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 Call Option (obligation to sell) 340 2026-04-23 4 S 0 1 24.08 D 2026-05-15 Common Stock 100 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 340 2026-04-23 4 S 0 7 24.08 D 2026-05-15 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 340 2026-04-23 4 S 0 4 24.08 D 2026-05-15 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 340 2026-04-23 4 S 0 32 24.08 D 2026-05-15 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 350 2026-04-23 4 S 0 5 21.33 D 2026-05-15 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 350 2026-04-23 4 S 0 1 21.33 D 2026-05-15 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 350 2026-04-23 4 S 0 7 21.33 D 2026-05-15 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 350 2026-04-23 4 S 0 4 21.33 D 2026-05-15 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 350 2026-04-23 4 S 0 33 21.33 D 2026-05-15 Common Stock 3300 33 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 360 2026-04-23 4 S 0 5 19.68 D 2026-05-15 Common Stock 500 5 I Oceana Master Fund Ltd. Call Option (obligation to sell) 360 2026-04-23 4 S 0 1 19.68 D 2026-05-15 Common Stock 100 1 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 360 2026-04-23 4 S 0 1 19.68 D 2026-05-15 Common Stock 100 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 360 2026-04-23 4 S 0 7 19.68 D 2026-05-15 Common Stock 700 7 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 360 2026-04-23 4 S 0 4 19.68 D 2026-05-15 Common Stock 400 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 360 2026-04-23 4 S 0 32 19.68 D 2026-05-15 Common Stock 3200 32 I Pentwater Merger Arbitrage Master Fund Ltd. Call Option (obligation to sell) 400 2026-04-23 4 S 0 30 22.54 D 2026-05-15 Common Stock 3000 30 I Oceana Master Fund Ltd. Call Option (obligation to sell) 400 2026-04-23 4 S 0 6 22.54 D 2026-05-15 Common Stock 600 6 I Pentwater Credit Master Fund Ltd. Call Option (obligation to sell) 400 2026-04-23 4 S 0 5 22.54 D 2026-05-15 Common Stock 500 5 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio Call Option (obligation to sell) 400 2026-04-23 4 S 0 42 22.54 D 2026-05-15 Common Stock 4200 42 I Pentwater Equity Opportunities Master Fund Ltd. Call Option (obligation to sell) 400 2026-04-23 4 S 0 24 22.54 D 2026-05-15 Common Stock 2400 24 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio Call Option (obligation to sell) 400 2026-04-23 4 S 0 193 22.54 D 2026-05-15 Common Stock 19300 193 I Pentwater Merger Arbitrage 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 6 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