aug 31, 2022	Common Stock	1.78M	$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%	202K	Aug 31, 2022	Common Stock	418K	$23.48	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	154K	$83.58	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	90K	$83.11	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	9.41K	$29.67	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	13.3K	$27.83	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	9.7K	$26.87	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	8.71K	$26.20	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	4.36K	$26.20	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	21.7K	$31.05	See Footnote	F1, F2, F3
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security	-1	-100%	0	Aug 31, 2022	Common Stock	28.8K	$31.75	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%	140K	Aug 31, 2022	Common Stock	460K	$48.75	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.