Avis Budget enters amended cooperation agreement with SRS through Dec 2024

AVIS BUDGET GROUP, INC.

SRS can designate two board seats (Pahwa, Sarma) plus a third; board may expand to 7 or 8.
Standstill until Dec 31, 2024, or if SRS ownership drops below 5% or 1,973,485 shares.
SRS ownership cap raised to 44.5% of voting securities (18.5M shares maximum).
SRS gets chair of Compensation Committee and Vice Chairman designation rights.
SRS must vote proportionally if voting rights exceed 35% of outstanding shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AVIS BUDGET GROUP, INC. amended Fourth Amended and Restated Cooperation Agreement with SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”) (effective 2022-12-23).

Action: amendment
Counterparty: SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”)
Effective: 2022-12-23

Exact text from the filing

On December 23, 2022, Avis Budget Group, Inc. (the “Company”) entered into a Fourth Amended and Restated Cooperation Agreement (the “Fourth A&R Cooperation Agreement”) with SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”), regarding the membership and composition of the Company’s board of directors (the “Board”) and related matters, following approval thereof by the directors not designated by SRS.

View on SEC.gov

281 material agreements filed in the last 30 days. Browse all material agreements →

AVIS BUDGET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000950142-22-003481

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.