Form 4/A AVIS BUDGET GROUP, INC. For: Apr 22 Filed by: Pentwater Capital Management LP

May 12, 2026 3:51 PM

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person ^*

Pentwater Capital Management LP

(Last)

(First)

(Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES

34102

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
AVIS BUDGET GROUP, INC. [ CAR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/22/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)
04/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/23/2026		S		843,201	D	$ 264.6	3,485,000	I	Pentwater Merger Arbitrage Master Fund Ltd. ⁽¹⁾ ⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Call Option (obligation to sell) ⁽⁸⁾	$ 220	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 20.06	1	I	LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ⁽¹⁾ ⁽⁴⁾
Call Option (obligation to sell)	$ 220	04/23/2026		S			7	⁽⁸⁾	04/24/2026	Common Stock	700	$ 20.06	7	I	Pentwater Equity Opportunities Master Fund Ltd. ⁽¹⁾ ⁽⁵⁾
Call Option (obligation to sell)	$ 220	04/23/2026		S			4	⁽⁸⁾	04/24/2026	Common Stock	400	$ 20.06	4	I	Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ⁽¹⁾ ⁽⁶⁾
Call Option (obligation to sell)	$ 220	04/23/2026		S			32	⁽⁸⁾	04/24/2026	Common Stock	3,200	$ 20.06	32	I	Pentwater Merger Arbitrage Master Fund Ltd. ⁽¹⁾ ⁽⁷⁾
Call Option (obligation to sell)	$ 230	04/23/2026		S			10	⁽⁸⁾	04/24/2026	Common Stock	1,000	$ 19.97	10	I	Oceana Master Fund Ltd. ⁽¹⁾ ⁽²⁾
Call Option (obligation to sell)	$ 230	04/23/2026		S			2	⁽⁸⁾	04/24/2026	Common Stock	200	$ 19.97	2	I	Pentwater Credit Master Fund Ltd. ⁽¹⁾ ⁽³⁾
Call Option (obligation to sell)	$ 230	04/23/2026		S			2	⁽⁸⁾	04/24/2026	Common Stock	200	$ 19.97	2	I	LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ⁽¹⁾ ⁽⁴⁾
Call Option (obligation to sell)	$ 230	04/23/2026		S			14	⁽⁸⁾	04/24/2026	Common Stock	1,400	$ 19.97	14	I	Pentwater Equity Opportunities Master Fund Ltd. ⁽¹⁾ ⁽⁵⁾
Call Option (obligation to sell)	$ 230	04/23/2026		S			8	⁽⁸⁾	04/24/2026	Common Stock	800	$ 19.97	8	I	Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ⁽¹⁾ ⁽⁶⁾
Call Option (obligation to sell)	$ 230	04/23/2026		S			64	⁽⁸⁾	04/24/2026	Common Stock	6,400	$ 19.97	64	I	Pentwater Merger Arbitrage Master Fund Ltd. ⁽¹⁾ ⁽⁷⁾
Call Option (obligation to sell)	$ 240	04/23/2026		S			5	⁽⁸⁾	04/24/2026	Common Stock	500	$ 22.66	5	I	Oceana Master Fund Ltd. ⁽¹⁾ ⁽²⁾
Call Option (obligation to sell)	$ 240	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 22.66	1	I	Pentwater Credit Master Fund Ltd. ⁽¹⁾ ⁽³⁾
Call Option (obligation to sell)	$ 240	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 22.66	1	I	LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ⁽¹⁾ ⁽⁴⁾
Call Option (obligation to sell)	$ 240	04/23/2026		S			7	⁽⁸⁾	04/24/2026	Common Stock	700	$ 22.66	7	I	Pentwater Equity Opportunities Master Fund Ltd. ⁽¹⁾ ⁽⁵⁾
Call Option (obligation to sell)	$ 240	04/23/2026		S			4	⁽⁸⁾	04/24/2026	Common Stock	400	$ 22.66	4	I	Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ⁽¹⁾ ⁽⁶⁾
Call Option (obligation to sell)	$ 240	04/23/2026		S			32	⁽⁸⁾	04/24/2026	Common Stock	3,200	$ 22.66	32	I	Pentwater Merger Arbitrage Master Fund Ltd. ⁽¹⁾ ⁽⁷⁾
Call Option (obligation to sell)	$ 250	04/23/2026		S			5	⁽⁸⁾	04/24/2026	Common Stock	500	$ 19.06	5	I	Oceana Master Fund Ltd. ⁽¹⁾ ⁽²⁾
Call Option (obligation to sell)	$ 250	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 19.06	1	I	Pentwater Credit Master Fund Ltd. ⁽¹⁾ ⁽³⁾
Call Option (obligation to sell)	$ 250	04/23/2026		S			7	⁽⁸⁾	04/24/2026	Common Stock	700	$ 19.06	7	I	Pentwater Equity Opportunities Master Fund Ltd. ⁽¹⁾ ⁽⁵⁾
Call Option (obligation to sell)	$ 250	04/23/2026		S			4	⁽⁸⁾	04/24/2026	Common Stock	400	$ 19.06	4	I	Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ⁽¹⁾ ⁽⁶⁾
Call Option (obligation to sell)	$ 250	04/23/2026		S			33	⁽⁸⁾	04/24/2026	Common Stock	3,300	$ 19.06	33	I	Pentwater Merger Arbitrage Master Fund Ltd. ⁽¹⁾ ⁽⁷⁾
Call Option (obligation to sell)	$ 260	04/23/2026		S			5	⁽⁸⁾	04/24/2026	Common Stock	500	$ 21.08	5	I	Oceana Master Fund Ltd. ⁽¹⁾ ⁽²⁾
Call Option (obligation to sell)	$ 260	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 21.08	1	I	Pentwater Credit Master Fund Ltd. ⁽¹⁾ ⁽³⁾
Call Option (obligation to sell)	$ 260	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 21.08	1	I	LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ⁽¹⁾ ⁽⁴⁾
Call Option (obligation to sell)	$ 260	04/23/2026		S			7	⁽⁸⁾	04/24/2026	Common Stock	700	$ 21.08	7	I	Pentwater Equity Opportunities Master Fund Ltd. ⁽¹⁾ ⁽⁵⁾
Call Option (obligation to sell)	$ 260	04/23/2026		S			4	⁽⁸⁾	04/24/2026	Common Stock	400	$ 21.08	4	I	Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ⁽¹⁾ ⁽⁶⁾
Call Option (obligation to sell)	$ 260	04/23/2026		S			32	⁽⁸⁾	04/24/2026	Common Stock	3,200	$ 21.08	32	I	Pentwater Merger Arbitrage Master Fund Ltd. ⁽¹⁾ ⁽⁷⁾
Call Option (obligation to sell)	$ 270	04/23/2026		S			5	⁽⁸⁾	04/24/2026	Common Stock	500	$ 17.22	5	I	Oceana Master Fund Ltd. ⁽¹⁾ ⁽²⁾
Call Option (obligation to sell)	$ 270	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 17.22	1	I	Pentwater Credit Master Fund Ltd. ⁽¹⁾ ⁽³⁾
Call Option (obligation to sell)	$ 270	04/23/2026		S			1	⁽⁸⁾	04/24/2026	Common Stock	100	$ 17.22	1	I	LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ⁽¹⁾ ⁽⁴⁾

Explanation of Responses:

1. This Form 4/A 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 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. The Reporting Persons are in discussions with the Issuer and, to the extent required pursuant to Section 16(b), will voluntarily pay any realized short swing profits. The Reporting Persons are filing this Form 4/A solely to amend and restate footnotes 2-8 of the Form 4 as follows.

2. Trades by Oceana Master Fund Ltd.

3. Trades by Pentwater Credit Master Fund Ltd.

4. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio.

5. Trades by Pentwater Equity Opportunities Master Fund Ltd.

6. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio.

7. Trades by Pentwater Merger Arbitrage Master Fund Ltd.

8. Exercisable at any time.

Remarks:

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 3 of 6.

	/s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer	05/12/2026
	** Signature of Reporting Person	Date
	/s/ Matthew Halbower	05/12/2026
	** Signature of Reporting Person	Date
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Form 4/A AVIS BUDGET GROUP, INC. For: Apr 22 Filed by: Pentwater Capital Management LP

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