Sec Form 4 Filing - Pentwater Capital Management LP @ AVIS BUDGET GROUP, INC. - 2026-04-22

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Pentwater Capital Management LP 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) (Last) (First) (Middle) 1001 10TH AVENUE SOUTH, SUITE 216 3. Date of Earliest Transaction (MM/DD/YY) 04/22/2026 (Street) NAPLES, FL34102 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Common Stock 04/22/2026 S 3,347 D $ 438.74 6,177,100 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Common Stock 04/23/2026 S 7,602 D $ 257.31 6,169,498 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Common Stock 04/23/2026 S 869 D $ 257.31 6,168,629 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Common Stock 04/23/2026 S 145 D $ 257.31 6,168,484 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Common Stock 04/23/2026 S 9,802 D $ 257.31 6,158,682 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Common Stock 04/23/2026 S 4,815 D $ 257.31 6,153,867 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Common Stock 04/23/2026 S 46,767 D $ 257.31 6,107,100 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Common Stock 04/23/2026 S 22,806 D $ 250.61 6,084,294 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Common Stock 04/23/2026 S 2,606 D $ 250.61 6,081,688 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Common Stock 04/23/2026 S 436 D $ 250.61 6,081,252 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Common Stock 04/23/2026 S 29,406 D $ 250.61 6,051,846 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Common Stock 04/23/2026 S 14,446 D $ 250.61 6,037,400 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Common Stock 04/23/2026 S 140,300 D $ 250.61 5,897,100 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Common Stock 04/23/2026 S 17,241 D $ 290.38 5,879,859 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Common Stock 04/23/2026 S 8,813 D $ 290.38 5,871,046 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Common Stock 04/23/2026 S 1,341 D $ 290.38 5,869,705 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Common Stock 04/23/2026 S 99,419 D $ 290.38 5,770,286 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Common Stock 04/23/2026 S 48,841 D $ 290.38 5,721,445 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Common Stock 04/23/2026 S 474,345 D $ 290.38 5,247,100 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Common Stock 04/23/2026 S 6,963 D $ 278.44 5,240,137 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Common Stock 04/23/2026 S 1,039 D $ 278.44 5,239,098 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Common Stock 04/23/2026 S 78,563 D $ 278.44 5,160,535 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Common Stock 04/23/2026 S 38,596 D $ 278.44 5,121,939 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Common Stock 04/23/2026 S 374,839 D $ 278.44 4,747,100 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Common Stock 04/23/2026 S 137,058 D $ 264.6 4,610,042 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Common Stock 04/23/2026 S 15,664 D $ 264.6 4,594,378 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Common Stock 04/23/2026 S 2,627 D $ 264.6 4,591,751 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Common Stock 04/23/2026 S 176,728 D $ 264.6 4,415,023 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Common Stock 04/23/2026 S 86,822 D $ 264.6 4,328,201 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Call Option (obligation to sell) $ 260 04/23/2026 S 2 ( 8 ) 05/08/2026 Common Stock 200 $ 24.34 2 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Call Option (obligation to sell) $ 260 04/23/2026 S 2 ( 8 ) 05/08/2026 Common Stock 200 $ 24.34 2 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 14 ( 8 ) 05/08/2026 Common Stock 1,400 $ 24.34 14 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Call Option (obligation to sell) $ 260 04/23/2026 S 8 ( 8 ) 05/08/2026 Common Stock 800 $ 24.34 8 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 64 ( 8 ) 05/08/2026 Common Stock 6,400 $ 24.34 64 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Call Option (obligation to sell) $ 280 04/23/2026 S 10 ( 8 ) 05/08/2026 Common Stock 1,000 $ 27.34 10 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Call Option (obligation to sell) $ 280 04/23/2026 S 2 ( 8 ) 05/08/2026 Common Stock 200 $ 27.34 2 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Call Option (obligation to sell) $ 280 04/23/2026 S 2 ( 8 ) 05/08/2026 Common Stock 200 $ 27.34 2 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Call Option (obligation to sell) $ 280 04/23/2026 S 14 ( 8 ) 05/08/2026 Common Stock 1,400 $ 27.34 14 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Call Option (obligation to sell) $ 280 04/23/2026 S 8 ( 8 ) 05/08/2026 Common Stock 800 $ 27.34 8 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Call Option (obligation to sell) $ 280 04/23/2026 S 64 ( 8 ) 05/08/2026 Common Stock 6,400 $ 27.34 64 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Call Option (obligation to sell) $ 290 04/23/2026 S 10 ( 8 ) 05/08/2026 Common Stock 1,000 $ 26.39 10 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Call Option (obligation to sell) $ 290 04/23/2026 S 2 ( 8 ) 05/08/2026 Common Stock 200 $ 26.39 2 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Call Option (obligation to sell) $ 290 04/23/2026 S 2 ( 8 ) 05/08/2026 Common Stock 200 $ 26.39 2 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Call Option (obligation to sell) $ 290 04/23/2026 S 14 ( 8 ) 05/08/2026 Common Stock 1,400 $ 26.39 14 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Call Option (obligation to sell) $ 290 04/23/2026 S 8 ( 8 ) 05/08/2026 Common Stock 800 $ 26.39 8 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Call Option (obligation to sell) $ 290 04/23/2026 S 64 ( 8 ) 05/08/2026 Common Stock 6,400 $ 26.39 64 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Call Option (obligation to sell) $ 300 04/23/2026 S 5 ( 8 ) 05/08/2026 Common Stock 500 $ 30.28 5 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Call Option (obligation to sell) $ 300 04/23/2026 S 1 ( 8 ) 05/08/2026 Common Stock 100 $ 30.28 1 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Call Option (obligation to sell) $ 300 04/23/2026 S 7 ( 8 ) 05/08/2026 Common Stock 700 $ 30.28 7 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Call Option (obligation to sell) $ 300 04/23/2026 S 4 ( 8 ) 05/08/2026 Common Stock 400 $ 30.28 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Call Option (obligation to sell) $ 300 04/23/2026 S 33 ( 8 ) 05/08/2026 Common Stock 3,300 $ 30.28 33 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Call Option (obligation to sell) $ 310 04/23/2026 S 5 ( 8 ) 05/08/2026 Common Stock 500 $ 26.39 5 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Call Option (obligation to sell) $ 310 04/23/2026 S 1 ( 8 ) 05/08/2026 Common Stock 100 $ 26.39 1 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 ) Call Option (obligation to sell) $ 310 04/23/2026 S 1 ( 8 ) 05/08/2026 Common Stock 100 $ 26.39 1 I LMA SPC for and on behalf of the MAP 98 Segregated Portfolio ( 1 ) ( 4 ) Call Option (obligation to sell) $ 310 04/23/2026 S 7 ( 8 ) 05/08/2026 Common Stock 700 $ 26.39 7 I Pentwater Equity Opportunities Master Fund Ltd. ( 1 ) ( 5 ) Call Option (obligation to sell) $ 310 04/23/2026 S 4 ( 8 ) 05/08/2026 Common Stock 400 $ 26.39 4 I Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio ( 1 ) ( 6 ) Call Option (obligation to sell) $ 310 04/23/2026 S 32 ( 8 ) 05/08/2026 Common Stock 3,200 $ 26.39 32 I Pentwater Merger Arbitrage Master Fund Ltd. ( 1 ) ( 7 ) Call Option (obligation to sell) $ 220 04/23/2026 S 5 ( 8 ) 04/24/2026 Common Stock 500 $ 20.06 5 I Oceana Master Fund Ltd. ( 1 ) ( 2 ) Call Option (obligation to sell) $ 220 04/23/2026 S 1 ( 8 ) 04/24/2026 Common Stock 100 $ 20.06 1 I Pentwater Credit Master Fund Ltd. ( 1 ) ( 3 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Pentwater Capital Management LP 1001 10TH AVENUE SOUTH SUITE 216 NAPLES, FL34102 X Halbower Matthew PENTWATER CAPITAL MANAGEMENT LP 1001 10TH AVENUE SOUTH, SUITE 216 NAPLES, FL34102 X Signatures /s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer 04/28/2026 Signature of Reporting Person Date /s/ Matthew Halbower 04/28/2026 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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. ( 2 )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. ( 3 )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. ( 4 )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. ( 5 )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. ( 6 )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. ( 7 )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. ( 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 2 of 6.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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