SRS Investment Management, LLC 4
4 · AVIS BUDGET GROUP, INC. · Filed Sep 2, 2022
Insider Transaction Report
Form 4
SRS Investment Management, LLC
10% Owner
Transactions
- Exercise of In-MoneySwap
Common Stock
2022-08-31$23.48/sh+418,451$9,826,610→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−154,274$26,226,580→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$29.67/sh+9,411$279,240→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$83.11/sh+90,000$7,479,900→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−90,000$15,300,000→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−13,279$2,257,430→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$26.20/sh+8,714$228,322→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−8,714$1,481,380→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−4,357$740,690→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$31.05/sh+21,700$673,739→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $27.22Exp: 2023-03-06→ Common Stock (1,781,549 underlying) - Exercise of In-MoneySwap
Common Stock
2022-08-31$83.58/sh+154,274$12,894,221→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−9,411$1,599,870→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−1,781,549$302,863,330→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−418,451$71,136,670→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$27.83/sh+13,279$369,586→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$26.20/sh+4,357$114,159→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$27.22/sh+1,781,549$48,493,764→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$26.87/sh+9,699$260,645→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−21,700$3,689,000→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$31.75/sh+28,800$914,365→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−28,800$4,896,000→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Common Stock
2022-08-31$48.75/sh+459,766$22,413,593→ 18,430,882 total(indirect: See Footnote) - OtherSwap
Common Stock
2022-08-31$170.00/sh−459,766$78,160,220→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 202,112 total(indirect: See Footnote)Exercise: $23.48Exp: 2023-03-06→ Common Stock (418,451 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $83.11Exp: 2023-03-06→ Common Stock (90,000 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $29.67Exp: 2023-03-06→ Common Stock (9,411 underlying) - OtherSwap
Common Stock
2022-08-31$170.00/sh−9,699$1,648,830→ 18,430,882 total(indirect: See Footnote) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $83.58Exp: 2023-03-06→ Common Stock (154,274 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $27.83Exp: 2023-03-06→ Common Stock (13,279 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $26.87Exp: 2023-03-06→ Common Stock (9,699 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $26.20Exp: 2023-03-06→ Common Stock (8,714 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $26.20Exp: 2023-03-06→ Common Stock (4,357 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $31.05Exp: 2023-03-06→ Common Stock (21,700 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 0 total(indirect: See Footnote)Exercise: $31.75Exp: 2023-03-06→ Common Stock (28,800 underlying) - Exercise of In-MoneySwap
Equity Swap (obligation to buy)
2022-08-31−1→ 140,234 total(indirect: See Footnote)Exercise: $48.75Exp: 2023-03-06→ Common Stock (459,766 underlying)
Footnotes (3)
- [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.