Sera Jean M 4

What Happened

• Sera Jean M, SVP, General Counsel, Chief Compliance Officer and Corporate Secretary of Avis Budget Group (CAR), had restricted stock units convert to common stock on March 9, 2026. The filing reports 421 shares acquired upon conversion (reported at $0 cost).
• To cover tax withholding, 196 shares were disposed at $95.89 per share for total proceeds of $18,794. The filing also lists two derivative-related disposals of 399 and 22 shares (reported at $0), which are related to the unit conversions/settlement process.

Key Details

• Transaction date: 2026-03-09.
• Reported transactions:
  • M (exercise/conversion): +421 shares acquired at $0.00 (RSU conversion).
  • F (tax withholding): -196 shares disposed at $95.89, total = $18,794.
  • M (derivative disposals): -399 shares and -22 shares reported at $0 (related to conversions/DEUs).
• Shares owned after the transaction: Not specified in the provided filing summary.
• Footnotes of note:
  • F1: RSUs and dividend equivalent units (DEUs) convert one-for-one to common stock upon vesting/settlement.
  • F2: The 196-share disposition represents tax withholdings related to vesting.
  • F3: Units vest in three equal installments (Mar 9, 2024; 2025; 2026) — this filing reflects the 2026 vesting installment.
  • F5: DEUs accrue on RSUs and vest/settle on the same schedule as related RSUs.
• Timeliness: Filing does not indicate a late filing (no “L” flag noted).

Context

• This was a vesting/settlement event for restricted stock units, not an open-market purchase or discretionary sale. The share disposals were primarily to satisfy tax withholding (common practice), which is not necessarily a bearish or bullish signal about the company.
• “M” = exercise/conversion of derivatives (here, RSU/DEU conversion). “F” = tax withholding/sale to cover taxes.