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 2026-04-22 4 S 0 3347 438.74 D 6177100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-23 4 S 0 7602 257.31 D 6169498 I Oceana Master Fund Ltd. Common Stock 2026-04-23 4 S 0 869 257.31 D 6168629 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-23 4 S 0 145 257.31 D 6168484 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-23 4 S 0 9802 257.31 D 6158682 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-23 4 S 0 4815 257.31 D 6153867 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-23 4 S 0 46767 257.31 D 6107100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-23 4 S 0 22806 250.61 D 6084294 I Oceana Master Fund Ltd. Common Stock 2026-04-23 4 S 0 2606 250.61 D 6081688 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-23 4 S 0 436 250.61 D 6081252 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-23 4 S 0 29406 250.61 D 6051846 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-23 4 S 0 14446 250.61 D 6037400 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-23 4 S 0 140300 250.61 D 5897100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-23 4 S 0 17241 290.38 D 5879859 I Oceana Master Fund Ltd. Common Stock 2026-04-23 4 S 0 8813 290.38 D 5871046 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-23 4 S 0 1341 290.38 D 5869705 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-23 4 S 0 99419 290.38 D 5770286 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-23 4 S 0 48841 290.38 D 5721445 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-23 4 S 0 474345 290.38 D 5247100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-23 4 S 0 6963 278.44 D 5240137 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-23 4 S 0 1039 278.44 D 5239098 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-23 4 S 0 78563 278.44 D 5160535 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-23 4 S 0 38596 278.44 D 5121939 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Common Stock 2026-04-23 4 S 0 374839 278.44 D 4747100 I Pentwater Merger Arbitrage Master Fund Ltd. Common Stock 2026-04-23 4 S 0 137058 264.60 D 4610042 I Oceana Master Fund Ltd. Common Stock 2026-04-23 4 S 0 15664 264.60 D 4594378 I Pentwater Credit Master Fund Ltd. Common Stock 2026-04-23 4 S 0 2627 264.60 D 4591751 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Common Stock 2026-04-23 4 S 0 176728 264.60 D 4415023 I Pentwater Equity Opportunities Master Fund Ltd. Common Stock 2026-04-23 4 S 0 86822 264.60 D 4328201 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 260 2026-04-23 4 S 0 2 24.34 D 2026-05-08 Common Stock 200 2 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 260 2026-04-23 4 S 0 2 24.34 D 2026-05-08 Common Stock 200 2 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 260 2026-04-23 4 S 0 14 24.34 D 2026-05-08 Common Stock 1400 14 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 260 2026-04-23 4 S 0 8 24.34 D 2026-05-08 Common Stock 800 8 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 260 2026-04-23 4 S 0 64 24.34 D 2026-05-08 Common Stock 6400 64 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 10 27.34 D 2026-05-08 Common Stock 1000 10 I Oceana Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 2 27.34 D 2026-05-08 Common Stock 200 2 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 2 27.34 D 2026-05-08 Common Stock 200 2 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 14 27.34 D 2026-05-08 Common Stock 1400 14 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 280 2026-04-23 4 S 0 8 27.34 D 2026-05-08 Common Stock 800 8 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 64 27.34 D 2026-05-08 Common Stock 6400 64 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 10 26.39 D 2026-05-08 Common Stock 1000 10 I Oceana Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 2 26.39 D 2026-05-08 Common Stock 200 2 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 2 26.39 D 2026-05-08 Common Stock 200 2 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 14 26.39 D 2026-05-08 Common Stock 1400 14 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 290 2026-04-23 4 S 0 8 26.39 D 2026-05-08 Common Stock 800 8 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 64 26.39 D 2026-05-08 Common Stock 6400 64 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 300 2026-04-23 4 S 0 5 30.28 D 2026-05-08 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 300 2026-04-23 4 S 0 1 30.28 D 2026-05-08 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 300 2026-04-23 4 S 0 7 30.28 D 2026-05-08 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 300 2026-04-23 4 S 0 4 30.28 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) 300 2026-04-23 4 S 0 33 30.28 D 2026-05-08 Common Stock 3300 33 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 310 2026-04-23 4 S 0 5 26.39 D 2026-05-08 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 310 2026-04-23 4 S 0 1 26.39 D 2026-05-08 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 310 2026-04-23 4 S 0 1 26.39 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) 310 2026-04-23 4 S 0 7 26.39 D 2026-05-08 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 310 2026-04-23 4 S 0 4 26.39 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) 310 2026-04-23 4 S 0 32 26.39 D 2026-05-08 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 220 2026-04-23 4 S 0 5 20.06 D 2026-04-24 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 220 2026-04-23 4 S 0 1 20.06 D 2026-04-24 Common Stock 100 1 I Pentwater Credit 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 2 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