Pentwater Capital Management LP 4
4 · AVIS BUDGET GROUP, INC. · Filed Feb 24, 2026
Insider Transaction Report
Form 4
Pentwater Capital Management LP
10% Owner
Transactions
- Purchase
Common Stock, par value ("Common Stock")
[F2][F1]2026-02-20$94.26/sh+425,000$40,060,075→ 3,987,100 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-02-23$125.00/sh+12,600$1,575,000→ 3,999,700 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-02-23$130.00/sh+67,500$8,775,000→ 4,067,200 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-02-23$150.00/sh+5,100$765,000→ 4,072,300 total(indirect: See footnote) - Purchase
Call Option (right to buy)
[F3][F1]2026-02-23$8.88/sh+347$3,081→ 347 total(indirect: See footnote)Exercise: $85.00Exp: 2026-04-17→ Common Stock (34,700 underlying) - Sale
Put Option (obligation to buy)
[F3][F1]2026-02-23$5.88/sh−347$2,040→ 347 total(indirect: See footnote)Exercise: $85.00Exp: 2026-04-17→ Common Stock (34,700 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F3][F1]2026-02-23−126→ 6,667 total(indirect: See footnote)Exercise: $125.00Exp: 2026-03-20→ Common Stock (12,600 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F3][F1]2026-02-23−675→ 1,875 total(indirect: See footnote)Exercise: $130.00Exp: 2026-03-20→ Common Stock (67,500 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F3][F1]2026-02-23−51→ 3 total(indirect: See footnote)Exercise: $150.00Exp: 2026-03-20→ Common Stock (5,100 underlying) - OtherSwap
Cash-Settled Total Return Swaps
[F4][F3][F1]2026-02-23+55,000→ 1,888,910 total(indirect: See footnote)Exercise: $87.53Exp: 2027-04-15→ Common Stock (55,000 underlying) - OtherSwap
Cash-Settled Total Return Swaps
[F5][F3][F1]2026-02-24−200→ 0 total(indirect: See footnote)Exercise: $121.27Exp: 2027-01-25→ Common Stock (200 underlying) - Purchase
Call Option (right to buy)
[F3][F1]2026-02-24$20.29/sh+650$13,186→ 650 total(indirect: See footnote)Exercise: $80.00Exp: 2026-09-18→ Common Stock (65,000 underlying) - Sale
Put Option (obligation to buy)
[F3][F1]2026-02-24$9.79/sh−650$6,366→ 650 total(indirect: See footnote)Exercise: $80.00Exp: 2026-09-18→ Common Stock (65,000 underlying)
Footnotes (5)
- [F1]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") 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 Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $92.9355 to $95.1190, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.
- [F3]Exercisable at any time.
- [F4]The Pentwater Funds increased their position in cash-settled total return swap agreements. The swap agreements provide the Pentwater Funds with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the swap agreements (such shares, the "Subject Shares"). The Reporting Persons disclaims beneficial ownership of the Subject Shares except to the extent of its or his pecuniary interest therein, if any.
- [F5]The Pentwater Funds settled their position in a certain cash-settled total return swap agreement pursuant to its terms at a settlement price of $86.33.