SRS Investment Management, LLC - Sep 10, 2021 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Role: Director, 10%+ Owner
Signature: SRS INVESTMENT MANAGEMENT, LLC; by: /s/ David B. Zales, General Counsel
Stock symbol: CAR
Transactions as of: Sep 10, 2021
Transactions value $: -$54,850,000
Form type: 4
Date filed: 9/14/2021, 08:01 PM
Next filing: Nov 5, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CAR	Common Stock	Exercise of in-the-money or at-the-money derivative security	$35.3M	+1M	+5.74%	$35.33	18.4M	Sep 10, 2021	See Footnote	F1, F2, F3
transaction	CAR	Common Stock	Other	-$90.2M	-1M	-5.15%	$90.18	18.4M	Sep 10, 2021	See Footnote	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CAR	Equity Swap (obligation to buy)	Exercise of in-the-money or at-the-money derivative security		-1	0%		2.02M	Sep 10, 2021	Common Stock	1M	$35.33	See Footnote	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Equity swaps cash settled on September 10, 2021 pursuant to their terms based on the closing price of the Common Stock on such 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.