Karthik R. Sarma Form 4 AVIS BUDGET / Karthik R. Sarma ownership change

SEC Form 4

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^*

SRS Investment Management, LLC

(Last) (First) (Middle)

1 BRYANT PARK

39TH FLOOR

(Street)

NEW YORK NY 10036

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2022

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/30/2022		X/K(1)		300,869	A	$23.52	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		J/K(1)		300,869	D	$225	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		X/K(1)		385,672	A	$23.52	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		J/K(1)		385,672	D	$225	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		X/K(1)		313,459	A	$35.33	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		J/K(1)		313,459	D	$225	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		X/K(1)		500,000	A	$48.75	18,430,882	I	See Footnote(2)(3)
Common Stock	11/30/2022		J/K(1)		500,000	D	$225	18,430,882	I	See Footnote(2)(3)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Equity Swap (obligation to buy)	$23.52	11/30/2022		X/K(1)			1(1)	(1)	03/06/2023	Common Stock	300,869	(1)	0	I	See Footnote(2)(3)
Equity Swap (obligation to buy)	$23.52	11/30/2022		X/K(1)			1(1)	(1)	03/06/2023	Common Stock	385,672	(1)	234,891	I	See Footnote(2)(3)
Equity Swap (obligation to buy)	$35.33	11/30/2022		X/K(1)			1(1)	(1)	03/06/2023	Common Stock	313,459	(1)	0	I	See Footnote(2)(3)
Equity Swap (obligation to buy)	$48.75	11/30/2022		X/K(1)			1(1)	(1)	02/22/2024	Common Stock	500,000	(1)	0	I	See Footnote(2)(3)

1. Name and Address of Reporting Person^*

SRS Investment Management, LLC

(Last) (First) (Middle)

1 BRYANT PARK

39TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Sarma Karthik R.

(Last) (First) (Middle)

C/O SRS INVESTMENT MANAGEMENT, LLC

1 BRYANT PARK, 39TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Explanation of Responses:

1. 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.

2. 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.

3. 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.

	SRS INVESTMENT MANAGEMENT, LLC; by: /s/ David B. Zales, General Counsel	12/02/2022
	/s/ Karthik R. Sarma	12/02/2022
	** Signature of Reporting Person	Date
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