X0609 4 2026-04-22 1 0000723612 AVIS BUDGET GROUP, INC. CAR 0001425851 Pentwater Capital Management LP false 1001 10TH AVENUE SOUTH SUITE 216 NAPLES FL 34102 0 0 1 0 0002121021 Halbower Matthew false PENTWATER CAPITAL MANAGEMENT LP 1001 10TH AVENUE SOUTH, SUITE 216 NAPLES FL 34102 0 0 1 0 0 Common Stock, par value $0.01 per share ("Common Stock") 2026-04-22 4 S 0 58529 702.24 D 7765571 I Oceana Master Fund Ltd. Common Stock 2026-04-22 4 S 0 6689 702.24 D 7758882 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-22 4 S 0 9782 702.24 D 7749100 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-22 4 S 0 42774 648.56 D 7706326 I Oceana Master Fund Ltd. Common Stock 2026-04-22 4 S 0 4888 648.56 D 7701438 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-22 4 S 0 7149 648.56 D 7694289 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-22 4 S 0 52885 648.56 D 7641404 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-22 4 S 0 25981 648.56 D 7615423 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-22 4 S 0 252323 648.56 D 7363100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-22 4 S 0 2216 620.79 D 7360884 I Oceana Master Fund Ltd. Common Stock 2026-04-22 4 S 0 253 620.79 D 7360631 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-22 4 S 0 371 620.79 D 7360260 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-22 4 S 0 2740 620.79 D 7357520 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-22 4 S 0 1346 620.79 D 7356174 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-22 4 S 0 13074 620.79 D 7343100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-22 4 S 0 65730 620.50 D 7277370 I Oceana Master Fund Ltd. Common Stock 2026-04-22 4 S 0 7515 620.50 D 7269855 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-22 4 S 0 1830 620.50 D 7268025 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-22 4 S 0 81269 620.50 D 7186756 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-22 4 S 0 39926 620.50 D 7146830 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-22 4 S 0 387730 620.50 D 6759100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-22 4 S 0 62790 588.35 D 6696310 I Oceana Master Fund Ltd. Common Stock 2026-04-22 4 S 0 7176 588.35 D 6689134 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-22 4 S 0 80964 588.35 D 6608170 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-22 4 S 0 39776 588.35 D 6568394 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-22 4 S 0 386294 588.35 D 6182100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-22 4 S 0 544 438.74 D 6181556 I Oceana Master Fund Ltd. Common Stock 2026-04-22 4 S 0 62 438.74 D 6181494 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-22 4 S 0 702 438.74 D 6180792 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-22 4 S 0 345 438.74 D 6180447 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 270 2026-04-23 4 S 0 5 31.47 D 2026-05-01 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 270 2026-04-23 4 S 0 1 31.47 D 2026-05-01 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 270 2026-04-23 4 S 0 1 31.47 D 2026-05-01 Common Stock 100 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 270 2026-04-23 4 S 0 7 31.47 D 2026-05-01 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 270 2026-04-23 4 S 0 4 31.47 D 2026-05-01 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 270 2026-04-23 4 S 0 32 31.47 D 2026-05-01 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 5 31.18 D 2026-05-01 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 1 31.18 D 2026-05-01 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 1 31.18 D 2026-05-01 Common Stock 100 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 280 2026-04-23 4 S 0 7 31.18 D 2026-05-01 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 4 31.18 D 2026-05-01 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 280 2026-04-23 4 S 0 32 31.18 D 2026-05-01 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 282.5 2026-04-23 4 S 0 5 31.06 D 2026-05-01 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 282.5 2026-04-23 4 S 0 1 31.06 D 2026-05-01 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 282.5 2026-04-23 4 S 0 7 31.06 D 2026-05-01 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 282.5 2026-04-23 4 S 0 4 31.06 D 2026-05-01 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 282.5 2026-04-23 4 S 0 33 31.06 D 2026-05-01 Common Stock 3300 33 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 5 27.24 D 2026-05-01 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 1 27.24 D 2026-05-01 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 1 27.24 D 2026-05-01 Common Stock 100 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 290 2026-04-23 4 S 0 7 27.24 D 2026-05-01 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 4 27.24 D 2026-05-01 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 290 2026-04-23 4 S 0 32 27.24 D 2026-05-01 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 320 2026-04-23 4 S 0 5 22.53 D 2026-05-08 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 320 2026-04-23 4 S 0 1 22.53 D 2026-05-08 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 320 2026-04-23 4 S 0 1 22.53 D 2026-05-08 Common Stock 100 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 320 2026-04-23 4 S 0 7 22.53 D 2026-05-08 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 320 2026-04-23 4 S 0 4 22.53 D 2026-05-08 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 320 2026-04-23 4 S 0 32 22.53 D 2026-05-08 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 260 2026-04-23 4 S 0 10 24.34 D 2026-05-08 Common Stock 1000 10 I Oceana Master Fund Ltd. 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"), including the funds named herein, 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 person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Trades by Oceana Master Fund Ltd., none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because Oceana Master Fund Ltd. has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Credit Master Fund Ltd., none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because Pentwater Credit Master Fund Ltd. has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio, none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because LMA SPC for and on behalf of the MAP 98 Segregated Portfolio has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Equity Opportunities Master Fund Ltd., of which sales of 20,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Pentwater Equity Opportunities Master Fund Ltd.'s deemed purchases of (i) 10,000 shares of Common Stock on March 4, 2026, and (ii) 10,000 shares of Common Stock on March 6, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio, of which sales of 25,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio's deemed purchase of 25,000 shares of Common Stock on March 4, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Merger Arbitrage Master Fund Ltd., of which sales of 49,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Pentwater Merger Arbitrage Master Fund Ltd.'s deemed purchases of (i) 30,000 shares of Common Stock on March 6, 2026, and (ii) 19,000 shares of Common Stock on March 9, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Exercisable at any time. Because of the SEC Form 4 filing limitation of 30 transactions per form, this Form 4 is being split into 6 forms. This is form 1 of 6. /s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer 2026-04-28 /s/ Matthew Halbower 2026-04-28