Avis Budget Group, Pentwater Capital Management File Motion To Settle Previously Announced June 16 Litigation Between Parties; Pentwater To Pay $650 In Cash To Avis

Avis Budget Group, Inc. (NASDAQ:CAR) ("Avis" or the "Company") and Pentwater Capital Management LP ("Pentwater" and collectively with Avis, the "Parties") today announced Avis has filed a motion in the United States District Court for the Southern District of New York, in case no. 1:26-cv-05512-CM, seeking approval of a settlement agreement (the "Settlement") reached between the Parties. Avis appreciates Pentwater’s willingness to resolve the Section 16(b) Litigation without the need for further proceedings.

As previously disclosed, the Settlement resolves litigation Avis filed on June 16, 2026, against Pentwater and certain affiliated persons, seeking recovery of short swing profits under Section 16(b) of the Securities Exchange Act of 1934 (the "Section 16(b) Litigation"). Under the terms of the Settlement, Pentwater will pay Avis $650,000,000 in cash (the "Settlement Amount").